The beast unleashes on the DAO !
Once again we are reminded of the outright tyrannical nature of "regulators", to be clear the only thing they regulate is ensuring the monopolistic controls of their masters. Fortunately for us, the human spirit will never surrender and we will use all peaceful, creative, and strategic options available. One of the best weapons for carving out liberty in the United States and fighting back against the centralized tyranny is to understand, advocate, and utilize the 10th amendment.
Tenth Amendment The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
The Fractally in Orbit team understands this well and is a foundational principle in the teams vision for building infrastructure for Fractally. Let's look at how Quintric has capitalized on the 10th Amendment. As stated earlier we need to understand, advocate, and utilize this tactic. A special thanks to UPMA https://upma.org/ and statesman like Ron Paul and Mark Finchem (currently running for Secretary of State Arizona) for being instrumental in bringing these major liberty achievements to fruition.
Ron Paul and Mark Finchem
In 2011 the Utah legislature adopted the Specie Legal Tender Act by which it became the first State in more than a century to expressly recognize gold and silver coin as a legally authorized medium of exchange and to eliminate state capital gains taxes on the same. Amendments adopted in 2012 dealt with how to calculate and remit sales taxes on purchases consummated in specie legal tender. In 2014, Oklahoma adopted similar specie legal tender legislation. That same year Texas and Louisiana enacted elements of the foregoing, and Texas even authorized a state-run, gold repository. In 2017, Arizona likewise recognized specie legal tender and abolished state capital gains taxes on gold and silver.16 At present, five states have laws expressly recognizing gold and silver coin as legal tender, including two statutes that date from the 19th century.
Quintric seized on these developments while conceptually all cryptocurrencies can be exchanged for legal tender, and a handful are even loosely linked to a national currency, none actually are legal tender. By contrast the Quint functions like a deed to certify the bearer’s whole or partial ownership of a specified amount of real, nationally-issued money, held on deposit, payable to the token bearer on demand. In this respect, it acts like the U.S. Gold & Silver Certificates of yesteryear once did. This Quintric promise to pay rests firmly on 100% vaulted, insured, legal tender in tangible specie form—not on the the digital promise to pay on a virtual currency launched on a fiat paper system layered over a "print more when you need it" monetary policy.
Conclusion
The lesson here is to never submit to tyranny, resistance is victory and the 10th Amendment is pivotal. If your local politician does not support the 10th Amendment it is time to rethink your allegiance. I agree with a recent post by Matt Langston that it is well worth the patience of the Fractally community in light of the news of the CFTC going after a DAO. We are in fact as Matt says engineering not just a technological architecture but a legal architecture as well.
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