What lessons can pirates from the 16th centry teach us today? Pirates where often financed by European Kings and Queens as well as ‘accredited investors/HNWs’ giving them cash to buy ships and supplies to attack other nations’ merchant ships. The captured ships and cargo (often gold and treasure)were divided up between the pirates shipmates and those that had funded the pirates.
These financial agreements did not form companies nor were there any loans or debt instruments created, usually money was invested with a pirate, and if John Long Silver et al, was successful the profits were shared. Now lawyers in France and Holland are arguing why can’t this 400+year precedent (that often the Crown participated in) be used as the basis for raising capital for Initial Coin Offerings (ICOs).
Thus issuing an ICOs would not have to be subject to the onerous regulation of issuing a security and the profits of the company that uses an ICO could be shared between ICO investors and the firms shareholder. This type of pirate financing was popular in France, Holland, Spain and England will we see these jurisdictions take a leaf out of the history books and help business find a treasure trove?
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