Category Archives: Crypto Uses
Crypto Rich starts his TenX adventure on a bicycle
Source: Crypto Rich
White-Hat Success: 95% Of Stolen Funds Stolen Back & Returned / Renault: First Blockchain Car Ledger
White-Hat Success: 95% Of Stolen Funds Stolen Back & Returned / Renault: First Blockchain Car Ledger
The team at Veritaseum, the company, and the price of Veritas (VERI), the token used to access their products and services, have shown resilience despite the theft of an estimated $8.4m of VERI tokens on Sunday June 23, 2017. This and more will be covered in this article, including ways to protect yourself against such heists, while contributing to the success of the crypto movement in general.
Keeping the effect of price weakness in the overall crypto market in mind, the price of Veritas (VERI) shot back up surprisingly fast on Monday (beyond the $200 mark). This was less than a day after about 36k VERI tokens – worth an estimated $8.4m (or about $233 per token at the time) – were stolen from Veritaseum via a breach at a third party.
Reggie Middleton – Founder and CEO of Veritaseum
Photo Credit: Jamaica Stock Exchange (JSE)
Reggie also remarked that the “…hackers were very sophisticated, although there attempt to hide the VERI by transferring to different accounts was amateur. I don’t want to get into the details of the how it was done so as not to incentivize others, but the attack vector was found and rectified ASAP, which kept the amount stolen to a minimum” (Veritaseum Slack, July 23, 2017).
Masiah Middleton, another valued member of the Veritaseum team, posted: “The amount that was taken from our wallet earlier today was only 36k VERI. Any other VERI being sold was accumulated differently” (Veritaseum Slack, July 24, 2017).
The 36k of stolen VERI tokens were dumped at EtherDelta – one of only two exchanges that have VERI listed at this stage. This was done in a manner that earmarked a deliberate act to cause maximum damage to the price of VERI.
Sell orders were placed far below the market price. The plan of the perpetrators was clearly not to exchange VERI for the maximum amount of Ethereum (ETH). This might explain why Reggie perceived them to be sloppy in their attempts to hide the VERI.
Furthermore, the Veritaseum ICO took place on April 25, 2017 – about 3 months ago. It was not hacked as falsely reported elsewhere.
Reggie also posted the following on July 24th:
“We were hacked, possibly by a group. The hack seemed to be very sophisticated, but there is at least one corporate partner that may have dropped the ball and be liable. We’ll let the lawyers sort that out, if it goes that far.
Although I hate to see assets stolen, and I hate thieves, the incident proved both the resilient demand for our tokens and the utility of the decentralized exchange EtherDelta.
The hacker(s) made away with $8.4M worth of tokens, and dumped all of them within a few hours into a heavy cacophony of demand. This is without the public knowing anything about our last traction.
I would like to make it known that we had the option to fork VERI, but chose not to. At the end of the day, the amount stolen was miniscule (less than 00.07%) although the dollar amount was quite material.
Another point that I would like to make clear is that Veritaseum tokens are software that represent our knowledge, advisory and consulting skills, products and capabilities. Without the Veritaseum team, the tokens are literally worthless! If someone were to someone confiscate 100% of the available tokens, all we need to do is refuse to stand behind them and recreate the token under a new contract. Again, we aren’t selling currencies, we aren’t selling securities. We are selling capabilities, and ability for those capabilities to connect parties P2P for the autonomous transfer of value. You can get away with a large securities heist, or a large currency heist. The Veritaseum team is what powers the value behind the Veritas token. A large theft of those tokens after a fork is as valuable as stealing 90M empty plastic cups.
The “market cap” as the media likes to refer to, may seem high to those who don’t understand how we employ platform economics, but those who understand should see that number as drastically undervalued. We have a roadshow for the NYC & Connecticut hedge funds next week. The Sr. partner of distressed credit of one of the world’s largest funds specifically took the meeting after hearing about what we are doing. “This is big, very big” (that is an exact quote from the person who arranged the meeting, who is a 40 year veteran of Wall Street, a literal brand name know by nearly every experienced professional – someone who had aggressively jumped on board team Veritaseum to assist in business development), for we are simultaneously lining up private and sovereign credits to Veritize. This is in addition to what may be our final meeting with one of the world’s top ten securities exchanges to use our product. That is in addition to our Veritizing a medical practice as a showcase for doctors and healthcare biz pros around the world to emulate (using Veritas, of course). Think of us just capturing 50 basis points of all of the medical practices and related healthcare businesses in the world. Which will actually scale exponentially without financial industry dealings (assuming we can capture .02%).
We have already landed the Jamaican Stock Exchange as VERI client just 30 days after the initial token offering. Actually, quite amazing…
Now, you can see how inconsequential the mere hack of a few million dollars” (Veritaseum Slack, July 24, 2017).
“Without the Veritaseum team, the tokens are literally worthless!”
Some took offense at what Reggie posted. All he meant is this: If you’re going to steal VERI on a large scale (or even all of it!), then the Veritaseum team has the power to simply “…refuse to stand behind them and recreate the token under a new contract.” Reggie went at length to explain why this is the case.
By no stretch of the imagination did Reggie disregard the support of VERI holders. What he posted is hugely positive for VERI holders – the Veritaseum team will have your back even when the worst of VERI heists occur!
Why would anyone go to that much trouble to steal VERI and not want to “cash out” at a maximum level?
The perpetrators not only dumped the VERI in a manner designed to cause maximum damage to the price. Someone launched a massive disinformation campaign shortly afterwards against Veritaseum via various channels.
Now we can at best speculate at this stage, but is it too far-fetched to suspect that state-sponsored actors were involved in this heist of VERI, especially considering the way they gained access and dumped the VERI onto the market? In fact, can one completely exclude the involvement of state-sponsored actors in various other crypto related heists, including the biggest bitcoin heists in history so far?
Let’s assume for a second that certain government agencies launched a secret war on cryptos. Let’s assume their aim is to slowly kill the crypto market by discouraging people to participate. Let’s assume that they attempt this through a combination of legal and illegal acts, including heists via phishing scams and hacks – primarily designed to eat away the confidence of participants in the crypto market. And perhaps more importantly, discourage people from entering the market.
Given restrictive regulations against cryptos within certain jurisdictions, is it too far-fetched to assume that certain government agencies are indeed waging war on cryptos? In addition, is it really that far-fetched to assume that various crypto news sources are within their control, especially given the disinformation and outright lies published at certain sources?
Is it that far-fetched to assume that an army of state-sponsored actors exists with the sole purpose to “bad mouth” or to play cryptos off against each other by spreading fear, uncertainty and doubt (FUD) based on disinformation and lies? Is it really that far-fetched to suspect that cryptos such as Ethereum (ETH), Veritas (VERI) and Populous (PPT) are among their main targets?
Furthermore, why are certain crypto news sources so quick to blame “Russian hackers” when there is a heist of cryptos? In addition, why are there deliberate attempts to come over as racist (e.g. see below)?
Reggie Middleton responds to racist slur posted at BitCoinTalk
Is it that far-fetched to assume that certain governments are trying to roll their non-crypto propaganda campaigns into the crypto space in a multi-pronged approach – hitting both primary and secondary targets in the process (so to speak)?
Source of Video: Let’s Invest
Don’t be surprised when they offer “solutions” to problems they created in the first place. It is all done under pretexts that might come over as “fine and dandy,” but are not. Don’t fall for their tricks. Don’t support their efforts to gain control over the crypto space.
Are you a true crypto supporter? Here are ways to help.
Regardless of whether you deem the above to be purely speculative nonsense or not, there are ways you can contribute, not only to safeguard your own crypto holdings, but to lend support to the crypto movement in general – a movement that seeks to free us for one from the control of central powers through the global embracement of decentralized, peer-to-peer, trustless, bankless, censorship-resistant and open source solutions based on blockchain technologies.
This is what you can do if you haven’t done so already (in no specific order):
Educate Yourself – Arm yourself with the willingness to learn. Be willing to walk the extra mile. If not, be ready to accept unnecessary risks and the potential losses that come with it!
Crypto Hardware Wallets – It is not safe to store your private keys on your local computer. Think Pony botnet. Utilize crypto hardware wallets such as Trezor to safeguard your private keys. No crypto storage solution is 100% full proof, but crypto hard wallets such as Trezor provide almost unmatched convenience and security.
Support Decentralized Crypto Exchanges – Why place your crypto holdings at risk by making use of centralized exchanges? If you do, you’re in effect handing over the private keys of your wallets to third parties. This creates unnecessary counterparty risks.
History in the crypto space has shown that third parties such as centralized crypto exchanges cannot be trusted to keep your private keys safe. Think Mt. Gox. Think Cryptsy. Think Bithumb. Think of numerous other security breaches at centralized exchanges.
Try to avoid centralized crypto exchanges by making use of decentralized crypto exchanges such as EtherDelta (even though the perpetrators used it as a means to exchange the stolen VERI). Don’t fall for cheap propaganda that suggests that EtherDelta is too difficult to use. There are various videos available at YouTube that show exactly how it is done.
Don’t fall for phishing scams by trusting addresses, URLs or messages received via private message or posted by someone anywhere besides on the official website of a company or token. Make use of a solution such as RoboForm in order to make sure that URLs match 100% (or at least use bookmarks).
Do Your Own Due Diligence – Don’t fall for fear, uncertainty and doubt (FUD) driven by disinformation and lies.
Always keep the bigger picture in mind!
Live Q&A about TenX with Julian Hosp on July 25th 2017
Is Veritaseum a scamcoin?
Source: Wealth of the Future
In a world where every startup wants to disrupt their industry, Veritaseum Inc. has its eyes on a bigger goal than most. Founder Reggie Middleton has a very lofty aim — to decentralize financial markets around the world. He wants to democratize the way finance is done. He wants to transform it – and along with it the economy and global markets. And, he doesn’t want to stop there.
Driven by a desire and passion to revolutionize the way we transact; his company is utilizing blockchain technology and refining an already built “smart contracts engine” that enables peer-to-peer transactions without middlemen. The aim with this “engine” is to tie together financial value and an enforceable commitment that two parties make to each other — a “smart contract.”
His Veritas token (Ticker: VERI), a crypto token akin to a software license, is the “key” required to start the “engine” and/or license required to unlock the utility value of the software.
Reggie Middleton – Founder of Veritaseum
Photo Credit: Jamaica Stock Exchange (JSE)
Let’s dig into what Veritaseum intends to accomplish, can do and look at real-world situations where the company intends to make a profound impact, including the provision of software that enables peer-to-peer capital markets.
The Current Problem with Financial Markets
Before we explore how Veritaseum, VERI tokens and the software can change things, we need to understand the underlying issue at hand. It’s a simple one:
By acting as middlemen, banks and financial institutions charge consumers fees and commissions that significantly reduce the value of their finances.
Banks don’t actually create much value. The way they make money is by levying fees and commissions on transactions they administer and manage.
For example, every asset they buy on a client’s behalf, ETF they invest in, loan they make, or currency transaction they manage has built-in fees, hidden and otherwise. By themselves, these fees don’t look like much — a few dollars here, a percent or two there. But in the aggregate, they are real wealth-destroyers.
In fact, over 20 or 30 years, these fees can almost wipe out much of your capital gains or appreciation. Veritaseum aims to change this by going into direct competition with legacy systems.
They want to cut out the middleman – remove unnecessary layers of cost by providing software that enables peer-to-peer, trustless and bankless transactions with zero counterparty risk.
The Secret of Veritaseum — Tying Currency and Contracts Together
The real power of Veritaseum is the way it uses blockchain technology to link contracts to the money that changes hands to enable those contracts. The details and value of any transaction are automatically stored using blockchain technology and shared ledgers — in effect, a decentralized, secure way of recording and verifying what two parties have agreed to.
This is essential to creating peer-to-peer capital markets — there has to be a trusted system (smart contracts) in place. Although that’s a significant technical challenge, Veritaseum is solving it.
“Veritaseum enables software-driven P2P capital markets without brokerages, banks or traditional exchanges.”
In fact, Reggie and his team already created and launched a beta version of their OTC value trading platform as early as 2013 – the first P2P capital markets solution to make use of smart contracts technology. Contrary to the wishes of their competition, including the likes of Goldman Sachs, Veritaseum was the first company to file for patent protection of this groundbreaking, revolutionary software solution.
A regulatory grey area prompted them to move it away from the Bitcoin blockchain on which it was initially based. It is now by large based on the Ethereum (ETH) blockchain. However, it is important to mention that it is blockchain agnostic – meaning that when serious problems arise, Veritaseum has the option – although no easy feat – to move it again.
One participant, who made use of this peer-to-peer asset trading platform in 2013 (or around that time), describes it as “incredibly smooth in operation and quite advanced” (VERITASEUM DISCUSSION THREAD, Bitcointalk, June 2, 2017).
Just imagine what the new platform will be like once it goes live later this year.
How Veritaseum Could Empower Your Finances
So, even though Veritaseum aims to change the world, how could the blockchain-based peer-to-peer software they develop help you?
Simply put, by firstly, allowing you to directly exchange exposure to money, assets and more with another party, secondly, without having to pay ridiculous high fees, and thirdly, without having exposure to counterparty risk. It is important to notice that Veritaseum only provides the software that makes this possible.
Let’s look at some real-world examples…
Source of Video: Reggie Middleton
Lending Money to Another Person
You could decide to borrow or lend money based on a predetermined interest rate. Once you’ve found a lender you could easily set up a smart contract to pay and receive money at a fraction above the base rate of interest. This gives you more capital to either repay a loan or invest into other lending opportunities, and since there is no middleman involved and zero counterparty risk – it is a win-win for both parties involved.
Investing Without the Fees
Investing into a mutual fund often comes with a hefty management charge — typically between 0.5% and 2% a year. Investing via the Veritaseum “engine” would remove that management charge, maximizing the value of your investment and ensuring you enjoy the full benefits of any returns.
Factoring in a Cost and Time Effective Manner
Factoring the traditional way is both a costly and time consuming exercise, mainly as a result of the middlemen and legacy systems involved.
As a business owner – the smart contract enabling software developed by Veritaseum – can be “fine-tuned” to provide you with the option to sell your accounts receivable (e.g. invoices) to a third party or factor at a discount without the participation of a middleman. This while enjoying zero counterparty risk.
Just imagine the positive impact this will have on the cash flow of your business (not even to speak of your stress levels). Why pay middlemen to facilitate such a transaction when you can do it yourself from the golf course at your leisure?
Foreign Currency Exchange
Banks make an enormous amount of money through levying fees and offering less than ideal currency exchange rates.
The power of the VERI “engine” could allow you to find someone in the country you want to exchange currency with, agree a fair exchange rate, and make / receive payment, all without fees or middlemen.
With currency exchange and international travel being a burgeoning industry, there is plenty of money to be saved.
Paying for Goods and Services
Perhaps one of the most pervasive of all fees is the charge to accept debit or credit card payments. Typically, a credit card provider will charge between 2.5% and 3% of the value of a transaction as a processing fee. This really eats into the profits of businesses.
The solution offered by Veritaseum will reduce those costs to next to nothing — imagine earning more profit each year!
Redeeming VERI Tokens for Research Reports
Gnosis – Graphical Representation of EBITDA
VERI tokens can be redeemed for research, including forensic valuation reports. One such report, a forensic valuation of Gnosis (GNO), can be downloaded free of charge here. The latest reports, forensic analysis and valuation reports of Ripple (XRP) and Augur (REP), can be redeemed for VERI tokens.
All of these solutions are driven by the development of blockchain-based software that enables peer-to-peer capital markets, and although it’s early days, Veritaseum’s revolutionary approach has enormous potential to massively disrupt, not only the financial industry, but many others – and gives us access to far more of our hard-earned money.
Even the likes of Uber can expect to be given a run for their money. Uber is most likely going to feel how traditional transport companies felt the day they burst onto the scene in a highly disruptive manner.
If you want to get involved with Veritaseum, follow Reggie’s insightful blog. You might also want to pay a visit to their official website and follow Reggie on twitter – where he is frequently posting updates.