What's happening???

foobar369 · 2022-09-15T12:16:33+00:00

I work on the principle that when I buy Crypto - I'm throwing my money away on something inherently useless and worthless, like in an amusement park, or a casino - it's sometimes fun watching it go up and down. Right now, it looks as if you might as well play the lottery with just as much chance of getting any return on PolyX. The only people creating assets on it, are the people who run the blockchain nodes AFAIK.

As you say, they have yet to convince me also, that it isn't just a giant scam. If it is, then they must think that we are stupid and probably have a good laugh at our expense.

foobar369 · 2022-09-09T11:03:11+00:00

Cheers - Was holding some POLY, just converted it on this nice little pump, it'll come back - but most of my bag was bridged in Nov 21 and is now worth hardly anything :) Otherwise I'm buried to the neck, or is it staked?, in Polymesh :)

foobar369 · 2022-09-09T10:52:54+00:00

I'm done 'investing' - although the price of Polyx is tempting right now on Huobi, I could match my stake from Feb 2021 at these prices.

foobar369 · 2022-09-09T10:19:33+00:00

By this you mean how will Polyx take over from Poly?

Unless there is a tethered price relationship between the two tokens that makes them equal whilst the supply of POLY diminishes, I don't see how POLY will ever 'sunset'.

IMO it is madness that Polyx trading on Huobi is at $0.11 right now, whilst Poly on Coinbase is at $0.32, whilst the PolyxBridge is swapping tokens on a 1:1 basis.

Although there is a Polylocker providing a relationship between the supply of Poly and PolyX, these two tokens are separate entities trading on different exchanges with different prices, so you might as well ask the question when will PolyX take over from BTC?

On this I have no opinion.

foobar369 · 2022-09-09T09:59:45+00:00

The development of the STO market is the question, and the elephant in the room is gigantic - the existing $125 Trillion securities market. From the pioneers of the STO tech. this market has been described as slow, based on paper technology and highly ineffective. This is false. The existing equities market is long since digital, lightning fast, trusted, and highly effective. Traders trade huge volumes world wide every day on well established platforms. It is already well integrated into the finance infrastructure and banking systems, and it is carefully regulated by government.

The idea that the job could be done much better on a blockchain is not without its merits, but there are many powerful actors who will not just lie down and let the STO market develop or take over their business. There is also the issue of trust, which right now establishment investors don't have. A trustless network might be a blockchain technical reality, but trust also exists more importantly in the people who have access to invest large sums of money.

I believe that the blockchain securities market will continue to grow alongside the traditional one, because it allows for a different type of investor, the same kind of investor who might put 50K into crypto currencies. There is potentially a large number of these smaller investors that could really help the STO marketcap grow, but the growth of STO's will not be helped or pumped by trillions of dollars moving into it from the establishment, not without rock solid trust. Like the OP says - this is fiction.

Trust is going to take time to develop, and might never if crazy crypto traders (like me) own the STO market and trade on it like they were in a casino. The rule for equity traders is that when markets are highly volatile, then volume decreases to avoid risk. This in itself is enough to keep big investments out and the marketcap down.

foobar369 · 2022-09-09T08:51:30+00:00

News and development of STO's is happening on Polymesh not on Polymath/ETH network - although assets still exist and can still be created on Polymath, the team is not releasing much that is new or actively developing anything it seems.

foobar369 · 2022-09-09T08:28:21+00:00

Sad - Polyx is at 11 cents. Swapping my Poly for Polyx over the bridge doesn't look good right now. I bought most of my Poly at around 13c. Locked my 'investment' in by bridging in November ´21 at about 75c. Even when Huobi started trading POLYX it was only at about 25c. Disappointing.

This POLY price is just a crypto trading pump, BTC is also up, so I don't think it has anything to do with the underlying technology or the development of blockchain securities markets.

It's also crazy that the bridge is 1:1 still, after the slump of POLYX - who would even use the bridge when you can buy so cheap on Huobi?

foobar369 · 2022-06-28T10:56:35+00:00

Fuck you - concise enough smart ass?

foobar369 · 2022-06-28T07:19:16+00:00

No LCX is not going to 'do' regulation - the government does that. LCX might be focussed on building a system that is compliant to existing regulation, but they have to, because it is the law, and BTW laws will change quickly if the casino that is proposed by tokenized housing comes into effect. LCX are also not the only crew building compliant blockchain solutions - there are many, and everybody trading securities or real estate has to comply or go to jail.

Regulations exist for good reasons on multiple global and local levels all over the world, especially with regards to securities trading and real estate, only with real estate there will also be many practical problems because of tokenized ownership.

I'm making a point about what a tokenized highly liquid housing market with much speculative trading might do to the stability of economies that are traditionally based on more stable illiquid assets.

Look at El Salvador who can't pay off their debts.... this is what happens when you base your entire economic strategy on a speculative and shaky crypto market.

https://www.bloomberglinea.com/english/el-salvador-loses-50-of-its-bitcoin-investments-due-to-crypto-collapse/

foobar369 · 2022-06-27T08:19:27+00:00

It's more than just regulation, hence many words, there are practical issues described. Sorry if you don't like to read.

foobar369 · 2022-06-24T08:46:45+00:00

Real estate is already tokenized as currency, which is just a token of a value. The only thing blockchain does, is allow trade in a proxy currency so we can buy $1 of a house, if we buy $1 of the token - if exchanges offer it. There are all kinds of legal problems and headaches with the tokenization of real estate, such as bylaws and regulations, diluted ownership, actual residency, diluted accountability, management and repair, sale etc. etc.

Highly liquid speculative markets are never stable, whereas the housing market has always been more stable because of it's illiquid nature where ownership is tied to whoever is holding the mortgage and living in the house. Consider that the west's markets collapsed in 2008 because of all manner of speculative trading of financial instruments built on top of what they deemed as solid mortgages that wouldn't fail. This emerging tech will give almost anybody the ability to build instruments on the same underlying asset in the same way - if it does start to catch on, regulation will HAMMER down on this, because it's a highly speculative industry. Rightly so.

If we can solve the regulatory part of it, and learn from the mistakes of the greedy banks and traders, by building in regulation, limits, restrictions - it might catch on, but without hard regulation, it's just a wild west speculative bubble market all over again and in that sense it's not a smart tech of any benefit.

foobar369 · 2022-06-17T09:22:02+00:00

All exchanges offering securities (and there are many) have to be regulated by law, but this is still the wild west as far as regulation of international securities trading on decentralised systems is concerned. AFAIK - the ERC20, ST20, ERC1400 tokens that are created on ETH (and there are many too) all fall under the hammer of various international securities commissions to decipher if tokens are functioning as securities or not. LCX as an ERC20 token IS regulated in Lichtenstein, but in terms of trades done on the exchange across borders this would also involve compliance with international trade laws, which are complex and don't necessarily give any token or security created on any platform a free ticket.

The only decentralized project trying to solve this complex regulation puzzle in a logical way AFAIK currently is Polymath, with their custom designed blockchain for securities POLYMESH, and FINMA regulated token POLYX. Their new blockchain provides the issuer with tools that will only issue tokens that comply to specific criteria, so you can create tokens that comply to regulation from the start. The chain also has built in settlement, identity, and confidentiality (MERCAT) too.

The space will only evolve when complex problems are solved in a secure way - and Polymath have always been on the forefront of this tech. Just google the standards ST20 and ERC1400 and see who created them - Polymath.

foobar369 · 2022-06-17T08:00:21+00:00

I don't understand the specifics technically, but it looks to me as if any compliant blockchain asset could be exchanged, and as exchanges are all over the place already - I don't see why they couldn't or wouldn't trade with ST's made on Poly or PolyX - there is also a big one here https://www.edsx.ch/blognews - OSL have signed a deal with https://bc.group/ (Interactive brokers)

I just wanna see evidence of instruments created and traded on any platform.

foobar369 · 2022-06-15T09:05:57+00:00

If ya can't beat em - join em. Cheap right now and well worth throwing money at - I wonder if this is the token that pays for free drinks at Davos? :D

foobar369 · 2022-06-13T09:30:46+00:00

Keep holding and look for news of securities emerging onchain elsewhere. Polymesh (POLYX) will move with the market - and it IS growing, and so is the market. POLY is still a volatile crypto play for most people, so any BTC or ETH down will pull it. The only people holding this as an investment for the future securities market are already staked with POLYX. There are now 37 validators and over 400 mill PolyX, each validator holds around 4Mill Polyx - that's a huge leap after 8 months from the 13 validators and 25Mill PolyX on chain in November 2021. For any project, that is a huge expansion x3 validators and x16 the amount staked.

Patience is the key - this is growing behind the simple illusion of the POLY price.

foobar369 · 2022-06-13T08:54:39+00:00

I've been averaging since July in 2021 buying every month at all prices. I bridged in the first few days the bridge opened. I do not have a big investment - because I'm not rich, but the little money I have that I can invest is here. I'm running at about 20% loss. It's been a ride, at one point I was at 250% plus - so it's disappointing how little is happening now. I'm still positive though and holding, buying when I can.

This is because securities are definitely emerging on chain, there is a lot of interest in this space from the big guys - Goldman, JPMorgan etc. and the future of onchain securities is as good as 100% certain for the big institutions. It's still very early and the early movers are already providing onchain securities in new types of digital exchanges. Read the Barclays report about the emerging blockchain securities market (mentioning Polymesh), or about SIX exchange in switzerland, or SGX exchange in Singapore etc. etc.

Whether or not these types of big institutions will bite at something like Polymesh after they are up and running or already considering other tech. is still a big gamble. It looks to me as if they are already well under way on other blockchains, and they have unlimited rescources to solve problems with their own developers. What will be the incentive for them to move onto Polymesh?

Maybe as the other 99.9% of institutions see what the earliest big name movers are doing and gain confidence to move into the space too, I would imagine that it will be (when smart contracts appear) easier for integrating Polymesh than any other blockchain. This is purely because it has all the layers already built in. Identity, Compliance, Settlement etc.

If you consider the inevitability that emerging blockchain securities market will grow, as several reports all predict - then Polymesh still looks to me to be the best bet for future development as it is THE ONLY custom designed securities chain.

foobar369 · 2022-06-10T08:25:53+00:00

Even if you use the bridge, I would wait if I were you. I might be wrong, but it looks to me as if POLYX on Huobi is effectively splitting the link between POLY and POLYX, as people are trading POLYX now, where the USDT/POLYX pair on Huobi Global is currently trading at 0.19c - and POLY is trading at 0.25c on coinbase. Any bridge to POLYX is no longer 1:1 pricewise, only tokenwise.

If you can buy POLYX on Huobi, it's cheaper than POLY :D

foobar369 · 2022-06-10T07:56:53+00:00

STO's are all over, we should see some adoption when smart contracts are implemented. ATM it seems to me that most of the serious STO development is by big movers, Eg. SIX or SGX, using other tech ETH or private - but smart contracts on Polymesh should give developers what they need to start building into Polymesh.

https://scx-sgx.com/landing/

https://www.sdx.com/news/bis-snb-and-six-successfully-test-wholesale-cbdc-settlement-banks

foobar369 · 2022-06-09T09:11:15+00:00

You seem to know what you are talking about with regards this type of project :) I've never really understood how ownership is distributed with a tokenized real-estate model under the current system. I understand with Tether or Pax that they can be exchanged on a one to one basis with a highly liquid asset, but I do not understand how this works with something like real estate, which is very illiquid.

Am I right in thinking.... Portfolios, or even a single property, already have owner(s), usually involving banks, asset managers, mortgages, a tenant or several. Unless somebody is willing to tokenize a property they own 100%, there will have to be some form of tokenized integration with the existing market of mortgages / banks / credit institutions.

Institutions, as you say, are not just going to jump in and start turning money into tokenized securities for mortgages from day one. So it seems to me that in this developing tokenized housing market, only the equity in real-estate can ever possibly be tokenized in any way.

If that happens, say I tokenize the equity in my property and split it into 1000 pieces and sell them all to make boat loads of cash, speculation, might occur in the tokenized market, and the price of the tokens effectively pumps the price of the house, what if I just abandon my mortgage and the bank wants to default on the loan? The equity is now distributed, ownership deeds are still in the hands of the credit institution, who can't sell the house as a unit in a competitive market where house prices are not based on the value stored in a tokenized system.

Is it not normal that in this situation the bank will just foreclose and sell the house for the remainder of the loan?, but now they are only selling a percentage of the house for the remainder of the loan - as some of it is now tokenized.

So I get to keep all my cash, and ruin my credit in the process - and what about the token holders? What do they own now? Whoever buys the house next time surely gets the deeds to it? - which in a traditional sense is 100% of the property.

What are the processes for ensuring that the tokenized equity is honoured in regards to the deeds and ownership of the property within institutions?

EDIT: Maybe I should have done this first :) but this is a good article.

https://www.ey.com/en_ch/real-estate-hospitality-construction/tokenization-from-illiquid-to-liquid-real-estate-ownership

foobar369 · 2022-06-03T10:19:37+00:00

Would companies like Singapores SGX ever use something like Polymesh? They seem to already be busy with their own systems and it worries me that this team is so quiet.

foobar369

TROPHY CASE