VERITASEUM DISCUSSION THREAD

[azmojo]

I'm having a hard time comprehending why or how, for example, a chain of medical practices would use VERI. Can someone (Reggie or anyone else) provide the elevator pitch for a medical practice chain to use VERI? Realizing that the person receiving the pitch likely knows nothing about crypto...

Medical practice liquidity pool
 
Doctors and doctor's practice buy VERI
Doctor's practice redeems VERI to Veritaseum for conducting to create smart contract to tokenize value from practice
 
This system gives doctors materially more liquidity in both their own practices and the market to buy, sell or atomically invest in/divest from other doctor's’ practices
Those doctor's looking towards retirement can have partial and periodic liquidation, and noobs coming in can efficiently buy their way into existing practices or have their new practices funded by experienced veterans.
This effectively is a legal market to trade medical practices and procedure businesses legally amongst other qualified particpants.

I spent the weekend with a bunch of doctors alternatively arguing about Trump and how best to set this up among a bunch of guys with successful practices. We're aggressively looking for practices and investors (ie. wealthy doctors, and private equity) who want to give this a spin. I will make it very easy for them and even subsidize much of it the first time around. As a community, I ask you all to reach out to those who you know and act as Veritaseum's grass roots marketing arm.

I see. So I am partners in some land that we wish to ultimately develop. I own 60k out of 225k shares, another guy owns 15k shares, another person owns 50k shares, and another party has 100k shares. Shareas are $1 each. $200k went to the seller of the land (through the title company) and $25k went into a bank account for expenses. How could we have used VERI for this transaction or this partnership? How does it get tokenized?

[Dorky]

Veritaseum could be a really good thing if one owned a visibly popular business with a lot of customers and wanted to retire.  A lot of potential micro investors.  Business owners could outline their succession plans and tokenize the business.  I know a successful furniture store owner who could use this, many people like him own these businesses but can't find the 1 individual to purchase the business outright.  This way they don't need to.

What you are trying to say generally is that everything can be commercialized for investment value/return?

And of course such commercialization will be powered by the Ethereum blockchain whereby counterparties don't need trust to have a valid deal nor need lawyer to have recourse in case of scam?

And this part where trust and lawyer are not needed (to have valid deal and in case something screws up, compensation will be automatic) will be provided by Veritaseum software?

Am I right?

[heymann]

[/quote]
I see. So I am partners in some land that we wish to ultimately develop. I own 60k out of 225k shares, another guy owns 15k shares, another person owns 50k shares, and another party has 100k shares. Shareas are $1 each. $200k went to the seller of the land (through the title company) and $25k went into a bank account for expenses. How could we have used VERI for this transaction or this partnership? How does it get tokenized?
[/quote]

225K shares.  $1 apiece.  $225,000.00.  Say for the sake of argument ETH to VERI @ $10 ea.  

Initially you would have changed fiat to 22,500 ETH to VERI tokens which each of the owners used to pay the seller..  You would have had to arrange for the seller to accept VERI as part of the agreement (which they could then turn into ETH then fiat at their convenience).

You hold 26.6666% share of the land.  Others hold  44.4444%, 22.2222% and 6.6666%, and there is 11.1111% is held in escrow for expenses.

Milestone activities are allocated resources as expenditure milestones, tokenholder agreements, rules for expenditure and operations, terms of reference etc. TBD. are embedded (with the money) in the smart contract.

Anything wrong with this?  BTW Dorky I think you're right.

It'll be great once the smart contract software is public and people active in this space can devise specialized business arrangements.

[dave3]

I'm thinking in some situations, certain items in the contract (like has a certain milestone been reached) would need to be decided by a human being.  So someone would still need to be trusted as a sort of proxy/mediator.

Also, while the VERI smart contract service itself would be priced in VERI, I wonder if the items in the contract could be denominated in BTC or another cryptocurrency.

(I'm just thinking out loud for the sake of discussion.  I don't need an answer.)

[heymann]

Once one has mastered the capabilities of the VERI system, one could possibly make quite a gig for themselves as a smart contract consultant.  

Lots of opportunity to take personal advantage through helping others learn and use this new business process.

Teaching others how to VERI along you might say.  

VERI safeguards the digital/financial expression of the business relationship between parties.

[Costix]

If Veritas would fail one day and fall on zero value (just 4 the script) the blockchain would still be working. Right? So former smart-contracts could still be found anytime to proof somebodys rights??

[Gen6:6]

Hi all

I've noticed on Polo exchange that VERI is trading for about $0.23c

The ICO cost somewhere in $4-$6 range (approx) per VERI.

Have I missed something..? Not sure why it's trading so cheap? Have the ICO buyers lost a huge % to date since 26th May?

Thanks!

[dave3]

Are you sure you're not seeing "VeriCoin" (VRC)?  That seems to be a separate alt coin, not related to VERI.

As far as I know, Veritas (VERI) isn't listed on any exchanges, yet.  But soon.

[davs]

Hi all

I've noticed on Polo exchange that VERI is trading for about $0.23c

The ICO cost somewhere in $4-$6 range (approx) per VERI.

Have I missed something..? Not sure why it's trading so cheap? Have the ICO buyers lost a huge % to date since 26th May?

Thanks!

VeriCoin (VRC) is not VERITASEUM (VERI). Different projects and coins.

[Gen6:6]

Ahh... got it. Thanks for your quick responses.

Learning curve, and all that!

[Reggie Middleton]

Testing EtherDelta as a method of distributing post-Offering Veritas tokens. Anyone intersted in buy VERI please visit https://etherdelta.github.io and let me know what your experience is.

[BTCBusinessConsult]

Reggie,

Do you have an estimate of when VERI will be available on exchanges?

Thanks

[Dorky]

I think the best exchanges to list VERI to get the most price appreciation are the ones in China.

[heymann]

Looked at the EtherDelta website.  My thoughts:

Folks will/might need the public address to purchase?  The ICO public address link, is now inactive.  

Didn't see a bid/ask or any offered price for VERI on EtherDelta even though the VERI ticker did appear for me using the coordinates we used for myetherwallet.com ICO transactions.

Opening a wallet was really easy on EtherDelta but couldn't notice or prompt any GUI one normally sees on an exchange for sending or receiving crypto.  Could be I'm just blind.

Cheers!

[AltCity]

Looked at the EtherDelta website.  My thoughts:
Didn't see a bid/ask or any offered price for VERI on EtherDelta even though the VERI ticker did appear for me using the coordinates we used for ICO transactions.
Cheers!

VERI has not been added to the list of swappable tokens for etherdelta. You may wish to contact the admin to let him know you are interested in this Token. I see that BAT has been added just recently so he is updating the list frequently.

[whoareyou4]

Looked at the EtherDelta website.  My thoughts:
Didn't see a bid/ask or any offered price for VERI on EtherDelta even though the VERI ticker did appear for me using the coordinates we used for ICO transactions.
Cheers!

VERI has not been added to the list of swappable tokens for etherdelta. You may wish to contact the admin to let him know you are interested in this Token. I see that BAT has been added just recently so he is updating the list frequently.

Using this link you can see VERI. You have to enter the public address for it and all that but it comes up and viola...somehow 10:1 with ETH
https://etherdelta.github.io/#ETH-0x8f3470a7388c05ee4e7af3d01d8c722b0ff52374

[jacafbiz]

I think the best exchanges to list VERI to get the most price appreciation are the ones in China.

I don't think the project gain much traction in Asia but it will be good to have Asia presence not even of China alone, Japan and Korea are both big player in the space currently

[AltCity]

Using this link you can see VERI. You have to enter the public address for it and all that but it comes up and viola...somehow 10:1 with ETH
https://etherdelta.github.io/#ETH-0x8f3470a7388c05ee4e7af3d01d8c722b0ff52374

Oh ok, I somehow missed that etherdelta allowed arbitrary ERC20 tokens. Yes this should function, though since it isn't easily accessible in the UI, so it may take awhile to get some volume.

Also we only have one side of the order book with no takers...

[jbl888]

Looked at the EtherDelta website.  My thoughts:
Didn't see a bid/ask or any offered price for VERI on EtherDelta even though the VERI ticker did appear for me using the coordinates we used for ICO transactions.
Cheers!

VERI has not been added to the list of swappable tokens for etherdelta. You may wish to contact the admin to let him know you are interested in this Token. I see that BAT has been added just recently so he is updating the list frequently.

Using this link you can see VERI. You have to enter the public address for it and all that but it comes up and viola...somehow 10:1 with ETH
https://etherdelta.github.io/#ETH-0x8f3470a7388c05ee4e7af3d01d8c722b0ff52374

Already 1/10th ETH!!! That's $22 per Veritas ... BEFORE even being listed on an exchange!! ... I'm rich biyatch!!!

 

[KalleAnka]

My question is - will the floating supply of VERI tokens only ever be about 1 million or about 1% of total supply?

This is about the amount that was issued in the ICO to my knowledge - about 35K ether at 30-1 out of 100 million supply.

My understanding is that the rest of the supply will be sold to institutions directly.  Those tokens will then be used by said institutions to purchase research or run smart contracts and not released onto exchanges.

The reason an institution may use an exchange would be to either
1) Sell some tokens because they no longer find them to be useful (bad sign)
2) Buy tokens if they are trading below price of buying directly (which would take additional supply off the market)

Is this logic correct?  Any thoughts?

We sold many more than you quoted, closer to 60k eth or more. We need a large supply of tokens. Remember, they are appcoins and utility software, and a dearth of token supply would lead to an inoperable machine. We have been talking to chains of medical practices, caribbean governments, private equity and hedge funds in a move to get them to trade value via Veritas. Each institution that adopts Veritas raises the value of the ecosystem X times, thereby injecting value into each Veritas. We will not attempt to artificially limit the supply to give an appearance of increased demand. That's scammy. Much more money is to be made by actually increasing value through demand sourced from true problem being solved

Until liquidity improves, most institutions would rather source large blocks OTC  than go through an exchange.

I didn't mean to imply any sort of impropriety regarding the supply of tokens.  I'm just trying to understand what the ecosystem and liquidity environment will look like for the individual early adopter, who likely won't actually be using the tokens in the same way as institutions.