Erik Voorhees is reported to be partnering with Somali Pirates in order to create a decentralized stock exchange, allowing individuals to buy stock in different pirate crews. This plan sets to give Somali Pirates a new stream of funding as they are now able to issue globally tradable security tokens on the Solana Blockchain.
Pirates have traditionally been excluded for the banking system, causing extreme inequality. In the past they have primarily used gold, but have been looking for digital alternatives.
This new pirate stock exchange follows a trend of individuals issuing increasingly more scandalously and controversially named tokens on the Solana Blockchain. The Pirates are finding in their analysis of the market, the key is to come up with the most offensive token names possible.
"If the ADL is not trying to censor your token, your name just isn't controversial enough to get any sizable investment. Solana is essentially monetizing the most vile things can come up with on 4chan," A blockchain expert on LinkedIn told the Bugle.
The ADL is currently trying to attack an individual named Gege that has reportedly launched a very offensively named token. The value of the token skyrocketed following the news of the ADL's scrutiny.
Blocksteam is reportedly upset with Voorhees for not attempting to build the exchange on the Liquid network, which is looking to expand more into security tokens. Voorhees responded to their frustrations by saying, "Samali Pirates aren't SEC compliant so we need something better than a federated side chain ran by compliant companies."
The Statist Bitcoiner Association shared that they would like to partner with the SEC to investigate Voorhees and the pirates for security violations. They also shared via public statement, "It is very concerning to see anyone involved with Bitcoin and shitcoins not complying with very important security laws. These security laws keep securities markets secure and allow for stable national security. We cannot have Somali Pirates violating law and order or else we will be a sequel to Black Hawk Down.