Steve Wozniak's Blockchain Venture Reaches $950M In 13 Minutes

[avikz]

A crypto coin reaching near to $1 billion in market cap on day 1 could be a record. I don't know if this received much publicity. I think it could have potential.

Indeed it is a record! But let me tell you why it has happened! It didn't happen because of the coin itself. It did happen because of the brand value that Steve Wozniak carries! The coin is known as EFFORCE and the ticker name is WOZX. Steve Wozniak was the brain behind the most successful company of the world - Apple! So his name itself carries a lot of weight and trust!

Btw, the market cap has now reduced to around 37 million USD.

[Chrystora123]

This is the power of the Name.

snip..

"NAME" is the best branding, someone who has a good reputation and great influence has a magical influence to attract investors//buyers.  This is the reason why hiring a big actress or politician for advertising will give a company a big return (profit)..

snip..

Indeed it is a record! But let me tell you why it has happened! It didn't happen because of the coin itself. It did happen because of the brand value that Steve Wozniak carries! The coin is known as EFFORCE and the ticker name is WOZX. Steve Wozniak was the brain behind the most successful company of the world - Apple! So his name itself carries a lot of weight and trust!

Btw, the market cap has now reduced to around 37 million USD.

https://coinmarketcap.com/currencies/efforce/markets/ the volume of trading transactions in 24 hours is very large, I am very curious whether this is only a HYPE or not..

[Silberman]

I've been hearing of Steve since the a few years ago that he's a total support for bitcoin. And about the altcoin that he has launched, I've just heard of it I think a few weeks or a month ago. That's surprising that he had made his venture reach a near $1B within a few minutes.
This is historical and he has reputation that's being protected and trusted by most people after his success with Jobs in the Apple. Did anyone invest on Efforce? It's currently trading on a few exchanges but I see there's no other popular exchange except the few.
https://coinmarketcap.com/currencies/efforce/markets/

I really hope it does well, Wozniak without a doubt is a visionary so lets hope that he has a plan to achieve his goals, otherwise this could damage his reputation, however the sharp increase in the price is not his fault since speculators are always trying to find a project with a lot of hype in which to invest and that can give to them a huge amount of profits relatively fast, and what can be better than a coin in which the visionary Wozniak is the founder?

[sheenshane]

It’s good to see someone nails the market.
Steve Wozniak is a finance maniac so I won’t really be surprised.

He knows how the system runs in finance and I'm just only guessing here that most of its private sales came from investors who know the game and want to save some from taxes, legally.  Steve has connections before this venture and that is how business works.  Probably just a give and take, building trust, IMO.

[Daltonik]

Apple co founder Steve Wozniak called Bitcoin " the most amazing mathematical miracle” during the Jalisco Talent Land Digital 2021 event, El Sol de México reports. He also believes that bitcoin is more valuable than gold, because the latter is not scarce enough. https://www.elsoldemexico.com.mx/finanzas/steve-wozniak-cofundador-de-apple-dice-que-el-bitcoin-es-mejor-que-el-oro-6941082.html

[jaysabi]

What Happened: Steve Wozniak’s blockchain venture Efforce listed its cryptocurrency token on the HBTC exchange on Dec. 3. It reached “$950M in the first 13 minutes, 10 times the listing price,” according to a company press release.

The company says investors had given it a valuation of $80 million valuation in private sales.

Why It Matters: Wozniak first mentioned Efforce in July 2019 at the Delta Summit in Malta, according to  news publication The Malta Independent.

The company’s goal is to use blockchain to “improve the way we use energy and lower energy consumption without changing our habits,” Wozniak said at the summit.

Efforce plans to become a marketplace to help fund energy efficiency projects using blockchain. The projects will be able to get funded, getting crowd contributions from investors using Efforce's token WOZX.

The company is registered in Malta because the Apple co-founder said he had long wanted to invest in the region.

"It has been on my mind for decades. Like no other place in the world," he said.

https://www.benzinga.com/markets/cryptocurrency/20/12/18665855/steve-wozniaks-blockchain-venture-lists-cryptocurrency-token-reaches-950m-in-13-minutes

....



Steve Wozniak founded a crypto coin to address climate change. Details yet to be announced. From press releases it sounds like a crowd funding campaign crossed with an altcoin. Offhand I don't remember anyone trying this before. For those who don't know who Wozniak is. He cofounded apple with Steve Jobs. Wozniak wrote the original apple PC operating system. Then designed and built the hardware. Steve Jobs was the sales, organizer and PR guy.

A crypto coin reaching near to $1 billion in market cap on day 1 could be a record. I don't know if this received much publicity. I think it could have potential.

I'm not really sure what this project has going for it other than Wozniak's affiliation.  The press release is just a hodgepodge of buzzwords with no substance.  It seems pretty clear that people assume this is going to be big just because he's associated with it.

We're 7 months out from the announcement at this point and still apparently to substantiate the project, and I should point out the coin has fallen sharply since the initial enthusiasm of the announcement has worn off.

[Gyfts]

This is yet further proof you can attract moronic investors to whatever crypto/blockchain scheme as long as you either attach a celebrity name to it, or apply catchy marketing. A few months ago when doge got really big, there were a lot of celebrities that were tweeting out shitcoin pump and dump schemes because they got paid to put out tweet. Similarly, investors poured their money into these coins and the market cap skyrocketed, only for everything to come crashing down a short time later. Attach "Steve Wozniak" and "block chain" to some start up venture and apparently that's all it takes.

[InvestigatingWOZX]

I've spent years investigating this project and I've uncovered ALOT!

Firstly, when they listed all of the tokens were in the hands of a single private investor, and their affiliates (who appear to have made $350m+ at the expense of retail investors) - so the early price rises were completely manipulated, rather than real. Secondly their market cap was not $950m, it was more like $6m, so their PR was false.

Secondly, they claimed in PR that the private placement valued the company at $80m, then they sold 42.5% of the company 13 days later for €510 (despite $1.6bn value of the 550m WOZX in their control at the time). The reason? Well 42.5% was owned by claimed mother company "AitherCO2" but they hadn't disclosed that they got a €308m tax fine in 2020 for unpaid taxes 2011-2014, so given the same CEO and owners, it seems they decided to switch out the 42.5% of Efforce from this entity, to a new opaque entity for a nominal value.

There's a lot more, such as all of the funds from the private investment sale (outlined as $36m) never going into any legal entity. No legal links between Efforce Ltd (Malta) and Efforce Ltd (Bahamas) despite the Bahamas entity being created for the purpose of issuing tokens on behalf of the controlling Malta entity.

Then there's the Steve Wozniak aspect. He was outlined as a co-founder but actually only received his tokens 14 months after the project was formed. He also outlined "I think of our tokens as shares of stock" despite the fact they claimed not to be a security.

If you're interested in learning more or joining the class action then please reply and i'll tell you more!