There has been a lot of discussion recently around ways to get around the restrictions stated in the buyers agreement. Many at the moment are purchasing the ERC20 EOS tokens as Americans through exchanges and because they have arrived in their wallet believe they have now purchased EOS and gotten around the rules. Perhaps they have managed to buy EOS ICO tokens and maybe even managed to register them using a VPN and really believe they are going to have real EOS tokens after the ICO ends on June 1st... Well yes, it could seem that way. But there are some things to consider here before you pat yourself on the back and put your feet up.
IF ENTERING INTO AN AGREEMENT IT'S A GOOD IDEA TO RESPECT THAT AGREEMENT:
I know it's a massive downer for Americans and Chinese citizens being told they can't participate in the EOS ICO at the moment. They live under governments that have extremely oppressive tax systems that daily drain the life blood from their citizenry while facing mountains of debt as a people. There are so many laws around do not's that to create wealth becomes harder to do. The potential for something like EOS to sky rocket in value of course makes it tempting to purchase as a potential investment. Seeing the rules laid out in the purchase agreement and ignoring them becomes easy to do. Sadly, you have more of a chance of losing your money than making money if you do though.
A big counter I hear a lot is that if you register them through a VPN you will be fine. Or that participating in the ICO through an exchange rather than the official site is your way around these rules. I hear others say that Block One only put that in to cover their backsides. Another counter arguement is when people shrug and say something like "Yeah, it says that. But how will they enforce it? They can't." ....Well I'm afraid those who have adopted any of these positions and taken these approaches are wrong and also haven't read the token sale agreement. Below is the part of the EOS token sales agreement you enter into when you buy EOS and it states how they intend to approach ensuring the agreement is followed by those who buy into the ICO.
SECTION 4.1 B EOS TOKEN PURCHASE AGREEMENT:
Additional Information. Upon Company’s request, Buyer will immediately provide
to Company information and documents that Company, in its sole discretion, deems
necessary or appropriate to comply with any laws, regulations, rules or agreements,
including without limitation judicial process. Such documents include, but are not
limited to, passport, driver’s license, utility bills, photographs of associated
individuals, government identification cards, or sworn statements. Buyer consents
to Company disclosing such information and documents in order to comply with
applicable laws, regulations, rules or agreements. Buyer acknowledges that
Company may refuse to distribute EOS Tokens to Buyer until such requested
information is provided.
Now many would chalk this up to wording and willfully ignore it. Make no mistake though, there is a very good chance that Block One will run full KYC (Know Your Customer) checks after June 1st. It was recently stated clearly by Dan Larimer himself. A picture below.
Now I'm not stating any of this to spook people off of EOS. I love it, am excited to see where it's going, and have bought into the ICO myself. What I am saying is it's faulty logic to jump into this ICO if you haven't done your home work or intend to circumvent the rules laid out. Dan Larimer is all about transparency in the block chain world and has stated this on multiple occasions. With a company worth over a billion USD under him it's highly unlikely that massive loop holes are going to be left open for people to violate an agreement they penned. It's all food for thought if you're intending to sink money into this ICO. I personally don't believe it's a good practice to enter into an agreement with intentions of violating it any way, and I'm never surprised to see it backfire on others when they do. I know many will disagree with this and to each their own. I'm writing this in hopes of preventing people from losing money.
Well, that's it for now. I simply wanted to put my view and hopefully a little caution out there. I hope it has helped. As with any ICO you enter at your own risk and are responsible for what comes next. Entering into an agreement and being poised to break it from the start is never a smart plan though. I hope my humble post has provided food for thought. Thank you so much for reading and I look forward to reading all your amazing content in the future. Many blessings and as always Steem on.
image credits:
clip art library
unhashed.com
https://imgur.com/gallery/pmp6J
After some of the shenanigans on steemit, I am sure he will be enforcing "His" user agreements. Very nice write up. I am keeping my eye on Dan, every now and then to see if he does try another version of steemit on another blockchain.
I have heard rumor that we could be seeing Steemit themed social media on the EOS block chain. I know there is one called Narrative at the moment which is on the Neo block chain, but I took a look at it and can't really be interested in it. It doesn't seem to offer what Steemit does and their ICO hasn't made target which kinda reflects tepid/cold user interest. I hope we see a hybrid of Steemit on the EOS block chain though as that would be awesome. Steemit is an incredibly powerful block chain so it's one hell of a testing ground to iron out kinks to later launch a finished product on EOS.