Topic: [ANN] (QTUM) - A Scalable Smart Contract Platform w/ Proof of Stake - page 196. (Read 525459 times)

Congratulations to the project team for this outstanding success!


Keep up the good work!

I spoke with Joe (not Josh; Joseph Mordica) of GAW during its nascent stage, and he share with me over the phone the exact location of one of GAW's warehouse which he owned in Hattiesburg, Mississippi (nobody knew this at the time). I was/am very, very familiar with Hattiesburg, so I asked him how close was the tornado to his warehouse a few years earlier, where he replied with having no knowledge of a tornado that passed literally within blocks of his place destroying that part of town. I presented the facts back then and people still put in millions. Crazy fucks!

I think qtum is a scam and users should participate in other ICO's instead

NewsBTC.com reports on our opening 2 days, and how the Qtum project raised 12 million dollars.

The month-long Qtum crowdsale, which went underway on March 16, 2017 has received tremendous response from the cryptocurrency community. The platform has managed to raise almost 90 percent of the required funds in less than 2 days. The very first day saw investors pumping in about $12 million worth of bitcoin and ether to meet 75% of the goal. The Qtum platform has raised over 10000 BTCs and 68200 ETHs by selling close to 46 million QTUM tokens.





Blockchain technology has gained a lot of traction in the recent days as companies across industries are looking into adopting it. The increased demand, followed by innovation in the blockchain sector has given rise to platforms like Qtum. Qtum’s innovative smart contracts technology has received validation of consumer demand through its ongoing crowdsale.

The month-long Qtum crowdsale, which went underway on March 16, 2017 has received tremendous response from the cryptocurrency community. The platform has managed to raise almost 90 percent of the required funds in less than 2 days. The very first day saw investors pumping in about $12 million worth of bitcoin and ether to meet 75% of the goal. The Qtum platform has raised over 10000 BTCs and 68200 ETHs by selling close to 46 million QTUM tokens.

Qtum is a decentralized applications platform that combines a modified Bitcoin Core infrastructure with an intercompatible Ethereum Virtual Machine (EVM). By doing so, Qtum combines the best of both platforms — Bitcoin’s unfailing blockchain and endless possibilities offered by Ethereum smart contracts.

The developers of Qtum platform aim to provide an end-to-end multi-platform blockchain solution to cater to a range of applications across devices. These breakthrough capabilities are made possible by eliminating the need for specialized heavy software to create, deploy and operate the smart contracts.

The specialty of Qtum combined with its potential applications in low storage environments like mobile, phones, IoT applications etc., has turned it into an attractive investment for the cryptocurrency community.

The increased demand for QTUM tokens among the community has forced the platform to reallocate crowdsale tokens between exchanges. The three participating exchanges, Yunbi, BTC9 and Allcoin have been allocated additional QTUM tokens to meet the demand. According to the latest blog post, Yunbi has been allocated an additional 3 million tokens, 1.2 million to BTC9 and 500,000 to Allcoin. The extra allocation doesn’t affect the total number of tokens created by the platform has it is kept constant.

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We are now past the Early Bird discount phase, moving onto the 1st week discounts.  We are less than 8% away from reaching our target of 51 million sold tokens.

If you are interested in participating, please see:

qtum.bizhongchou.com
ico365.com

First, if they are scamming, you wouldn't know if purchases are real. It's a known con tactic to appear flashy and big to fool investors into thinking "it's big, so it must be legit." It's the same way that happened with Gaw miners and Paycoin. So many gullible investors burned for millions of dollars. At that time, everything appeared above board, except there's no evidence of actual mining from the company. Paycoin even had a large cult of followers/forum. Eventually, it fell apart. I believe the same thing will happen to QTUM. Maybe it will happen around August, 2017. First, there will be lots of excuses and no substantial proof of development, etc etc. And then the final blow will be a pump by the whales to lure in more dumb investors. Learn from history, dudes.

Second, since the Chinese market is their main victim, these people don't hold btc and eth as much as Westerners do. Their exchanges basically pair crypto with fiat (CNY), unlike the Western exchanges which pair altcoins with either eth or btc.

This crowdsale is going very crazy in just 48 hours sold out 90% so this is so fast than so many people expectation. QTUM will be biggest ICO of the year by now.

The Qtum Project sold 89.99% of the total tokens available for sale in the first 48 hours:

2 days back got my refund which i invested in other ico that fund i reinvested in QTUM every one is saying this is scam including some legendry member and hero members also  now cross my finger and hope for the best.

Less than half an hour of Early Bird discounts available:

https://qtum.bizhongchou.com/

http://www.ico365.com/

It is a scam buys not public
see Gambleo ICO for example
every buy is public not with qtum and is a prove scam

https://www.coinexchange.io/market/GMB/BTC

http://coinjournal.net/ver-backed-qtum-started-bitbay-dai/

Update:

With 3 hours to go for Early Bird discounts, the Qtum Crowdsale has sold over 87% of the available tokens.

We have received unprecedented support from our community, and the press has been covering this closely.

Recently, there was an article on Forbes.com:












Qtum's Blockchain Crowdfund Scores Over $12M From Bitcoin & Ethereum Investors

Roger Aitken

Contributor

I write about financial markets, exchanges, IT and trading technology.

Opinions expressed by Forbes Contributors are their own.

While Qtum, an open-source software based on cryptographic protocol that will exist on the peer-to-peer network hosting the public transaction ledger (the blockchain), has raised over $12 million - and c. 9,000 Bitcoins - just a day after its crowdfund started and smashed expectations, it’s not a “risk-free investment” according to the offering prospectus.

Although officially slated to run for another 28 days until April 15, matters around their crowdfund might be wrapped up in next few days if the present level of investment interest and run rate continues.

That would mean the ‘Early Bird’ period from March 16-18, where 3,800 QTUM tokens are priced at 1 BTC (3,800 QTUM and 115 QTUM for 1 ETH (Ethereum) - due to ETH's price fluctuation - might not see downward QTUM ETH price adjustments next week (i.e. stipulated at 3,600 for 1 BTC and 105 for 1 ETH from March 18-25).

At the time of writing on day two of the Singapore-registered venture’s crowdfund campaign, 81.72% of Qtum tokens - equivalent to 41,674,877.4813 QTUM units - had been raised. By 6.40pm GMT today it had attracted investment of nine thousand (8,995.104) Bitcoin (BTC) and 64,728.7538 Ethereum (ETH).

In so doing, the project behind this blockchain project, the source code of which comprises the basis for the cryptographic and algorithmic protocols governing the generation, use and transactions of the Quantum’s native built-in cryptographic tokens - called ‘QTUM’, should have sufficient funds to reached stated goals of public test of the platform in the second quarter (Q2) and launch during the third quarter (Q3) this year.

(Image: Shutterstock).

While the prototype to the Quantum system was completed in Q4 (October) last year it is understood as of this month internal testing remains ongoing.

In order to fund the coding, building the ecosystem, development, promotion and other overheads of the Quantum, the QTUM Foundation initiated its crowdsale campaign to raise funds in crypto-currencies from the backers globally. For Qtum their target was to achieve 100% of the crowdsale within 30 days.

Given the investment interest displayed by Ethereum and Bitcoin enthusiasts from the get go of the crowdfund - now with a little less than a fifth of QTUM tokens remaining in an offering representing 51% of the initial QTUM supply (51 million tokens) - it would seem that the money pledged by the backers is a positive sign for the project’s future success. Or at least it might well give that impression.

And, surpassing the $12m mark in around 24 hours is some going that few had anticipated. But no doubt helping matters is that fact that there are some big hitters in the cyptocurrency space behind the Qtum Project, including one of the biggest bitcoin holders in China and the billionaire founder of the leading taxi hailing firm in the country today.

PwC Support Gained

Add to that it was officially revealed on March 6 that leading professional services firm PwC is supporting Qtum’s efforts to fuel Blockchain adoption across global business sectors. This includes providing comments on a white paper to be prepared by the project team, as well as on their proposed project governance structure.

PwC China’s Fintech and Cybersecurity partner CY Cheung commenting in the wake of its support: “PwC sees enormous potential for blockchain to revolutionize business practices as we know them, and the firm has made great efforts in developing strategic and technical capabilities to adapt existing products and services for the new technology.”

He added: “We’re excited to get involved in the era of innovation and help companies capture the opportunities and benefits brought by the new technology. Working with the Qtum Foundation aligns with our goal.”

Qtum provides what is called a Turing-complete blockchain stack, able to execute smart contracts and decentralized applications, comparable to the Ethereum blockchain. But in contrast to Ethereum, Qtum is built upon Bitcoin’s UTXO transaction model and employs a Proof-of-Stake (PoS) consensus mechanism.

Such augmentations are touted to have “far-reaching implications for the utility of the Qtum blockchain” by the team behind the project.

Both the Ethereum and Bitcoin blockchains are based on a Proof-of-Work (PoW) consensus mechanism, which secures the blockchain by rendering attacks very resource intensive - both in energy and time - due to what are labelled as “artificially arduous computations”, which are demanded from miners participating in the so-called ‘block-verification’ game.

Furthermore, Qtum aims to establish an array of services, designed to bridge the still existing gap between blockchains and the business world. These include tools and methods to standardize the workflow of business smart contract development, and a hub of tested and verified smart contract templates, addressing various specialized business use cases.

Qtum Investment: ‘Not Risk Free’

All that aside, investors are minded to note that they should have read the ‘Prospectus of QTUM Crowdsale’ that details the conditions. In this connection, 51% of the initial QTUM supply of the Quantum will be available for sale during the Campaign. There are a few interesting points in there that caught my attention, if investors have not already seen them.

It states in this 30-page prospectus dated March 13, 2017, that: “Purchase holding or use of any QTUM is not risk-free” and directs potential investors to Chapter 5's ‘Risk Factors’ details. Their website points out too that “Crypto-token crowdsale is high risk by nature”. And, the Agreement will be governed by and interpreted in accordance with the laws of the Republic of Singapore.

Crowdsale Participation

The document further goes on to explain that: “Crowdsale will not involve issuance of any currency, securities (whether equity securities or otherwise) or other kind of investment certificate.

In fact, the QTUM to be sold during the Crowdsale are described as being “merely cryptographic tokens usable on the blockchain of the Quantum.” These tokens are not redeemable, associated with financial return or backed by any underlying asset or repurchase commitment. And, “do not necessarily have market prices or transactions between peers.”

Additionally, investors in QTUM are advised through the prospectus that: “You shall not participate in the Crowdsale with a view to investment or speculation or in pursuit of any profit.” Naysayers might ask what one is actually investing in, although it’s a punt on the future.

‘Non-Financial’ Nature

The prospectus also states: “Being merely the virtual fuel for the running of the Quantum, by nature QTUM is not and shall in no case be understood, deemed, interpreted or construed as: any kind of currency or money, whether fiat or not; equity interest, voting or non-voting securities (or its like) in, or claims against, the QTUM Foundation or any other entity in any jurisdiction.”

Turning to point 19 (‘Liquidity’) among 22 listed risk factors, it goes on to say that:  “QTUM is not a currency issued by any individual, entity, central bank or national, supra-national or quasi-national organization, nor is it backed by any hard assets or other credit. The circulation and trading of QTUM on the market are not what the QTUM Foundation is responsible for or pursues.”

It added: “Trading of QTUM merely depends on the consensus on its value between the relevant market participants. Nobody is obliged to redeem or purchase any QTUM from any QTUM holder (including the Purchasers). Nor does anyone guarantee the liquidity or market price of QTUM to any extent at any time.”

In order for an investor for divest their QTUM portfolio, it is pointed out that a QTUM holder would have to “locate one or more willing buyers to purchase the same at a mutually agreed price, which attempt could be costly and time-consuming and does not necessarily bear fruit.” And, there could be “no crypto-currency exchange or other marketplace having QTUM listed thereon for trading.”

Development Milestones

Last October the prototype to the Quantum system was completed and of this March internal test of the Quantum is ongoing. The anticipated public test is scheduled for Q2 2017 with the launch set for Q3 later this year, although it is explained that these dates “do not constitute any binding commitment” for the QTUM Foundation or anyone else to deliver QTUM by the respective dates.

In terms of how popular the system could be going forward, point 18 in  the risk factors, it is pointed out: “The value of QTUM hinges heavily on the popularity of the Quantum system. [It] is not expected to be popular, prevalent or widely used soon after the launch.”

Based on the “worst-case scenario”, Quantum may even “remain marginalized in the long run, appealing to only a minimal portion of the users and application developers.” By contrast, a significant portion of QTUM demand could be of speculative nature.

Furthermore: “The lack of users and commercial utilization may result in increasing volatility of QTUM market price and consequently compromise the Quantum’s long-term development.” And, it is stressed that the QTUM Foundation will not - nor has the responsibility to - “stabilize or otherwise affect QTUM’s market price if there is any such price.”

Reassuring at least that such aspects have been addressed and made clear, although one would have expected such details to be outlined in the prospectus. Food for thought nevertheless.

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Why is it difficult, you are planning for 1 month but now is just more than 1 days? If i register new user now, it is too late, they all required ID card authentication. Price will increase in few hours and my trade on allcoin are still there, waiting for new Qtum.

FYI the bizhongchou qtum page is entirely in English with a full English interface, the only part that's in Chinese is signing up for an 8btc account and there the only things you have to fill out are an email and a username.  

I tried signing up for allcoin and it was an extensive process requiring a Canadian cell phone number capable of receiving short code texts for verification while it's far easier to sign up for the bizhongchou site.

The other Chinese sites I had a lot more trouble with as well with confusing interfaces, you can't go to the main bizhongchou website, you need to go to their qtum icon website that's linked from the qtum crowdsale page.  It should be qtum.bizhongchou.com

Nope, DYOR, there are plenty of genuine articles.

Those are all press releases, no? Aka paid for articles.

Old news, paid article to discredit the project!

Check all the big outlets articles, including forbes.com, bitcoin.com, coindesk ... for more accurate news about the project.

I think this will help

http://coinjournal.net/ver-backed-qtum-started-bitbay-dai/

Ver Backed Qtum Founder Ran Previous ICO Scam

Patrick Dai, the founder of Qtum, has admitted to using another name and running another cryptocurrency before Qtum. He left the currency after it faced controversy involving himself and did not reveal his past to potential investors. He admitted to his past after being confronted with irrefutable evidence.

Qtum claims several high profile investors, including Roger Ver, Anthony Di lorio, and OKCoin CEO Xu Star.

According to chat logs, Steven Dai was the founder of Bitbay. That coin attracted significant controversy after a convoluted scheme that netted the founders thousands of bitcoins was revealed. The chatlogs revealed that the Bitbay launch was manipulated by two notorious alt-coin market whale groups known as bobsurplus and Gekko, the BTER exchange itself, and possibly Dai.


After two years of silence, Steven Dai is back as Patrick Dai.  A photo of BitBay funder Elmer Lin standing next to Patrick Dai seemingly proves that Lin met Patrick Dai.

unnamed (6)unnamed (5)

 

Questions about Dai’s past were initially ignored by the Qtum foundation and Dai. Two days after the issue was first raised on Twitter and through Slack, Dai finally issued a statement admitting to his past persona. He has ignored requests for comment sent to his email. The Qtum foundation itself initially replied to a request for comment saying that a statement would come the next day but has since ignored requests for additional comments.

In his statement, Dai denied any wrongdoing during the BitBay Scandal. He claims that he decided to leave the community after discovering the “questionable ends and actions” in the coin.

According to Qtum’s website and an article on the Ver owned Bitcoin.com, Roger Ver is one of many high-profile investors in Qtum. Others include Ethereum alum Anthony Di lorio, Jeremy Gardner and the CEO of Chinese Exchange OKCoin, Xu Star. [Side Note: Ver is reportedly suing Star’s OKCoin in an unrelated issue.]

We contacted Ver, Di lorio and Gardner to confirm or deny their investments. Only Gardner replied, confirming his investment. When I asked if he knew of Patrick Dai’s past as Steven Dai, he did not respond.

The Qtum foundation did release their statement, saying that they were initially unaware of Dai’s past but are standing by him.

The BitBay scheme was primarily revealed through chatlogs released by Zimbeck. After the scandal’s release, Zimbeck defended Dai as the only honest person in the group that included Dai, Bobsurplus and Gekko. Today, both Zimbeck and BitBay’s largest investor say Dai left them without support and they allege he stole funds from the BitBay Developer fund and ICO on his way out.

Dai denies that he stole money from Zimbeck or the BitBay investors.He also points to one $500 payment to Zimbeck for development after the scheme was revealed. Zimbeck contends that $500 over two years is not sufficient funding of a coin and is only a fraction of the haul he says Dai gained from the BitBay scheme.

While much of the conversation on Slack has focused on if Dai stole from the BitBay ICO or if he was an innocent victim of Bobsurplus and Gekko. That ignores the larger point: why wasn’t his past disclosed previously?

If Dai was completely innocent in the BitBay scandal, and if he had no ill-intentions with Qtum then he should have been upfront with all of his investors. If he revealed it to the high-profile VCs that have invested is also irrelevant. The fact that he was asking for ICO investment without revealing his past to the public means potential ICO investors would have invested without that information.

Besides the founder who changed his name after being involved in a scam, Qtum has some other red flags.

Besides The Founder, What is Wrong With Qtum?

Qtum does a few things right. The developers designed a competent website and wrote two interesting whitepapers. Digging a bit deeper reveals some troubling issues.

The site includes a Team page with pictures of various team members. That would be a good thing, except for what it doesn’t include: No social media links. No last names (besides Patrick Dai) and no evidence that the team members are who they claim to be. One, “Caspal” claims to hold thirty Chinese and Asian records for Rubik’s Cube competition, as well as 21 gold medals.

According to the World Cube Association,  there is no one named Caspal in the top 100 solvers in the world. Nor is there a “Caspal” in the top 100 solvers in Asia, or even in the top 100 solvers in China. I checked the top ten solvers in China’s photographs, and none of them matched Caspal’s photograph.

While it is possible that Caspal was a Rubik’s Cube champion in Asia under a different name, without a real, full name, it is impossible to be sure. Especially since they are ignoring my interview requests. It sounds absurd slamming a coin for possibly exaggerating the Rubik’s Cube solving capabilities of their team but if they thought it important enough to mention, it must be important enough to question.

Some of the team behind Qtum, also seem to be working on a completely unrelated Blockchain as a Service project called Bitse. Besides Dai, there are two Qtum team members working on the Bitse project and have their last names listed: Neil Mahi and Time Markov.

Neil Mahi, is the second person listed on the Qtum team page after Dai. Googling his name gives no relevant results. The Bitse team page calls him “One of the most seasoned and greatest blockchain application developers” yet no one has heard of him. He is supposed to have 20 years coding experience, yet he hasn’t published anything to Github under that name, or even made a Facebook or Twitter account. What kind of coder, especially a “blockchain” developer, works for that long and has nothing public to show for it?

Time Markov is unGoogleable because his name brings up results for Markov’s Chain, a mathematical principal named in the 1900s. Searching for “Time Markov bitcoin” and “Time Markov blockchain” reveals no relevant results.

Furthermore, Qtum isn’t open source, at least not yet. Their GitHub page is empty. They won’t release the code until after the ICO. Of course investors will have committed their money by that time. They are ultimately asking investors to join in based solely on the experience of their team.

But that team only includes a few minor figures from the crypto world, a whole bunch of unknowns with no google search results, someone who probably exaggerates their Rubik’s Cube capabilities and a founder who either has a past that he seemingly hid from investors and involved the loss of hundreds of Bitcoins.

How Did Qtum Get So Much Attention?

As is so often the case in the cryptocurrency world: Shitty journalism led to its ride. The actions of the bitcoin media is almost understandable. After all, many probably assume that if the likes of Ver are involved, then it must have been vetted by someone. But the truth could be that the Angel Investors are depending on the media.

The first mention of Qtum in a semi-reputable cryptocurrency news site comes from CryptoCoinNews. Their article mentions Qtum winning a hack-a-thon prize hosted by ChainB.

Next, an article by CoinDesk founder Pete Rizzo announced that Qtum received funding by several high profile investors. There, Rizzo mistakenly called the cryptocurrency “open-source” though it’s Github page is empty.

With the credibility of CoinDesk behind it, Qtum began getting more mainstream attention.  Nasdaq.com, Siliconangle and EconoTimes all wrote articles based on the CoinDesk original.

Then, on January 24th, Bitcoin.com’s Jamie Redman wrote an article about Qtum. That article, like the ones before it, parroted the claims made by the Qtum team.

But the biggest bump to Qtum’s visibility was an article by a Forbes Contributor. Roger Aitken will seemingly write about any two-bit cryptocurrency project. Aitken wrote a poorly researched article that shows his tenuous grasp (at best) of blockchain technology. He says Qtum is attempting to be the “blockchain of China” even though regional cryptocurrencies are a long dead fad and were never workable.

Aitken’s articles take phrases straight out of the Qtum website, word for word. “[Jordan] has been developing software since he was thirteen, reviewed over 100 altcoins and identified multiple exploits in coins” appears both on the Qtum website and Aitken’s article.

After Forbes, several other media outlets covered Qtum, including Finance Magnates and the International Business Times UK. Later, Bitcoin.com released a later article with a curious note at the bottom.

“Disclaimer: Roger Ver, CEO of Bitcoin.com, is a Qtum investor.”

With Ver’s name officially attached, Qtum seemed likely to be the first big ICO of 2017 largely due to the articles that gave it credibility.

Qtum.org's Alexa.com statistics
Qtum.org’s Alexa.com statistics
The problem with all these articles is that no one stopped to ask: who is Patrick Dai? Why does Googling his name reveal so few results? And most important: What did he actually do before Qtum?

Because what someone has done in the past is usually the best indicator of how they will behave in the future.

If you read the article twice, Rong Zuan Dai is the name of the scam platform. And there is no evidence that the platform scams people with cryptocurrencies.

And yes, Dai is a pretty common surname in Asia.

Qtum Crowdsale Reaches 80% of Funding Goal After Just One Day
It is impossible to ignore the Qtum crowdsale right now. This project will change the way people think about bitcoin and Ethereum technology altogether. With an enterprise-oriented approach, the next wave of decentralized applications is just around the corner. The project also attracted quite a lot of interest for their crowdsale on day one, raising a lot of bitcoin and Ether in the process.
Before the first day of the crowdsale had passed, Qtum successfully raised US$12.2m in funding already. That is quite a significant amount, although it goes to show there is a growing demand for what this platform has to offer. To put this into numbers, a total of 8,962 BTC and 64,687 Ether has been raised so far, indicating people are looking forward to what Qtum has to offer in the future.Read more

the crypto community world is still very small, so anyone with surname/given name Dai has a some good chance of being the same person.

Qtum will be able to verify this, or verificable directly from the SCMP company.