ballstothewalltoo
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Activity: 4
Merit: 0
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March 30, 2018, 02:31:28 PM |
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Afternoon all, I'm a VERI holder and wanted to share a few thoughts on here to see how other people perceive the project. I'm starting to get a red flags that give me concern, I'll try to explain:
Beta testing was open to private testers, large VERI holders and was abruptly suspended and restricted to just employees or contractors of Veritaseum. This was after SEC review. Legal review has been ongoing since February and has no definite plan or communicated strategy to get approval from regulators in the US. It seems that the product was developed as 'software' which may have been naive as working lockstep with the regulators from an earlier phase might have helped deliver a compliant product that could go live in the US. With this inability to go live in NY the focus now seems to have shifted to locations outside of the US, such as Jamaica and somewhere in Africa. Should that be a cause for concern? Isn't go live in a developed nation with strong regulations a good target? We were promised public beta testing in Q1, which didn't happen and there's no indication on when it might. Something is clearly very wrong, we just don't have information on how wrong.
The Jamaican Stock Exchange signed an MOU in October but 6 months on there is no contract and no information on a potential go live. By way of explanation Reggie blamed politics, it would have been good to get more information on what the issues were so its transparent what kinds of issues Veritaseum is facing to get deployed. Especially as there's no public beta testing in Q1 as was promised and no JSE go live; are they impacted by the same issues? Different issues? Are they technical or legal and regulatory? Or are they business related? What does that mean for the product strategy and roll out? Remember your tokens are only of value if you can use them and right now we have no insight into when they can be used. This glaring fact seems to have been glossed over.
The news of two MOUs in Africa is not really news because it is not a contract. Also, its very vague to say 'somewhere' in Africa, no specifics at all. Add to that it would be a licensing deal which means a separate instance of the Veritaseum platform will be delivered to the customer to use on their own servers, this could be a closed environment meaning your tokens are worthless unless you're part of the user base of that particular licensed Veritaseum platform. Its great for Reggie as he sells software and tokens and consultancy and research to the customer, it doesn't have a lot of value to token holders if it happens to be a closed environment. We don't know if it is closed or not, heck we don't even know the country.
I'd also add that it could be seen as a risk to focus your business outside your country or region or timezone in a different continent such as Africa where there is no Veritaseum office or local presence. Add to that there was mention of a 'smart city' application of the platform in Africa, this is also a little off the originally stated goal to disintermediate the financial markets. Maybe there is a strategy, its just that it hasn't been articulated to faithful token holders; the ideas seem to be many and scattered, we even had a medical application that was due to deliver in December but nothing more was said about that (it was mentioned in a video around October or so).
Perhaps some of this could be solved with a more explicit strategy overview or roadmap or business plan that can be tracked or reviewed and adapted periodically. Right now I don't think there is insight into what the heck is going on and whether there will even be a live product this quarter or this year.
Interested in everyone else's thoughts.
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Dorkie
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Activity: 420
Merit: 13
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March 31, 2018, 04:46:52 PM |
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Technically, there is no need for economic renting feature at all.
It just complicates things unnecessarily.
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buyabit
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Activity: 247
Merit: 10
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March 31, 2018, 04:59:03 PM |
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ballstothewalltoo.
If you are seeing red flags and if you can't get any satisfaction from the Veritaseum team, perhaps it is best to sell your tokens and move on to something else. I believe it should not matter to you what others may think of Veritaseum as only you decide where to put your money.
I will keep my VERI tokens and give the team time to move things forward.
Cheers.
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buyabit
Member
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Activity: 247
Merit: 10
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March 31, 2018, 08:10:49 PM |
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ballstothewalltoo
Newbie
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Activity: 4
Merit: 0
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March 31, 2018, 09:40:20 PM |
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ballstothewalltoo.
If you are seeing red flags and if you can't get any satisfaction from the Veritaseum team, perhaps it is best to sell your tokens and move on to something else. I believe it should not matter to you what others may think of Veritaseum as only you decide where to put your money.
I will keep my VERI tokens and give the team time to move things forward.
Cheers.
No debate on the raised issues? Blind faith or sell your tokens? Or have I missed the point? |
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Big Naturals
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March 31, 2018, 09:55:39 PM |
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ballstothewalltoo.
If you are seeing red flags and if you can't get any satisfaction from the Veritaseum team, perhaps it is best to sell your tokens and move on to something else. I believe it should not matter to you what others may think of Veritaseum as only you decide where to put your money.
I will keep my VERI tokens and give the team time to move things forward.
Cheers.
No debate on the raised issues? Blind faith or sell your tokens? Or have I missed the point? Balls makes some good points, but nobody can give you anything other than an opinion on what's going on. I have faith in Reggie, but the SEC could easily cut his plans off at the knees, and if that means he has to invoke plan b, or even plan c, things can get rough but Veri can still pull through. Whole crypto movement is under attack now, including projects like veritaseum, an SEC crack down is a certainty, but Reggie is well placed to navigate the outcome, |
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CoinMLS
Jr. Member
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Activity: 191
Merit: 1
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April 01, 2018, 12:15:46 AM |
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ballstothewalltoo.
If you are seeing red flags and if you can't get any satisfaction from the Veritaseum team, perhaps it is best to sell your tokens and move on to something else. I believe it should not matter to you what others may think of Veritaseum as only you decide where to put your money.
I will keep my VERI tokens and give the team time to move things forward.
Cheers.
No debate on the raised issues? Blind faith or sell your tokens? Or have I missed the point? If you have been following the project since the beginning you know what this project is and what it isn't. You can see Reggie working hard and you can see the progress of the VEADIR. The observations around the SEC are valid; however, if VERI is going to have regulatory problems, then almost every other coin & token will too. Reggie seems to have a great team working on this, but I don't expect these issues to be resolved quickly as it is out of anyone's control. If you want a business plan and road map, forget it, you'll never get it. Owning VERI tokens means living without knowing the written plan and trusting that Reggie is moving the business along expeditiously. His frequent communications give me that reassurance. To me, I think there is no written plan because Reggie is going to take the company where the opportunities are, and there are plenty of them. It would be pointless for him to try to predict this or to say he's going one direction and then justify changing directions when a different bigger opportunity comes along. |
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estenity
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April 01, 2018, 06:39:56 AM |
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Afternoon all, I'm a VERI holder and wanted to share a few thoughts on here to see how other people perceive the project. I'm starting to get a red flags that give me concern, I'll try to explain:
Beta testing was open to private testers, large VERI holders and was abruptly suspended and restricted to just employees or contractors of Veritaseum. This was after SEC review. Legal review has been ongoing since February and has no definite plan or communicated strategy to get approval from regulators in the US. It seems that the product was developed as 'software' which may have been naive as working lockstep with the regulators from an earlier phase might have helped deliver a compliant product that could go live in the US. With this inability to go live in NY the focus now seems to have shifted to locations outside of the US, such as Jamaica and somewhere in Africa. Should that be a cause for concern? Isn't go live in a developed nation with strong regulations a good target? We were promised public beta testing in Q1, which didn't happen and there's no indication on when it might. Something is clearly very wrong, we just don't have information on how wrong.
The Jamaican Stock Exchange signed an MOU in October but 6 months on there is no contract and no information on a potential go live. By way of explanation Reggie blamed politics, it would have been good to get more information on what the issues were so its transparent what kinds of issues Veritaseum is facing to get deployed. Especially as there's no public beta testing in Q1 as was promised and no JSE go live; are they impacted by the same issues? Different issues? Are they technical or legal and regulatory? Or are they business related? What does that mean for the product strategy and roll out? Remember your tokens are only of value if you can use them and right now we have no insight into when they can be used. This glaring fact seems to have been glossed over.
The news of two MOUs in Africa is not really news because it is not a contract. Also, its very vague to say 'somewhere' in Africa, no specifics at all. Add to that it would be a licensing deal which means a separate instance of the Veritaseum platform will be delivered to the customer to use on their own servers, this could be a closed environment meaning your tokens are worthless unless you're part of the user base of that particular licensed Veritaseum platform. Its great for Reggie as he sells software and tokens and consultancy and research to the customer, it doesn't have a lot of value to token holders if it happens to be a closed environment. We don't know if it is closed or not, heck we don't even know the country.
I'd also add that it could be seen as a risk to focus your business outside your country or region or timezone in a different continent such as Africa where there is no Veritaseum office or local presence. Add to that there was mention of a 'smart city' application of the platform in Africa, this is also a little off the originally stated goal to disintermediate the financial markets. Maybe there is a strategy, its just that it hasn't been articulated to faithful token holders; the ideas seem to be many and scattered, we even had a medical application that was due to deliver in December but nothing more was said about that (it was mentioned in a video around October or so).
Perhaps some of this could be solved with a more explicit strategy overview or roadmap or business plan that can be tracked or reviewed and adapted periodically. Right now I don't think there is insight into what the heck is going on and whether there will even be a live product this quarter or this year.
Interested in everyone else's thoughts.
I mostly agree, time to shift from MOUs to realizations. remember, this period is globally difficult. |
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naaktslak5
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April 01, 2018, 08:25:05 AM |
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Afternoon all, I'm a VERI holder and wanted to share a few thoughts on here to see how other people perceive the project. I'm starting to get a red flags that give me concern, I'll try to explain:
Beta testing was open to private testers, large VERI holders and was abruptly suspended and restricted to just employees or contractors of Veritaseum. This was after SEC review. Legal review has been ongoing since February and has no definite plan or communicated strategy to get approval from regulators in the US. It seems that the product was developed as 'software' which may have been naive as working lockstep with the regulators from an earlier phase might have helped deliver a compliant product that could go live in the US. With this inability to go live in NY the focus now seems to have shifted to locations outside of the US, such as Jamaica and somewhere in Africa. Should that be a cause for concern? Isn't go live in a developed nation with strong regulations a good target? We were promised public beta testing in Q1, which didn't happen and there's no indication on when it might. Something is clearly very wrong, we just don't have information on how wrong.
The Jamaican Stock Exchange signed an MOU in October but 6 months on there is no contract and no information on a potential go live. By way of explanation Reggie blamed politics, it would have been good to get more information on what the issues were so its transparent what kinds of issues Veritaseum is facing to get deployed. Especially as there's no public beta testing in Q1 as was promised and no JSE go live; are they impacted by the same issues? Different issues? Are they technical or legal and regulatory? Or are they business related? What does that mean for the product strategy and roll out? Remember your tokens are only of value if you can use them and right now we have no insight into when they can be used. This glaring fact seems to have been glossed over.
The news of two MOUs in Africa is not really news because it is not a contract. Also, its very vague to say 'somewhere' in Africa, no specifics at all. Add to that it would be a licensing deal which means a separate instance of the Veritaseum platform will be delivered to the customer to use on their own servers, this could be a closed environment meaning your tokens are worthless unless you're part of the user base of that particular licensed Veritaseum platform. Its great for Reggie as he sells software and tokens and consultancy and research to the customer, it doesn't have a lot of value to token holders if it happens to be a closed environment. We don't know if it is closed or not, heck we don't even know the country.
I'd also add that it could be seen as a risk to focus your business outside your country or region or timezone in a different continent such as Africa where there is no Veritaseum office or local presence. Add to that there was mention of a 'smart city' application of the platform in Africa, this is also a little off the originally stated goal to disintermediate the financial markets. Maybe there is a strategy, its just that it hasn't been articulated to faithful token holders; the ideas seem to be many and scattered, we even had a medical application that was due to deliver in December but nothing more was said about that (it was mentioned in a video around October or so).
Perhaps some of this could be solved with a more explicit strategy overview or roadmap or business plan that can be tracked or reviewed and adapted periodically. Right now I don't think there is insight into what the heck is going on and whether there will even be a live product this quarter or this year.
Interested in everyone else's thoughts.
I mostly agree, time to shift from MOUs to realizations. remember, this period is globally difficult. did they already said what the top 10 stock exchange is? |
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ballstothewalltoo
Newbie
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Activity: 4
Merit: 0
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April 01, 2018, 12:46:43 PM |
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Making a new thread as its less bulky and taking all the points in response to my previous message: I agree the crypto markets are generally under attack and that the global markets are about to get difficult and may get worse. I guess i can break it down to 3 topics: 1) "SEC could cut veri's plans down at the knees". This is why I said it would have been better to have worked in conjunction with legal much sooner than the February review which seems to have put a spanner in the works. What concerns me is O'Leary is bringing an asset based coin to the market in the shape of a tokenised hotel, I quote him "With a smart contract approved by the SEC" and it will be announced sometime in the next couple of weeks. If O'Leary has managed to bring a SEC compliant asset to the blockchain, why hasn't Reggie when this has been his goal since inception? The VeADIR etc exists but the deployment of assets in it in USA is not compliant. It would be great to know why he isn't ahead of O'Leary or shortly behind him. He's nowhere near, he has moved attention outside of the USA. Its a change in stated goals - which seem to be attainable by others. The token holders really are owed a more in depth analysis about this. Bare in mind in this is the second version of the platform, Ultra Coin based on BTC was first and then a rewrite came after, (I quote Reggie from the comments in this article https://steemit.com/money/@financialcritic/analysis-of-the-veritaseum-scam), "CFTC changed their regulatory stance on bitcoin which affected our client, so we pulled it to rewrite it, and we gave a detailed reason why and how". If this is the case and we're on version two of the platform, why isn't it compliant with regs second time round? 2) "Shift from MOUs to realisations", agreed, we need contracts. Another quote from Reggie 9 months ago in the article referenced above, "Veritaseum singed an MOU to enter into a joint venture and revenue sharing for what will be the best capitalized digital asset exchange in the world, slated to go live in September. This was introduced, with blessings to the Jamaican Central bank the Financial Services Authority (regulator). I even posted pictures of the meetings... We're in negotiations to do the same with one of the top ten global exchanges.... Later this week, I will likely announce a HNW deal with a medical practice that demonstrates utility." There were 3 promises 9 months ago of JSE, a top 10 global exchange, HNW deal with medical practice. None of these have come to pass. As a token holder I would appreciate more information on why as blind faith is wearing thin. What are the closure and delivery issues? 3) In the referenced article Reggie also talks about existing clients on his old platform, I infer but happy to be corrected that this would likely have been in a closed, non public environment. One of the largest concerns I have if there is no public product and focus is on future sales to license further closed environments. For existing token holders our priority is seeing a live platform for general use otherwise we cannot use our tokens. It would be good to hear a statement from him on this. The only reason for writing here is to express concern about the platform not being accepted in his home market but someone else seems to have indicated he's achieved a compliant tokenisation of an asset for sale in that local market. We've had talk of many MOUs that haven't closed but no real understanding as to why, sure deals take time but for some reason they are not closing and we are not being given information as to why. Has the focus shifted to licensing software and research in closed environments versus open ones that we token holders can take part in? The fact remains we have tokens we cannot use and will not be able to use until some of the regulatory compliance issues or product deficiencies or contracts get closed' we have no visibility of which or the plan to get us to the point of using tokens. Maybe this is less of a message for people but perhaps something for Reggie to tackle in his AMAs? On a side note about communication, it would be really great to get frequent updates with regularity or committed time slots. We've had a few promises of AMAs that didn't happen which again doesn't instil confidence, its also not respectful of people's time and hard earned money invested in this project. |
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SeaSoul
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April 01, 2018, 02:59:35 PM |
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ballstothewalltoo.
If you are seeing red flags and if you can't get any satisfaction from the Veritaseum team, perhaps it is best to sell your tokens and move on to something else. I believe it should not matter to you what others may think of Veritaseum as only you decide where to put your money.
I will keep my VERI tokens and give the team time to move things forward.
Cheers.
No debate on the raised issues? Blind faith or sell your tokens? Or have I missed the point? Balls makes some good points, but nobody can give you anything other than an opinion on what's going on. I have faith in Reggie, but the SEC could easily cut his plans off at the knees, and if that means he has to invoke plan b, or even plan c, things can get rough but Veri can still pull through. Whole crypto movement is under attack now, including projects like veritaseum, an SEC crack down is a certainty, but Reggie is well placed to navigate the outcome, Hey guys is the SEC currently in talks with the Veritaseum team or what exactly is the issue here? |
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estenity
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April 02, 2018, 04:10:48 AM |
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what will be the marketcap at launch approximately?
My numbers might be out but around $US 11 million sold at approx $5.50 = 2 million coins sold which is 2% of total coins. 2% of the coins have been sold. 100 mill coins in total, so 50 x $11 mill = $550 000 000. Half a billion which is top 10 material, just ahead of Monero. nearly one year later, still consequent gains with VERI at 125 usd in spite of the profound altcoin crisis. but happily MOUs have been signed. |
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Gabriellla
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April 02, 2018, 04:19:20 AM |
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That's a newmine with the market today today, hy vọng will be well done
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happy.memory33
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Activity: 108
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April 02, 2018, 01:03:40 PM |
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I really like the workings of this project, pretty stunning and like a good idea to join, hopefully run well  |
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RodneyGrillery
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Activity: 154
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April 03, 2018, 01:18:20 AM |
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 I gotta admit, those pics are def funny, but they're just pics that are meant to obviously be a joke, no pt in blowing it out of proportion lol. @ballstothewalltoo, you losing faith because the price is going down? Would you be losing faith if the price was going up? You seem fairly smart, so I kind of want to assume that it's not solely because the price is going down, because you'd be CREAMED regardless of what you are in considering this market climate.
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Big Naturals
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April 03, 2018, 07:50:06 AM |
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Hey man, the envy is oozing of every word in your post, so what, reggie has abs in his late 40's, and doesn't mind showing them off on his facebook. Who cares ... I do, my nipples are so hard looking at those pics I could take someones eye out. Yeah, come to think of it, Reggie, put a shirt on ... and drop your shorts next time |
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ballstothewalltoo
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Activity: 4
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April 03, 2018, 06:27:20 PM |
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I gotta admit, those pics are def funny, but they're just pics that are meant to obviously be a joke, no pt in blowing it out of proportion lol. @ballstothewalltoo, you losing faith because the price is going down? Would you be losing faith if the price was going up? You seem fairly smart, so I kind of want to assume that it's not solely because the price is going down, because you'd be CREAMED regardless of what you are in considering this market climate. Its not about the price of VERI, I'm not that short sighted. Its about the fact 1) the tokens are currently worthless without a platform, 2) there is no timeframe on when a platform might be available, 3) reggie seems to consistently flake out or talk in a grandiose manner and yet not deliver on anything promised. I'm questioning whether this project can actually deliver on its intentions, if not, the tokens will remain worthless. If we start to see others deliver on the vision before him I guess we will have our answer. Will be watching O'Leary's tokenized hotel and Abra's crypto exchange (supporting fiat currencies too) with great interest. These are two examples that may deliver in the same market space as Reggie intended but possibly beat him to it. |
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