VERITASEUM DISCUSSION THREAD

[buyabit]

From Reggie Middleton today.

Veritaseum is a blockchain-based FinTech software development company that is opening the door for peer-to-peer capital markets through its digital asset research and technology platform.  Of particular note, is our ability to create custom tokens that represent a proportionate share of value in hard assets that can be exchanged Peer-to-Peer in bearer form, efficiently and seamlessly. The Tokens represent title to ownership in the assets.

To exemplify this, Veritaseum has created precious metal tokens: VeGLD (Gold Token), VeSLV (Silver Token) and VeSTB (Composite Stable Token) that can be widely and negotiably exchanged, and fully redeemed to the bearer. These tokens are backed, 100+%, by their assets.

To be continued at the below web-link:

https://veritas.veritaseum.com/index.php/vegld-asset-backed-tokens

[yyz13857180757]

It seems that a lot of people want to see the VERITASEUM through social networks.Maybe I should know first.Waiting for the right time.

[buyabit]

Reggie Middleton in Seoul, Korea: Capital Formation in the Age of Smart Contracts.

https://www.youtube.com/watch?v=TZkvHNIixCY&t=337s

[buyabit]

Reggie Middleton: The Contrarian View on Security Tokens

https://www.youtube.com/watch?v=zlLK63mWokY

[Dorkie]

In my Dorky opinion...


In term of asset tokenization, the blockchain token structure below is most ideal:

Ethereum blockchain >> Ether (ETH) >> ERC20 token (or ETH.token, simply said)


Instead, from most ICOs out there, including Veritaseum, the token structure is actually like below:

Ethereum blockchain >> Ether (ETH) >> VERI (ERC20 token) >> Ve.Gold/Ve.Stable (ERC20 token)

... in which anyone with better competency can frontrun the competition by developing a general dapp (not private dapp) whereby the first structure is used instead, i.e. Ethereum blockchain >> ETH >> ETH.token (example) for asset tokenization.


By right, the most ideal structure for VERI should be to develop its platform to receive ETH as fee and to use the VERI token as profit-sharing token.
But because Reggie initially tried very hard to escape the regulation, thus he structure the VERI token to be utility token instead, without the profit-sharing benefit and thus avoid the risk of being classified as security token.

Now he is talking about security token as the next big thing.

True, I totally agree that security token will be the next big thing to the advent of asset tokenization of all asset classes.

But there is a possibility that such security token will not be made available to the general crypto owners. Instead, it may very likely be limited only to accredited investors in which anyone that wants to participate will have to submit to KYC protocol and declare his net worth to prove that he is accredited.

So it may be somewhat useless for Reggie to hype about security token to the general public / average Joe. But he is doing the hyping now in order to give more exposure to Veritaseum and to his VERI token, which is just utility token and has no profit-sharing feature.

If VERI is restructured to be security token instead, then the token may very well exceed the price of ETH, just as Clif High forecasted. But because VERI will remain utility token, thus VERI is more or less screwed as an investment. Looking back in retrospect, it could be possible that Clif High's forecast refers to Veritaseum as a company, not as a token, which in this case, his forecast about Veritaseum (as a company) would be true.

Reggie the stupid + greedy replied to my comment last time that I didn't know the consequence of burning VERI to the business model. Well, if the VeADIR platform is structured to accept ETH for fee and VERI as profit-sharing token, there would be zero consequence to the business model. Introducing VERI token into the picture is totally unnecessary. The same can be said of every other ICOs. But the only reason why VERI token is introduced is to shift the economic significance of using the VeADIR platform from ETH to VERI, as the higher the price of VERI the higher the net wealth of Reggie and Veritaseum as a company, thus the greed. But VERI being a private token issue, will never be recognized by others no matter the hype.

Even holding the token for utility use is a financial impairment due to the volatility. Despite the fact that it can be used to buy Ve.Gold does not change the fact that it will continue to underperform. Gold is highly manipulated. Stable coin is no different from fiat. Any ICO project that accepts any one of these over ETH will look foolish over the longer term.

If there is any chance of VERI the token to be sustainable, it needs to be restructured to be a security token itself. Otherwise, VERI will not be sustainable into the future. It will not be sustainable because 1) it is unnecessary regardless of Ve.Gold or Ve.Silver or Ve.Stable, and 2) anyone with expertise can frontrun the competition by developing a more public dapp that does the same function as VeADIR in asset tokenization.

I am not here to do consultation. I am here only to give my opinion. Reggie does not need my consultation. Even if he does, I do not wish to work with a stubborn person that is a victim of past success.

[mike0829]

Good day!
I've been keeping an eye on this project for a long time. Love all the roadshow updates and stuff. It's not often that you see a team that actually cares about the community, goes out of its way to keep us posted and stuff.

[disconnectme]

Please can anyone tell me, what function Veritaseum token is for, I have tried to look into the project for a long but just don't understand it. The issue now is that we have most of these tokens having no real utility functions which is something investors need to beware of

[buyabit]

DISCONNECTME,

If you do not understand Veritaseum perhaps you should move on to something else as it is likely not a token for you.

If you believe that most tokens have no "real utility functions" have you posted your same message to the channels for all of the companies that fall under this category in your opinion?

Thanks for your comments but I will continue to hold my Veritaseum tokens.

[buyabit]

From Reggie Middleton today.

In office at 6am, seeing a gleaming example of ICO execution. In 13 months we've created an entire suite of products ready for sale, each one as best of breed in the industry: Research, Investment software, Asset tokens. Biz plan executed near perfection https://veritas.veritaseum.com

[buyabit]

From Reggie Middleton today.

The first redemption of a VeGLD token. The redemption was paid for fully through the user's redemption of his $VERI tokens. Additional proof of the prepaid fee model of VERI in the actual purchases of physical gold, #VeADIR access & forensic research.

[buyabit]

From Harm Westland today.

Thank you for the fast delivery after my VeGLD redemption. Just thinking now about the possibilities of using VeGLD as a currency and a true store of value at the same time.

[buyabit]

Anyone who wants to discuss the VeGLD redemption process with this VERI user who redeemed his tokens for it can find him and the discussion in Telegram here Invitelink:

http://bit.ly/veritaseum

https://t.me/joinchat/G_22OhA7UgN6b-7hTSFSTA …

[buyabit]

Veritaseum and Populous – Disintermediated Capital Markets – VERI Big Things Are Coming.
3 July 2018 - Crypto Corner

http://lode.live/veritaseum-and-populous-disintermediated-capital-markets-veri-big-things-are-coming/

[buyabit]

From Reggie Middleton.

Within 48 hours or so, we'll post a comparison of VeGLD ownership/use to ETFs (ie. GLD), trusts, physical bullion, funds. The info may astound those who are not privy to the power of smart contracts over the blockchain. A new day has most definitely come!
https://dapp.veritaseum.com/#/assets/list(context:asset/VeGLD1oz/performance) …

[buyabit]

From Reggie Middleton.

Veritaseum's VeADIR now provides full metrics on it's asset backed tokens with live & historical data to prep for use as denominating store. We'll mint ~$100k of 1 oz gold tokens next week & sell to buyers. Gold tokens selling under spot can be arbitraged
https://dapp.veritaseum.com/#/assets/list(context:asset/VeGLD1oz/performance) …

[Dorkie]

I just looked at the VeADIR performance for the last 90 days at around -32% ROI.

Then I checked total market cap of all cryptos from 90 days ago, conservatively at 383.698 bil (around the high point on May 18).

Currently at time of writing the total market cap is 294.701 bil.

That translate to around -23% ROI, vs VeADIR's -32% ROI.

Did VeADIR underperformed the total market cap for the past 90 days?


Update:
Does this -32% ROI include the 5% fee?
If not, the underperformance would be -37% ROI.

Update #2:
The exact date of last 90 days would be May 21st, after manual day counting.
Trying to make the total market performance to appear as bad as possible, I choose the highest point at 392.132 bil on May 21st.
On today, the total market cap declined by around -25%, which still outperformed VeADIR.

Ethereum market cap on that day at around its highest was 71.881 bil, conservatively to make ETH performance look as bad as possible.
Today its market cap is at 50.255 bil at time of writing, translating to -30%, still outperformed VeADIR, without the 5% fee.

Bitcoin's market cap at that time was 145.409 bil, around the highest.
Now at time of writing is at 126.920 bil, translating to around -13%.

Am I calculating things the wrong way?
Or is buying and holding BTC and/or ETH performed better than VeADIR for the last 90 days?

[Sasha Grey]

Hold VERI is more profitable because of the rising prices, I'm sure that VERI's performance will continue to improve and of course buying and hold VERI is a good and profitable thing.

[naaktslak5]

Hold VERI is more profitable because of the rising prices, I'm sure that VERI's performance will continue to improve and of course buying and hold VERI is a good and profitable thing.

VERI collapsed 90% from the top. its not very profitable for many. you are in denial.

[Dorkie]

Not only is VERI not very profitable (because it is not an investment), but the 5% fee is also very expensive.

Hedge funds' 2-n-20 fee structure is 2% yearly fee and 20% fee (on alpha) only if the fund outperforms certain benchmark, otherwise 20% does not apply.
In comparison, VeADIR charges 5% per every exposure opened and it also underperformed BTC and ETH.
So VeADIR charges 2.5 times higher fees than traditional hedge funds.

Initially, the fee was arbitrarily set by Reggie.
Later, I wrote a post on how increasing the fee may/will increase the token value.
So I suspect Reggie fixing the fee to 5% was observing my way of increasing the token price.
If so, that is one way of manipulation beside burning 98% of the supply.
But after much consideration, even burning the 98% supply may still be useless because VeADIR does not outperform the benchmark.

[Big Naturals]

Does the platform allow loaning out veri tokens for interest payments yet?