{"id":27755,"date":"2020-08-26T14:49:42","date_gmt":"2020-08-26T11:49:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=27755"},"modified":"2025-08-26T22:57:35","modified_gmt":"2025-08-26T19:57:35","slug":"bitcoin-maximalists-among-inx-advisers-drew-criticism","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-maximalists-among-inx-advisers-drew-criticism\/","title":{"rendered":"Bitcoin maximalists among INX advisers drew criticism."},"content":{"rendered":"<p>A cypherpunk and chief technology officer of the Casa startup, Jameson Lopp, spoke highly of INX&#8217;s IPO, but in the community he was criticised for backing the project. It emerged that he is an adviser to INX and will receive security tokens issued on the Ethereum blockchain. Among the advisers was also a Bitcoin maximalist, an uncompromising Ethereum critic, and Blockstream&#8217;s chief strategy officer Samson Mow.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">It\u2019s a yes. <a href=\"https:\/\/t.co\/YsUoysPGF3\">pic.twitter.com\/YsUoysPGF3<\/a><\/p>\n<p>\u2014 Keonne Rodriguez (@keonne) <a href=\"https:\/\/twitter.com\/keonne\/status\/1298274628733816835?ref_src=twsrc%5Etfw\">August 25, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Lopp stressed that his financial motivation is not a secret, and security tokens cannot be equated with ordinary altcoins that attempt to compete with Bitcoin.<\/p>\n<p>He added that some Bitcoin maximalists have begun criticising not only inefficient forms of money but assets in general other than Bitcoin. He himself does not subscribe to such an approach.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Don\u2019t conflate permissionless altcoins that try to compete with bitcoin to this, a regulated security token for a specific company.<\/p>\n<p>This is a very different beast; I find it interesting because historically the most profitable businesses in the crypto ecosystem are exchanges.<\/p>\n<p>\u2014 Jameson Lopp (@lopp) <a href=\"https:\/\/twitter.com\/lopp\/status\/1298290569341480962?ref_src=twsrc%5Etfw\">August 25, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">This has been public information for over a year and is a part of the prospectus that anyone considering investment should read.<\/p>\n<p>\u2014 Jameson Lopp (@lopp) <a href=\"https:\/\/twitter.com\/lopp\/status\/1298383097248063489?ref_src=twsrc%5Etfw\">August 25, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">It seems somewhere along the way a certain sect of Bitcoin Maximalism branched off and became not just \u00abanti shitty money\u00bb but \u00abanti all assets other than bitcoin.\u00bb<\/p>\n<p>\u2014 Jameson Lopp (@lopp) <a href=\"https:\/\/twitter.com\/lopp\/status\/1298334354842820614?ref_src=twsrc%5Etfw\">August 25, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bitcoin maximalist Hodlonaut was outraged by Lopp&#8217;s tweet and by his involvement in an Ethereum-based project. He suggested that Lopp would sell his security tokens to retail investors at an inflated price, since advisers bought them for $0.01 and the IPO price is $0.90.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Shilling a security token issued on ethereum. \ud83e\udd14<br \/>\nA token he owns 250k of, that will be dumped on investors at 100x the price he got it for. \ud83e\udd14\ud83e\udd14 <a href=\"https:\/\/t.co\/5A0zgdyRio\">https:\/\/t.co\/5A0zgdyRio<\/a><\/p>\n<p>\u2014 hodlonaut.hodl \ud83c\udf2e\u26a1\ud83d\udd11 (@hodlonaut) <a href=\"https:\/\/twitter.com\/hodlonaut\/status\/1298304878293454848?ref_src=twsrc%5Etfw\">August 25, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Quite bizarre, but I don\u2019t recommend giving them more attention and free advertisement. We\u2019ve seen this movie a million times before and heard all the explanations. Just take note, mute and move on.<\/p>\n<p>\u2014 Saifedean Ammous (@saifedean) <a href=\"https:\/\/twitter.com\/saifedean\/status\/1298596151814426627?ref_src=twsrc%5Etfw\">August 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>INX founder Alan Silbert, brother of Grayscale Investments CEO Barry Silbert, noted that advisers would be unable to sell their tokens for six months, while top management would be locked up for two years.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">This is like criticizing a company\u2019s founders for getting a lower valuation due to higher risk. He is locked up anyway for 6 months, which clearly shows nobody is \u00abdumping\u00bb right now. Senior management locked up for 2 years.<\/p>\n<p>\u2014 Alan Silbert (@alansilbert) <a href=\"https:\/\/twitter.com\/alansilbert\/status\/1298319210251157505?ref_src=twsrc%5Etfw\">August 25, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Samson Mow said that the industry needs a US security-token exchange. He expressed regret that INX\u2019s tokens are issued on Ethereum, because \u201cEthereum is garbage.\u201d But, in his words, INX could migrate to another network in the future, though regulator approval would be required.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">I invested in <a href=\"https:\/\/twitter.com\/INXLimited?ref_src=twsrc%5Etfw\">@INXLimited<\/a> sometime in mid 2018 because I think a major security token exchange in the US would be a good thing. They already started the filing with the SEC at that point based on an ERC token standard, which is unfortunate because Ethereum is garbage.<\/p>\n<p>\u2014 Samson Mow (@Excellion) <a href=\"https:\/\/twitter.com\/Excellion\/status\/1298566833499303936?ref_src=twsrc%5Etfw\">August 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>InX\u2019s blockchain IPO, the issuance of security tokens, began on August 25 on the Tokensoft platform. According to Tokensoft representatives, this is the first foreign blockchain IPO in the United States in the form of an F-1, approved by the U.S. Securities and Exchange Commission (SEC).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Tokensoft Facilitates Launch of First Blockchain IPO With INX Limited <a href=\"https:\/\/t.co\/vldT89GFWq\">https:\/\/t.co\/vldT89GFWq<\/a><\/p>\n<p>\u2014 Alan Silbert (@alansilbert) <a href=\"https:\/\/twitter.com\/alansilbert\/status\/1298262915309477891?ref_src=twsrc%5Etfw\">August 25, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The private-key generation ceremony underwent an audit by Ernst &#038; Young. INX&#8217;s security token is issued on the ERC-1404 standard with automatic freezing of advisers\u2019 and employees\u2019 tokens. Token holders will receive 40% of the company\u2019s \u201cadjusted operating income\u201d and discounts on exchange trading fees (starting at 10%).<\/p>\n<p>Custodial partners were Anchorage and BitGo.<\/p>\n<p>Alan Silbert said that his team did everything the ICO projects in 2017 did not.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">So all of you complained in 2017 about all the shitcoin ICOs. We did everything they didn\u2019t. Insider lockups, audits, transparency like never seen before in the space, insurance fund, token liquidation preference, independent Board. Tweet thread later.<\/p>\n<p>\u2014 Alan Silbert (@alansilbert) <a href=\"https:\/\/twitter.com\/alansilbert\/status\/1298324039912566790?ref_src=twsrc%5Etfw\">August 25, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, the company does not guarantee stable payouts and may prioritise funding new products or acquiring other companies. INX also did not clearly explain how exactly the \u201cadjusted operating income\u201d is calculated.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\u00abno distribution will be made to INX Token holders, if at all, until the Company generates positive Adjusted Operating Cash Flows that overcome this deficit. Thus, you may not receive a pro rata distribution even in years in which we are profitable due to our historical losses\u00bb<\/p>\n<p>\u2014 Fr\u03bb\u034encis \u2629\u2694 (bullbitcoin.com) (@francispouliot_) <a href=\"https:\/\/twitter.com\/francispouliot_\/status\/1298423424906219520?ref_src=twsrc%5Etfw\">August 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Seems like returns are very far from being guaranteed. Much potential for shenanigans. Incentives do not seem aligned between INX directors\/shareholders and the token holders. Token holders don\u2019t have decision making power. But I\u2019m totally ignorant about how these things work.<\/p>\n<p>\u2014 Fr\u03bb\u034encis \u2629\u2694 (bullbitcoin.com) (@francispouliot_) <a href=\"https:\/\/twitter.com\/francispouliot_\/status\/1298423433152229377?ref_src=twsrc%5Etfw\">August 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Among the features of the blockchain IPO are mandatory KYC, traceability of ERC-1404 tokens on the Ethereum blockchain, and the ability to recover a wallet via the transfer agent in case of loss of the private key.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">5\/ The answer to the second question is also \u00abexactly like before\u00bb. Which is why we developed the INX and Arca tokens on <a href=\"https:\/\/t.co\/mKcrHQ6sXe\">https:\/\/t.co\/mKcrHQ6sXe<\/a> \u2014 to ensure that securities being tracked on the blockchain are tracked just like they are today. This is why KYC is required. <a href=\"https:\/\/t.co\/bssCUYYDwp\">pic.twitter.com\/bssCUYYDwp<\/a><\/p>\n<p>\u2014 Mason &#038; Co. (@masonic_tweets) <a href=\"https:\/\/twitter.com\/masonic_tweets\/status\/1298344758167744512?ref_src=twsrc%5Etfw\">August 25, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The former executive director of the Bitcoin Foundation Bruce Fenton said that shares could only be criticised by socialists.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">What Alan &#038; team did is good. A fully registered security in the US.<\/p>\n<p>Know who doesn\u2019t like securities?<br \/>\nSocialists. That\u2019s who.<\/p>\n<p>Don\u2019t be a socialist. Support securities markets.<\/p>\n<p>Judge each security on its merit \u2014 any instrument may be good or bad. But the structure is right. <a href=\"https:\/\/t.co\/Qz9VF5THbM\">https:\/\/t.co\/Qz9VF5THbM<\/a><\/p>\n<p>\u2014 Bruce Fenton (@brucefenton) <a href=\"https:\/\/twitter.com\/brucefenton\/status\/1298325130125414402?ref_src=twsrc%5Etfw\">August 25, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>\u00abSupport the stock market. Do not be a socialist\u00bb.<\/p>\n<\/blockquote>\n<p>As reported, INX <a href=\"https:\/\/forklog.com\/en\/news\/inx-to-launch-a-117-million-ipo-at-the-end-of-august\">plans to issue<\/a> 130 million tokens at $0.90.<\/p>\n<p>Subscribe to ForkLog news on Telegram: ForkLog Feed \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cypherpunk and chief technology officer of the Casa startup, Jameson Lopp, spoke highly of INX\u2019s IPO, but was criticised by the community for backing the project. It emerged that he is an adviser to INX and will receive security tokens issued on the Ethereum blockchain. Among the advisers was also a Bitcoin maximalist, an uncompromising Ethereum critic, and Blockstream\u2019s Samson Mow.<\/p>\n","protected":false},"author":1,"featured_media":27756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1895,936,1763,870,1211,1904],"class_list":["post-27755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-inx-limited","tag-jameson-lopp","tag-samson-mow","tag-security-tokens","tag-stock-market","tag-tokensoft"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/27755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=27755"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/27755\/revisions"}],"predecessor-version":[{"id":27757,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/27755\/revisions\/27757"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/27756"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=27755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=27755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=27755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}