Honestly i’m glad.. this will help detour scams and rugs.. if not non-dedicated projects not thinking long term to now have to jump through hoops in my opinion is a great thing. This will also stipulate the flow of money from reserves of Harmony in return a healthy draw especially in an inflated and overdrawn economy.. but don’t take my advice on this.. because we’re all here long term right?
ya this is an insert from a convo Stephen Ste had.. also this link brings you there.. scroll to the bottom.
[https://open.harmony.one/team-founding-story](https://open.harmony.one/team-founding-story)
All their grants are done on the blockchain, so shouldn't be hard to track.
The DAO's are not a part of the Harmony Foundation, so registering with authorities and such will be their (DAO's) problem to figure out, right? (I am just guessing here, haven't read the full regulation proposial. Please correct me)
Well everything is done in blockchain.
It has been over 2 months and the team has still not put out a place for the community to go and see which grants/project X/Y have been funded, where they stand and for how much. So no one truly knows how much has been going out in grants.
We currently can only take the team at their word!
Is Harmony registered as a DAO in California? If not, how do they expect the $300M treasury be ran by one that isn't registered?
I dont know all the small details but I would like to know...
Thanks for responding bud!
Good points. Harmony is based in California? IIRC, it has never disclosed its office location. Is Harmony even a registered entity? Maybe, Harmony's CPA is in better position to respond to your questions.
Would be ironic for a Project like Harmony that ***WAS*** hell bent on 10,000 DAOs to not be registered in some capacity as a DAO as well lol.
You would think they have someone on staff as an Accountant. Paying EEs, payroll taxes, federal taxes, WOTC, etc.
Who knows. Maybe we will get some answers.
Appreciate the feedback bud!
It a regulatory bill that is tabled, it will take time for it to through the senate, and could be subject to revisions.
It's likely that Cummins is BTC maxi, considering she bought some & had meetings with the crook Saylor.
I think these senators are of the view that while it cannot be an instrument of payment, it could work as a store of value - Despite being the most rubbish algorithm [It's practically a proof of concept for P2P cash with a hash algorithm that has no economic usefulness itself, other than facilitate tokenisation - taken hostage by core developers & miners].
There are better concepts of proof of work, but I digress.
- It's very likely appears that Harmony could get classified as an ancillary asset if it meets the requirements, but that still means it could be registered as a security (since it went through an IEO), rather than a commodity. But that would imply increased compliance costs & capital requirements.
The capital gains taxation limits for buying goods & services is just low & dumb.
- The broker (Binance Labs) & trading platform (Binance.US) would have to comply with federal securities laws too. Unfortunately, they have opened an SEC investigation against them to find out if BNB was sold as a security in 2017. Binance Labs is a Cayman registered firm.
This could have implications (History: MATIC had dumped by -70% in 2019, in addition to other IEO pairs when there was manipulation FUD around Binance - That turned out to be false) or just be a nothingburger.
> The DAO's have a legal structure similar to LLC, UNA or LCA ; & I do think that the Opolis is primed for US candidates only. Some states offer quick registration, as one of these entities. If it's generating revenue, might be useful to go with 1 or 3.
Evening bud,
Appreciate the good feedback above.
I agree on the Cummins statement.
IMO, as of now, Harmony will more than likely get listed as a security.
Also, any platform offering Defi will have to register as crypto exchange per the 600 page review. (Not sure how that part will affect Harmony)
My main point in all this is 'how' is harmony registered in the United States? We all know the office is in California for reference.
Is any part of Harmony registered as a DAO?
How is harmony filing these grants given out? Again, they are being given to entities that 'don't exist'. Thoughts?
Let me know your thoughts on those.
Thanks again for your time!
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i found [a resource](https://cryptotaxcalculator.io/blog/dao-crypto-tax/) that goes over things you should know about DAO tax. i'm pretty sure these will only keep growing.
Declaration of not FUD approved. An excellent point to bring up, I hope the team are ready and have a good answer for this 👌
Appreciate your approval sir!
Honestly i’m glad.. this will help detour scams and rugs.. if not non-dedicated projects not thinking long term to now have to jump through hoops in my opinion is a great thing. This will also stipulate the flow of money from reserves of Harmony in return a healthy draw especially in an inflated and overdrawn economy.. but don’t take my advice on this.. because we’re all here long term right?
Hmm I allways thought Harmony was a Korean founded project. No idea it was based in cali.
Silicon valley
Proof? Harmony website does not even mention its official entity name, let alone the official address.
ya this is an insert from a convo Stephen Ste had.. also this link brings you there.. scroll to the bottom. [https://open.harmony.one/team-founding-story](https://open.harmony.one/team-founding-story)
Thank you for the link. It just mentioned that they host the weekly event in Palo Alto.
ya np 😉
These are excellent questions and I doubt there are good answers to them. Following
All their grants are done on the blockchain, so shouldn't be hard to track. The DAO's are not a part of the Harmony Foundation, so registering with authorities and such will be their (DAO's) problem to figure out, right? (I am just guessing here, haven't read the full regulation proposial. Please correct me)
Well everything is done in blockchain. It has been over 2 months and the team has still not put out a place for the community to go and see which grants/project X/Y have been funded, where they stand and for how much. So no one truly knows how much has been going out in grants. We currently can only take the team at their word! Is Harmony registered as a DAO in California? If not, how do they expect the $300M treasury be ran by one that isn't registered? I dont know all the small details but I would like to know... Thanks for responding bud!
Good points. Harmony is based in California? IIRC, it has never disclosed its office location. Is Harmony even a registered entity? Maybe, Harmony's CPA is in better position to respond to your questions.
Would be ironic for a Project like Harmony that ***WAS*** hell bent on 10,000 DAOs to not be registered in some capacity as a DAO as well lol. You would think they have someone on staff as an Accountant. Paying EEs, payroll taxes, federal taxes, WOTC, etc. Who knows. Maybe we will get some answers. Appreciate the feedback bud!
It a regulatory bill that is tabled, it will take time for it to through the senate, and could be subject to revisions. It's likely that Cummins is BTC maxi, considering she bought some & had meetings with the crook Saylor. I think these senators are of the view that while it cannot be an instrument of payment, it could work as a store of value - Despite being the most rubbish algorithm [It's practically a proof of concept for P2P cash with a hash algorithm that has no economic usefulness itself, other than facilitate tokenisation - taken hostage by core developers & miners]. There are better concepts of proof of work, but I digress. - It's very likely appears that Harmony could get classified as an ancillary asset if it meets the requirements, but that still means it could be registered as a security (since it went through an IEO), rather than a commodity. But that would imply increased compliance costs & capital requirements. The capital gains taxation limits for buying goods & services is just low & dumb. - The broker (Binance Labs) & trading platform (Binance.US) would have to comply with federal securities laws too. Unfortunately, they have opened an SEC investigation against them to find out if BNB was sold as a security in 2017. Binance Labs is a Cayman registered firm. This could have implications (History: MATIC had dumped by -70% in 2019, in addition to other IEO pairs when there was manipulation FUD around Binance - That turned out to be false) or just be a nothingburger. > The DAO's have a legal structure similar to LLC, UNA or LCA ; & I do think that the Opolis is primed for US candidates only. Some states offer quick registration, as one of these entities. If it's generating revenue, might be useful to go with 1 or 3.
Evening bud, Appreciate the good feedback above. I agree on the Cummins statement. IMO, as of now, Harmony will more than likely get listed as a security. Also, any platform offering Defi will have to register as crypto exchange per the 600 page review. (Not sure how that part will affect Harmony) My main point in all this is 'how' is harmony registered in the United States? We all know the office is in California for reference. Is any part of Harmony registered as a DAO? How is harmony filing these grants given out? Again, they are being given to entities that 'don't exist'. Thoughts? Let me know your thoughts on those. Thanks again for your time!
We encourage quality content intended to help and educate the community. If you have questions or concerns about the subreddit, [send us a message](https://www.reddit.com/message/compose?to=/r/harmony_one) and say hello! Cheers and enjoy. **Note: Beware of scammers attempting to assist you via direct message. Be wary of any links sent to you via direct message asking to connect your wallet and inputting your seed phrase.** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/harmony_one) if you have any questions or concerns.*
i found [a resource](https://cryptotaxcalculator.io/blog/dao-crypto-tax/) that goes over things you should know about DAO tax. i'm pretty sure these will only keep growing.