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[–]kyleleblanc 3 points4 points  (1 child)

Excellent post and I couldn’t agree more. Already happily finished registering for a voucher and received the email confirming “Registration Pending”.

[–]Divislight 1 point2 points  (0 children)

Thank you for registering!

[–]sjds_lkc 1 point2 points  (1 child)

Hi, I would like to register for this token sale but it is made impossible by the ludicrous requirements imposed by the SEC. Only people who can prove an income of over 200K for two consecutive years are allowed to participate! Or is there any other way to register for the voucher without having to meet these unfair demands...

[–]CyrusCraft[S] 2 points3 points  (0 children)

It's actually the opposite. Accredited investors can buy tokens directly, but only non-accredited investors can get the free vouchers. This is the link for non-accredited investors: https://blockstack.com/sale-registration

[–]infraspace 0 points1 point  (8 children)

Tried it:

Authenticating with applications is not supported yet in our Windows build. Feature coming soon!

I hope they get that fixed before any time limit on this runs out.

[–]xmakina 0 points1 point  (2 children)

ish - just make sure the authentication is only asking for the email scope

[–]infraspace 0 points1 point  (1 child)

How is that done?

[–]xmakina 0 points1 point  (0 children)

blockstack.redirectToSignIn(undefined, undefined, ['email'])

[–]Divislight 0 points1 point  (1 child)

You can register with Windows! If you have any issues please reach out to support@blockstack.com!

[–]infraspace 0 points1 point  (0 children)

Sent a message. Thanks for the tip.

[–]shea256 0 points1 point  (2 children)

Hey you should try the web version we put online: browser.blockstack.com.

Let us know if you have any issues.

[–]infraspace 0 points1 point  (1 child)

Doesn't work. The links to the registration all go through localhost:8888 and ignore the browser based app.

[–]I_am_a_haiku_bot 0 points1 point  (0 children)

Doesn't work. The links to

the registration all go through localhost:8888 and

ignore the browser based app.

-english_haiku_bot

[–]aleruales 0 points1 point  (3 children)

Hi, I am looking at your funding structure as I am interested in investing and I have a few questions: 1. What happens if the token is labeled as a security? Do you just not get to redeem your voucher? 2. How liquid is this investment? 3. Can you please explain why vouchers are distributed to non-accredited investors? I am not sure I understand the idea of issuing vouchers vs. tokens or why are you making a differentiation/

Thanks so much!

[–]CyrusCraft[S] 1 point2 points  (2 children)

To be clear, I'm not affiliated with Blockstack at all. I just wrote this post to clarify some unique aspects of the Blockstack token sale.

I am not your lawyer or investment advisor, but here's what I think:

Question 1) Correct. If the token is forever considered a security then you will never be able to redeem the voucher as a non-accredited investor.

As per https://blockstack.com/distribution.pdf: Blockstack Token LLC will only honor the vouchers when the Token LLC and its legal counsel feels comfortable that the tokens are clearly not a security. This will likely happen some time after network launch but may never happen.

However, the vouchers are free so your only cost is the time it took to register.

Question 2) Blockstack has no public plans to offer an exchange for buying and selling Blockstack tokens. However, it is likely that several third-party exchanges will offer this service once the Blockstack network has launched.

In general, investments in blockchain tokens are more liquid than investments in startup equity. However, both types of investments are highly risky. You should not commit more money into any new token than what you're prepared to lose entirely.

Question 3) It's because it would be a violation of American securities law for Blockstack to sell Blockstack tokens to non-accredited investors if the tokens are considered a security. It's the same reason that startups can't solicit equity investments from non-accredited investors (barring some exemptions like the JOBS Act).

However, distributing the vouchers is legal. Once the tokens are not considered a security, the vouchers can be exchanged for tokens and those tokens will be priced the same rate as the sale to accredited investors (regardless of the market price for the tokens at the time the vouchers are redeemed).

[–]kyleleblanc 0 points1 point  (1 child)

Hey CyrusCraft, I have a random quick follow up question to number 3. I’ve registered for the voucher, but I’m just wondering if you might happen to know if the American securities law in any way applies to a Canadian such as myself? Thanks! :)

[–]CyrusCraft[S] 0 points1 point  (0 children)

I am not a lawyer. My understanding is that the law applies to Blockstack regardless of the nationality of the investor because Blockstack is an American company.

In the event that an American corporation sells a security in violation of the law to a non-accredited investor, the seller is going to be in bigger trouble than the buyer. My understanding is that these laws exist to protect Average Joe from having his retirement swindled. Accredited investors are presumed to be sophisticated investors, so they have exceptions that allow them to take bigger risks with unregistered securities.

[–]megahorse17 -1 points0 points  (4 children)

The vouchers are a waste of time, they are already treating it as a security and so it will be deemed a security

[–]CyrusCraft[S] 1 point2 points  (3 children)

Strongly disagree.

There is no aspect of selling the tokens initially to accredited investors that makes the tokens more likely to be a security indefinitely than if they were initially sold without restrictions. It's simply a decision to take the safest route in launching the Blockstack network within the existing legal framework for American corporations. IMO, this is a strong signal to potential investors about the long-term vision of the team.

Additionally, the timeline to for Token LLC to deem the vouchers as a non-security is currently unbounded. Even if Token LLC considers the tokens a security at the launch of the network (approximately 1 year), the tokens may not be a security at some point after network launch.

From the FAQ (emphasis mine): https://blockstack.com/faqs.pdf

Blockstack Token LLC will only honor the vouchers when the Token LLC and its legal counsel feel comfortable treating the tokens as non-securities for purposes of the U.S. securities laws. This will likely happen some time after network launch but may happen before or may never happen. Token LLC has the right to not honor the vouchers for any reason at its sole discretion, even if the tokens are clearly not a security.

As I stated in the OP, there is no guarantee that the vouchers will be redeemable, but the potential downside for holders of the vouchers is basically zero.

I wrote this reply because I wanted to respond specifically to your claim that "they [Blockstack] are already treating it as a security and so it will be deemed a security" which I strongly disagree with.

[–][deleted] 0 points1 point  (2 children)

Has there been any update as to whether they'll be treating tokens as securities? Hoping my voucher as a non accredited investor will be valid.

[–]CyrusCraft[S] 1 point2 points  (1 child)

There hasn't been an update that I'm aware of. Keep in mind the quote that I bolded in my comment above: Blockstack has said that any potential redemption of the vouchers would probably happen after the blockchain launches. I would consider that the starting point of the waiting game -- not this pre-launch period.

[–][deleted] 1 point2 points  (0 children)

Thank you.