New Forbes Article:
https://www.forbes.com/sites/laurashin/2017/09/19/from-blockchains-to-mooncakes-two-chinese-crypto-founders-on-the-ico-and-bitcoin-exchanges-ban/#3e6e9576a3d6From Blockchains To Mooncakes: Two Chinese Crypto Founders On The ICO And Bitcoin Exchanges Ban Laura Shin , FORBES STAFF These are the show notes for the Unchained podcast, available on Google Play, iTunes, iHeartRadio, Stitcher or TuneIn Radio, and sponsored by OnRamp. A year ago, Bitcoin had become, in many ways, a Chinese story. More than 90% of Bitcoin trading took place there, on exchanges that charged no-trading fees. The majority of Bitcoin miners were located there due to the cheap electricity. And the biggest Bitcoin mining equipment manufacturer in the world, Bitmain, is a Chinese company. While it’s still true that China is dominant in mining and manufacturing mining equipment, that no longer is the case with Bitcoin’s trading volume. Around New Year’s, when China banned no-fee trading and began enforcing other regulations on Chinese Bitcoin exchanges, trading of Bitcoin in China plummeted, and over the course of the year, Bitcoin trading shifted toward countries like Japan. Still, it was a surprise to many when, a few weeks ago, China banned this year’s runaway crypto trend: initial coin offerings. Even more, authorities asked token issuers to refund participants’ money. Then, within two weeks, the Chinese central bank, the People’s Bank of China, told Bitcoin exchanges they had to close as well. What happened? “In the past few weeks, there were 10 ICOs every week, and a lot of people don’t understand Bitcoin. They don’t know what Bitcoin is. They’re just coming in and want to make big money. When the situation got worse, old ladies were investing their retirement savings, and the government stepped in,” said Da Hongfei, cofounder of NEO, a blockchain platform for digital assets and smart contracts, in the latest episode of my podcast, Unchained (Google Play, iTunes, iHeartRadio, Stitcher or TuneIn Radio). Patrick Dai, the cofounder of Qtum, said that as ICOs took off in popularity, people seemed to forget their initial purpose. “The initial idea of the ICO is, okay, I have a good idea, I want to build an open source project, no business model. OK, I need the community to support me, to donate to me some money.” Instead, a lot of traditional businesses decided to do ICOs — like a mooncake company. Then, there were the actual Ponzi schemes and other scams that were cropping up. That made people associate ICOs with fraudulent activity. “ICO is just a method for you to raise money. ICOs itself is not a scam. Some ICO projects are a scam, but people in China cannot distinguish the difference. They do not understand what is an ICO or an ICO project. They think, oh, all ICOs are scams, or that an ICO itself is a scam," said Dai. Plus, he said, it became too easy for people who didn’t know what they were doing to invest. He said the country had 65 ICO broker platforms that lowered barriers to entry. As for the refund back to investors, well, Da says not a single NEO investor has yet requested one. As much of a dampener the ICO ban was on the Chinese token market, the bitcoin exchanges closings had an even bigger impact in China. When discussing the bitcoin exchanges ban, Dai said, “People were even more surprised and scared. Some new people who just joined the industry this year, maybe a few months ago, and they all think the bitcoin price will always go up and they invested a lot into bitcoin, and after BTC China confirmed they will close the exchange, the price went down 25-30%, so you can see people scared bitcoin may become useless in the future.” But despite fears that the price of bitcoin could crash and many newcomers may be selling, others have used the dip to buy more, said Da and Dai. So, what are NEO’s and Qtum’s plans going forward? Qtum will be moving its focus to other countries, opening an office in Denver. NEO is working on a global legal framework for smart contracts on NEO so that people holding token sales on NEO can do it legally in most major countries. And both projects want it known that they are hiring. Tune in to the full episode (Google Play, iTunes, iHeartRadio, Stitcher or TuneIn Radio, web) to hear how Chinese regulators seemed to be defining tokens vs. virtual currencies, what kind of crypto fundraising is still permitted, and whether or not these bans are permanent or temporary. Tuesday, September 19, 2017, 12:40pm EST: The photo caption originally mixed up the ICO with which each podcast guest was associated. Da Hongfei is with NEO and Patrick Dai is with Qtum.
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How many coins will be necessary to run a masternode?
We do not have masternodes planned for our decentralized blockchain. |
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The Qtum team will host a reddit AMA on September 13th, 10pm Beijing time (10am New York)
The main topic will be Ignition, our main network, but you can ask anything you'd like. Please remember it may take 10-15 minutes for a response if the answer has to be long.
Come join us at https://www.reddit.com/r/Qtum/ |
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Hi
I have 10k Qtum on ICO365 which is worht a substantial amount of money now.
I invested 6 months ago and now i am reading that they want to swap the QTUM tokens back to bitcoin??
I chose to use ICO365 becouse QTUM had them as their official exchange partners.
I am not chineese and do not live in china. I am fully verified.
Apparantly ICO365 is a singapore company.
THERE IS NO REASON THEY SHOULD BE REFUNDING MY INVESTMENT 6 MONTHS LATER.
THIS IS A SERIOUS MATTER AND I AM LOOKING FOR ANSWERS FROM THE QTUM FOUNDATION AS TO HOW THEY ARE GOING TO MAKE THINGS RIGHT FOR QTUM ICO INVESTORS.
E-mail us foundation@qtum.org please Are you ignore me, or I have chance too? Patrick said earlier today on Telegram that we will address ICO365 customers next week. We understand what is going on, but you have to realize that we have no control of how they (ico365) react to the recent Chinese announcements. The best course of action right now is to gather as much information about your ICO365 account as possible and e-mail us foundation@qtum.orgPlease do not send us any sensitive information via e-mail, just tell us you were affected and we will respond once we speak further with ICO365. |
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Hi
I have 10k Qtum on ICO365 which is worht a substantial amount of money now.
I invested 6 months ago and now i am reading that they want to swap the QTUM tokens back to bitcoin??
I chose to use ICO365 becouse QTUM had them as their official exchange partners.
I am not chineese and do not live in china. I am fully verified.
Apparantly ICO365 is a singapore company.
THERE IS NO REASON THEY SHOULD BE REFUNDING MY INVESTMENT 6 MONTHS LATER.
THIS IS A SERIOUS MATTER AND I AM LOOKING FOR ANSWERS FROM THE QTUM FOUNDATION AS TO HOW THEY ARE GOING TO MAKE THINGS RIGHT FOR QTUM ICO INVESTORS.
E-mail us foundation@qtum.org please |
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Please be advised that there is a scam phishing site that is telling people to participate in a Qtum airdrop. This is obviously fake news, and a scam. Do not fall for this. Make sure that any information you receive about Qtum is verified across multiple channels.
This means check our website qtum.org, our official twitter, and all of the other channels specified in the OP of this thread.
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Are you guys able to join the qtum slack channel at: https://qtumslack.herokuapp.com/I keep getting Failed! token_revoked no matter what email I put in. I want to join their slack channel so I can be updated on the latest news related to qtum. The recent ICO ban in China is scary and I am concerned. Also is it safe to keep qtum on https://bizhongchou.com? I figure since the mainnet will release soon, then no point getting the tokens out since I will have to exchange then again for the real qtum coins once released. thoughts anyone? What do you guys think is the best and safest place to store qtum currently? thx Yes our inviter is having issues, we're looking into it now. For your Qtum tokens we suggest always taking measures to take control of the private keys. There are many wallet solutions available, but whatever you do, back up your wallet and encrypt it. |
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Too bad for this project to refund at this point of time when the product was almost ready for user adoption.Along with this all other recently concluded ICOs from China are also impacted like Binance? and whether antshares? it is an old token for now but whether there is some impact too?
This is not a mandatory refund, this is optional. The development will continue as planned, and the main network will launch on the 13th of September. |
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Qtum Foundation Official Announcement: Please keep in mind that this refund process will expire after 30 days unless we post otherwise. Remember, this is not mandatory, this is an option if anyone would like to refund their Qtum tokens. If you do not want to refund your tokens, you do not have to do anything. Be aware of phishing and scam attempts from people claiming to be Qtum team members. You must contact the e-mail address specified on the document "foundation@qtum.org" to receive a deposit address for a refund. Be vigilant. |
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Week of August 28th
Changes made through this week to the core wallet:
Bugs fixed:
* [Staking/EVM] Fixed bug so that staking checks transaction gas limits at the output level, rather than just the transaction level, preventing certain gas limit exceeding attacks
Work completed:
* [Misc] Disabled txindex and prune options, since prune is not currently unsupported, and txindex can not be disabled (thanks guest contributor crypt0m1nd3r)
* [RPC/EVM] Added `getlogs` method to get logs from a specific smart contract for a certain block range
* [RPC/EVM] Added `getstorage` method to get storage data from a specific smart contract fro a certain block range
* [Staking] Extended the staker to properly prioritize contract transactions on gas price
* [Staking] Added options -staker-min-tx-gas-price, -staker-max-tx-gas-limit, and -staker-soft-block-gas-limit for fine tuning acceptable transactions for staking
* [Consensus] Added a consensus rule to disallow transactions larger than 1Mb
In-progress work and soon to be fixed bugs:
* We've been working on creating a Qtum Ledger (the hardware wallet) app, as well as porting Electrum to work with Qtum. We've had some success, but still a ways to go. There is no ETA yet, though we expect it to be done by the time the mainnet is released.
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QTUM is looking so healthy with steady growth and ton of project and good news coming daily... Really love this coin  We have been releasing a lot of news lately, and we have events prepared for September. Keep an eye on this thread, we will be posting some community bounties soon to support our mainnet release. |
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QTUM should be releasing some news soon, I mean it has a lot of good partners like Alibaba , but I guess we will have to wait and see where that will take the crypto But it definitely is just waiting for the right time to make it's move.
Unless you know something we don't, we're not partnered with Alibaba. I think what you might referring to is Patrick's work history at that company. |
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Qtum Community & Development Updates — August 28https://medium.com/@Qtum/qtum-community-development-updates-august-28-b8e87411753Main Network Launches September 13th, 2017The Qtum Team would like to officially announce the release of our Main Network for September 13th. This will take place right before Wanxiang’s Blockchain Conference. Qtum’s Mainnet will be the follow up to our ‘Skynet’ release earlier in August. Qtum will feature the functionality found in Skynet, like the Decentralized Governance Protocol, EVM on UTXO, Proof-of-Stake Consensus, and mobile smart contract functionality.
This is a major milestone for the Qtum project, as this is a group of blockchain enthusiasts turning a dream into reality. Making this happen would not be possible without the 18 months of hard work that went into this from our 30+ team members. This is just the start of what we have coming. Qtum’s development plans requires many years to fulfill, so keep an eye on our road map in the months to come.
For those of you who have been following the project since early 2017, you know we fought a hard battle to get here, so thank you for the support.
There will be a launch event in Shanghai on the 13th, seating is extremely limited, but we will do our best to live steam it around the world. Please keep in mind that the state of high speed internet in China is a huge challenge, so we may have to release a recorded version after.Exchange Support Updated Development Roadmap
Development Updates:Releases:Skynet testnet-2 v1.2 was released — A mandatory update that fixes several minor consensus bugs and some major staking/block creation bugs
https://github.com/qtumproject/qtum/releases/
Bugs fixed:
[Consensus/AAL] Fixed a bug where 2 successive contract transactions that caused 2 successive OP_SPEND transactions would not be allowed
[Consensus/EVM] Fixed a bug where block.difficulty in the EVM would give incorrect results
[Consensus] Added several new rules to check the size of various fields in contract transactions and properly reject poorly formatted transactions
[Consensus] Added several overflow checks for gasLimit, gasPrice, and gasLimit multiplied by gasPrice
[Consensus] Fixed some contract parameter parsing code to not rely on unintialized variables, causing undefined behavior
[Staker/EVM] Fixed a bug where a contract execution would see different block times than at validation, producing broken blocks in the stakerWork completed:[GUI] Fixed several minor issue with the smart contract GUI
[Misc] Setup an actual `-testnet` mode for Skynet testnet-2
[Staker] Added some undocumented command line arguments to make the staker work in various emergency conditions
[Build] Fix a minor compiler warning for the new GUI changes
[AAL] Added several new error messages to aid in debugging
[Consensus] Change several consensus rules from asserts to DoS errors, so that they can not be used to shut down a node
[Misc] Bumped the version of the Skynet wallet to v0.14.2
[Consensus/Misc] Qtum now tracks the coin supply of the blockchain, and implements a sanity check to ensure that more coins are not minted than expected
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Qtum Development Updates:
Development Updates
Bugs fixed:
[RPC] Fixed a bug where `getaccountinfo` would return a backward hex address
[Consensus/MPoS] Fixed a consensus bug with MPoS where rewards were calculated to include contract refunds, causing a pre-release version of testnet-2 to become stuck
[Consensus/AAL] Fixed a consensus bug where a malicious staker could bypass the AAL and spend funds that belong to contracts. This was the reason for the v1.1 release of testnet-2. The cause was that OP_SPEND was not actually mandatory, and furthermore by not including OP_SPEND in vin[0].scriptSig, a bypass in AAL consensus rules was possible.
[Staker] Fixed a bug where the staker could behave improperly sometimes when reverting contract state, resulting in the chain becoming stuck
Work completed:
[GUI] Added a very early UI for smart contracts, allowing you to use smart contracts within the Qtum-Qt; also reworked the layout of the GUI
[Tests] Added several RPC tests for DGP
[Tests] Added an RPC test to validate PoS segwit blocks
[Tests] Fixed some failing tests
[Tests] Added RPC tests to ensure contracts can be created within contracts, but also that contracts created with an initial endowment results in an error
[Misc] Fixed `-testnet` mode to properly function with adjusting PoS difficulty, similar to mainnet mode
[Staker] Optimized the staker by caching stake information instead of pulling it from disk every time, resulting in a significant increase in performance, especially when the wallet contains a large number of UTXOs
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Korea — A Qtum Adventure
https://medium.com/@Qtum/korea-a-qtum-adventure-6be0b6624db7Very recently we traveled to Seoul, S. Korea to meet with people interested in our project. Our co-founder, Patrick was joined by John, Stella, and Xiaolong, who presented for nearly 90 minutes. There were a lot of topics covered, so we want to give a summary of the highlights. The meetup was held at Seoul’s D.Camp, one of the largest startup ecosystems in Korea, and was attended by over 100 people from the local blockchain industry.
https://www.facebook.com/pg/blockchainkoreameetup/videos/
Patrick’s speech was the longest, starting with his personal opinions on the state of the industry. He discussed how blockchain changes the way we think and cooperate, how it levels the playing field and creates an ecosystem where everyone can share the rewards, unlike the centralized systems we with. This comes with a large learning curve, which is difficult for many to understand. He goes on to mention 2 reasons for this; the technological barrier, with regards to cryptography and decentralization. The second reason is the social aspect, the fact that blockchain changes the reward structure of our entire economy. It is a very disruptive idea, but it should accelerate the efficiency of our society. He ends by saying: “ One of the reasons that Blockchain is growing so rapidly is because people realize the risk in the financial system we are using today, because it’s an inflationary system where the government can print money on a whim”.
The next section of the speech, Patrick goes on to introduce the Qtum project. He described that the idea started forming in early 2016, as a way to bring the stability of Bitcoin Core and the flexibility of the Ethereum Virtual Machine together, with the fairness of a Proof-of-Stake platform. He mentions the threat of centralization in the Proof-of-Work platforms, and how a lot of the hashing power resides in one province of China. His vision of the platform is to be compatible with the two biggest ecosystems (Bitcoin and Ethereum), this way people who are familiar with either will have no problem building on Qtum.
This was a huge undertaking, Bitcoin is built on the Unspent Transaction Output model. It’s very hard to port the Ethereum Virtual Machine to the Bitcoin network, no one did this before. It took a few months for us to figure this out, but one of the unique parts of the Qtum project is that everything in the White Paper that we discuss has already been built. This brought us to the first Test Network release, dubbed “Sparknet”, which proved that we could deploy Solidity Smart Contracts on a UTXO Blockchain, with a PoS consensus model.
Moving forward, Patrick highlighted what to expect over the next month. There will be an internal code audit and review, along with a public ‘bug bounty’. This will allow Blockchain developers to review our code, and earn Qtum tokens for submitting fixes. This will take us to the Main Network release, around mid-to-late September.
The next topic discussed was a new virtual machine. If we are successful, we will have a VM that is compatible with the x86 family of programming languages (C, C++, Rust, Haskell, and many others). This will open the floodgate to the masses who are familiar with these platforms. Patrick pointed out that with Solidity, there’s just not enough people that can code for it, making it harder to review for vulnerabilities like the “DAO hack” and “Parity multisig hack”.
The last topic discussed had a lot to do with the Enterprise Alliance, permissioned blockchains, and regulatory systems. There is a need for identity verification on blockchains, above and beyond signing a message. Currently, Qtum creates ‘addresses’ in Base58 starting with the letter “Q”, which can get converted to hex (for compatibility reasons with Solidity) that start with “0”. But moving forward, a permissioned Blockchain will have the functionality to issue addresses starting with “V” for entities that have verified. Ideally, this would be a feature on Qtum’s public network as well.Office VisitsAt Coinone, we met with Steve Sang Hyuck Lim, Coinone’s CIO. There was a lot of Qtum fans around the Coinone office and were happy to meet Patrick. Coinone is a rising Korean exchange that is a part of Korea’s Dayli Financial Group that has grown exponentially over the past year.The Loop, who is also a member of the Dayli Financial Group, is building a way to connect blockchain ecosystems with their ICON platform. It was great to interact with some of the Korean projects, we can see how fast the community is growing here from how much interest there is in Qtum from Korea and how many new projects are starting here.Qtum met with Medibloc, who aims to be the first healthcare platform built on top of Qtum’s blockchain. We first met Medibloc at Consensus in May, and have since met in Shanghai and now in Seoul. We are happy that they are able to build on Qtum and wish them the best.Lastly, we finished up our tour of Seoul by meeting with several media outlets based Korea. They hoped to learn more about Qtum because the blockchain industry is growing so fast in Korea.
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GOOD NEWS PPL!!
QTUM IS ABOUT TO BE ADDED ON COINBASE>>>POSSIBLY ON SUNDAY
We believe this to be false, we have never spoken with coinbase. Is there anyway we can generate more QTUM through POW or POS?
Qtum is POS. Probably 1% per year. We may need to release a document about how staking works, we just assumed most people were familiar with it. Proof-of-Stake is a consensus mechanism that secures the Qtum network. This was launched in 2012 by Peercoin, adopted by Novacoin, and improved by Blackcoin. There are countless other projects that have adopted a version similar to PPC's proof-of-stake. For a detailed breakdown on the PoS 3.0 code that we are based on, please see: http://earlz.net/view/2017/07/27/1904/the-missing-explanation-of-proof-of-stake-versionWe highly recommend reading this article. Here is the breakdown of Qtum's stake agenda: Block Target: 2 minutes (This means there should be a new block generated every 2 minutes) Block Reward: 4 Qtum (This will be reduced each year, until the reward is 1 Qtum) Min Age: 8 Hours (This means you must leave your tokens in your wallet for 8 hours before you can participate in staking) Max Age: NA This should effectively peg inflation at 1% during the first year, and then it will be lowered. We figure with the amount of tokens lost or destroyed each year, Qtum may in fact become a deflationary platform. I have high hopes for this project  . New ICOs are coming and that will just boost that price to the moon  . Also some big announcments and this coin is 30$+ 
Nice to hear some news about the QUTM team and the Energo ICO project, I am a QUTM supporter and I also bought some Engergo ICO tokens with my QUTM coins. Hope this cooperation will be a great success.
There have announced they will build on the Qtum platform: Energo Inkchain Vevue Bodhi Some of them have even done a crowdsale. There are about 10 projects in total that we are aware of, most of them originating in China. |
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