[ANN][ICO] OROCRYPT – Digitized Precious Metals On The Ethereum Blockchain - page 10.

Orocrypt

member

Activity: 85

Merit: 10

Quote from: Mento on June 07, 2017, 02:35:52 AM

Quote from: Orocrypt on June 02, 2017, 11:35:09 AM

Quote from: ptytrader on June 02, 2017, 10:43:25 AM

We will have to see these specifics you mention to determine if they protect the consumer. Precious metals is a highly regulated market and a whitepaper is not a legally binding document.

I do have another question though: To participate in the ICO we have to provide our address, identity documents, telephone number, and email address. This is done in order to comply with KYC and AML laws. That means all token holders will need to register their real identities in order to claim their gold in an event of bankruptcy or withdrawal. Is this also true for anyone who buys at an exchange and not directly through your ICO?

(I bring this up in the case someone uses a pseudonym to buy)

Gold tokens and share tokens are two different instances.
During ICO we sell share-tokens, not gold-tokens. And yes, you will have to provide your real identity. We are keeping a shareholder registry, as required by Panamanian law.
Same for exchanges.

Will this condition be continued for the participants of the bounty program? Will they have to verify their identity too?

Hey Mento,

As a reward; bounties participants are to receive OROC tokens which are considered as a "share-holding".
Therefore; the rule is the same for the bounty programs; yes.

Thank you!

Mento

legendary

Activity: 1106

Merit: 1006

I ♥ BitcoinTalk

Quote from: Orocrypt on June 02, 2017, 11:35:09 AM

Quote from: ptytrader on June 02, 2017, 10:43:25 AM

We will have to see these specifics you mention to determine if they protect the consumer. Precious metals is a highly regulated market and a whitepaper is not a legally binding document.

I do have another question though: To participate in the ICO we have to provide our address, identity documents, telephone number, and email address. This is done in order to comply with KYC and AML laws. That means all token holders will need to register their real identities in order to claim their gold in an event of bankruptcy or withdrawal. Is this also true for anyone who buys at an exchange and not directly through your ICO?

(I bring this up in the case someone uses a pseudonym to buy)

Gold tokens and share tokens are two different instances.
During ICO we sell share-tokens, not gold-tokens. And yes, you will have to provide your real identity. We are keeping a shareholder registry, as required by Panamanian law.
Same for exchanges.

Will this condition be continued for the participants of the bounty program? Will they have to verify their identity too?

Orocrypt

member

Activity: 85

Merit: 10

Did you know that each one of the Orocrypt founders has more than 30 years of financial background? Unique! $ETH
https://orocrypt.com/#our_team

Do not hesitate to ask your questions and/or contact us for any help regarding the project.
You can always come and chat with us on our official telegram: https://t.me/joinchat/AAAAAAhCWkGn4hcOoQ_LYQ

We would also like to state that our bounty campaign is on-going and taking new participants that could be interested by a reward for providing us their service! Are you looking for a share of tokens?

https://bitcointalk.org/index.php?topic=1932755.0;all

Here is your chance!

Kaznachej123

hero member

Activity: 882

Merit: 548

Orocrypt ICO added - ICOTRACKER.NET https://icotracker.net/project/orocrypt
https://twitter.com/Kaznachej123/status/872184832373272576

Orocrypt

member

Activity: 85

Merit: 10

Quote from: ?? on ??

Dev, I wrote an article about Orocrypt in steemit but did not get into the specific details, I would like to know why the USA is out of the game! Can not they at least participate in rewards campaigns? Of course they can! Can't they use a VPN and buy Orocrypt? Of course they can! Are not you Panamanians Huh

We don't sell to US persons due to US regulations. Our tokens can be deemed to be securities by the SEC, or commodities as they currently stand by the CFTC or even money tranfers institutions in some states. To comply with all these regulations is very expensive. In the future we may set up a US subsidiary that could accept US investors.
That is if we are successful.

Please note that any investor has to declare if he or she is a US persons regardless of the IP origin.

Orocrypt

member

Activity: 85

Merit: 10

Quote from: gomei on June 03, 2017, 05:18:21 AM

Seems to be an interesting project, it will definitely be on my watch-list. I have two questions:
1)Is there any escrow for the tokens?
2)How long will the team hold the shares?

The tokens will be sent to each investor's wallet as soon as we receive payments. We will not keep private keys, so not recovery. About the founders, you can see that they cannot sell their shares as Class B. They have to be converted as Class A. Only then can either be sold or tokenised. This is each founder's individual choice.

redhack

legendary

Activity: 1863

Merit: 1020

Quote from: Orocrypt on May 30, 2017, 01:36:28 PM

Unfortunately, we do not have bounties for translations.

It's hard to collect money from non-English speaking regions if you don't support local threads. Other projects run bigger campaigns to get investment from all over the world. You should reconsider your decision. Just my 2 satoshis.

anonbit992

sr. member

Activity: 378

Merit: 251

A Trader & An Investor

Exciting project. Just visited the website and downloaded the white paper. 10 days left for the ICO. Going to read the whitepaper. Will keep a close watch.

gomei

hero member

Activity: 770

Merit: 500

Seems to be an interesting project, it will definitely be on my watch-list. I have two questions:
1)Is there any escrow for the tokens?
2)How long will the team hold the shares?

ViresInX

newbie

Activity: 1

Merit: 0

Quote from: mdkb on June 02, 2017, 12:13:45 PM

Quote from: visigothica on May 20, 2017, 05:20:49 PM

... 9 euros is high in Fintech but low in traditional IPOs. We are selling 45% of the company. Please consider that Facebook was launched at $27 and now trades at $148 Google (now Alphabet) was launched at $50 and now is $954. The best, Amazon was launched at $4 and now is at $959. Twitter was launched at $40 but now trades at $18.

You are quoting FIAT based businesses that exist in the FIAT based markets. This is the 'Wild West' compared to that 'traditional' world.
Those businesses rarely respond the same as businesses that exist in the young and volatile Crypto markets.

You maybe making a mistake of judgment. It is a bit like comparing yourself to elite bicycle businesses when launching into a redneck speedway racing business.

If this coin drops to less than 1 Euro in value after launch don't be surprised, and of course....welcome to the learning curve that is volatile Crypto world.

I note that your history is clearly with FIAT finances, based from your team website info. I expect you are about to get on board a rollercoaster... and therefore, so are your investors.

Investing in an ICO that charges 9 Euros for a coin at launch, maybe asking for trouble.

Have you financially assessed Crypto businesses at all and seen what they do? or just looked at Facebook , Google, and businesses in that 'traditional' world. They may be computer-based and seem similar, but they aint Crypto and to quote them as comparisons suggests you dont really know what you are dealing with here.

I don't think there are any innovative developers on the team because they are depending on the Ethereum Token scheme. That's probably where the lack of knowledge come into play.

I also agree that they are not taking into account the volatility of the cryptocurrency market. Not only that, we find trust in decentralization. This goes totally against that principle.

Now, let's say the company is legit and it manages to get the gold. As I understand it, companies can give out shares or bonds that amount to the company's worth. This company has:
CapitalSocial "11,120.00"

It's a risky prospect to say the least.

In their whitepaper they mention the Panama SBA. This entity is the one that regulates all securities and banking activity in the country. I have written them a friendly email to verify if their claims are true. I will update you guys as soon as I know more.

mdkb

newbie

Activity: 28

Merit: 0

Quote from: visigothica on May 20, 2017, 05:20:49 PM

... 9 euros is high in Fintech but low in traditional IPOs. We are selling 45% of the company. Please consider that Facebook was launched at $27 and now trades at $148 Google (now Alphabet) was launched at $50 and now is $954. The best, Amazon was launched at $4 and now is at $959. Twitter was launched at $40 but now trades at $18.

You are quoting FIAT based businesses that exist in the FIAT based markets. This is the 'Wild West' compared to that 'traditional' world.
Those businesses rarely respond the same as businesses that exist in the young and volatile Crypto markets.

You maybe making a mistake of judgment. It is a bit like comparing yourself to elite bicycle businesses when launching into a redneck speedway racing business.

If this coin drops to less than 1 Euro in value after launch don't be surprised, and of course....welcome to the learning curve that is volatile Crypto world.

I note that your history is clearly with FIAT finances, based from your team website info. I expect you are about to get on board a rollercoaster... and therefore, so are your investors.

Investing in an ICO that charges 9 Euros for a coin at launch, maybe asking for trouble.

Have you financially assessed Crypto businesses at all and seen what they do? or just looked at Facebook , Google, and businesses in that 'traditional' world. They may be computer-based and seem similar, but they aint Crypto and to quote them as comparisons suggests you dont really know what you are dealing with here.

Orocrypt

member

Activity: 85

Merit: 10

Quote from: ptytrader on June 02, 2017, 10:43:25 AM

We will have to see these specifics you mention to determine if they protect the consumer. Precious metals is a highly regulated market and a whitepaper is not a legally binding document.

I do have another question though: To participate in the ICO we have to provide our address, identity documents, telephone number, and email address. This is done in order to comply with KYC and AML laws. That means all token holders will need to register their real identities in order to claim their gold in an event of bankruptcy or withdrawal. Is this also true for anyone who buys at an exchange and not directly through your ICO?

(I bring this up in the case someone uses a pseudonym to buy)

Gold tokens and share tokens are two different instances.
During ICO we sell share-tokens, not gold-tokens. And yes, you will have to provide your real identity. We are keeping a shareholder registry, as required by Panamanian law.
Same for exchanges.

Alexbt

full member

Activity: 542

Merit: 102

joined bounty

ptytrader

sr. member

Activity: 466

Merit: 253

Imagine a world without banks.......

We will have to see these specifics you mention to determine if they protect the consumer. Precious metals is a highly regulated market and a whitepaper is not a legally binding document.

I do have another question though: To participate in the ICO we have to provide our address, identity documents, telephone number, and email address. This is done in order to comply with KYC and AML laws. That means all token holders will need to register their real identities in order to claim their gold in an event of bankruptcy or withdrawal. Is this also true for anyone who buys at an exchange and not directly through your ICO?

(I bring this up in the case someone uses a pseudonym to buy)

Orocrypt

member

Activity: 85

Merit: 10

Quote from: ptytrader on June 02, 2017, 09:56:50 AM

If the gold that is used to back the currency/asset is under the company's control or another authority's control, then the platform is centralized. Decentralization means the lack of a governing body.

The Ethereum metatokens are worthless without the gold backing that is being offered.

You are completely right. I thought we were talking about share-tokens. They are backed by real shares of Orocrypt company.
Gold tokens will be issued after ICO in case it is successful. And it is not centralized due to this text in whitepaper:

Quote

In the event of bankruptcy or closure of Orocrypt, holders of ORO.G may withdraw, sell or claim the underlying gold from Orocrypt or directly from custodial storage vaults. The specifics of these processes would be communicated to all token holders in a clear and concise manner. It is important to emphasize that because purchases of ORO.G does not grant ownership to the company under any circumstances, ORO.G holders are not exposed to Orocrypt’s liabilities.

Here, ORO.G is gold-token.

ptytrader

sr. member

Activity: 466

Merit: 253

Imagine a world without banks.......

If the gold that is used to back the currency/asset is under the company's control or another authority's control, then the platform is centralized. Decentralization means the lack of a governing body.

The Ethereum metatokens are worthless without the gold backing that is being offered.

Orocrypt

member

Activity: 85

Merit: 10

Quote from: ptytrader on June 02, 2017, 07:21:41 AM

As a longtime cryptocurrency holder, trader, and miner I would stop...think....and take a second look at this company before investing.

Panama has strict laws regarding shares and capital trading. We must all be weary of centralized companies that offer "pseudo-cryptocurrencies". In the last consensus conference this topic was mentioned. We are seeing a flood of centralized companies offering "shares" or "asset-tokens" in an attempt to circumvent regulation.

Most countries have not developed laws that encompass the entire definition of cryptocurrency. That means that if regulation is changed, the token holders can be affected. This is not the case with decentralized tokens.

Additionally there is the legal matter of selling Class A shares in Panama. I think that we should be provided proof that the Superintendency is on board and approves the sales. Even if this is confirmed, we must know where the gold is coming from and what measures have been taken to protect the consumer.

I welcome anyone to do their research and share it. If the company is legit and the shares are signed off by the SBA, then it will be interesting to see its growth.

Hello, ptytrader.

It is great, that you raised this issue! Our company is compliant with Panama law. We would be happy if you perform checks from your side. That only means you are reasonable investor.

Regarding tokens, we will issue ERC20 tokens on ethereum blockchain which means they will be decentralized and we can't control their flow. We can discuss why you think they are centralized, I will gladly respond to all of your questions.

Information about gold storage you can find on the website. Every storage will be inspected by SGS.

ptytrader

sr. member

Activity: 466

Merit: 253

Imagine a world without banks.......

As a longtime cryptocurrency holder, trader, and miner I would stop...think....and take a second look at this company before investing.

Panama has strict laws regarding shares and capital trading. We must all be weary of centralized companies that offer "pseudo-cryptocurrencies". In the last consensus conference this topic was mentioned. We are seeing a flood of centralized companies offering "shares" or "asset-tokens" in an attempt to circumvent regulation.

Most countries have not developed laws that encompass the entire definition of cryptocurrency. That means that if regulation is changed, the token holders can be affected. This is not the case with decentralized tokens.

Additionally there is the legal matter of selling Class A shares in Panama. I think that we should be provided proof that the Superintendency is on board and approves the sales. Even if this is confirmed, we must know where the gold is coming from and what measures have been taken to protect the consumer.

I welcome anyone to do their research and share it. If the company is legit and the shares are signed off by the SBA, then it will be interesting to see its growth.

yurimir

legendary

Activity: 1554

Merit: 1044

I am joined Twitter bounty campaign, joined Facebook bounty campaign too ! Hope success this project, good luck!! Thanks.

romanekras

sr. member

Activity: 434

Merit: 250

Orocrypt Enables Digitised Ownership of Precious Metals Vault Receipts.
A Panama-based company has proposed to digitise ownership of precious metals by harnessing the power of Ethereum blockchain.
Orocrypt plans to issue Ethereum tokens representing one Class A common share. The stakeholders will be the individuals/organisations who participate in the upcoming sale of Orocrypt’s 500,000 class A shares representing 45% of the company’s equity. The cost per one Orocrypt Inc. Share Token (OROC) is 9 EUR.
Investors will be able to purchase stakes for Euro, Bitcoin or Ether in real time.More

Topic: [ANN][ICO] OROCRYPT – Digitized Precious Metals On The Ethereum Blockchain - page 10. (Read 43235 times)