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Society & Culture
Virtual Legality Episode 487

Is Earth 2 a Scam? It Takes Land to Build the Pyramids (..or does it?)

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1m Jun 4, 2021
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"Earth 2 is a Scam!" "Earth 2 is a Pyramid Scheme!" "No, it's a Ponzi Scheme!"

The Internet believes a lot of things about virtual land sales program/Ready Player One MMO/Crypto Stock Market (?), Earth 2, but what really holds water?

Is the whole thing a scam? A Pyramid scheme? Worse?

Or is it just a product/service to avoid because of some of the worst terms of service we've yet read?

You can't move on to the sequel until you've mastered the original…in Virtual Legality.

#Earth2 #Scam #Controversy


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CHAPTERS
00:00 Introduction
02:25 What is Earth 2?
08:26 Pyramids and Ponzi Schemes
14:23 A Look at Securities Law
21:27 Some Pretty Bad Terms and Conditions
35:22 Crypto Conversions and Bitconnect
39:52 Unlimited Exposure
43:35 Securities Terms
50:00 Conclusion


Discussed in this episode:

Earth 2 Webpage(s)
https://earth2.io/
https://earth2.io/about
https://earth2.io/earth-2-benefits
https://app.earth2.io/#leaderboards
https://earth2.io/terms

"Pyramid Schemes"
FTC Website (Speech given in 1998)
https://www.ftc.gov/public-statements/1998/05/pyramid-schemes

"Accessing the U.S. Capital Markets — A Brief Overview for Foreign Private Issuers"
SEC Webpage
https://www.sec.gov/divisions/corpfin/internatl/foreign-private-issuers-overview.shtml

"Definitions; promotion of efficiency, competition, and capital formation"
15 USC 77b
https://www.law.cornell.edu/uscode/text/15/77b

SEC v. Howey Co.
328 US 293 (US Supreme Court) (1946)
https://supreme.justia.com/cases/federal/us/328/293/#301

"SEC sues five BitConnect promoters over $2-billion scheme"
Los Angeles Times - May 28, 2021
https://www.latimes.com/business/story/2021-05-28/sec-sues-cryptocurrency-bitconnect-promoters-over-2-billion-scheme

"Bitconnect, which has been accused of running a Ponzi scheme, shuts down"
TechCrunch - January 16, 2018
https://techcrunch.com/2018/01/16/bitconnect-which-has-been-accused-of-running-a-ponzi-scheme-shuts-down/

"Bitconnect Closes Virtually Its Entire Operation, BCC Token Drops 87%"
CoinTelegraph - January 17, 2018
https://studio.youtube.com/video/6MhkvF_vGFE/edit?o=U


"Virtual Legality" is a continuing series discussing the law, video games, software, and everything digital, hosted by Richard Hoeg, of the Hoeg Law Business Law Firm (Hoeg Law).

CHECK OUT THE REST OF VIRTUAL LEGALITY HERE:
https://www.youtube.com/playlist?list=PL1zDCgJzZUy9YAU61GoW-00K0TJOGnPCo

DISCUSSION IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TO BE CONSTRUED AS LEGAL ADVICE. INDIVIDUALS INTERESTED IN THE LEGAL TOPICS DISCUSSED IN THIS VIDEO SHOULD CONSULT WITH THEIR OWN COUNSEL.


Twitter: @hoeglaw
Web: hoeglaw.com


DESIGN WORK
Joe Ellis (Logo Design)
Chris Leroux (Motion Graphics)
For more information: contact Chris at @Chrisleroux on Twitter.

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About Hoeg Law

The Hoeg Law Firm is a business law firm with big law experience and a small firm approach focusing on start-ups, technology, financing, and everything else a business might need.


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