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Equity raise article

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claims/is-raise-company.md
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# Can I do a crowdfunded equity raise for my company?
## References
Raising money for a common venture is a [regulated](../concepts/regulation.md) as a [security](../concepts/security.md) sale in the United States. Raising money under a SAFT or selling tokens as a proxy for equity may run afoul of the Securities Act.
This was evidenced by the [ICO](../concepts/ico.md) bubble of 2017 which resulted in a net ban on initial coin offerings for illegal fundraising activities.
See also [ICO](../concepts/ico.md), [regulatory arbitrage](../concepts/regulatory-arbitrage.md), [pre-mine](../concepts/pre-mine.md) and [security](../concepts/security.md).
## References
1. Kharif, Olga. 2018. ‘Half of ICOs Die Within Four Months After Token Sales Finalized’. Bloomberg.Com. Bloomberg. https://www.bloomberg.com/news/articles/2018-07-09/half-of-icos-die-within-four-months-after-token-sales-finalized.
1. Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
1. Andrés, Pablo de, David Arroyo, Ricardo Correia, and Alvaro Rezola. 2022. ‘Challenges of the Market for Initial Coin Offerings’. International Review of Financial Analysis 79: 101966. https://doi.org/10.1016/j.irfa.2021.101966.
1. Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
1. Hofman, Darra, Quinn DuPont, Angela Walch, and Ivan Beschastnikh. 2021. ‘Blockchain Governance: De Facto (x)or Designed?’ In Building Decentralized Trust, 21–33. x. https://doi.org/10.1007/978-3-030-54414-0_2.
1. Walch, Angela. 2019a. ‘In Code (Rs) We Trust: Software Developers as Fiduciaries in Public Blockchains’.
1. ———. 2019b. ‘Software Developers as Fiduciaries in Public Blockchains’. Regulating Blockchain. Techno-Social and Legal Challenges, Ed. by Philipp Hacker, Ioannis Lianos, Georgios Dimitropoulos & Stefan Eich, Oxford University Press, 2019. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3203198.
1. Cumming, Douglas J., Sofia Johan, and Anshum Pant. 2019. ‘Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty’. Journal of Risk and Financial Management 12 (3): 126. https://doi.org/10.3390/jrfm12030126.
1. Davis, Mark and DavisBruce. 2021. Crowdfunding and the Democratization of Finance. Policy Press. https://bristoluniversitypress.co.uk/crowdfunding-and-the-democratization-of-finance.
1. Kelly, Jemima. 2019. ‘The ICO Whose Team Members Are Literally Cartoon Characters’. Financial Times. Financial Times. https://www.ft.com/content/57805b32-0bbe-34cb-940c-66cdd1aec5e2.

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## Enclosure
Historically *enclosure* referred to the feudal appropriation of common land or public goods by nobility.
See also [market manipulation](market-manipulation.md), [public goods problem](public-goods-problem.md) and [free rider problem](free-rider-problem.md).

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# Ponzinomics
A portmanteau of [Ponzi scheme](ponzi-scheme.md) and economics. A term commonly used to describe [crypto asset](cryptoasset.md) investment schemes which are [negative-sum](../claims/negative-sum.md) investments which exist to enrich a pool of insiders, much like a Ponzi scheme, and yet rely on [techno-obscurantism](techno-obscurantism.md) or crackpot economics to obfuscate or distract from the internal payout structure of the scheme.
See also [DeFi](defi.md), [pyramid scheme](pyramid-scheme.md), [Ponzi scheme](ponzi-scheme.md), [predatory inclusion](predatory-inclusion.md), and [multilevel marketing scheme](mlm.md).
## References
1. Krugman, Paul. 2018. ‘Bitcoin Is Basically a Ponzi Scheme’. The Seattle Times 30. https://www.seattletimes.com/opinion/bitcoin-is-basically-a-ponzi-scheme/.
1. Stolfi, Jorge. n.d. ‘Bitcoin Is a Ponzi’. Accessed 19 March 2022. https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html.
1. Sohale Andrus Mortazvi. n.d. ‘Cryptocurrency Is a Giant Ponzi Scheme’. Jacobin. Accessed 20 March 2022. https://jacobinmag.com/2022/01/cryptocurrency-scam-blockchain-bitcoin-economy-decentralization.
1. ‘Why Bitcoin Is Worse than a Madoff-Style Ponzi Scheme | Financial Times’. n.d. Accessed 20 March 2022. https://www.ft.com/content/83a14261-598d-4601-87fc-5dde528b33d0.
1. ‘Bitcoin Pyramid Schemes Wreak Havoc on Brazil’s “New Egypt”’. 2022. AP NEWS. 22 January 2022. https://apnews.com/article/cryptocurrency-technology-business-brazil-bitcoin-2dc801e5e3aa477ce7983d84dc8a64bb.
1. Shri T Rabi Sankar. n.d. ‘Cryptocurrencies – An Assessment’. Reserve Bank of India. Accessed 2 March 2022. https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1196.
1. Bartoletti, Massimo, Salvatore Carta, Tiziana Cimoli, and Roberto Saia. 2020. ‘Dissecting Ponzi Schemes on Ethereum: Identification, Analysis, and Impact’. Future Generation Computer Systems 102: 259–77.
1. Corradi, Fiammetta, and Philipp Höfner. 2018. ‘The Disenchantment of Bitcoin: Unveiling the Myth of a Digital Currency’. International Review of Sociology 28 (1): 193–207. https://doi.org/10.1080/03906701.2018.1430067.
1. Moore, Tyler, Jie Han, and Richard Clayton. 2012. ‘The Postmodern Ponzi Scheme: Empirical Analysis of High-Yield Investment Programs’. In Financial Cryptography and Data Security, edited by Angelos D. Keromytis, 7397:41–56. Lecture Notes in Computer Science. Berlin, Heidelberg: Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-642-32946-3_4.

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* [Multilevel marketing scheme](../concepts/mlm.md)
* [Pyramid scheme](../concepts/pyramid-scheme.md)
* [Ponzi scheme](../concepts/ponzi-scheme.md)
* [Ponzinomics](../concepts/ponzinomics.md)
* [Meme stocks](../concepts/meme-stock.md)
* [Reserve currency](../concepts/reserve-currency.md)
* [Bretton Woods system](../concepts/bretton-woods.md)