VERITASEUM DISCUSSION THREAD

[mqrabbit]

I'm a big believer in transparency and truth.

How many tokens have been initially sold now? What is the market cap? Those are important information for investors. However, I cannot find any information in this thread or on coinmarketcap or elsewhere. In one of your videos you criticised that all those ICOs only have a website with a whitepaper. When I go to http://veritas.veritaseum.com/ it is hard to find any basic information. On the blog it says  "Amount on Sale 51m VER" and price at etherdelta is around 50$. Does that mean market cap is at 2.5 billion already? I would really appreciate if you could clarify.

[btsfreak]

There were actually 100 million coins issued, however, only a fraction was sold at the ICO.
Reggie will tell you that the value is not amount of coins times price per coin.
Decide for yourself ;p

[dave3]

How many tokens have been initially sold now? What is the market cap? Those are important information for investors. However, I cannot find any information in this thread or on coinmarketcap or elsewhere. In one of your videos you criticised that all those ICOs only have a website with a whitepaper. When I go to http://veritas.veritaseum.com/ it is hard to find any basic information. On the blog it says  "Amount on Sale 51m VER" and price at etherdelta is around 50$. Does that mean market cap is at 2.5 billion already? I would really appreciate if you could clarify.

Have a look at what Reggie posted earlier in the thread:

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.

So around 60K ETH worth of tokens.  I'm not sure if that includes all of the last minute sales that they had to process manually, or the tokens that will be issued for the Crowdsale Bounty.

[dave3]

From the recent changelog for the Trezor firmware, it looks like Trezor supports VERI now!  Right on!  (I've got one on the way)

https://github.com/trezor/trezor-mcu/commit/da17f2472b813798bfcdadd913259f33a663fe6d

"ethereum: add more tokens from MEW"

Code:

{ 1, "\x8f\x34\x70\xa7\x38\x8c\x05\xee\x4e\x7a\xf3\xd0\x1d\x8c\x72\x2b\x0f\xf5\x23\x74", " VERI", 18},

Edit:  Looks like it's not in the latest release of the firmware, but it should make it in the next release, which hopefully will come soon.

[heymann]

From the recent changelog for the Trezor firmware, it looks like Trezor supports VERI now!  Right on!  (I've got one on the way)

https://github.com/trezor/trezor-mcu/commit/da17f2472b813798bfcdadd913259f33a663fe6d

"ethereum: add more tokens from MEW"

Code:

{ 1, "\x8f\x34\x70\xa7\x38\x8c\x05\xee\x4e\x7a\xf3\xd0\x1d\x8c\x72\x2b\x0f\xf5\x23\x74", " VERI", 18},

Edit:  Looks like it's not in the latest release of the firmware, but it should make it in the next release, which hopefully will come soon.

For sure once you get your Trezor you can store your Private Key to your VERI on it.  I had to reset the firmware for mine to do so.  Trezor has a few tutorials.

Here's one:

https://blog.trezor.io/trezor-integration-with-myetherwallet-3e217a652e08#.vtfhx8665

[heymann]

Reggie re-tweets: https://coinmarketcap.com/assets/veritaseum/

looking good!

[stereotype]

How many tokens have been initially sold now? What is the market cap? Those are important information for investors. However, I cannot find any information in this thread or on coinmarketcap or elsewhere. In one of your videos you criticised that all those ICOs only have a website with a whitepaper. When I go to http://veritas.veritaseum.com/ it is hard to find any basic information. On the blog it says  "Amount on Sale 51m VER" and price at etherdelta is around 50$. Does that mean market cap is at 2.5 billion already? I would really appreciate if you could clarify.

Have a look at what Reggie posted earlier in the thread:

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.

So around 60K ETH worth of tokens.  I'm not sure if that includes all of the last minute sales that they had to process manually, or the tokens that will be issued for the Crowdsale Bounty.

......or the conversion of old 2015 Veri tokens, into new [double coughs in earshot of Reggie  ].

[tiger5056]

How to get bounty? Something I can not find anywhere?

https://blog.veritaseum.com/current-analysis/1-blog/226-veritaseum-crowdsale-bounty-program


But unfortunately bounty has ended.

When and how will those of us who participated in the bounty receive our Veritas? 

i could not find detail either and no response from them.

[AltCity]

There were actually 100 million coins issued, however, only a fraction was sold at the ICO.
Reggie will tell you that the value is not amount of coins times price per coin.
Decide for yourself ;p

1,926,109.81 VERI were issued since the Crowdsale. 100,000,000 Tokens were created. The remaining 98,073,890.19 VERI were clearly stated to be for reserve to sell to large entities. Since those have not been distributed, they are not yet part of the float.

The terms of the crowdsale were explicit that 51 Million tokens were available for purchase (out of 100 million). I believe that the only number that matters here is the float of tokens. The reserve are something to watch and this will indicate larger institutional support. In general, large buys such as they would be interested in would be in blocks for either buy and hold, or to use for services; probably over a longer time frame with a locked in eth/VERI rate. Veritaseum will fly or fold based on the services offered.

When Veritaseum is flying high, you'll need VERI to buy services. The crowdsale participants are sitting on a wonderfully and unique opportunity. Market participants help us discover price; Reggie and team will demonstrate the value we all desire!

[btsfreak]

My translation: This is token with a market cap of currently nearly 6 billion USD, and the developers are holding 98%.
All big purchases in the future will be done from the developers directly thus will not hit the market and influence the market price positively.

[Dorky]

My translation: This is token with a market cap of currently nearly 6 billion USD, and the developers are holding 98%.
All big purchases in the future will be done from the developers directly thus will not hit the market and influence the market price positively.

The market cap depends on how large is the capital market that Veritaseum can disintermediate.
And because it is not clearly expressed how that $1.635 quadrillion is referred, the valuation is blurry.
As I understand, illiquid + high friction cost securities/assets are just a fraction of the entire capital market.

[yusuf98]

Terrible presentation of information, have a website explaining what the project is, not a link to a google drive document

Yes good feedback, so we need to be more careful about the problem itself

[AltCity]

My translation: This is token with a market cap of currently nearly 6 billion USD, and the developers are holding 98%.
All big purchases in the future will be done from the developers directly thus will not hit the market and influence the market price positively.

I disagree Token valuation CANNOT be compared to traditional asset valuation. For instance, Apple can always issue new shares, thus they effectively have an UNLIMITED potential market capitalization. Veritaseum has clearly and upfront told us that there will ever exist 100 Million tokens.

Secondly, the token distribution is instantly transparent on the Blockchain, unlike a stock where Apple can issue shares or warrants / options and it may not be apparent to the market that there are new shares going to hit the market. So if a company like Apple can issue new shares, their market capitalization is theoretically UNLIMITED.

Thirdly, Reggie was clear that this token is for purchasing services. Large blocks will be sold from the reserve to high net worth entities. It is understood from the presentation that Reggie and team are working to build a platform where spending those tokens is useful and needed. That will create a demand and drive long term price growth of the token.

It may be fun to think that market cap of a token is total tokens times the spot price. This is inaccurate as it is not possible to liquidate a large position without materially affecting the market, so the spot price is movable. I'm here for serious valuation and the long term.

I consider that the total float of shares issued for converting to veritaseum services is the true representation of the value of this token. Reserve is NOT a factor until they are transfered on the blockchain and that this is fully transparent for all to see. Since this would most likely be something that would be announced on the website as news, I believe that it will add to the importance and necessity of holding these tokens, and using them personally as well.

If someone bought 1 million from the reserve, that would be public, liquidating those would consume all the buy orders in the narrow band of accepted price, and rapidly move the price down. It wouldn't really make sense at this valuation level to do that. So we remain with why someone would buy VERI, and I assert that this is for the value they represent in trading them for services.

We already know the valuation model for GNO tokens based on Reggie's work. This demonstrates perfectly that cogent analysis is needed and there is a huge opportunity to move in these new platforms to collect value. That is what you are buying with your token, and that is what it represents.

I foresee a ICO Token shakeup in the next 12 months. It's going to move from the wild wild west, to a much more deliberate and fundamentals based process. Reggie and Veritaseum are perfectly situated to provide the expertise to participate in this movement!

[Reggie Middleton]

Augur Forensic Analysis/Valuation Report Is Available for 4.5 VERI tokens http://veritas.veritaseum.com/index.php/20-the-augur-forensic-analysis-and-valuation-report-is-available Compare to Gnosis http://veritas.veritaseum.com/index.php/research-center/summary/2-research/1-gnosis-gno-forensic-valuation

[Reggie Middleton]

My translation: This is token with a market cap of currently nearly 6 billion USD, and the developers are holding 98%.
All big purchases in the future will be done from the developers directly thus will not hit the market and influence the market price positively.

Let me help your translation. If Silverman Sachs bank advises a Caribbean nation to purchase 5 million VERI to set up a token exchange and valuation service, then all activity in that exchange will need VERI. Demand will be organic and real, for participants will have to buy or borrow VERI to get down. You guys are still thinking small potatoes of playing tricks to spike prices on exchanges. Personally, I don't care to chase exchanges. My goal is to boost organic demand by offering products, services and solutions that are available nowhere else, then sate that demand with supply if (and only if) it overwhelms the existing market of VERI holders. If you are looking for trading profits, you are in the wrong place. This is a software solution, not an investment. If you feel misled or misunderstood this product, email us and we will gladly refund your purchase price upon the return of your product - no questions asked!

[Reggie Middleton]

My translation: This is token with a market cap of currently nearly 6 billion USD, and the developers are holding 98%.
All big purchases in the future will be done from the developers directly thus will not hit the market and influence the market price positively.

The market cap depends on how large is the capital market that Veritaseum can disintermediate.
And because it is not clearly expressed how that $1.635 quadrillion is referred, the valuation is blurry.
As I understand, illiquid + high friction cost securities/assets are just a fraction of the entire capital market.

That's not accurate. Download the Gnosis report to get a better understanding of the valuation framework that needs to be applied. It's free.

[heymann]

Etherdelta won't load, something is going on.  Overheated demand for VERI? 

[AltCity]

Etherdelta won't load, something is going on.  Overheated demand for VERI?  

Yeah. seems like it. https://coinmarketcap.com/exchanges/etherdelta/ shows data as of an hour ago...

Make sure your browser is up to date. I like Brave though Chrome or Firefox should be fine.
I notice if I leave Etherdelta open overnight the javascript process in the tab appears to lock up. Try a new tab. As of now, I see no Etherdelta market data.

Update: this appears to be a certificate issue with the CDN that etherdelta uses: https://gitter.im/etherdelta/etherdelta.github.io

I would monitor and not panic, the funds in your wallet should be accessible when the contract is reachable. I'm not at my trading computer or I would confirm.

Update2: as of 430PM EST time Etherdelta is showing orders and trades.

[AltCity]

If you feel misled or misunderstood this product, email us and we will gladly refund your purchase price upon the return of your product - no questions asked!

Bravo! Yes those who bought this software and can't or don't understand it should get a refund. Veritaseum is blazing a new trail, we can't drag along those who aren't ready for this journey!

[swamps]

If you feel misled or misunderstood this product, email us and we will gladly refund your purchase price upon the return of your product - no questions asked!

Bravo! Yes those who bought this software and can't or don't understand it should get a refund. Veritaseum is blazing a new trail, we can't drag along those who aren't ready for this journey!

Sense at last. Really am struggling to understand why people buy things they don't understand.