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rdanneskjoldr

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Nxt frequently mentioned in ESMA report
« on: April 22, 2015, 12:18:34 pm »

« Last Edit: April 22, 2015, 12:35:51 pm by rdanneskjoldr »
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Damelon

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Re: Nxt frequently mentioned in ESMA report
« Reply #1 on: April 22, 2015, 12:37:26 pm »

Quote
Responding to this paper
ESMA invites stakeholders to provide information on all matters in this paper and in particular
on the specific questions summarised in Annex 1. Responses are most helpful if they:
 respond to the question stated;
 contain a clear rationale;
 give concrete examples
ESMA will consider all responses received by 21 July 2015.
All contributions should be submitted online at www.esma.europa.eu under the heading
‘Your input - Consultations’.

So, please read the paper and respond in thread.
It's probably best we respond in a unified way to them, if needed. :)
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dude

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Re: Nxt frequently mentioned in ESMA report
« Reply #2 on: April 22, 2015, 12:56:52 pm »

It seems we're on someone's radar over there (which is good in my opinion), at least they now call it NXT instead of "Nextcoin" like in the previous document ( http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemesen.pdf ).

My first response would be to change the naming and their view of "virtual currencies", there is nothing virtual in crypto and I'd go as far as saying that cryptos are even more real currency than FIAT. It's maybe just me, but this term evokes controlled tokens in online games etc., which are fundamentally different.
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Damelon

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Re: Nxt frequently mentioned in ESMA report
« Reply #3 on: April 22, 2015, 01:27:16 pm »

At the end of the document, you will find the following questions.

Quote
6 Annex I: Questions
Questions
Q 1: Do you have any further information about any other VC investment product or
platform distributing VC investment products, their location or size outstanding/volume?

Q 2: Do you have any information about the profile of investors investing in VC investment
products?

Q 3: Do you have anything to add or suggest a change to the description (paragraphs 15-
18) of how virtual currency distributed ledgers work? Please clearly state to which virtual
currency you are referring in your answer or whether your answer refers to virtual currencies
in general.

Q 4: Do you agree with the general investment process in VC based financial assets as
described above (paragraphs 19-24)? Please explain where this process could differ for
different virtual currencies.

Q 5: Which VC based financial assets exist other than the broad categories mentioned
(paragraph 24)?

Q 6: Do you agree with the analogies to traditional regulated entities as outlined (paragraph
25-32)? Please explain where you have a different opinion, including where the analogies
are different for different VCs.

Q 7: Do you have more evidence on how widespread ownership of VC based financial
assets/securities is? Please mention your sources.

Q 8: Do you agree with the assessment of benefits and risks of VC based financial
assets/securities or are there other benefits/risks for investors, for other market participants,
and for the financial system as a whole?

Q 9: How is distributed ledger technology being used or likely to be used in relation to the
issuance, distribution, trading, recording of transactions and ownership of ‘traditional’
securities or investment products and why?

Q 10: To what extent is the use of distributed ledger technology in relation to ‘traditional’
securities or investment products being separated from an associated virtual currency and, if
so, how and why?

We would like to answer these questions in bulk as the Nxt Foundation, so we present a strong front and also include as much info as we can :)
If you want to answer any or all of these questions, please put the answers in this thread.
If you want to send your answers to the ESMA yourself, of course no problem, but it would be good to also have them in this thread. :)
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gs02xzz

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Re: Nxt frequently mentioned in ESMA report
« Reply #4 on: April 22, 2015, 03:01:19 pm »

Everyone should read it and help them to know more about Nxt and crypto technology. It seems they have carefully studied the Nxt AE and like the low cost and high speed of AE. That is very good.

On the graph of the section 4.3, there should be a connection line between the Blockchain and the Asset Exchange.
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Damelon

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Re: Nxt frequently mentioned in ESMA report
« Reply #5 on: April 22, 2015, 03:08:32 pm »

We discussed a bit further in the Foundation and we came up with the following:

1.  The European Securities & Markets Authority (ESMA) is requesting accurate and factual information about NXT.  The ESMA is the European equivalent to the American Securities & Exchange Commission (SEC):

http://www.esma.europa.eu/consultation/Investment-using-virtual-currency-or-distributed-ledger-technology

The NXT Foundation will be submitting a “NXT Community Response To ESMA’s Inquiry  On Investments Using Virtual Currency Or Distributed Ledger Technology” a week before the July 21, 2015 ESMA deadline.

2.  Please review the NXT & cryptocurrency related questions in the ESMA pdf/link below:

http://www.esma.europa.eu/system/files/2015-532_call_for_evidence_on_virtual_currency_investment.pdf

3.  Afterwards, please submit your answers below in the forum thread and clearly state the facts about NXT versus your personal opinions to be included in our community response to the ESMA inquiry in the following format:

a) The name you want us to use in the community response.  (Real name is preferred)

b) Your factual response to the ESMA question.

c) Your opinion to the ESMA question (optional).

4.  All responses will be compiled and a video summary of all community responses will be created by the NXT Foundation and submitted to the ESMA no later than a week before their deadline.

If people like this idea, we will happily will be of help :)
It also will give us a good way in to craft relationships here, which can be of great help to us.
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capodieci

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Re: Nxt frequently mentioned in ESMA report
« Reply #6 on: April 22, 2015, 03:46:37 pm »

Very interesting
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Lionel Preacherbot

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Re: Nxt frequently mentioned in ESMA report
« Reply #7 on: April 22, 2015, 04:15:26 pm »

"traditional regulated entities such as clearing houses, central securities depositories and others would face significant risks to their existing business models."  ;D
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box1413

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Re: Nxt frequently mentioned in ESMA report
« Reply #8 on: April 22, 2015, 04:45:49 pm »

seems like a pretty big deal to have a pdf written up like that geared towards nxt. i didnt read everything of it, but did it reference other tech like counterparty / ethereum / bitshares / etc?
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Damelon

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Re: Nxt frequently mentioned in ESMA report
« Reply #9 on: April 22, 2015, 05:01:47 pm »

seems like a pretty big deal to have a pdf written up like that geared towards nxt. i didnt read everything of it, but did it reference other tech like counterparty / ethereum / bitshares / etc?

None of those by name :)
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MrCluster87

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Re: Nxt frequently mentioned in ESMA report
« Reply #10 on: April 22, 2015, 05:17:08 pm »

17.
With NXT, another VC, every user can be assigned the role to validate or “forge” NXT.
One difference between bitcoin and NXT is that all NXTs exist already, as opposed to
bitcoins of which around 2/3 of the final amount of bitcoin exists today. Users of NXT can
earn NXT by forging. Forging fulfils essentially the same role for NXT as mining does for
bitcoins, i.e. validating a set of transactions, only that rewards are not new NXT but the
transaction fees contained in each block. Also, the process is different in the sense
that the competitive set-up of validating bitcoin transactions requires a lot more computing
power than the allocative set-up of validating NXT transactions. The processing of a
block takes 1-1.5 minutes and the recommended confirmation time is 10 blocks,
i.e. 10-15 minutes.     :D

MrCluster87

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Re: Nxt frequently mentioned in ESMA report
« Reply #11 on: April 22, 2015, 05:29:23 pm »

30.
The block chain unites the functions of several traditional regulated entities: it is the
register of all transactions and hence all balances in the VC, a function that is normally
provided by the central bank and banks more in general as well as central securities depositories (CSDs).
Furthermore, the block chain clears and settles transactions by enabling confirmation of transactions.
For most virtual currencies, transaction as well as clearing and settlement times seem to be much quicker than in the
traditional regulated system
. Confirmation of a transaction and settlement takes at most a couple of hours and
not days. Apart from that, transaction costs can be much lower than the fees charged via traditional payment processing
or securities brokerage and settlement. For example, the transaction fee for an NXT transaction is currently a flat fee of 1 NXT,
which is currently the equivalent of a bit over 1 cent (USD).

Holy shit!! someone has done the homework    :o :o!!   

aronmu

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Re: Nxt frequently mentioned in ESMA report
« Reply #12 on: April 22, 2015, 05:30:15 pm »

There are good reasons to believe that (an) important bank(s) needs this information and the fact that NXT is investigated on the same footing with BTC (and even with some edge) is good news!

Hopefully the document we submit will be KISS (Keep it Simple Stupid)!
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cryptoscout

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Re: Nxt frequently mentioned in ESMA report
« Reply #13 on: April 22, 2015, 05:51:30 pm »

This report is a very good fuel for Nick to use tomorrow at the Swift event on the Panel Discussion. As there is www.colu.co that does colored coins over Bitcoin on the Panel.
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Damelon

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Re: Nxt frequently mentioned in ESMA report
« Reply #14 on: April 22, 2015, 05:53:09 pm »

Hopefully the document we submit will be KISS (Keep it Simple Stupid)!

Depends on your answers ;)
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v39453

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Re: Nxt frequently mentioned in ESMA report
« Reply #15 on: April 22, 2015, 06:05:48 pm »

All responses will be compiled and a video summary of all community responses will be created by the NXT Foundation and submitted to the ESMA no later than a week before their deadline.

Somehow I think ESMA would expect a short, clear, written response from an entity known as NXT Foundation, and which takes a position on what kind of laws/regulations, if any, should there be for crypto.

Maybe we should advice them to take a wait and see approach, perhaps that would be best at this stage.

They seem to be unaware of Medici, I didn't find it.
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cryptoscout

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Re: Nxt frequently mentioned in ESMA report
« Reply #16 on: April 22, 2015, 06:09:36 pm »

Medici is 5 to 10 years away.

When I say 5 to 10 it's because Patrick byrne has burned a lot of bridges and others are doing the same but will achieve it faster NXT compared to Medici is not the same.

Nxt is a technology not somebody trying to make a new service over a technology.
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Damelon

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Re: Nxt frequently mentioned in ESMA report
« Reply #17 on: April 22, 2015, 06:11:21 pm »

All responses will be compiled and a video summary of all community responses will be created by the NXT Foundation and submitted to the ESMA no later than a week before their deadline.

Somehow I think ESMA would expect a short, clear, written response from an entity known as NXT Foundation, and which takes a position on what kind of laws/regulations, if any, should there be for crypto.

Maybe we should advice them to take a wait and see approach, perhaps that would be best at this stage.

They seem to be unaware of Medici, I didn't find it.

Always with the digital assumptions.  ;)
It's not either/or.

We do BOTH!

One nice and simple answer sheet for EMSA

One video for PEOPLE :)

There is no reason to just use the answers for one thing.

Think analog  ;D
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ChuckOne

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Re: Nxt frequently mentioned in ESMA report
« Reply #18 on: April 22, 2015, 06:15:47 pm »

All responses will be compiled and a video summary of all community responses will be created by the NXT Foundation and submitted to the ESMA no later than a week before their deadline.

Somehow I think ESMA would expect a short, clear, written response from an entity known as NXT Foundation, and which takes a position on what kind of laws/regulations, if any, should there be for crypto.

Maybe we should advice them to take a wait and see approach, perhaps that would be best at this stage.

They seem to be unaware of Medici, I didn't find it.

Always with the digital assumptions.  ;)
It's not either/or.

We do BOTH!

One nice and simple answer sheet for EMSA

One video for PEOPLE :)

There is no reason to just use the answers for one thing.

Think analog  ;D

I call this recycling. ;)
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Damelon

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Re: Nxt frequently mentioned in ESMA report
« Reply #19 on: April 22, 2015, 06:19:07 pm »

All responses will be compiled and a video summary of all community responses will be created by the NXT Foundation and submitted to the ESMA no later than a week before their deadline.

Somehow I think ESMA would expect a short, clear, written response from an entity known as NXT Foundation, and which takes a position on what kind of laws/regulations, if any, should there be for crypto.

Maybe we should advice them to take a wait and see approach, perhaps that would be best at this stage.

They seem to be unaware of Medici, I didn't find it.

Always with the digital assumptions.  ;)
It's not either/or.

We do BOTH!

One nice and simple answer sheet for EMSA

One video for PEOPLE :)

There is no reason to just use the answers for one thing.

Think analog  ;D

I call this recycling. ;)

I call it efficiency and catering to different target groups.  :P
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