VERITASEUM DISCUSSION THREAD

[Haddem]

When is VERI going to get listed on a big exchange like Bittrex?

Did I interpret it wrong or did Reggie imply that the big exchanges have some kind of problem with VERI and/or were bribed by competitors?

The plan is to don't need them altogether. Bypass them and let them come to Veritaseum,  or out compete them.

[Fern]

When is VERI going to get listed on a big exchange like Bittrex?

Did I interpret it wrong or did Reggie imply that the big exchanges have some kind of problem with VERI and/or were bribed by competitors?

The plan is to don't need them altogether. Bypass them and let them come to Veritaseum,  or out compete them.

Not being listed is positive. Veri will bypass these centralized crypto exchanges. You gotta start thinking big potatoes

[azmojo]

Not being listed is positive. Veri will bypass these centralized crypto exchanges. You gotta start thinking big potatoes

Not really. There are advantages to being listed on a decent exchange. Even though I am a long term holder I would feel better knowing that there is a mainstream exchange with decent liquidity should I need it. Many investors feel this way. Additionally, there is significant exposure gained from simply being listed on an exchange. I've discovered several coins/tokens simply because I saw them in the top volume or top movers list or something.

Someone is actively accumulating VERI today. price has recovered to 0.7 and appears headed higher, busting through sell walls.

[Fern]

Not being listed is positive. Veri will bypass these centralized crypto exchanges. You gotta start thinking big potatoes

Not really. There are advantages to being listed on a decent exchange. Even though I am a long term holder I would feel better knowing that there is a mainstream exchange with decent liquidity should I need it. Many investors feel this way. Additionally, there is significant exposure gained from simply being listed on an exchange. I've discovered several coins/tokens simply because I saw them in the top volume or top movers list or something.

Someone is actively accumulating VERI today. price has recovered to 0.7 and appears headed higher, busting through sell walls.

True, I agree. I think what I was trying to say is that being listed isn't necessary for Veri to be successful. It won't make or break it.

To think that Veri is holding up very well in this latest crypto correction is extremely positive isn't it. Perhaps some more downside to come but other recent ICO's such as TenX are underwater, even though the price has stabilized.

Yes, it would be nice to be on a popular exchange now but in a couple of months time the landscape will be most likely very different with VERI on multiple exchanges and more liquidity than we ever imagined. Even if we cannot trade on the JSE then other decentralized exchanges will no doubt be available with adequate liquidity. Waves, Heat, Mothership, NVO + more all in the pipeline.

Aside from speculation, has anyone seen any alpha software being tested - i understand it is very close?

[lelouchzero]

If this goes to 18k as clif says, would be epic, but isnt there a total supply of 100 million?  means that there would be a theoretical cap of 1.8 trillion?

[mwall90278]

Will VERITASEUM get to PAR 1:1 RATIO with ETHEREUM today?

[toknormal]

If this goes to 18k as clif says, would be epic, but isnt there a total supply of 100 million?  means that there would be a theoretical cap of 1.8 trillion?

You don't appear to understand how things work around here.

Only 2 million of that supply is counted towards token marketcap. The other 98 million goes towards capitalising the issuer's corporate equity (presumably, since it is an asset of their's). You therefore might be better off investing in the company than the token if you're concerned about it
 

[azmojo]

If this goes to 18k as clif says, would be epic, but isnt there a total supply of 100 million?  means that there would be a theoretical cap of 1.8 trillion?

People on here are OBSESSED with market cap and treating coins like stocks. This is a whole new world. You will do well to drop your stock market paradigms.

[azmojo]

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.

Yes, indeed those exchanges do direct transaction.

But...
Do you ever realize because of such direct transaction, those exchanges re-introduce the element of trust into the system?
By right, we get into blockchain because of it being trustless.
And those exchanges doing direct transaction is not being trustless, which is one reason why they can lock/freeze/steal their customers' funds.

What I am in favor of is direct transaction in a trustless network.
At the moment we are doing direct transaction in a trust-based network, which contradicts the blockchain.

If Veritas' market cap exceeds eth's and btc's market caps in a trust-based network, then Veritas' market cap is unsustainable and will adjust lower.
If Veritas' market cap exceeds eth's and btc's market caps in a trustless network, then Veritas' market cap is sustainable and can go even higher.
At the moment, as Veritas is an ERC20 token, thus it cannot exceed eth's market cap in a sustainable way.
I know my argument is hard to be accepted, but I believe I am right in this and time will eventually prove I am right.

Edit:
If you set up an exchange to accept USD for VERI, I will need to trust you that you will send me VERI after receiving my USD.
Then you will say, "No need for trust as everything is based on smart contract".
Yes, but your smart contract will be programmed/written to consider BTC/ETH and ETH/VERI to finalize the transaction.
Your smart contract can NEVER be programmed/written to exclude ETH from the equation (if you say it can, that means you are lying).
In such a structure, direct transaction is possible whereby ETH is used as gas only, not currency, but I still need to trust you.
In a structure where trust is not needed (trustless), then ETH will be used both as gas and currency.
For that, Veritas' market cap will remain capped by ETH's market cap.
I hope you are intelligent enough to understand what I wrote.

The only thing that can reduce the risk of trust, is for the exchanges to have Veritas token stockpiled as reserve.
Then ETH will be used as gas only.
Or else if exchanges have no such reserve, then they will be forced to convert USD into ETH and then ETH into VERI, thus ETH being used as gas and currency, limiting Veritas' market cap.

I understand what you're saying but I'm not sure what you're saying, of that makes sense. The reality is we have trust based structures and interfaces to the blockchain whether or not you favor them and they will always be around. The world of 100% trustless systems is a fantasy land - the world will have trust-based and trustless systems coexisting always. And as such, it will always be possible for the the marketcap of ETH to exceed the marketcap of VERI.

Let's just hope we get to the point where one scenario becomes reality!

[Dorky]

If this goes to 18k as clif says, would be epic, but isnt there a total supply of 100 million?  means that there would be a theoretical cap of 1.8 trillion?

You don't appear to understand how things work around here.

Only 2 million of that supply is counted towards token marketcap. The other 98 million goes towards capitalising the issuer's corporate equity (presumably, since it is an asset of their's). You therefore might be better off investing in the company than the token if you're concerned about it
 

I assume you are now in the club, judging by your comment.

Thank the money god you will no longer talk cock against Veri.

I knew you are already in the club when you criticized my comments that Veritas' market cap is capped by ETH's.

[Dorky]

I understand what you're saying but I'm not sure what you're saying, of that makes sense. The reality is we have trust based structures and interfaces to the blockchain whether or not you favor them and they will always be around. The world of 100% trustless systems is a fantasy land - the world will have trust-based and trustless systems coexisting always. And as such, it will always be possible for the the marketcap of ETH to exceed the marketcap of VERI.

Let's just hope we get to the point where one scenario becomes reality!

I understand too that there will never be a 100% trustless system, which is precisely why I keep saying that Veritas' market cap may exceed ETH but this will be unsustainable and will adjust lower.
You may use this as a trading indicator when the time comes.

[toknormal]

People on here are OBSESSED with market cap and treating coins like stocks. This is a whole new world. You will do well to drop your stock market paradigms.

1. There's nothing "whole new" about it.

2. It's not a "stock market paradigm". It's an accounting paradigm in which (like any other accounting paradigm) value does not 'disappear'. It's simply accounted for somewhere else.

[Haddem]

People on here are OBSESSED with market cap and treating coins like stocks. This is a whole new world. You will do well to drop your stock market paradigms.

1. There's nothing "whole new" about it.

2. It's not a "stock market paradigm". It's an accounting paradigm in which (like any other accounting paradigm) value does not 'disappear'. It's simply accounted for somewhere else.

Dudes what are we tokking 'bout really, some dude said a price at youtube (actually talked about parity with btc,  so if btc is $500, then there's that.) sure fantasize a bit, but focus on now,  and where we stand, and what the project is gonna be in a month that's a whole lot more useful.

[SmokingCrop]

So typical, just when I was going to wait just one more day to buy Veritaseum, the VERI/ETH comparison goes bananas  
0.9 already..

Why even? Just whales making a move?
There is nothing really new about Veri announced right around now?
It was fluctuating between 0.55 and 0.65 all the time and now this?

One thing I know is that I won't be buying right now or it'll crash in 5 minutes, that's just my luck.
You'll probalby see it go to 1,5 now that i've said that.. 

[azmojo]

So typical, just when I was going to wait just one more day to buy Veritaseum, the VERI/ETH comparison goes bananas  
0.9 already..

Why even? Just whales making a move?
There is nothing really new about Veri announced right around now?
It was fluctuating between 0.55 and 0.65 all the time and now this?

I think the selling pressure and panic of the last week is over and gone. Not just for VERI but for most cryptos.

I also think there is anticipation for some big VERY news this week! Reggie has hinted at such...

There is just no inventory anymore in the sell book.

[AltCity]

It was fluctuating between 0.55 and 0.65 all the time and now this?

Correct. We have been consistently above the ICO price. The pull back measured in dollars was due to Ether's correction. Measuring VERI in Ether shows a lot more stability.
I believe we will be at parity shortly.

[azmojo]

Compared to the last few days/weeks, there is hardly any inventory at all! You can see orders up to 1.5ETH and no large orders. Maybe 400-500 VERI total.

[megashira1]

Is this the beginning of the runup to $500?

[Haddem]

Is this the beginning of the runup to $500?

Could be

[jbl888]

If you haven't "Ignored" toknormal, do yourself a favor and click Ignore under his name on the left ... Reggie has personally tried to explain and reason with this guy and to no avail... he'll come back with some kind of logic that makes sense to him and maybe a newbie, lucky for me I won't see it unless one of you copy it into your post