Scharmbeck Legal - How long will it last?
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[url=https://www.scharmbeck.com/legal]https://www.scharmbeck.com/legal[/url]
'“Pre-Paid Access†(PPA) and “Worldcoin Pre-Paid Access†(WDC PPA) refer to a ledger maintained by Scharmbeck that indicates the quantity of units of [b]pre-paid access to Worldcoin[/b] on the Worldcoin blockchain network that are under the direct ownership, dominion and control of Scharmbeck. WDC PPA ledger amounts are allocated to Scharmbeck and Scharmbeck hosted pre-paid access user accounts. The value of 1 WDC PPA is equivalent to 1 WDC at the time of conversion to/from WDC PPA. Scharmbeck does not sell any greater amount of WDC PPA than the total value of actual Worldcoin that Scharmbeck maintains on deposit. Scharmbeck does not sell Worldcoin; rather Scharmbeck sells Worldcoin Pre-Paid Access (WDC PPA). Scharmbeck does not purchase Worldcoin; rather Scharmbeck purchases WDC PPA…
You acknowledge and agree that Scharmbeck hosted [b]Worldcoin PPA is not a payment instrument[/b]. You acknowledge and agree that [b]Scharmbeck does not sell, purchase or issue any payment instruments.[/b]"
Interesting potential loop-hole. But I’m not sure how solid it is:
Arizona 6-1201
'11. “Money transmitter” means a person who is located or doing business in this state, including a check casher and a foreign money exchanger, and who does any of the following:
(a) [b]Sells or issues payment instruments.[/b]
(b) Engages in the business of receiving money for the transmission of or transmitting money.
© [b]Engages in the business of exchanging payment instruments or money into any form of money or payment instrument[/b].
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13. “Payment instrument” means a check, draft, money order, traveler’s check or [b]other instrument or order for the transmission or payment of money sold to one or more persons[/b] whether or not that instrument or order is negotiable. Payment instrument does not include an instrument that is redeemable by the issuer in merchandise or [b]service[/b], [b]a credit card voucher[/b] or a letter of credit.’
IMO: They should register for the DFI, because trying to skirt around the extremely clear regulations like this on a very thin loop-hole is going to end up pretty badly. Why will it end up badly? Because WDC PPA is not WDC or anything else. It’s like MCXFees. If they go under or WDC gets attacked with a double-spend and realsolid doesn’t come to their rescue - after you’ve paid them for PPA’s - they don’t have to do anything, it’s in their contract:
“6.2 No Warranty. SCHARMBECK SERVICES ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY…Scharmbeck does not have any control over the products or services that are paid for with Scharmbeck services…”
So, what do you guys think? How long will it last?
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Looks like this should be avoided…