VERITASEUM DISCUSSION THREAD

[Dorky]

Lets say Ethereum blockchain contains a total (and current) supply of 10 ETH.

Somebody creates a smart contract that generates 100 tokens called 'trikToken' (TRK).

ETH trades at $1 per unit.
TRK trades at 30 cents per token.

ETH marketcap = $10
TRK marketcap = $30

TRK marketcap has exceeded ETH marketcap.

I wasn't talking about volume flowrate.
I think you have difficulty understanding.
Please re-read my comments over and over again until you understand, thanks.

Edit:
I feel sad I have all this silly token TRK, all 100 of them.
I want to sell all of them at 30 cents each for $30 total.
I want to know how many ETH can I get from the sale.

[Dorky]

Market value is what 2 parties are willing to buy and sell something for. Just because VERI is priced in ETH does not mean that it always has to be purchased with ETH. In fact, Mercatox lets you buy with BTC. And I could offer you fiat for your VERI and I could even setup a USD/VERI exchange. After much consideration, I see no reason why the market cap of VERI couldn't exceed the market cap of ETH on a lasting basis.

If ETH is used just as gas for Veritas, then sure its market cap can exceed ETH's.

Does Mercatox make the BTC:VERI exchange without going thru ETH?
That is, Mercatox does not accept your BTC, exchange BTC for ETH, then exchange ETH for VERI, and give you your VERI?
In other words, Mercatox (and the USD/VERI exchange that you set up) simply accept your BTC (or USD) and gives you VERI without selling BTC (or USD) for ETH and then selling ETH for VERI?
Can you see the process here?
One of them takes just 1 process in a single transaction.
The other takes 3 processes in a single transaction.
If the exchanges can do 1 process per transaction (no 2 internal processes hidden from view), then yes, Veritas' market cap can exceed eth's and go on to compete with bitcoin's.
I can see the possibility, but ethereum's smart contract network would (I speculate) need to incorporate other cryptocurrencies (not erc20 tokens, but standalone cryptocurrencies) into its smart contract structure.
This would require the need for 2 (or more) different blockchains to be able to communicate with each other (using a super protocol) for any transaction between the different cryptocurrencies.
The different blockchains need to be somewhat linked to maintain an overall trustless network, or else we would have to rely on 3rd-party trust.
And if so, is such smart contract structure/super protocol (to include other cryptocurrencies) being done now by ethereum developers?
If not, then I suspect Veritas' market cap (along with other ERC20 tokens' market caps) will remain capped by eth's market cap.

Edit:
At the moment, the price of Veritas is very dependent on eth because we only have ETH:VERI to refer to when trading it.
We don't have BTC:VERI without taking into consideration BTC:ETH and ETH:VERI first.
This may create the confusion to the intellectually uninitiated to interpret my comment to mean that Veritas' value is based on eth, and not on Veritas' business model, but that's not what I mean.
If we take out eth from the equation, how will the market determine the price of Veritas relative to other standalone cryptocurrencies like bitcoin, dash, etc?
If we don't have ETH to refer to, how do we determine BTC:VERI?
We don't.

And of course, Veritas' market cap can still compete with bitcoin's, but only after the flippening whereby ethereum's market cap far exceeds bitcoin's.
Then we can see Veritas' market cap exceed bitcoin's, but not ethereum's.
Because as I keep saying, a fish cannot grow larger than its aquarium.
And if you want to use highway + vehicles as example.... a vehicle cannot grow larger than the highway its on.
You can be smart alec and argue how the vehicle can be innovative/efficient/etc, but you are just missing the point entirely.

[Josef27]

Anyone wanting to get into PPT theres a whale who keeps dropping in on Etherdelta all nite, letting them go for 0.01400 to 0.01350 at 10,000 PPT a time. They get ate up and he's gone for like 30 minutes or longer then pop's back in. 0.01400 = 2.80 each. I just loaded up my 2nd batch this week.

Clif High on PPT
https://www.youtube.com/watch?v=rsELYKj835Q

Cliff on PPT
https://www.youtube.com/watch?v=A7dXr_gaD8U

[toknormal]

I think you have difficulty understanding.

I think you have difficulty understanding the difference between value and turnover.

You can value something without having to trade it.

[WeatlhTransfer]

Anyone wanting to get into PPT theres a whale who keeps dropping in on Etherdelta all nite, letting them go for 0.01400 to 0.01350 at 10,000 PPT a time. They get ate up and he's gone for like 30 minutes or longer then pop's back in. 0.01400 = 2.80 each. I just loaded up my 2nd batch this week.

Clif High on PPT
https://www.youtube.com/watch?v=rsELYKj835Q

Cliff on PPT
https://www.youtube.com/watch?v=A7dXr_gaD8U

Cheers mate. Got dip at 0.011 and 0.012 and bought some. Whales are amazing beasts. Which ICO is on that they are selling right now en masse?

[Jeremy2017]

Game over for veritaseum. Goldman Sachs received a patent that will put them in a position of infrigement.

http://www.coindesk.com/goldman-sachs-granted-setlcoin-cryptocurrency-patent/

[WeatlhTransfer]

Game over for veritaseum. Goldman Sachs received a patent that will put them in a position of infrigement.

http://www.coindesk.com/goldman-sachs-granted-setlcoin-cryptocurrency-patent/

Panic. Panic. Panic. Lets flee this sinking ship. VERI is dead!!! All crypto currencies are dead. Get real. There are millions of patents and significant part of them are infringing each other. Besides very similar patent was already granted to Reggie and his team.

And if it comes to worse have you perhaps heard of possible settlements among affected parties? Reggie can (if needed) simply sign an agreement with them. Having a patent does not give you right to charge unreasonable amount of money from others. So stop spreading FUD because it is not needed.

P.S. If you are really set on spreading this then do not forget to reach out to many on bitcointalk forums for all existing cryptos and assets out there. And to make it sure include slack channels, youtube, twitter as well.

[Dorky]

I think you have difficulty understanding.

I think you have difficulty understanding the difference between value and turnover.

You can value something without having to trade it.

I am convinced you are talking nonsense throughout.

[clixcoin]

Game over for veritaseum. Goldman Sachs received a patent that will put them in a position of infrigement.

http://www.coindesk.com/goldman-sachs-granted-setlcoin-cryptocurrency-patent/

In crypto patent doesn't work how you can can make it effective in decentralized project. Only noobs will care about this kind of new nothing will happen to this project if you think this trick would be nice to buy cheap than it will be useless.

[Haddem]

Game over for veritaseum. Goldman Sachs received a patent that will put them in a position of infrigement.

http://www.coindesk.com/goldman-sachs-granted-setlcoin-cryptocurrency-patent/

In crypto patent doesn't work how you can can make it effective in decentralized project. Only noobs will care about this kind of new nothing will happen to this project if you think this trick would be nice to buy cheap than it will be useless.

First post for Jeremy, no FUD at all, he's a legend in the crypto field.

[WeatlhTransfer]

Game over for veritaseum. Goldman Sachs received a patent that will put them in a position of infrigement.

http://www.coindesk.com/goldman-sachs-granted-setlcoin-cryptocurrency-patent/

In crypto patent doesn't work how you can can make it effective in decentralized project. Only noobs will care about this kind of new nothing will happen to this project if you think this trick would be nice to buy cheap than it will be useless.

First post for Jeremy, no FUD at all, he's a legend in the crypto field.

His first sentence is implying something completely else

"Game over for veritaseum."

With statements like that no one can be a legend. He is not tweeting to be so abrupt. If he would say I wonder how VERI will combat this patent or How will handle potential infringement or How will this patent affect VERI then his statement would be completely un-FUD. As such is 100 % FUD.

[Haddem]

Game over for veritaseum. Goldman Sachs received a patent that will put them in a position of infrigement.

http://www.coindesk.com/goldman-sachs-granted-setlcoin-cryptocurrency-patent/

In crypto patent doesn't work how you can can make it effective in decentralized project. Only noobs will care about this kind of new nothing will happen to this project if you think this trick would be nice to buy cheap than it will be useless.

First post for Jeremy, no FUD at all, he's a legend in the crypto field.

His first sentence is implying something completely else

"Game over for veritaseum."

With statements like that no one can be a legend. He is not tweeting to be so abrupt. If he would say I wonder how VERI will combat this patent or How will handle potential infringement or How will this patent affect VERI then his statement would be completely un-FUD. As such is 100 % FUD.

I guess i should've ended my post with /s 

[Reggie Middleton]

Our patent apps predate the Goldman apps, and the Goldman apps cover less area.

[azmojo]

Does Mercatox make the BTC:VERI exchange without going thru ETH?
That is, Mercatox does not accept your BTC, exchange BTC for ETH, then exchange ETH for VERI, and give you your VERI?
In other words, Mercatox (and the USD/VERI exchange that you set up) simply accept your BTC (or USD) and gives you VERI without selling BTC (or USD) for ETH and then selling ETH for VERI?
Can you see the process here?
One of them takes just 1 process in a single transaction.
The other takes 3 processes in a single transaction.
If the exchanges can do 1 process per transaction (no 2 internal processes hidden from view), then yes, Veritas' market cap can exceed eth's and go on to compete with bitcoin's.
I can see the possibility, but ethereum's smart contract network would (I speculate) need to incorporate other cryptocurrencies (not erc20 tokens, but standalone cryptocurrencies) into its smart contract structure.
This would require the need for 2 (or more) different blockchains to be able to communicate with each other (using a super protocol) for any transaction between the different cryptocurrencies.
The different blockchains need to be somewhat linked to maintain an overall trustless network, or else we would have to rely on 3rd-party trust.
And if so, is such smart contract structure/super protocol (to include other cryptocurrencies) being done now by ethereum developers?
If not, then I suspect Veritas' market cap (along with other ERC20 tokens' market caps) will remain capped by eth's market cap.

Edit:
At the moment, the price of Veritas is very dependent on eth because we only have ETH:VERI to refer to when trading it.
We don't have BTC:VERI without taking into consideration BTC:ETH and ETH:VERI first.
This may create the confusion to the intellectually uninitiated to interpret my comment to mean that Veritas' value is based on eth, and not on Veritas' business model, but that's not what I mean.
If we take out eth from the equation, how will the market determine the price of Veritas relative to other standalone cryptocurrencies like bitcoin, dash, etc?
If we don't have ETH to refer to, how do we determine BTC:VERI?
We don't.

And of course, Veritas' market cap can still compete with bitcoin's, but only after the flippening whereby ethereum's market cap far exceeds bitcoin's.
Then we can see Veritas' market cap exceed bitcoin's, but not ethereum's.
Because as I keep saying, a fish cannot grow larger than its aquarium.
And if you want to use highway + vehicles as example.... a vehicle cannot grow larger than the highway its on.
You can be smart alec and argue how the vehicle can be innovative/efficient/etc, but you are just missing the point entirely.

That's not how it works at Mercatox at all, or on Bittrex or other platforms for other ERC20 tokens. It's a direct transaction.
Just like a farmer on the US/Canada border might sell his crops for USD and CAD and has a price for his crops in both currencies, this is no different.

I would argue in the case of VERI trading, traders consider the price in their local fiat currency as much as anything else.

[azmojo]

Can someone point me to the bounty program post? I have searched this forum and can't seem to find it.

Maybe it should also be on the VERI website and in the OP?

[Jeremy2017]

Our patent apps predate the Goldman apps, and the Goldman apps cover less area.

You don't have a patent, you just filed an application for one (which won't be granted since Goldman Sachs got his). If they decide to take you to court for violation of intellectual property rights, it will take years for the justice to rule out. In the meantime veritaseum will be dead in the water.

[WeatlhTransfer]

Our patent apps predate the Goldman apps, and the Goldman apps cover less area.

You don't have a patent, you just filed an application for one (which won't be granted since Goldman Sachs got his). If they decide to take you to court for violation of intellectual property rights, it will take years for the justice to rule out. In the meantime veritaseum will be dead in the water.

That is not true. If some patent predates another then it comes to Prior Art which is pretty easy to prove based on patent submitted dates.

"In the meantime veritaseum will be dead in the water."
In the meantime all crypto currencies will be dead in the water. Is this enough sensational to you?

[Haddem]

Our patent apps predate the Goldman apps, and the Goldman apps cover less area.

You don't have a patent, you just filed an application for one (which won't be granted since Goldman Sachs got his). If they decide to take you to court for violation of intellectual property rights, it will take years for the justice to rule out. In the meantime veritaseum will be dead in the water.

That is not true. If some patent predates another then it comes to Prior Art which is pretty easy to prove based on patent submitted dates.

"In the meantime veritaseum will be dead in the water."
In the meantime all crypto currencies will be dead in the water. Is this enough sensational to you?

Love the ignore button.

[AltCity]

You don't have a patent, you just filed an application for one (which won't be granted since Goldman Sachs got his). If they decide to take you to court for violation of intellectual property rights, it will take years for the justice to rule out. In the meantime veritaseum will be dead in the water.

Trash talking Newbie's can go to the back of the line. Reggie and Veritaseum have an extensive track record that speaks for itself. The recent pullback is still almost 20x the Etheruem ICO price. We are only basing for the next leg higher. The P2P technology works; I've used it. The new services are the impetuous to buy VERI. Get 'em cheap now as we are going to exceed 1-1 Veri/Ether this year.

Anyone else who is unsure of what Veritaseum is should start at the beginning of this thread to catch up.

[WeatlhTransfer]

Our patent apps predate the Goldman apps, and the Goldman apps cover less area.

You don't have a patent, you just filed an application for one (which won't be granted since Goldman Sachs got his). If they decide to take you to court for violation of intellectual property rights, it will take years for the justice to rule out. In the meantime veritaseum will be dead in the water.

That is not true. If some patent predates another then it comes to Prior Art which is pretty easy to prove based on patent submitted dates.

"In the meantime veritaseum will be dead in the water."
In the meantime all crypto currencies will be dead in the water. Is this enough sensational to you?

Love the ignore button.

Useful feature isn't it? Love it!