VERITASEUM DISCUSSION THREAD

[greyswan]

hello veritaseum community.

Emin Gün @el33th4xor

 Veritaseum just went from traditional ICO scam to theft. I guess that's a fitting end to a project that would never be able to deliver.

https://twitter.com/el33th4xor/status/889575940702994434

Whats your opinion?

Full court press. Bullish.

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[Dorky]

Last time I suggested it here that Veritaseum creates a FAQ that answers all frequently asked questions including the controversial market cap issue, but Reggie being a stubborn person that listen not to advice (sort of "my way or the highway" kind of attitude), ignore my suggestion and so until today people continue to bring up the market cap issue. And I am confident in the future different persons will bring up the same issue again. And the effort to explain the issue will be an endless one. The incapability to handle the issue well (including the hack issue) is the reason why I imply Reggie lacks good management competency. He can say that's untrue, but then the best I can say is he has average project management competency and that's about it. If only there was comprehensive FAQ in place, probably we won't need to face the same issue over and over again. If you feel frustrated over the market cap issue, it is because of your choice to let it persist.

The crypto industry is a new industry that will displace conventional/traditional business models, and require different ways of doing things, mostly on transparency, i.e. an ICO may be run by a private entity but that doesn't stop the entity from being required to be transparent to get the funding. This is an unspoken best practice. Reggie is tapping into this new industry. At the same time, he continues to use the conventional/traditional business models to justify what he is doing, i.e. comparing with Microsoft, Facebook, etc. That is not a good approach, in my opinion. Yes, I am referring to high standards, high benchmark to judge. This is because I am not participating in conventional/traditional business projects, but a new blockchain-based one with main themes like DECENTRALIZATION and TRANSPARENCY. I believe Veritaseum needs to work on these 2 themes if the team wants to survive well into the future.

It's good to be contrarian the right way, but not the wrong way. Or else there will be turbulence. I am saying all this because I care. If I don't care, I wouldn't even waste my time here criticizing like toknormal and others are doing. You need to be humble.

Edit:
Yes, you are not a programmer, not a developer, not a lawyer, not an architect, not a doctor, not an engineer, etc, which is why there is absolutely nothing stopping you from delegating the work to others to do the right thing. For you NOT being able to do so does imply that you are everything, i.e. a programmer, a developer, a lawyer, etc.

[btsfreak]

He is a good talker, everything else will still have to proven. And he is showing that with talking everyone into the ground you can make tons of money. As soon as the first "deal" is announced, and Reggie will say details cannot be published because of corporate secrecy I am out.

[azmojo]

Last time I suggested it here that Veritaseum creates a FAQ that answers all frequently asked questions including the controversial market cap issue, but Reggie being a stubborn person that listen not to advice (sort of "my way or the highway" kind of attitude), ignore my suggestion and so until today people continue to bring up the market cap issue. And I am confident in the future different persons will bring up the same issue again. And the effort to explain the issue will be an endless one. The incapability to handle the issue well (including the hack issue) is the reason why I imply Reggie lacks good management competency. He can say that's untrue, but then the best I can say is he has average project management competency and that's about it. If only there was comprehensive FAQ in place, probably we won't need to face the same issue over and over again. If you feel frustrated over the market cap issue, it is because of your choice to let it persist.

I agree that your suggestion of a FAQ would be a benefit. However, I would also agree with Reggie's implied position that it doesn't matter if we have one or not. Clients like the JSE or top 9 stock exchange don't need a FAQ, and that seems to be where Reggie is hyper-focused right now, and that probably is more important. He is more interested in acquiring new customers than pandering to us token holders, and I can't fault him for that. If a noob comes in here once a week and asks about the market cap, it really is no loss if they don't get an answer.

Soon we will have press releases for several major deals that are in the works, and that's all we need really.

[vibehubdev]

what hes done so far with Veritaseum...is quite amazing, you got to give him that.

[Dorky]

I agree that your suggestion of a FAQ would be a benefit. However, I would also agree with Reggie's implied position that it doesn't matter if we have one or not. Clients like the JSE or top 9 stock exchange don't need a FAQ, and that seems to be where Reggie is hyper-focused right now, and that probably is more important. He is more interested in acquiring new customers than pandering to us token holders, and I can't fault him for that. If a noob comes in here once a week and asks about the market cap, it really is no loss if they don't get an answer.

Soon we will have press releases for several major deals that are in the works, and that's all we need really.

Having a comprehensive FAQ matters a lot. Here's why:

1. JSE and others (top 10 stock exchanges, MNCs, doctors, etc), while they do buy without any FAQ, their reference price is from the exchange where VERI is traded, i.e. EtherDelta.
2. EtherDelta's price of VERI is determined by our participation, i.e. buying and selling.
3. Our buying and selling is determined by expectations, i.e. having a comprehensive FAQ in place, in addition to many other things.

If expectation is bad, price will be negatively impacted.
If price is negatively impacted, an institution that purchased the price at much higher price before the impact will lose out (they bought less than they can now).
If such impaired purchases continue to happen, there will be loss of confidence.
Loss of confidence will be another expectation factor.
And the cycle repeats.

Doing a comprehensive FAQ is not a super ultra challenging thing to do. Any Tom, Dick, and Hairy can do one. Even a Dorky person can do one. But that doesn't mean it is not important, or not significant.

Having a FAQ in place will not cause the price to explode sky high, but at least it will reduce the price volatility by helping people to get more informed and restore confidence.

Reggie likes to compare with companies like Microsoft, Facebook, etc, but I believe all these companies have a form/type of FAQ in their websites. So how come Veritaseum doesn't have one? This is where Microsoft, Facebook, etc are used to justify oneself being right, but not when oneself being wrong.

You know what, a Rolls Royce doesn't need leather seats to run well, but it being a luxury car, having leather seats makes it the premier product it strives to become. You will look at Rolls Royce cars differently if they don't have leather seats, but instead have PVC ones. And Rolls Royce may probably have to adjust the price tag a little bit lower. And if they have PVC for seats, plastics for dashboard, Made-in-China stereo system, etc, you can bet Rolls Royce will have to lower their price tag even lower. The CEO can argue why the car doesn't need all these "fanciful" stuff to be exquisite, but I am very confident even Reggie will not buy the CEO's story if he plans to buy a Rolls Royce.

[FishingExpedition]

Assume VERI is not a security, but bad things happen to ETH, and the value of VERI drops significantly.  It might not even be possible to use VERI because ETH is not usable.  I'd like to know if Reggie and the team have a contingency plan for those that own VERI?  Could they jump on another currency such as EOS and issue tokens to VERI holders?  Reggie's talk of patents is exciting, because his company will be able to do things others won't be able to (most importantly, the banks).  I'm sure the patents aren't Ethereum-specific, so they should apply to EOS or any other currency that is capable of contracts.

[Masiah]

I agree that your suggestion of a FAQ would be a benefit. However, I would also agree with Reggie's implied position that it doesn't matter if we have one or not. Clients like the JSE or top 9 stock exchange don't need a FAQ, and that seems to be where Reggie is hyper-focused right now, and that probably is more important. He is more interested in acquiring new customers than pandering to us token holders, and I can't fault him for that. If a noob comes in here once a week and asks about the market cap, it really is no loss if they don't get an answer.

Soon we will have press releases for several major deals that are in the works, and that's all we need really.

Having a comprehensive FAQ matters a lot. Here's why:

1. JSE and others (top 10 stock exchanges, MNCs, doctors, etc), while they do buy without any FAQ, their reference price is from the exchange where VERI is traded, i.e. EtherDelta.
2. EtherDelta's price of VERI is determined by our participation, i.e. buying and selling.
3. Our buying and selling is determined by expectations, i.e. having a comprehensive FAQ in place, in addition to many other things.

If expectation is bad, price will be negatively impacted.
If price is negatively impacted, an institution that purchased the price at much higher price before the impact will lose out (they bought less than they can now).
If such impaired purchases continue to happen, there will be loss of confidence.
Loss of confidence will be another expectation factor.
And the cycle repeats.

Doing a comprehensive FAQ is not a super ultra challenging thing to do. Any Tom, Dick, and Hairy can do one. Even a Dorky person can do one. But that doesn't mean it is not important, or not significant.

Having a FAQ in place will not cause the price to explode sky high, but at least it will reduce the price volatility by helping people to get more informed and restore confidence.

Reggie likes to compare with companies like Microsoft, Facebook, etc, but I believe all these companies have a form/type of FAQ in their websites. So how come Veritaseum doesn't have one? This is where Microsoft, Facebook, etc are used to justify oneself being right, but not when oneself being wrong.

You know what, a Rolls Royce doesn't need leather seats to run well, but it being a luxury car, having leather seats makes it the premier product it strives to become. You will look at Rolls Royce cars differently if they don't have leather seats, but instead have PVC ones. And Rolls Royce may probably have to adjust the price tag a little bit lower. And if they have PVC for seats, plastics for dashboard, Made-in-China stereo system, etc, you can bet Rolls Royce will have to lower their price tag even lower. The CEO can argue why the car doesn't need all these "fanciful" stuff to be exquisite, but I am very confident even Reggie will not buy the CEO's story if he plans to buy a Rolls Royce.

Please note that the JSE and others are not buying to make capital gains. They are buying to redeem the tokens back to Veritaseum. Also we are working on short videos that will explain concepts that many find difficult to understand. If you could come up with a list of questions for the FAQ to start with, I could do that aswell.

[Masiah]

Assume VERI is not a security, but bad things happen to ETH, and the value of VERI drops significantly.  It might not even be possible to use VERI because ETH is not usable.  I'd like to know if Reggie and the team have a contingency plan for those that own VERI?  Could they jump on another currency such as EOS and issue tokens to VERI holders?  Reggie's talk of patents is exciting, because his company will be able to do things others won't be able to (most importantly, the banks).  I'm sure the patents aren't Ethereum-specific, so they should apply to EOS or any other currency that is capable of contracts.

VERI is not blockchain specific.

[Dorky]

Please note that the JSE and others are not buying to make capital gains. They are buying to redeem the tokens back to Veritaseum. Also we are working on short videos that will explain concepts that many find difficult to understand. If you could come up with a list of questions for the FAQ to start with, I could do that aswell.

I already know that JSE bought to use, not to make gains. The impact starts when they want to use the token. How will Veritaseum quote JSE when JSE wants to use the token? Say JSE bought when price was @ $200 per token. Then something screws up and price now is @ $20 per token. Now JSE wants to use their token. How will Veritaseum charge JSE for any services in term of VERI? Similarly I can buy a report with 1 VERI when the price was @ $200. If it goes to $20 (just an example to illustrate), how many VERI will I need to use to buy a report? You get the idea. Managing expectation by making everyone informed and maintain confidence helps a lot to reduce the volatility and buffer any unintended harmful impact.

Good that the team is working on short videos. Make sure they are simple enough for dummies. And make sure they are vetted by a lawyer just in case. Okay, I will think of a few questions that I believe matters a lot then I will probably list them here or PM you whichever suitable to you. And any finished educational material should be posted at the official site, not here. Any newbie asking the same/similar questions can be conveniently directed there instead of repeating the whole thing here.

[Dorky]

These are general questions that I already know the answer, but the Veritaseum team should use them as non-exhaustive points to form a comprehensive FAQ for dummies.

1. What is the difference between Veritaseum and Veritas?
2. Is Veritas a form of investment? And why?
3. Why is Veritaseum's market cap so underreported? And is this valid?
4. How dependent is Veritaseum to the Ethereum blockchain for its P2P platform?

Some others that I don't know of include:
1. When will Veritaseum's P2P platform be available to the public?
2. Can Veritaseum be made SEC compliant in case that becomes extremely necessary (i.e. SEC dictates ALL ICO entities are investment entities)?
3. Can the platform be ultimately used between peers without going through Veritaseum's team?

There are 2 ways to make videos: 1) Use a real person to do the talking, or 2) Use animations to illustrate the use case events. Unless the team lacks resources, they should go for option 2. Look at how interesting some educational video can be, here's some examples I can find as benchmark @ https://www.youtube.com/watch?v=PHe0bXAIuk0 and https://www.youtube.com/watch?v=iFDe5kUUyT0. Notice they both explain complicated subjects in very very interesting AND professional ways.

Doing the FAQ (and other educational materials) should NEVER be overlooked or else things may come back and bite the team repeatedly in the ass.

I also noticed that Veritaseum practices conventional/traditional business model, i.e. centralized and private, in an industry (blockchain) that revolves around being decentralized and transparent. If Veritaseum intends to have a sustainable business, it better start changing its business model. Don't tell me the team is doing this and that because other companies like Microsoft and Facebook are doing the same. This is not the true style of being a contrarian. Reggie has only 1 chance to make this a success. And there will be no 2nd take in case of failure. The stigma would be much heavier in case that happens.

[Steffoboy]

A FAQ isent needed at all, the ico offering was to provide the chance for small investors to get hold of the veri, the rest is reserved for the actual customers, Veritazium's concern is not the actual value of the coin anymore since no more will be offered, if you want to have a FAQ write it yourself, i just dont care, if a  noob wants to know he has to research, the value will come from the business side of it, and to those who say it has to be full transparency, i say grow up, it dosent work like that in real life, they cant disclose ongoing business deals, no matter how much you want, it would ruin the deals.

The value of the company hasn't come from the wheeling and dealing of tokens, if u cant grasp that, i rest my case.

If price could drop im all for it, since i just load up more Veri 

[btsfreak]

A FAQ isent needed at all, the ico offering was to provide the chance for small investors to get hold of the veri, the rest is reserved for the actual customers, Veritazium's concern is not the actual value of the coin anymore since no more will be offered, if you want to have a FAQ write it yourself, i just dont care, if a  noob wants to know he has to research, the value will come from the business side of it, and to those who say it has to be full transparency, i say grow up, it dosent work like that in real life, they cant disclose ongoing business deals, no matter how much you want, it would ruin the deals.

The value of the company hasn't come from the wheeling and dealing of tokens, if u cant grasp that, i rest my case.

If price could drop im all for it, since i just load up more Veri 

Why then did they make an ICO at all? Because they have a good heart and want to make all those small investors which are not needed rich i guess...? Time to listen to yourself: Grow up.

[Dorky]

A FAQ isent needed at all, the ico offering was to provide the chance for small investors to get hold of the veri, the rest is reserved for the actual customers, Veritazium's concern is not the actual value of the coin anymore since no more will be offered, if you want to have a FAQ write it yourself, i just dont care, if a  noob wants to know he has to research, the value will come from the business side of it, and to those who say it has to be full transparency, i say grow up, it dosent work like that in real life, they cant disclose ongoing business deals, no matter how much you want, it would ruin the deals.

The value of the company hasn't come from the wheeling and dealing of tokens, if u cant grasp that, i rest my case.

If price could drop im all for it, since i just load up more Veri  

Nobody asked for ongoing business deals, or else you can quote me on that.

Yes, indeed FAQ is NOT needed at all.
Just the same way a Rolls Royce doesn't need leather seat, doesn't need quality wood for dashboard, doesn't need German-made stereo system, etc. In fact, Rolls Royce isn't suppose to need anything for its cars except an engine, 4 wheels, and a steering.

And I say, from your comment given, I can safely assume you are not a high achiever. You are indeed a total 100% noob.

And to say that FAQ is not needed because no more coin will be offered, is just the same as saying nobody will buy VERI except existing holders that participated in the ICO that will buy and sell among themselves at EtherDelta. And for newcomers, tough luck for them as they will have to do their own due diligence the hard way. Truly your comment is the comment of a fucking idiot.

The value proposition of VERI comes from the ICO participants, NOT from the Veritaseum team as Reggie said. Or else he can quote his services in USD.

[Dorky]

And please give those free email service providers like yahoo, google, hotmail, etc a break.
Just because their email service is free doesn't mean you should be an asshole registering a new and different account every time.
That takes up memory space maintaining your troll + selfish account.

[Steffoboy]

A FAQ isent needed at all, the ico offering was to provide the chance for small investors to get hold of the veri, the rest is reserved for the actual customers, Veritazium's concern is not the actual value of the coin anymore since no more will be offered, if you want to have a FAQ write it yourself, i just dont care, if a  noob wants to know he has to research, the value will come from the business side of it, and to those who say it has to be full transparency, i say grow up, it dosent work like that in real life, they cant disclose ongoing business deals, no matter how much you want, it would ruin the deals.

The value of the company hasn't come from the wheeling and dealing of tokens, if u cant grasp that, i rest my case.

If price could drop im all for it, since i just load up more Veri  

Nobody asked for ongoing business deals, or else you can quote me on that.

Yes, indeed FAQ is NOT needed at all.
Just the same way a Rolls Royce doesn't need leather seat, doesn't need quality wood for dashboard, doesn't need German-made stereo system, etc. In fact, Rolls Royce isn't suppose to need anything for its cars except an engine, 4 wheels, and a steering.

And I say, from your comment given, I can safely assume you are not a high achiever. You are indeed a total 100% noob.

And to say that FAQ is not needed because no more coin will be offered, is just the same as saying nobody will buy VERI except existing holders that participated in the ICO that will buy and sell among themselves at EtherDelta. And for newcomers, tough luck for them as they will have to do their own due diligence the hard way. Truly your comment is the comment of a fucking idiot.

The value proposition of VERI comes from the ICO participants, NOT from the Veritaseum team as Reggie said. Or else he can quote his services in USD.

They will quote his services in Us dollars, you are in this for the wrong reasons, you seems disturbed that the price has dropped, so i guess you feel trapped, if you was a real trader you would welcome the opportunity to buy more, however the value of the coin is to lease it out at a later stage not try to flip it back and forth, of you dont understand the underlying value i suggest you sell right now, and dont look back.

And NO 2 million tokens value is not the company worth or the token worth at this stage.

[Dorky]

They will quote his services in Us dollars, you are in this for the wrong reasons, you seems disturbed that the price has dropped, so i guess you feel trapped, if you was a real trader you would welcome the opportunity to buy more, however the value of the coin is to lease it out at a later stage not try to flip it back and forth, of you dont understand the underlying value i suggest you sell right now, and dont look back.

And NO 2 million tokens value is not the company worth or the token worth at this stage.

And that is the hallmark evidence proving you are indeed 100% a fucking idiot. Reggie said it clearly nobody can access his service except THROUGH VERI.
And yet here you said they will quote his services in USD. If you know nothing, you should be the one to sell. No, not sell, but shut the f up.

[btsfreak]

They will quote his services in Us dollars, you are in this for the wrong reasons, you seems disturbed that the price has dropped, so i guess you feel trapped, if you was a real trader you would welcome the opportunity to buy more, however the value of the coin is to lease it out at a later stage not try to flip it back and forth, of you dont understand the underlying value i suggest you sell right now, and dont look back.

And NO 2 million tokens value is not the company worth or the token worth at this stage.

The good thing is, that if he would charge in USD then he would pay you in VERI (for lending your tokens). That plus the fact this with a coin distribution of 2% he can drive the price to any level he wants (also 5 USD/VERI - which I would do if the business model would be as you describe) I would be damn afraid loading up more now...

[Steffoboy]

And please give those free email service providers like yahoo, google, hotmail, etc a break.
Just because their email service is free doesn't mean you should be an asshole registering a new and different account every time.
That takes up memory space maintaining your troll + selfish account.

im new to own veri, i just read this page since the hack, i read many post since then in fact all, plus i known about other things you seem not to know, in fact it was your stupid post that made me compelled to clear up some things, you seem to be little bit like your name, and personal too. So now you want Reggie to bend to your misunderstood perception, good luck with that and LMAO

[Dorky]

im new to own veri, i just read this page since the hack, i read many post since then in fact all, plus i known about other things you seem not to know, in fact it was your stupid post that made me compelled to clear up some things, you seem to be little bit like your name, and personal too. So now you want Reggie to bend to your misunderstood perception, good luck with that and LMAO

I am not stupid. But you are.

Let me have the pleasure pointing out how fucking stupid you are...

They will quote his services in Us dollars, you are in this for the wrong reasons, you seems disturbed that the price has dropped, so i guess you feel trapped, if you was a real trader you would welcome the opportunity to buy more, however the value of the coin is to lease it out at a later stage not try to flip it back and forth, of you dont understand the underlying value i suggest you sell right now, and dont look back.

And NO 2 million tokens value is not the company worth or the token worth at this stage.

Nope. Reggie said it clearly on with VERI that anyone can access his services, not USD.
Nope. I am not disturbed the price dropped. I am disturbed by Reggie's attitude in handling certain issues as if those are a non-issue. I am also disturbed why the team is such fucking stubborn in doing the right way but instead doing it their way and face lots of oppositions and end up having to explain themselves endlessly over and over again. I say that is stupid policy.
Nope. A trader would not buy. Only an investor would. Go learn about trading before talking about traders.
Nope. The value of the token is STILL dependent on the token holders, not the team. Or else they can quote their services in fiat.