SEC uses JOBS Act to set up new roadblocks to crowdfunding

[wraith808]

SEC uses JOBS Act to set up new roadblocks to crowdfunding

This is the problem with all of these little agencies having their say in everything.  For the first time I almost totally agree with something that us has bipartisan support... and the SEC has to stick its nose in.

*sigh*

I knew with Kickstarter and IndieGoGo getting such good results, there would be some sort of backlash...

[Renegade]

I'm utterly horrified. Thanks for posting it as I'd not seen that elsewhere.

Typical me - Do not click if a splash of truthful cynicism is distasteful for you

This is yet another attempt to suppress any kind of innovation or support or success in anything except "big business". It is an outright attack on individual liberty and the ability of people to make an honest living. It is purely designed to impoverish people, probably with the hopes that more people will turn to crime so that the criminals in charge of the system can throw more people into privately owned and operated prisons that their friends own.

I don't know of a more blatant way that these criminals could possibly expose their inner sickness and evil than to assault a basic right such as to ask others for help.

Sick. Debased. Evil.

[Stoic Joker]

Well Gee Wiz the official decision when the criminal banking types totally boned the economy was a dazzling array of golden showers parachutes to rescue the greedy billionaires from "poverty" while the (pathetic remnants of a) middle class got completely shit on. How many people did the SEC see about locking up???

Now the little guy comes up with a way of cutting through the endless miles of red tape...and guess who is all bent outta shape.

The SEC needs to just admit to being completely useless, disband, dry up, and blow away.

[40hz]

Maintain the status quo and carry on!

Just remember: the SEC is part of the US government, which is the finest government money can buy.  

[mwb1100]

I'm not saying that what the SEC is planning/has done is good (especially since I haven't read any of the articles about it, so I don't really know anything about it), but I have been wondering when the first big scam from one of these crowd sourcing projects would happen.

I know it will at some point (though I'm not sure exactly what I might mean by "big").

[mahesh2k]

I am spending a lot of time on diaspora and found that people who don't like US getting in the way of project funding. They are discussing other ways of raising the funds like - liberty reserve, bitcoin and few other payment processors.

[wraith808]

I'm not saying that what the SEC is planning/has done is good (especially since I haven't read any of the articles about it, so I don't really know anything about it), but I have been wondering when the first big scam from one of these crowd sourcing projects would happen.

I know it will at some point (though I'm not sure exactly what I might mean by "big").

There was an attempt to push through a scam.  However, though you can scam one person, scamming a lot of people is harder, and it was promptly shut down as the collective internet quickly figured out that it was a scam.

http://betabeat.com/2012/04/this-is-what-a-kickstarter-scam-looks-like/

http://www.itproportal.com/2012/05/01/first-kickstarter-scam-appears---shutdown/

I think that it will be hard to perpetrate for the amount of time that a Kickstarter goes on.  You will get duds and kickstarters that fail... but I look at it more as a pre-order than an investment in any case.  I also don't back anything that's far out in terms of delivery.

[40hz]

No matter how big a scam crowdsourcing will ever pull off, it will never come close to Enron, the S&Ls, or any of a dozen other 'bailout with little or no prosecution' scams pulled by supposedly heavily regulated and monitored industries and financial institutions.

About the only time regulators ever display "excessive zeal" and preemptive actions is when they worry about some little guy doing something. When they worry about something big, they conduct "frank and earnest confidential discussions" and hold heavily choreographed hearings.

No different in a town next to mine. Get pulled over in a E-class Mercedes or a high end BMW (no matter what) and the police are as smooth as silk. You'll almost always get off with nothing other than a verbal warning. Get pulled in some low end Dodge or Ford and the ticket book comes out as they're walking toward your car. Their 'bedside manner' is completely different too.

Like I said: Maintain the status quo.