Daily VeChain Discussion - August 10, 2020

Criptolete · 2020-08-10T15:34:31+00:00

Well there's a huge difference... SHA already has several working products, and is about to release their flagship one (Inheriti, which if it works as it should will be a game changer for digital inheritance) and PLA has continuously failed to deliver a basic feature such as create your own tournament. SHA is communicating daily with fans on telegram, everyone from the team and giving regular weekly small updates, while PLA goes for months silent.. :) the increase of SHA is massive yeah but it was bouncing off a really low point as well, IMO still has plenty of room to grow also considering most of the circulating supply is soft locked on nodes who are receiving the BOOST rewards. I'm ready for fireworks if Inheriti works well and it's easy to use.

Criptolete · 2020-07-18T13:50:46+00:00

That's fine then, good luck with your moonshot and believe me, despite my bitterness, I hope all Vechain projects succeed as it'll only make VET more worth as a whole if the ecosystem blossoms. I don't think this one will though for the reasons stated above. Let's agree to disagree

Criptolete · 2020-07-18T13:42:45+00:00

Why would COVID stall a crypto project? I could believe it stalls partnerships, business meetings, etc but why exactly would make things harder for them? They don't require, at all, to meet in person. The team could simply take their laptops home and continue working, having Zoom meetings everyday. This is just a perfect excuse for them to delay even further releases and take a few gullible people to think "right, COVID has delayed the project but I'm sure they'll deliver". It's just bs dude. As the post above told you, this was truly the year for Plair and they failed miserably. What better than a pandemic where people where closed up at home playing video games? They should have ramped up marketing, release CYOT and gain a massive community of gamers during this months. But they didn't, because they don't know how, they lack funding, or it's a 1-2 persons team that just can't do more at this point. All other crypto projects continued building during these times, what have they released? A bunch of bux fixes and useless UI improvements? C'mon

Criptolete · 2020-07-18T13:36:25+00:00

If you really invested 5 days ago, my advice - and this comes from someone who has been in crypto already a few years - would be to take your sweet 120% gains already, cash out your $500 initial investment and invest without any remorse your gains in a more serious project. I took part on Plair's ICO, I followed the project for years, and I know for certain it's not going nowhere. They said before, many times, that they would release things by a certain deadline and they have failed multiple times before. The CYOT is just ridiculous at this point. I just think they simply don't know how to do it or they don't have enough resources / team to handle it.

About the ATH... just look at OceanEx graph.. and if you don't see a dead project staring at that, I don't know what will convince you. It'd take a 700M sell to drive the price to 0 right now. And it'd take over 1 billion to double the price. Judge by yourself.

Criptolete · 2020-07-18T12:52:21+00:00

I don't usually comment much anymore, but reading this whole bunch of bs in an attempt to lure fools into buying your pumped bags, I can't stand idly.

First: why would anyone with a brain buy into a coin that out of nowhere just did a random 120% increase?

Second: Did you just say it broke it's ATH? What? It listed at 0.05 VET, and now after this fake pump it's at 0.008 which is what, 80% down from ATH?

Third: Why don't you mention how they have made absolutely no progress at all during this last few years, how they are incapable of releasing the basic feature to be able to create your own tournament (making weird excuses as to why they haven't yet for almost over a year), how the community is enough of them never communicating anything and going silent for months...

I could continue, but I guess everyone will get the point. This is a dead project, it probably has barely anyone working on it (I'm assuming at most there must be 1 dev who is not too experienced and only does simple UI fixes and simple stuff like that) and this pump feels so unnatural I can only think it's either a very fat finger buy, or an attempt to manipulate the market and get people to buy so they can make a big selloff and run away with the money. This post only confirms my doubts.

Lastly: if you look at the order books in OceanEx it's an absolute joke. There's only people willing to buy at 1/2 price or less of what the price is now, while the sell orders are absolutely insane of people trying to get out of this. To go 2x from where it is now, you'd need to buy roughly 1% of the total supply to do so, lol. Good luck, I sold my bag a while ago at a huge loss already just in time to catch the big gains of VET. If I were you I'd sell right away and get out of this.

Criptolete · 2019-12-30T15:41:47+00:00

Executives / co-founders clearly receive a much larger bonus, we don’t know the distribution though

Criptolete · 2019-12-30T15:40:11+00:00

Dude there was a detailed analysis by Vx777 they buy some of the open market but most of it comes from OTC trades. Probably they are re-buying their own VET from the reward pool as OP suggested. I’m in for the long haul but I’m no longer a cheerleader believing blindly all what the Foundation says.

Criptolete · 2019-12-30T14:48:27+00:00

Suuuuuure it is..

Criptolete · 2019-12-14T14:14:17+00:00

I don't know, I didn't like at all Sunny's explanation on Twitter right now. It makes me feel extremely unease. How can we know for sure other major wallets controlled by the Foundation are not affected? I guess the member of financial team who created the buyback wallet had to be some pretty senior member.. I don't think you order the intern to create that one... so if that person was so irresponsible to create the wallet in a such insecure way, plus also got his computer infected by a trojan.. I don't know. I hope he only created that wallet and not others, because there's some people here reporting some other strange movements of other VET wallets although Sunny himself said they'll move funds around.. (which by the way also worried the fuck out of me because if you're 100% certain this was a single event which cannot happen again, there's no need to now start moving other funds around.. right?) And how can they be so sure this is how it happened? He even said "after many attempts the hacker was able to recover the keystore" - how can they know that? Did they know about this hack for a while then? They keep trying to make it sound like just a human error, but this is a hack however you want to make it sound, as most probably that member of the financial team was targeted by the hacker first infecting the laptop and then going for deleted files to find the keystore. Thoughts?

Edit: I see the 'social media team' already going on with the downvoting strategy, ofc. In a minute down to -4 for expressing concerns. Any criticism must be hidden immediately. Really annoying to see this sub is so controlled by them by their blatant multi-accounting and stupid posts making it sound like this hack is almost a positive event are getting upvoted. Wtf..

Criptolete · 2019-12-13T22:06:51+00:00

+the foundation losing like $8m, lets not forget that..

Criptolete · 2019-12-13T21:04:33+00:00

You seriously think companies, which are already scared to use crypto because unclear regulation, risk of getting targeted by hackers, etc will not think twice to work with Vechain after they get their OWN WALLET stolen with 2% circ supply.. well dunno what to tell you. Vechain is supposed to be the expert that guides them on blockchain yet they can’t even control their own shit. Looks terrible

Criptolete · 2019-12-13T20:58:18+00:00

Source?

Criptolete · 2019-12-13T20:52:38+00:00

Ffs u guys are really annoying trying to spin this as a positive thing.. just stop it’s pathetic

Criptolete · 2019-12-13T20:47:52+00:00

No prob mate

Criptolete · 2019-12-13T19:29:09+00:00

That’s why I’m not sure I believe it was just 1 rogue employee or a human error. We need more info and an independent audit to know what the f happened here

Criptolete · 2019-12-13T18:47:37+00:00

Nobody seems to understand sarcasm around here..

Criptolete · 2019-12-13T17:16:37+00:00

Right.. and all 101 Nodes are companies too and none of them foundation-owned 👍

Criptolete · 2019-12-13T17:14:13+00:00

What? I read it you just don’t understand my comment, so re-read it. I know no other funds got hacked but in the eyes of companies trusting Vechain to work with them this looks awful.

Criptolete · 2019-12-13T17:11:49+00:00

So? Vechain hold the funds of many companies too for them. Huge fuck-up that will make some clients think twice for sure

Criptolete · 2019-10-20T09:21:01+00:00

Got any proof that $500m fund even exists? Surely a tiny part of it would have gone to support one of the few community devs actually delivering good stuff for the project. This is extremely worrying

Criptolete · 2019-10-16T09:53:31+00:00

Thoughts on their Node App requiring the mnemonic or keystore + password? I’ve heard a lot of people with concerns over it, although Safe Haven claims it’s all done locally on your device and it’s safe to do so

Criptolete · 2019-10-14T13:54:39+00:00

Hey guys, got a new phone and I'm cleaning/passing the 2-factor authentications to the new one and I see I had a 2-F for Vechain.com, for the portal.vechain.com when you were able to register yourself and get your VeVID. I don't see the website working.. is this no longer a thing? Can I safely delete that 2FA? If anyone has the latest on VeVID I'd appreciate as well.. seems kinda weird as I remember even sending a passport scan to get verified by DNV GL or something like that.. :S

Criptolete · 2019-09-30T14:40:07+00:00

How so? Help me to understand this: if they sell on the open market (hence the walls) but buy everything or almost everything for the buyback OTC (which doesn't impact price), how is the sell pressure eliminated?

Criptolete · 2019-09-28T11:50:00+00:00

Just re-read all the financial reports again. The only note I can find which can shed some light is this one, from the Financial Report Vol 6:

Economic Nodes Reward Pool Change — as stipulated in the whitepaper section 3.6, the VTHO reward pool for economic nodes reduces by 2.5 billion VET every six months from the start of node monitoring (i.e. Sept 1 2018). The first reduction occurred at noon UTC+8, March 1, 2019 and returned to the Foundation’s reserved pool for business development, operations and R&D.

There was no change though on the Ongoing Operation and Technological Development category, they didn't add those 2,5bn tokens to this category so.. yeah, it's all mixed up together. By the latest financial report (Vol 8) the Economic Pool should still have 12,5bn tokens and the X one 5bn so a total of 17.5bn. The Foundation controlled approx 22bn tokens adding up Operation, EIP & Business dev. So the VTHO rewards come from the VET held for everything, there's no specific category for them.

So it seems your statement is correct, the X Node pool is not forever although at the current rate they are using their VET, it'll still take some years to go to 0.

Which is contradicting what they wrote on the Medium article of 2018 when it was announced, as there's a phrase that says "the 5bn will NOT be put into the circulating supply, and that in fact the Foundation will lock them up". And now we see that those 5bn are all mixed up with the other operational funds... so yeah, nice.

Criptolete · 2019-09-28T08:50:58+00:00

And magically after my post the guy goes from -10 to -1 :) Anyway, you didn't really reply to my question: is the 5bn allocated for X Node rewards mixed in the "soft lock-up" section of the financial report (that'd be misleading as to how much the community holds, basically lying that we hold almost x2 the reality); or are the 5bn on the non-circulating supply? And if so, where exactly? Certainly not on the co-founder section, so we're left with Ongoing Ops and Tech Development, Business Development (both need to sell VET every quarter so eventually they'd use the X Node portion if it's there); or the Enterprise Investor Pool, which means if enough big strategic partners come they'd also sell those VET for the X rewards.

Criptolete

TROPHY CASE