VERITASEUM DISCUSSION THREAD

[CoinMLS]

Look at the price, back over $20! I hope you all loaded up at $6.

Yup! Nice pump by Reggie and Co!!!
I knew Reggies wouldn't stand pumping his shitcoin again :D

All the more reason to buy it. This is a good thing for token holders, not a bad thing. I wish more project owners would pump their coins and make me money.

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[Flex2222]

On november 14th we will see what happens with veri

https://www.securities.io/reggie-middleton-enters-sec-settlement-discussions-veritaseum/

[CoinMLS]

On november 14th we will see what happens with veri

https://www.securities.io/reggie-middleton-enters-sec-settlement-discussions-veritaseum/

Nov 14 is just pre-trial.
Reggie will settle before then. As much as I'm sure he'd like to fight and win, seeing what the other ICOs are settling for, Reggie can pay a fine of just a few percent of what he raised and be done with it all, and that will probably make the most sense so he can continue running his company.

[naaktslak5]

is this the end for veri?

https://cointelegraph.com/news/ny-court-orders-veritaseum-to-pay-back-8-million-from-illegal-ico

[CoinMLS]

is this the end for veri?

https://cointelegraph.com/news/ny-court-orders-veritaseum-to-pay-back-8-million-from-illegal-ico

I don't trust the reporting to get all of the details correct, and I've read other articles also.

It's really hard to determine the real impact of this. It sounds like Reggie will either have to raise investor cash traditionally or pay out of pocket. Unclear if that will happen.

I'm not sure if, how, or why funds would be returned to ICO participants, as at current prices the token can be sold for far more than ICO price, so who would ever want a refund?

Perhaps if Reggie sold a lot of ETH at its highs, he has money banked to continue operations anyway. A lot of unknowns.

[tmfp]

It's really hard to determine the real impact of this. It sounds like Reggie will either have to raise investor cash traditionally or pay out of pocket. Unclear if that will happen.

Here's the actual judgment.
It appears to gut Veritaseum, taking 'Frozen Bank Assets' and 'Frozen Metals' to the value of the judgment. This would presumably lead to Veri defaulting on existing contracts.
IANAL but it's difficult to see how there's any future for Reggie in the digital asset world, given his permanent disbarment from "engaging in any offering of digital securities."

I'm not sure if, how, or why funds would be returned to ICO participants, as at current prices the token can be sold for far more than ICO price, so who would ever want a refund?

The Fair Fund is for reimbursement of losses suffered by "harmed investors" due to Reggie's admitted fraudulent behavior, not just for a blanket refund. Maybe someone who FOMO'd @ $90 will qualify, seeing as it's been agreed in the settlement that he manipulated the price.
As for "current prices", I don't see too many buy walls on Mercatox.

Perhaps if Reggie sold a lot of ETH at its highs, he has money banked to continue operations anyway. A lot of unknowns.

Perhaps, but Occam's Razor says he's f*cked.

[CoinMLS]

Here's the actual judgment.
It appears to gut Veritaseum, taking 'Frozen Bank Assets' and 'Frozen Metals' to the value of the judgment. This would presumably lead to Veri defaulting on existing contracts.
IANAL but it's difficult to see how there's any future for Reggie in the digital asset world, given his permanent disbarment from "engaging in any offering of digital securities."

I think the key there is "securities." Reggie can still issue utility tokens. Obv there's a fine line and he'd have to be very careful to walk that line. He's always maintained VERI to be a utility token, so perhaps he could re-issue VERI in a different and fully compliant way.

The Fair Fund is for reimbursement of losses suffered by "harmed investors" due to Reggie's admitted fraudulent behavior, not just for a blanket refund. Maybe someone who FOMO'd @ $90 will qualify, seeing as it's been agreed in the settlement that he manipulated the price.
As for "current prices", I don't see too many buy walls on Mercatox.

I guess we'll see, but rough math at $9M and 2M tokens outstanding is only $4.5/token.
Maybe no buy walls on Mercatox but strangely, no stampede to liquidate either. Kind of blows my mind. VERI price plunged to $6 after announcement of the SEC action and has mostly recovered. Strange it has not moved.

Perhaps, but Occam's Razor says he's f*cked.

I could argue the opposite. Now he's free of threat of prosecution. He's made a lot of connections and formed a lot of relationships. He had a lot going on with Africa and their exchanges and gold. He could entirely shut down the VERI operations and start anew in Africa with his project(s) there and probably do quite well.

[Dorkie]

I'm not sure if, how, or why funds would be returned to ICO participants, as at current prices the token can be sold for far more than ICO price, so who would ever want a refund?

I speculate that is probably why the price of VERI is still going up despite the judgment, to prevent anyone from asking for a refund.
And whoever that would be this stupid to keep buying to pump up the price, well, I speculate is no other than Reggie himself, just saying.


The people that were not participant of the ICO will not have the right to refund, even if they bought VERI at $90, simply because the refund is only for ICO investors.

[Dorkie]

By right, Reggie should have taken my advice.
If he did, today's Veritaseum would have a sustainable foothold in the industry.
I repeatedly advice to burn all his 98% token supply and convert the remaining tokens to be profit-sharing, like equities would.
And being a profit-sharing token, he has the liberty to register the token as securities and all these steps would free him from recent prosecution.
At the same time, Veritaseum may continue to tokenize assets and they would add further value to VERI holders, tremendously.

Too bad, Reggie's stubbornness and hubris caused his own downfall.
Too stubborn.
Too proud of himself.

My advice was not wrong.
In fact, that is what some ICO projects are doing.
Power Ledger is converting its tokens to become securities.
PayPie is also doing it similarly.
Many projects that are smart enough to see the future would realize this and would take similar route, but not Reggie.

[Greenmountains]

By right, Reggie should have taken my advice.
If he did, today's Veritaseum would have a sustainable foothold in the industry.
I repeatedly advice to burn all his 98% token supply and convert the remaining tokens to be profit-sharing, like equities would.
And being a profit-sharing token, he has the liberty to register the token as securities and all these steps would free him from recent prosecution.
At the same time, Veritaseum may continue to tokenize assets and they would add further value to VERI holders, tremendously.

Too bad, Reggie's stubbornness and hubris caused his own downfall.
Too stubborn.
Too proud of himself.

My advice was not wrong.
In fact, that is what some ICO projects are doing.
Power Ledger is converting its tokens to become securities.
PayPie is also doing it similarly.
Many projects that are smart enough to see the future would realize this and would take similar route, but not Reggie.

Reggie was stubborn to think could resolve with SEC. He should have packed up and moved to a more friendly jurisdiction long ago as many other companies have done. They clearly have a personal vendetta against him and aren't going to deal fairly or ethically with him.

Everything else dumb and wrong on so many levels. Like most everything else you say.
And why do you care so much about a project you hate and hate founder?
Grow up and move on.

[Dorkie]

Everything else dumb and wrong on so many levels. Like most everything else you say.

Absolutely.
I can't fucking agree more.
Power Ledger is dumb and wrong.
Paypie is dumb and wrong.
Many other blockchain enterprises that choose to go the route of being securities are dumb and wrong.
Damn, you are such a fucking genius!
And as a result of being such a fucking genius, you end up being the ultimate bag holder of a hopeless shitcoin.
Congratulations!

FYI, I don't hate the project.
I dislike Reggie for being stubborn and in hubris.
And as a result, he screwed up a potentially promising project and ruined a major profit potential of the coin.
If you think you are not in it for the money, you are dumb and wrong yourself.
If you think Veritaseum still have massive potential, you are living in fantasy.
Sorry, but no profit and potential for you anymore.

[naaktslak5]

Reggie is a contrarian badass.

[Greenmountains]

Everything else dumb and wrong on so many levels. Like most everything else you say.

Absolutely.
I can't fucking agree more.
Power Ledger is dumb and wrong.
Paypie is dumb and wrong.
Many other blockchain enterprises that choose to go the route of being securities are dumb and wrong.
Damn, you are such a fucking genius!
And as a result of being such a fucking genius, you end up being the ultimate bag holder of a hopeless shitcoin.
Congratulations!

FYI, I don't hate the project.
I dislike Reggie for being stubborn and in hubris.
And as a result, he screwed up a potentially promising project and ruined a major profit potential of the coin.
If you think you are not in it for the money, you are dumb and wrong yourself.
If you think Veritaseum still have massive potential, you are living in fantasy.
Sorry, but no profit and potential for you anymore.

I made a many multiple profit a long time ago.
So as usually you are an idiot talking out his ass only proving you are a know nothing ass.

[CoinMLS]

I made a many multiple profit a long time ago.
So as usually you are an idiot talking out his ass only proving you are a know nothing ass.

What he said!

[CoinMLS]

Allegedly posted by Reggie in Telegram:

(Dec 10)
Reggie Middleton, [10.12.19 08:29]
I will share some information about the VeAssets relaunch, hopefully before the end of the year. Thank you for your patience and understanding.

Reggie Middleton, [10.12.19 08:30]
I will also post some anecdotal opinion on the global macro state of affairs where digital assets may intersect.


(Dec 22)
Ned Yalko, [22.12.19 21:46]
[Forwarded from Reggie Middleton]
We are still in business, and will resume VeAssets very soon. Celebrating with the launch of new VeAsset. I am still lawyered up, but will announce soon. As should be obvious, I cannot and will not discuss the SEC issue at all, though.

Ned Yalko, [22.12.19 21:46]
[Forwarded from Reggie Middleton]
The new asset is quite complex, and in the process of being beta tested. If you know any holders of, or potential buyers, of state tax credits listed in the PDF doc, send them our way and lets have them use our P2P capital markets system. Additionally, if you know of any accounting firms who do such work, send them our way as well.

Ned Yalko, [22.12.19 21:46]
[Forwarded from Reggie Middleton]
BTW, I thanks for taking notice of, and appreciating the slow ETH burn rate. It required significant discipline and diligence and it is good that it was recognized! :-)

Ned Yalko, [22.12.19 21:46]
[Forwarded from Reggie Middleton]
I will share some information about the VeAssets relaunch, hopefully before the end of the year. Thank you for your patience and understanding.

Ned Yalko, [22.12.19 21:46]
[Forwarded from Reggie Middleton]
And this fantastic community is greatly appreciated. We are working very hard to deserve your allegiance.

Ned Yalko, [22.12.19 21:46]
[Forwarded from Reggie Middleton]
We plan on getting VeAssets operational towards the public within weeks, possibly before the end of the year. This will include full access to VeAssets to those who purchased their Veritized precious metals.
I apologize for the delay. When I can I will answer the questions that I am legally permitted to discuss. Again, I will not/cannot discuss the SEC case and/or the settlement, though - which is hopefully obvious as to the reason why.

Ned Yalko, [22.12.19 21:46]
[Forwarded from Reggie Middleton]
I will also post some anecdotal opinion on the global macro state of affairs where digital assets may intersect.

[XbladeX]

Hello

One of my members on discord got such mail.
Do you have any idea what is all about ?

Code:

Hello,

I am an FBI Agent in our New York Field Office and we are currently working on a matter involving Veritaseum. We are looking to gather some additional information and would be very appreciative for just a few minutes of your time to answer some questions that we have. 

If you have a free moment, please feel free to call my number any time at 212-384-3022. If I do not answer, please leave a voicemail with your name and phone number and I will get back to you as soon as possible. 

Thank you and Regards,
Special Agent William Bolinder


SA William A. Bolinder
New York Field Office
Phone: 212-384-3022
Email: wabolinder@fbi.gov

[CoinMLS]

Reggie Middleton, [31.12.19 05:50]
[In reply to Cryptrepreneur]
IF you find you have not had a timely >36 hours response to your support ticket, you can email me directly. Telegram is not a place to get support from the company. You can use it to get support from the community.
The ETH limited for selling VeAssets back to Veritaseum is low because our ETH reserve was taken as a result of our recent litigation. We "optionally" bought back VeAssets, but are not in a position to do so now because of the the immense capital drain that we have just experienced. You can redeem you metals (always) for physical delivery, or you can transfer them and/or sell the to someone else. It will take time for us to build up the capital reserve to purchase assets, though - and it (as in with all startups) will be a risky endeavor.

Reggie Middleton, [31.12.19 06:10]
September code updates
- Added transfer details view
- Show information about sale/purchase suspension
- Display overlay while user is signing message
- Optimized metamask installation process, so that user does not have to click activate twice
- When user browser has build in wallet promote installed wallet option and hide other
- Added validation for aggregated spending amount during redemption process (For example when redeeming VGLG1 and paying delivery fees with VGLG1)
- Fixed verification applications sorting
- Added deposit guides next to insufficient balance errors
- Added quick actions to wallet
- Added links to orders views from wallet and header user icon
- Added fund overview view
- Added private asset tokenization

Published new version to production, overall it contains a lot of internal changes and updates management of the assets
- Updated VeAssets view, it should reveal much more information on mobile device
- Veritaseum offer asset configuration (sale purchase premium discount) is available through UI
- Header now contains aggregated user balance (updated to show USD
- My Orders / All orders for admin are accessible via wallet or user icon on the top instead of general VeAssets page
- Sale reserve settings are available from Sales page
We also stablized the staging env

October and November
- Add redemption of tax credits (Atm based on CA movie TC)
- Add redemption filter to show "all" "requested by me" "supplied by me" for tax credit sellers
- Add seller ethereum address to Tax Credit deals
- Fix app crash when gas price oracle returns invalid data
- fix setting price before finalization
- Long text input in tokenization should autosize
- Preset high gas price for tokenization to compensate slower deployment mining time
- Hide some metrics in tax credit display
- Create asset admin details view, add option to copy redemption schema
- Customer asset view includes more details
- Manage assets visibility - some assets can be hidden from customer facing assets lists and wallet
- New filters on purchase list, ability to filter orders that I supplied or requested
- Limit min amount of tokens available in sale from asset configuration. Allows us to implement some tax credits restrictions.
- Onchain VeUSD purchases settlement with tax credit supplier.
-Add notification for tax credit seller upon purchase settlement
Updated list view for tax credits
Assets management filters
Support for more complex buyer data sections (groups with the title, description)
Format button on JSON schema editor
Added availability to tax credits
Terms and conditions placeholders that can be easily updated once provided
Many bugfixes which should make tax credits functionality much more stable

November and December, upgrades for Eth Forks and stability testing

These are just code and engineering updates. What is not included here are financial analysis and legal updates. Unfortunately, the legal stuff is confidential, and the financial stuff will be release sometime after the first. The new products are not released yet, for they are still undergoing extensive legal vetting and beta testing.

[Dorkie]

They clearly have a personal vendetta against him and aren't going to deal fairly or ethically with him.

Here is why you are such a big dickhead, and a big dumb ass yourself.

The SEC has no personal vendetta against anyone.
Do you know you are slandering the SEC?
Where is your proof?
On the other hand, it is clear you have personal vendetta against me.

Anyone intelligent enough to understand, understand the case was filed by an insider of the Veritaseum company.
Only a complete idiot like you don't get this.
An idiot like you have zero intelligence to question how and where the SEC got all the private details such as the private email message and the false claim of having affluent customer base.
The SEC alone does not have such private information except provided by an insider, probably eyeing for a whistleblower reward.

I understand it is impossible to reason with a dumb ass like you calling me a dumb ass, when in fact you are the dumb ass.
You are the one that know nothing.

[Dorkie]

I opened an account back around December 17 and did verification. Did a few trades. About 2 weeks ago I sent in some tokens did some trades and when tried to withdraw  Qryptos banned me.

No contact number I'm aware of and customer service does not respond.

To claim this is a regulated exchange is a joke. Stay far away. They are crooks.

Final got a response after more than a month. The English was barely intelligible.
They want me to send them ETH or won't unlock my account. No mention of if balances will still be there.
Huh?

The same dumb ass that called me a dumb ass, lost everything to a scam exchange.
Too dumb to check the red flags and end up falling for it.
And now coming over here to do name calling about what you personally think is dumb, wrong, and ass. Pathetic.

[Kart123]

Veri dropping like a ROCK! 

Should we still strong-hands???

Govt now holds 98milion Veri.

Public fair fund set up to purchase your Veri...

Bix Wier goes further:
https://youtu.be/8nUpeKdNcy0