Oceans of Wisdom

then the white paper network launch timing etc has to do with does one write the white paper before you are actually decentralized or not

it needs me being more hands on on dev side for a few weeks and we will do it

i want to do it

this is straightforward good stuff

i want to in all case get out xtdh and stream

it is background

network state thread is not competitive with white paper

also very hard

and as such very valuable

truly decentralized systems are very rare

we are not there yet

everything needs to be able to happen without me

for this to be a good system

but need to expand the scope of things that happen without me

so I will push again for a couple of months

still too much waiting around for me :)

still needs work

"marketing", "pushing forward", etc

meme card selection is pretty good without me now

we have made progress

but it should be resilient to that

ideally I will not be hit by a bus

it needs to be resilient to me getting hit by a bus

yes this is the only outcome that is interesting to me

the default case is you get a pump and the a dump

almost every single idea DOES NOT work

in tokeneconomics

there are so so so so many landmines

"what if we contribute but don't reach the line and we have paid and nothing happens"

oh that is fun

otherwise people worry about going first

for larger amounts it needs some type of escrow mechanic in that it triggers only when a hurdles is met within a time frame I think

tax wise that there might be some IRS improvements coming

i think there is an interesting question about "the rest"

yeah along these lines

whaddup

and then we expand from there

is to make sure that the people who do the day to day important work (e.g. development) are paid

the big question, risk post decentralization

lol

yes

mostly we should aim to fail test #4 it is the most powerful one to fail The **Howey Test** is the U.S. legal standard for determining whether a transaction qualifies as an **“investment contract”**—and therefore a **security**—under federal law. It comes from the 1946 Supreme Court case *SEC v. W.J. Howey Co.* A transaction is an investment contract if it meets **all four prongs**: 1. **Investment of money** — participants contribute capital or something of value. 2. **In a common enterprise** — their fortunes are linked, either horizontally (with other investors) or vertically (with the promoter). 3. **With an expectation of profit** — investors expect returns. 4. **To be derived from the efforts of others** — profits depend primarily on the managerial or entrepreneurial work of someone else, not the investor. If all four criteria are satisfied, the offering is a security subject to SEC regulation. The test is deliberately broad: courts look at the **economic reality** rather than the label. It’s the framework the SEC applies to digital assets, token offerings, and other modern instruments when deciding if they fall under securities law.

there is no real basis for it to be a security

once the company is out of the way

i think it is doable

i would not worry about the haters

more ambitious things

we should just do things

but this is inevitable

and you can explain until I am blue in the face