Topic: VERITASEUM DISCUSSION THREAD - page 60. (Read 251040 times)

I also disagree that the price is tanking but whatever.
I think a little perspective is needed.
Almost ever ICO since May that I have followed has had a similar trajectory. The token is hot when it hit the exchages. The devs get to work but their work is going to take months. The public gets tired of waiting and the price declines.
VERI, PPT, and other tokens are utility tokens. Value is added when the ability to use them and the use of them increases. We all know what the plans are, now it is just a matter of execution.

And I agree with Dorky. As much as Reggie downplays the importance of the price, he is just as concerned as we all are, but the last thing he is going to do is pump it falsely and wind up in legal trouble. He knows what to do to get the price up and he's doing it. I expect a flurry of announcements in Nov/Dec.

While Reggie may be working like a horse selling millions of VERI to institutions/governments/etc, he certainly won't be happy selling them for USD 60+ instead of USD 100+.

So even though it is affected by "amateurs", the price tanking is still very much a relevant thing to Reggie (I believe).

Answer: because you are looking at a price derived from a couple of very small-time exchanges which have very little volume in the big scheme of things.

You cannot get true price discovery from EtherDelta and things like that. It is way too small for something like VERI.

So, big players are buying direct from Reggie - big players are not using the silly little toys like EtherDelta.

VERI will get listed on it's own exchange when Reggie gets it up and running. This takes TIME, not weeks but potentially months and years, but more probably just months. When a proper road has been laid for big players to actually buy VERI in a legitimate way (not using the small little toys like EtherDelta) then the price will start to show true price discovery.

Also remember: the product isn't fully up and running yet, but Reggie and team are making great headway. They are going on a longer-term path that takes longer to produce the goods but will strike gold when he hits his targets. He is working on those targets. Over the months ahead he will continue to work on the targets. When he hits just one good one - bang - VERI will be worth so much more. But it needs buyers from the big players who will not be using the silly little exchanges that people like me and you use.

VERI will be sold directly in private deals and on serious institutional platforms - the kind we don't deal with. It just takes... yep, you guessed it.... TIME!

So again, in case the point wasn't made properly - this coin is quote "tanking" (which is isn't really, but whatever) because it is simply floating on a couple of crappy exchanges with low volume - this CANNOT reflect it's true price. Forget Bittrex and all that stuff - they cater to people like us too but just in bigger volume. VERI will be aimed at institutional players who do not go to Bittrex and EtherDelta like the small fish (us) do.

Let Reggie keep making and closing deals with the right people, let the natural time pass that needs to pass, let VERI's platform get up and running properly, let VERI get listed on it's own platform and/or with the JSE for institutional players, let the word get out that institutional players need VERI to save massive amounts of money on their business... etc... and in due course the inevitable will happen: the VERI software token will become much more valuable.

I'm excited about the future of VERI but really disappointed with amateur traders/investors sitting in their parent's basement wondering why "this coin is tanking" or "when will this coin go up" etc. It's a shame people without any experience in markets were allowed to invest in it, frankly. And all ICOs really. They are bringing everybody else down like a cancer. People who are watching the price thinking "why aren't I rich yet?" are just child investors. They have no place in crypto investment. Learn how long it takes for legacy investments like stocks to make, say, 100% return and then realise just how lucky you have been up to now by knowing about crypto (believe me, most people do not know crypto exists let alone have made a penny from it). If you have already made 50% or more on your investments on this ICO craze then wow you are doing well compared to traditional legacy investments.

The world (the big players) are waking up and wanting a slice of the pie. BTC will benefit greatly, as will ETH, and VERI will too. You just gotta wait for goodness sake. What is the hardship in waiting? Sorry you cannot buy that Ferrari before Christmas but who knows, maybe in a few years you will have one or whatever. Let the company take a breath and work it's magic for goodness sake.

Go to the bounty link above click and read the portion about translating. There are linkis to the docs to be translated..We will need you to monitor the docs that you translate and post, of course.

I hope it has nothing to do with my post on buying LAToken.
I clearly stated not recommending selling Veritas for that purpose.
Judging by Reggie's work in the background meeting with governments, institutions, etc, Veritas is like a highly pressurized gas tank (you can interpret that however you like).
Having said that, I think Reggie should allocate half of his time attending Blockchain conferences and give talks for free in return for a higher brand exposure.
Not every talk needs to involve money; as if Reggie isn't getting anything in return for giving free talks.
Free talks lead to higher brand exposure.
Higher brand exposure leads to better pricing for the token.
Reggie should adopt flexible approach in this.
No matter who your target audience/user is, you should know well enough that the community is the main driver.
And that's why you (Reggie) tweets and make Youtube videos.
However, that is not enough.
If you attend talks only if you get highly paid to do so, that shows you are a highly materialistic person.
A highly materialistic person has no God in his heart.
Don't be such person.
You need to know that you and your business is not exclusive in a world of asset tokenization.
Limiting your business orientation to just consultancy approach is a roadblock to greater success.


The total supply vs circulating supply isn't a problem.
Different ICO projects do similar thing differently.
I believe it has more to do with getting better pricing (to the token holders as well as to Veritaseum mainly, due to high demand in thin market) and controlled allocation of supply to the intended user base.
There is no point selling everything to the market and end up giving institutions/governments/etc a very hard time to acquire the token later on.
This is why we see growing numbers of ICOs reserving a large chunk of their token for future distributions, similar to what Veritaseum is doing, but differently.
These ICOs are selling a small chunk of their total supply to grow a market, and let it grow bigger before distributing the rest of the supply in controlled manner.

Why are you unable to see the last few pages of this thread?

Why is this coin tanking?

Oh jee Rick you're so clever with your rhetoric. Except, isn't this a comment in of itself?

 

Circulating Supply           2,011,134 VERI
Total Supply                100,000,000 VERI 


Total Supply   100,000,000.00 VERI
$ 7,177,000,000.00

no comment

Any idea how long it took BTC to go from a few dollars to a few thousand dollars?

Think about it.

You are holding another BTC if you are holding VERI. You won't be rich by Christmas, but if you act mature and stop being fools and just get on with life while holding your bag of VERI you will retire earlier than you otherwise ever could have. It may even take 5 years....boo hoo... big deal. So many lunatics on here really don't know the precious gems they have bought and they simply won't let enough time pass by to let VERI become worth so much more. Oh well, not my problem.

sadly thre is no Jamaka exchange part now active yet so we will have to  bit more to come.And reggie forgot about polo/bitrex/bitfinex exchanges to get on.
We need rails to ride.

Reggie Middleton is back  Veritaseum Q's and A's September 29, 2017

pt. 1
https://www.youtube.com/watch?v=d_4IQCWcInQ

pt. 2
https://www.youtube.com/watch?v=VHqhs7terB0

I expect it to continue doing more and more and more without end.
I remember when I was still a student, I once asked a mate why he studied so hard.
He replied that's because he aimed for 100% while I just aimed for passing mark.
That simple reply opened up my eyes.
Regardless of your aim, you will always achieve less, so you better aim for the max, so that you may always do your best.
If you want to expect less, or be contented with current achievement, that's your business and has nothing to do with me.

Whether LAToken will violate his patent, or whether there will be prolonged and expensive lawsuits whereby only the lawyers will make all the money, is not the biggest concern. Patent is basically a waste of time. If I remember correctly, Max Keiser patented an exchange protocol which JPMorgan uses it for its own later, but until today I have yet to see Max Keiser suing JPMorgan. Many more similar patents were filed later. Max Keiser's patent is as good as useless. Dyson invented a very novel vacuum cleaner and patented it. The patent was less than 20 years old. Today we see many other companies manufacturing similar product, but until today I have yet to see Dyson suing these companies. Patent is useless.

I don't believe they will complement. I believe they will compete directly.
But of course we don't need to waste time arguing who is right and who is wrong.
Everyone is entitled to his own opinion and understanding.

At first glance is as good as no glance at all.
I made a mistake making a cursory glance (which is "at first glance") at Veritaseum and mistakenly associate it with vericoin.
That certainly was unwise.
If I was foolish to hold firm to such false understanding that Veritaseum = Vericoin, I wouldn't be part of Veritaseum today.

Do more?
In the first 3-4 months:
-Finalizing a deal and implementation with JSE.
-Negotiating deals with several large hedge funds
-Negotiating deals with Top 10 stock exchange
-Deal with a medical office.
-More I can't remember

What more are you expecting? If you asked me how long it would take to made a deal with a stock exchange or a hedge fund and hammer out all of the details of implementation, I would say each deal would take 2-3 months of calendar time minimum, if not 6 months. Dealing with the management bureaucracy of completely changing the way business is done at some of these large organizations can't be easy. And not only are the systems complex but the testing along has to be extremely diligent and thorough. Reggie has his sights set high on the big prizes - stock exchanges and hedge funds, and I think he is uniquely qualified to do so. I am quite satisfied with what VERI has accomplished so far in this time frame. It will take some time to get some momentum. Once they have Veritized a few things it will be easier to duplicate but that initial infrastructure takes time.

The market is certainly large enough for multiple players and I would even guess that once Reggie's patents are issued companies like LAToken might be in violation of his patents - that's worth looking at. At first glance it does not appear that LAToken and VERI are going after the quite the same markets and they have slightly different approaches, so I think they might complement each other more than they will compete.

The barriers to entry into this crypto world is extremely low.
Almost anyone can do what everyone else is doing/planning to do.
We can have 10 Veritaseum-like projects and nobody will know for sure which one (or two) of the 10 will trump the others, thus this makes very hard selection decision for us.
Because the use of blockchain is actually very limited, that despite all the marketing about it being trustless and P2P, only a very few kind/type of business deals would require such network, thus we keep seeing the same/similar ICO projects every now and then, i.e. finance-based transactions.
Many of the ICOs do not have future projection on how promising their business will be.
It takes far more than just some novel business idea to be successful, especially when it can be easily copied and reproduced.
What a team needs is big and aggressive ambitions, in addition to attaining perfection in what they do (big dreams with shady quality leads to failure).
When decision is tough, I prefer to stay safe and just follow what the Rothschilds do, i.e. fund both sides of the war.
And in this case, I funded LAToken.
LAToken has whitepaper with future projection of the industry (worth multi trillions), full 100% value transfer to token holders, has very strong team, and already have a publicly available MVP.
Veritaseum, according to its current price vs ETH, commands around 25% of Ethereum's entire blockchain ecosystem if we compare them on equal total supply of ETH:VERI.
LAToken on the other hand, will have 1 bil total supply, and if its future projection is conservative and accurate, then we can expect it to command around at least the same market share as Veritaseum, i.e. 25% to 30%.
If so, this makes LAToken's potential fair price to be 1/10th of what Veritas is selling, i.e. around $7-$8, after adjusting for equal total supply of token.
If my estimation is correct, then LAToken may reach the top 10 in terms of market cap, although this does not mean it is more valuable than Veritaseum, because this is just the effect of difference in circulating supply.
Participating in LAToken might be 50% more rewarding than in Veritaseum (if my estimation is accurate), simply because Veritas' price near end of its ICO was around $6 while LAToken's price currently is around $4, due to ETH's volatility during the time when each ICO was/is active.
However, I am not suggesting selling Veritas to buy LAToken so what I did was I just allocate more fiat to LAToken.
Traders being short-term, try to stay safe by selling their holdings of old ICOs to be rolled over to newer ICOs.
If each new ICO participation nets them just 50% to 100% gain, and they are doing this multiple times, they would compound their money seriously.
But of course there is serious drawback to this approach.
There is no point having millions of tokens of an ICO when you can't even sell 10% of them without moving the market significantly.
In the meantime, this is still the most profitable approach to small money.
Veritaseum certainly needs to do more if it wants to stay competitive and be ahead of the rest.

You completely missed the point. And not ALL new ICO's are scams and hype. There are several gems.

Regardless of the quality of the new ICOs (which varies across the board), the new ones are new and exciting, VERI is... well... boring. We're waiting for Reggie to deliver on his promises and he is... it just takes time. It's too tempting for a lot of people to see the shiny new ICOs compared to VERI where the price has been range bound for the past month or two.

In fact I'm now convinced that a good strategy is to wait out the ICOs for companies that need time to develop. Wait a few months for the hype to die down, and then buy up for less than ICO price.

I wouldn't say ALL the new ICO's are scams.  My biggest beef with the current state of ICO's are their "initial valuations" are absolutely grotesque.  Most of them clone an existing project and say they're going to be worth 50-100 million dollars on day one?  Give me a fucking break....

All the NEW ICO's are scams and hype.

Stick with what you can trust. In VERI and PPT we have a very professional team with a very promising idea and the skills required to actually fulfill it.

Most tokens, especially the new ones are outright scams that literally use identity theft to copy paste some random guy's photo into their "About Us" page. Bogus scam websites with anonymous owners.

The ICO market has really devolved into a den of thieves. So you got to trust the projects that actually have legitimate reputable people behind it. They are getting buried under the scams, but once the scams go away, they will float to the surface and they will be the ones that will survive.

VERI is a "mature" token in that it's been out a while (relative to ongoing flurry of ICOs) and thus its price should be fairly stable. The price should reflect overall market movements and investor sentiment mostly; however, due to fairly low volume it's going to be susceptible to large holders rebalancing their portfolios.

Investor sentiment could be the cause here... and maybe not so much a loss in confidence in VERI but maybe VERI has lost its shine in the shadow of the recent and upcoming shiny ICOs. VERI holders may be attracted to some shiny new products. Reggie's updates have been nice but there hasn't been a lot of "concrete" news releases. I also think that the purpose and utility of VERI is still fuzzy to some people, and that they are waiting for a concrete or real-life use case to be presented. Telling people that a VERI token gives someone "access" to the "VERI platform" is hard to conceptualize in real terms. I think the world is waiting for the JSE project to go live so people can get a firmer understanding of exactly how it all works and more importantly, how the VERI token is used.

Token holders/investors seem to be a fickle bunch. Everyone wants those 20x gains but they don't seem to have the patience to wait for them. Most don't seem to realize that in many of these ICOs you are buying into a the early stages of a project and these projects take time to develop. That's why the tokens are so cheap now. They will not be when VERI starts to mature. I think I told this story before on here but I bought Chipotle stock right after its IPO many years ago. I held it for 6 months and after the stock price failed to move I sold it. Big mistake. I know VERI (and PPT) will be the same way, but I'm not selling this time.

The reason why I mentioned PPT is because it shares the same 'not listed on big exchanges' fate with VERI, at first i thought it's because of the VERI's 98% undistributed tokens, now i see different reasons, so i share your thoughts on this and also think both VERI and PPT have enormous potential, hopefully this current small volume slow selling trend/manipulation will reverse soon.