well all of these cryptocurrencies are totallly descentralized, so that means nobody is the owner or there is no central office of them, the cryptocurrencies are formed by the people and are transparent, its imposible to make a fraud
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I don't understand all these... i just need a simple and honest answer from @allasyummyfood teacher, whether Steemit is a legal business or an illegal?just yes and no would be fine....
@allasyummyfood , you answered all the comments except mine, why so partial towards me?
you havent replied to me either about your food posts, they are not yours, what do you have to say? @hms818?
Steemit Inc is a legal entity registered in the US. Steem is a decentralised consensus network which agrees on the state of a shared blockchain (a series of blocks of transactions, each block signed in some way that validates prior blocks as well).
Are you trying to say Steemit Inc is financially regulated and abide by U.S. Financial Regulatory Policy?
I'm saying it's a US registered company.
But Steemit deals with currency, which needs some kind of financial regulation and complaince...unless it is regulated and adhere to the basic compliance, it cannot be a legal entity...When Steemit is registered in US, did it mention that it deals with crypto-currency.
Steemit does not have custody over user funds. It is in no way a financial company or a money transfer company.
I suggest you direct your questions to Steemit Inc.