RE: The Legal Basis of Cryptocurrency Forks

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RE: The Legal Basis of Cryptocurrency Forks

blocktrades in #cryptocurrency • 5 years ago

It all depends on your definition of ninja-mined stake, I've seen several with time. I did learn about the mining quite early because the Steemit guys were working in my basement at the time, and after some slight hesitation, decided WTH, I'll mine it and see what happens. The costs were low enough, that it didn't seem like much risk, just labor and computer rental time.

At some point in the future, I'll probably make a post about my history in cryptocurrency in general, including my experiences in Steem. But it's a little off-topic for this post to say much more here, as I'd prefer to keep this post focused on legal discussions about forks.

5 years ago in #cryptocurrency by blocktrades

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sathyasankar 5 years ago

Thanks for the reply. And I'm expecting to learn more about it in your future post.

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roger5120 5 years ago

Blocktrades, I'd be interested to find out about my stake as well, if it's that kind. Majority of my stake was purchased starting in April until December 2019.
Looking forward to read more of your post about this topic.

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carlgnash 5 years ago

any stake purchased on an exchange or earned through posting on Steem blockchain is not a "ninja mined" stake. Your stake is not ninja mined. In the very earliest days of the Steem blockchain "miners" could earn steem by solving math problems with computers (proof of work). It is called a "ninja mine" because it was not (well) publicized in advance of the chain becoming operational nor did Steemit, Inc provide documentation on how to set up a miner and mine. So basically, Steemit Inc ran a bunch of computers to mine steem, didn't tell anyone else they could run computers to mine steem, and didn't help other people set up computers to mine steem once they did figure out they could mine it. So by the time other people had heard about it and set up their own miners, Steemit Inc already had the lion's share of the Steem produced by mining. It was a "ninja" mine because it was sneaky LOL

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roger5120 5 years ago

Thanks for your response. I wanted to ask because a lot of posts going around by so many and saying that those steem sold and bought on the exchanges were probably the ninja mined tokens, which he supposedly wasn't legally allowed to sell. I wanted to find out if what I bought from the exchange weren't illegal tokens.

And of course just like anyone else, no one wants to be conned or be a part of that or take part of that type of dealership dealings that's crappy and fraudulent.

Thanks for the response and explanation, appreciate it .

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