chainBLX: LA Blockchain week cocktail party [Forum Post]We cordially invite you to join us for our party during LA's Blockchain week on October 16, 2019. Register in the link below to join us at our networking cocktail party.
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Submitting Claims [Forum Post]Hello everyone!
Just wanted to make a forum post to address the claims process.
First, only Bounty Hunters can submit claims on a whitepaper. If you registered as anything other than a Bounty Hunter then you are not able to submit claims. That being said, you must be a Bounty Hunter with over 50 likes to be able to submit claims on a whitepaper.
Please watch the instructional video at the following link to see how to submit a claim on a whitepaper https://chainblx.io/index.php?p=/discussion/57/
Once a whitepaper has received accreditation, you can no longer submit claims on it. You can still post comments on the whitepaper but claims will no longer be accepted.
Claims entered on a whitepaper page as a comment will not be considered a claim.
Fox in the Hen House: Why the hell is Visa investing in crypto startups?? [Forum Post]https://fortune.com/2019/07/10/exclusive-visa-pours-millions-into-cryptocurrency-startup-anchorage/
Here's another example of Visa investing in a crypto startup. This makes perfect sense but for all the wrong reasons. The whole point of crypto is to go around the high fees and centralized control of Visa and other powerful banking entities.
There can only be one explanation. Could it be that Visa invests in the best crypto startups so they have an inside track to undermine them later?
IRS conducting electronic surveillance in attempt to clampdown on Bitcoin tax crime [Forum Post]The IRS plans to interview family and friends, search through social media posts, and issue subpoenas to ensure people pay taxes on their Bitcoin, according to a presentation given to the IRS Criminal Investigation division. Top companies including Apple, Google, and Microsoft are also under the gamut of these investigations.
The IRS is going to great lengths to identify and prosecute cryptocurrency-facilitated tax crime. In a 181 slide presentation, James Daniels, the IRS-CI cyber crimes program manager, details the usage, ecosystem, and technology behind top cryptocurrencies (including Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, Stellar, and Monero).
What’s alarming are the recommendations provided to IRS agents for obtaining information from taxpayers.
read more https://cryptoslate.com/irs-conducting-electronic-surveillance-in-attempt-to-clampdown-on-bitcoin-tax-crime/
US Central Bank Has Serious Concerns About Facebook's Cryptocurrency Libra [Forum Post]https://www.cnet.com/news/us-central-bank-has-serious-concerns-about-facebooks-cryptocurrency-libra-report-says/
ummm.. yeah? This project sets off every alarm bell there is, especially for those of use who have been crypto enthusiasts from the beginning. There are lots of people saying Libra is great for adoption etc but it is not good for adoption of real crypto. Like some other people have said on this forum, Libra is just diverting traffic off of the crypto highway and circling it back around to banks.
"While the project's sponsors hold out the possibility of public benefits, including improved financial access for consumers, Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,"
Facebook Crypto Libra Harshly Received [Forum Post]https://edition.cnn.com/2019/07/15/tech/facebook-libra-hearings-preview/index.html
Sounds like this is going to get shot down because people are saying enough is enough. The president says Libra threatens the dollar. There are two hearings in congress this week about it.
Will all countries eventually digitize their currencies? [Forum Post]The end of paper money will happen for sure. Most of us already use debit cards for most purchases.
But there is a bigger shift on the way, with central banks issuing national cryptos side by side with fiat, which will likely phase out fiat eventually. There are plenty of examples of this type of thing historically as monetary instruments become obsolete or transform with technology.
The article below has more info on all this. The 'Banker's Bank' (BIS) in Switzerland is already seeing this trend with central bankers.
Without being asset-backed, has Bitcoin become an casino run by whales? [Forum Post]I've been watching bitcoin for a long time now, and every rally and decline seems to be outed as manipulation by whales who can move $100 million or more in a day. Makes me think the average investor, with no opportunity to base decisions on real-world factors, is just basically rolling the dice with bitcoin.
The house advantages in Vegas are:
Craps: up to 16%
Blackjack: 1% or less if player knows basic strategy
I think the odds in Vegas are similar to, if not better than gambling on Bitcoin -- the 'house' in the case of Bitcoin being powerful manipulators of the currency. Curious what you guys think.
3rd Option to Accreditation or Non-Accrediation [Forum Post]Thought I would as the community here the ChainBLX team about possibly adding a 3rd option to white paper accreditation. It would be for white papers that the community judges to have merit and good intentions, but is incomplete or otherwise inadequate for full accreditation. It could be called an Community Invitation to Resubmit (CIR) or something like that?
4 Big Reasons Bitcoin's Price Will Probably Not Stop at $20k This Time [Forum Post]https://cointelegraph.com/news/4-big-reasons-bitcoins-price-will-probably-not-stop-at-20k-this-time
**Some good arguments here:**
**1) Institutional investment is driving it, not retail.** "In fact, the number of Google searches for “bitcoin” is only around 10% of what they were in 2017. In other words, retail investor FOMO has not even started yet,"
**2) Network fundamentals better than ever. ** "Bitcoin is more secure than ever and would require an unfathomable amount of computing power to affect the network."
3) Bitcoin reward halving is still 11 months away. ** "This is when mining block rewards will be cut from 12.5 to 6.25 BTC, thus reducing the bitcoins minted by miners who are naturally market sellers."
**4) The bigger macroeconomic picture.** "...'hodlers' are confident that bitcoin — with its fixed supply — will outperform fiat currencies, whose supply is growing at an accelerating pace over the long term."
Facebook releases whitepaper for its new cryptocurrency Libra [Forum Post]Here's the whitepaper:'
and here is a Tech Crunch article with details:
-Decentralized pegged currency run as an independent entity from FB
-Founding partners include Visa, Mastercard, and Uber
-Wallet called Calibra will integrate with WhatsApp, FB Messenger, and its own app
-Users remain anonymous
-Based in Geneva, Switzerland
General points concerning Whitepapers and Business plans [Forum Post]We were asked last week from multiple people to give some general advice. Here it is:
All of these points can be included, you could choose to only use some if you like. It depends on your business plan or whitepaper. This is just a summary of possible items you can include within your document in no specific order.
In General, be careful with statements which are based on limited research on your part. For example, “we are the first company to do this.” This statement is dangerous, it is not possible for you to conduct such a diligent search to know that there is another company which is doing something similar or the same ( e.g. probably some company in another country does the same and you did not catch it as the information is provided in a foreign language). If some statement like this would be found, it could lead to full release of the bounty.
Only say you guarantee something if it is true. If so, please provide examples or evidence with the guarantee. An example of a situation like this is that you make a guarantee that 10 million will be given, backed by insurance, to investors if the CEO dies.
Also it is given that forward looking statements are based on assumptions. It is much safer to write “we aim” or “our goal is to reach 10%” instead of an absolute statement like “we will”.
It is good practice in business plan to not rely on your own research but as well on 3rd party research. You must mention where you got this research. It will increase credibility and show that you can provide references.
All in all, please be honest. You want trust, trust is built by being transparent. When people find out a secret or wrongdoing, trust is dramatically reduced. If a pattern of this behavior is found, claims can be filed.
Description of ownership or contractual relationships necessary for different parts of the business models
• Proof of ownership for all assets involved
• Proof of licensing, right use if third party assets are involved (exclusive, non-exclusive use duration)
Legal requirements and proof of compliance.
• Type of enterprise (LLC, INC, etc.)
• Exemption filing for capital raise or other necessary documents
• Necessary certification (if not obtained proof of filing to obtain such certification or any other proof that shows that the certifications are currently in pursuit
• What sets your business apart
• What is the market size/s (proof with links)
• Who are the competitors
Firms operational structure
• Who is doing what and prove that they are able to-do so
• Prove that those people mentioned are on board
Use of funds
• For what the money is used in detail
• What is the deadline for funding
• What happens if some money is not obtained in a timely manner
• Provable milestones to release more money. How do you intend to prove that the milestone was met
Disclosure of all risks and how you try to mitigate the risk
• How is your brand setting itself apart?
• How is the distribution chain controlled to the end user?
• What are the steps to market and foster business relationships?
o Method of approach, direct sale, conferences (including schedule and cost )
o Website and social marketing (legal regulations in marketing product)
How your firm is using technology to gain competitive advantage ?
• Track record (past successes)
• Command structure and ownership
• Hard cash invested provable if necessary through bank statements. We don’t expect you to publish your bank statements.
• Past revenue numbers provable through bank statements or tax returns
• Compensation of executives and major employees
• Financial forecast (detailed description of the methodology used ( stated what is an assumption what is backed up through public available data )
• How and when will the investor get paid
• Rights of the investor (to control compensation of other owners and rules against future dilution of the investors property)
This list is only indication of what a business plan would be beneficial to include but there is also other information which would be good to include. These are just tips, you could include more or other points. It is up to discussion if you think there are other items that should be mentioned in business plans, please reply with those items.
Everipedia WhitepaperStatus: AccreditedEmerging blockchain technology has made it possible to create an incentivized peer-to-peer network for submitting, curating, and governing a database of encyclopedia articles.
IEO: What do you think about IEO's? [Forum Post]Copy and pasted article from Medium:
IEO- A no go.
Recently we have seen a massive increase in the popularity of IEO Projects with the Binance Launchpad. Some have Exalted this as the revolution of the market, thinking that it will excel us beyond the 2017 ICO Hype, When we were all talking about where security coins would benefit the market, IEOs were born, while Security token hype seems to fallen off somewhat.
With MultiVAC raising over 3.44m in 7 Seconds, its hard to deny what the market is pointing towards, However, I feel as if IEOs still do not address the core concerns of the blockchain market.
While it is somewhat an improvement on the ICO in terms of due diligence, with the exchanges staking their reputation on the issuance backing the project, and that there is liquidity at an earlier date, there are still a number of failures here.
There has never been an IEO from a Decentralized exchange, all funds are received by a centralized institution, all transfers are conducted by the exchange not blockchain, the exchange manages all of the wallets, in fact, you technically do not even own the tokens. While there has been a constant increase in the professionalism and regulation of exchanges, I still have a jaded memory of the days of the exchange leaks and hacks, its not a matter of not liking exchanges in general, simply that having a single point of failure is hardly ideal, and for the Blockchain purists, they simply hate it as it is entirely centralized.
The problem here would be that because so far we have seen only ETH IEOs, we have a potential Gas War coming when we get this on to Decentralized exchanges to conduct the IEOs,
2 Investor Behavior
Because of the nature of the pre-sales and incentives for early stage investors, without significant lock ups, the initial investors simply dump the tokens off for an immediate profit leaving the tokens trading below issue prices.
MTV price activity from ICO…Thats a big OOOOF my guy.
Just look at Multivac, its down 65% from IEO…Ouch. With this kind of investor behavior, without prior announced lock ups, why the hell would you ever buy in at the start of the IEO? The structure of discounts and pre-sales incentives investors to delay buying in until far beyond the IEO once the ‘dump’ is priced into the market, meaning that over time we will naturally see a greater failure rate amongst IEOs than even ICOs.
3 Its still not a security
The coins are used for a native platform, they have no underlying asset, they guarantee you nothing and the firm has no obligation to maintain the price of the assets. Regardless of a green-light from Binance Launchpad etc, the tokens mean nothing unless the platform is successful, and even if the platform is successful, the token can still be worthless it is utter speculation.
4 Do they really check it that much?
While there is a reputation risk of the exchanges in hosting an IEO, it is rather minimal, in the case of a scammer slipping through the net, its simply a blame game, they will pass on the blame and ask for forgiveness from their clientele, who have rather significant loyalty, particularly in the case of Binance and KuCoin, in short, the cost for them for a shitcoin slipping though the net is essentially minimal in the unregulated world of tokens. While they might, have a brief look over it, what are the incentives for the exchanges? Exclusive access to hyped projects and new clients. If you have an incredibly hyped project that could bring the exchange thousands of new users, do you think they will let you run to the competition because they think one part of your plan isn’t as robust as it should be? God no, they will compete over the hype projects. They are still getting paid their exchange listing fee by the project, which is sheerly extortionate. there is a set of incentives in the market of IEOs that inherently destabilize the market and its quality, it is a never ending spiral of hyped trash hitting the market.
While I have no disagreements with KuCoin and Binance, they seriously need to publish and abide by strict guidelines on the acceptance of these IEOs or else there is a doomed market coming again.
These are the core reasons why when I wrote about my TISTO mechanism. (Trade Initial Security Token Offering, check out my article below)
TISTO: How to make Security tokens work for investors
“It would be wonderful if we could avoid the common setbacks with timely exits.” — Peter Lynch
It is a regulated security tied to an asset, its not just a gamble on the supply and demand dynamic of a token for a platform that isn’t even operational yet.
It is conducted by regulated entities, such as SIX exchange, CBOE or ICE. It isn’t some jump start exchange with a history of leaky bank accounts and hackers backdoors. If you did want it conducted by a fully digital exchange, they would still require regulation, by the red tape it is a safer option. They have guidelines, you have FINMA, FCA, SEC so on so forth signing off before its issued. It is an adherence to quality and a move away from the negative incentives to pump shitty projects.
During this crypto Winter, we were Buidl-ing, working on promoting quality, getting mainstream adoption, then the IEO arrived in the Hype cycle to destroy all the good progress, it isn’t an innovation, it isn't a revolution, it isn’t a step forward, watching this market hype IEOs is like being in a crypto Groundhog day reliving the doomed hype of ICO’s.
Its an Exchange based Coup D’etat, with the titan exchanges taking exclusive centralized power over a market who’s entire purpose was decentralization, a Crypto night of the long knives just happened and no one seemed to notice, killing Decentralization as a driving force in the market in the Crib.
In Summary, IEOs are absolutely daft, investing in them will more than likely lose you money, and the incentives in the market make sure that a slew of worse projects will come to the market through them.
Get back to the Drawing board, Buidl something actually innovative.
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