Forwarded from crab notes 🦀 lobsterdao
BEAM: the glorious NO PREMINE meme 🤦♂️
One of the way maximalists like to get their pipi excited - is to talk about fair launch and bash Ethereum scam because it had premine. Fair launch is when no one has any coins "for free" minted pre-launch. Everyone can start PoW mining at the same time. Sure, you have some information assymetry since mining early=better, but it's at least "fairer".
But oh, people need to eat, so what to do? Need money... Sell a part of the future foundation rewards! This is how Zcash did it as well. As PoW mining kicks off and proceeds, part of block rewards go into the foundation, which is their incentive to keep developing the protocol. What you do is pre-sell that. So investors get some USD early, and investors get their future rewards "cheaper". Look at those yearly plans. They expect to be alive after 100 years?! Thus, Beam raised over 5M USD this way 💰
Putting that aside, they had also their own miners at the very beginning which is not really unprofitable. Talking about information assymetry. So, Beam had some 💰 from mining early as well. And let's raise more! Now, Beam is raising money to build commercial solutions on top of Beam. A different equity raise, not for the tokens. This is to speed up adoption, of course, right? They are planning for 5-10M USD for Series A 💰 Screenshots attached below. Thus, Beam is trying to raise yet another bag.
Just to note: projected marketcap of 1B in 2019. Current marketcap is 8.5M...
How much is ENOUGH? When does one STOP RAISING? 🙅♂️ Thx @WolfCryptoAnnounce
One of the way maximalists like to get their pipi excited - is to talk about fair launch and bash Ethereum scam because it had premine. Fair launch is when no one has any coins "for free" minted pre-launch. Everyone can start PoW mining at the same time. Sure, you have some information assymetry since mining early=better, but it's at least "fairer".
But oh, people need to eat, so what to do? Need money... Sell a part of the future foundation rewards! This is how Zcash did it as well. As PoW mining kicks off and proceeds, part of block rewards go into the foundation, which is their incentive to keep developing the protocol. What you do is pre-sell that. So investors get some USD early, and investors get their future rewards "cheaper". Look at those yearly plans. They expect to be alive after 100 years?! Thus, Beam raised over 5M USD this way 💰
Putting that aside, they had also their own miners at the very beginning which is not really unprofitable. Talking about information assymetry. So, Beam had some 💰 from mining early as well. And let's raise more! Now, Beam is raising money to build commercial solutions on top of Beam. A different equity raise, not for the tokens. This is to speed up adoption, of course, right? They are planning for 5-10M USD for Series A 💰 Screenshots attached below. Thus, Beam is trying to raise yet another bag.
Just to note: projected marketcap of 1B in 2019. Current marketcap is 8.5M...
How much is ENOUGH? When does one STOP RAISING? 🙅♂️ Thx @WolfCryptoAnnounce
Forwarded from Guy Corem
First, it is unethical and unprofessional to publicly share information that was only intended to the recipient’s eyes. We know exactly who the leaker is, btw.
As to the facts:
Yes, Beam raised VC money against part of the Founders' Reward, similar to Zcash's model, all from professional and respected investors.
Yes, at some point we shared certain projections with certain investors, always with disclaimers. Projections do not always come true.
Yes, we may raise additional VC funds in the future to continue developing the protocol and solutions on top of it.
No, we have not done ANY "early mining" of Beam. The launch was 100% fair. Anyone who accuses us of this better be able to present some proof. We also understand that the leaker also made an accusation that the team rented 1 million mobile phones to mine Beam which is utterly ridiculous.
We are running as a company and we never tried to hide that. We are transparent with the community as much as a company can be. We are very confident of what we are doing and we have nothing to be ashamed of.
We have always made it clear that eventually the control of the protocol will be passed to the Beam Foundation that will use part of the Treasury to operate, while the company will be building various business uses cases on top of the protocol and the currency.
We are always forthcoming and ready to answer any questions, including tough ones. Come see for yourself: https://t.me/BeamPrivacy
As to the facts:
Yes, Beam raised VC money against part of the Founders' Reward, similar to Zcash's model, all from professional and respected investors.
Yes, at some point we shared certain projections with certain investors, always with disclaimers. Projections do not always come true.
Yes, we may raise additional VC funds in the future to continue developing the protocol and solutions on top of it.
No, we have not done ANY "early mining" of Beam. The launch was 100% fair. Anyone who accuses us of this better be able to present some proof. We also understand that the leaker also made an accusation that the team rented 1 million mobile phones to mine Beam which is utterly ridiculous.
We are running as a company and we never tried to hide that. We are transparent with the community as much as a company can be. We are very confident of what we are doing and we have nothing to be ashamed of.
We have always made it clear that eventually the control of the protocol will be passed to the Beam Foundation that will use part of the Treasury to operate, while the company will be building various business uses cases on top of the protocol and the currency.
We are always forthcoming and ready to answer any questions, including tough ones. Come see for yourself: https://t.me/BeamPrivacy
On May 27th we held an AMA with Chromia in our public Telegram channel. A full summary of the AMA is provided in the Medium link below.
🗣 Project Summary -
Chromia formerly Chromapolis, is both a blockchain and a relational database. This means that decentralized applications (dApps) can be written in a way that is familiar to developers all over the world, whether they work on large enterprise applications, games, or smaller projects.
All applications need a way to store and handle application data - a database. Relational databases are considered to be best in class for flexibility, versatility and consistency.
Blockchains perform the role of a database: They store application data and make sure that any additions, updates and transformations are consistent with the rules of the application. By delegating blockchain logic and storage to a relational database management system, Chromia achieves a seamless fusion of the two.
Chromia are the next IEO on KuCoin Spotlight, starting on May 28th.
https://medium.com/@wolfcrypto/chromia-ama-with-wolf-crypto-2e07262d0489
🗣 Project Summary -
Chromia formerly Chromapolis, is both a blockchain and a relational database. This means that decentralized applications (dApps) can be written in a way that is familiar to developers all over the world, whether they work on large enterprise applications, games, or smaller projects.
All applications need a way to store and handle application data - a database. Relational databases are considered to be best in class for flexibility, versatility and consistency.
Blockchains perform the role of a database: They store application data and make sure that any additions, updates and transformations are consistent with the rules of the application. By delegating blockchain logic and storage to a relational database management system, Chromia achieves a seamless fusion of the two.
Chromia are the next IEO on KuCoin Spotlight, starting on May 28th.
https://medium.com/@wolfcrypto/chromia-ama-with-wolf-crypto-2e07262d0489
Medium
Chromia AMA with Wolf Crypto
We held an AMA with Chromia in our public Telegram channel on May 27th.
Crypto + Football 💰⚽️❤️
"Sports is the perfect vehicle through which to educate mass consumers about the potential and the utility of blockchain technology. I’m proud that Binance and Chiliz are leading that charge globally.”
CZ (Changpeng Zhao), CEO & Founder of Binance
https://twitter.com/alex_dreyfus/status/1133728808840957952
"Sports is the perfect vehicle through which to educate mass consumers about the potential and the utility of blockchain technology. I’m proud that Binance and Chiliz are leading that charge globally.”
CZ (Changpeng Zhao), CEO & Founder of Binance
https://twitter.com/alex_dreyfus/status/1133728808840957952
Twitter
Alexandre Dreyfus
Deep-dive presentation of @socios mobile app by @chiliz. If you want to understand the product, the model and our vision. 10 minutes. https://t.co/ta2Dc3v9OU
Algorand = REKT?
"He believes that in the Algorand protocol, if the attacker controls 1/3 of the currency, then they can effectively maliciously fork the blockchain."
33.3% attack...
https://hackernoon.com/a-fatal-flaw-in-algorand-professor-yongge-wang-takes-apart-their-renown-consensus-agreement-4c111286cdbb
"He believes that in the Algorand protocol, if the attacker controls 1/3 of the currency, then they can effectively maliciously fork the blockchain."
33.3% attack...
https://hackernoon.com/a-fatal-flaw-in-algorand-professor-yongge-wang-takes-apart-their-renown-consensus-agreement-4c111286cdbb
Hackernoon
A Fatal Flaw in Algorand: Professor Yongge Wang Takes Apart Their Renown Consensus Agreement | Hacker Noon
🔴 Live coverage from the Craig S. Wright live interview at CoinGeek Toronto:
1. Craig created Bitcoin.
2. Craig registered bitcoin.org
3. Craig is the satoshi on Bitcointalk, with help from Dave.
4. Silk Road turned him off and this is why he disappeared. “Everything I have been doing for years, I thought I failed”
5. A pseudonym was used because of the nasty way previous attempts at digital currencies ended.
6. 21 million bitcoins was a result of integer value limitations.
... cont’d
1. Craig created Bitcoin.
2. Craig registered bitcoin.org
3. Craig is the satoshi on Bitcointalk, with help from Dave.
4. Silk Road turned him off and this is why he disappeared. “Everything I have been doing for years, I thought I failed”
5. A pseudonym was used because of the nasty way previous attempts at digital currencies ended.
6. 21 million bitcoins was a result of integer value limitations.
... cont’d
7. Craig was the only one to run bitcoin nodes at the start, 65 machines at his cattle ranch. His farm and house were 3 hours apart.
8. Dave helped with keeping the machines running.
9. “It was a hobby—a hobby I spent all my money on.”
10. The first week was just abysmal, the blockchain kept falling over.
11. The bitcoin project was left in the hands of Gavin—“he’s too nice and made me look like a shadowy figure”
...cont’d
8. Dave helped with keeping the machines running.
9. “It was a hobby—a hobby I spent all my money on.”
10. The first week was just abysmal, the blockchain kept falling over.
11. The bitcoin project was left in the hands of Gavin—“he’s too nice and made me look like a shadowy figure”
...cont’d
12. Wouldn’t change anything about Bitcoin, as it’s finally scaling.
13. Attacks on him as a person have affected his family.
14. Family have been very supportive in his bitcoin journey—“I’ll never be nice, not a lot of people can put up with me; I’m better than I was”
15. “I’m not good with groups, when I first came out I was scared shitless”
13. Attacks on him as a person have affected his family.
14. Family have been very supportive in his bitcoin journey—“I’ll never be nice, not a lot of people can put up with me; I’m better than I was”
15. “I’m not good with groups, when I first came out I was scared shitless”
Are Origo selling ecosystem tokens on Bittrex?
https://etherscan.io/address/0x337E6796855fCe218b71E54B95385489cc6cD1A1#tokentxns
https://etherscan.io/address/0x337E6796855fCe218b71E54B95385489cc6cD1A1#tokentxns
Bye bye criminals?! Following BestMixer.io takedown by European authorities, competing “Bitcoin Blender” BTC mixing service shuts down after 5 years of service.
The Life of an ICO Exit Scammer
https://medium.com/@aphelionveterans/ian-holtz-the-story-of-a-scammer-7521e52c87f7
https://medium.com/@aphelionveterans/ian-holtz-the-story-of-a-scammer-7521e52c87f7
SEC charges Kik (KIN token) for allegedly conducting $100m illegal ICO in 2017.
https://www.sec.gov/news/press-release/2019-87
https://www.sec.gov/news/press-release/2019-87
The first sign of a slow exit scam...remember this project was brought to you by the nefarious and notorious Moshe Hogeg, the lead architect behind the crypto scam known as Stox (STX).
We have posted multiple warnings about Moshe and any projects he is involved in on this channel...
"Dear SIRIN LABS Community,
We would like to thank you for your support of SIRIN LABS and FINNEY over the past 15 months, especially at the post ICO stage, during which we have been working hard to complete our mission and bring our Finney phone to life. It has been our absolute pleasure to be able to meet, interact and even befriend many of you. Your feedback, suggestions and thoughts have been invaluable to our process.
Since before the start of our crowdsale, nearly every member of our team has been actively engaging with the community on different topics, keeping you updated on our progress. Our CEO on the vision of the company, our CSO on FINNEY’s mobile security and even members of the development team have jumped in to clarify and explain different functionalities.
Unfortunately, all good things must come to an end, and now that our first mission was completed and the FINNEY has been released, we will be shifting to an announcements channel, keeping you updated with significant events and plans, while the telegram group will be shut down on March 1st, 2019.
We want to thank you all again for your support, advocacy and engagement with us, and encourage you all to continue following SIRIN LABS news through our website, newsletter, Twitter, Facebook and Instagram pages.
Sincerely,
SIRIN LABS team"
We have posted multiple warnings about Moshe and any projects he is involved in on this channel...
"Dear SIRIN LABS Community,
We would like to thank you for your support of SIRIN LABS and FINNEY over the past 15 months, especially at the post ICO stage, during which we have been working hard to complete our mission and bring our Finney phone to life. It has been our absolute pleasure to be able to meet, interact and even befriend many of you. Your feedback, suggestions and thoughts have been invaluable to our process.
Since before the start of our crowdsale, nearly every member of our team has been actively engaging with the community on different topics, keeping you updated on our progress. Our CEO on the vision of the company, our CSO on FINNEY’s mobile security and even members of the development team have jumped in to clarify and explain different functionalities.
Unfortunately, all good things must come to an end, and now that our first mission was completed and the FINNEY has been released, we will be shifting to an announcements channel, keeping you updated with significant events and plans, while the telegram group will be shut down on March 1st, 2019.
We want to thank you all again for your support, advocacy and engagement with us, and encourage you all to continue following SIRIN LABS news through our website, newsletter, Twitter, Facebook and Instagram pages.
Sincerely,
SIRIN LABS team"
https://medium.com/opacity-storage/opacity-launches-crypto-file-storage-9271096bf51c
*Terms and conditions apply...
* Not decentralised, (decentralisation is "coming soon") however projects like Sia, Storj etc with much greater funding have been struggling to make this work
* Not actual crypto storage, uses a centralised storage backend like AWS
* Says it's anonymous but by using centralised storage backends, IP's can still be logged...
* Token is used in place of a fiat payment. To buy tokens to use the app you need an exchange account (muh mass adoption)....no fiat to crypto gateway included
* Where did these tokens come from? Funny story, OPQ is a fork of PRL (a self acknowledged exit scam). Team forked PRL, discarded the tech, assigned themselves 27m in tokens (from a float of 130m) before building a product that is the antithesis of the original project vision
* Team also held large amounts of PRL tokens that were then beneficiaries of the OPQ fork
* Project has a burn rate of approx $90k USD per month, $70K of that is paying staff...
* Project has an approximate runway of 6 months. Project sustains itself by selling team tokens on the secondary market to new investors. No new buyers = no runway = no project
* Selling 128GB of storage for 2 OPQ (approx 0.12c...sustainable?)
* Project doesn't have a whitepaper or a roadmap (the new CEO doesn't believe in whitepapers "Whitepapers are hype and hope, not reality")
We could go on...This is a highly risky investment for any potential investor and we urge those looking at this project to exercise caution and do their own due diligence on it
*Terms and conditions apply...
* Not decentralised, (decentralisation is "coming soon") however projects like Sia, Storj etc with much greater funding have been struggling to make this work
* Not actual crypto storage, uses a centralised storage backend like AWS
* Says it's anonymous but by using centralised storage backends, IP's can still be logged...
* Token is used in place of a fiat payment. To buy tokens to use the app you need an exchange account (muh mass adoption)....no fiat to crypto gateway included
* Where did these tokens come from? Funny story, OPQ is a fork of PRL (a self acknowledged exit scam). Team forked PRL, discarded the tech, assigned themselves 27m in tokens (from a float of 130m) before building a product that is the antithesis of the original project vision
* Team also held large amounts of PRL tokens that were then beneficiaries of the OPQ fork
* Project has a burn rate of approx $90k USD per month, $70K of that is paying staff...
* Project has an approximate runway of 6 months. Project sustains itself by selling team tokens on the secondary market to new investors. No new buyers = no runway = no project
* Selling 128GB of storage for 2 OPQ (approx 0.12c...sustainable?)
* Project doesn't have a whitepaper or a roadmap (the new CEO doesn't believe in whitepapers "Whitepapers are hype and hope, not reality")
We could go on...This is a highly risky investment for any potential investor and we urge those looking at this project to exercise caution and do their own due diligence on it
Medium
OPACITY LAUNCHES CRYPTO FILE STORAGE
Opacity focuses on privacy, security, and a familiar user experience.
Forwarded from LTO Network Announcements
Binance DEX to List LTO Network (LTO) 🔥
We did it, LTO family! Thank you for supporting us, your responses have been amazing!
Binance DEX will list LTO Network (LTO) and open trading for LTO/BNB trading pair on Thursday [June 6, 2019] at 15:00 [UTC].
You can find all the details about triple token model and the bridge here 👉 https://new-community.binance.org/topic/111/binance-dex-will-list-lto-network-lto
We did it, LTO family! Thank you for supporting us, your responses have been amazing!
Binance DEX will list LTO Network (LTO) and open trading for LTO/BNB trading pair on Thursday [June 6, 2019] at 15:00 [UTC].
You can find all the details about triple token model and the bridge here 👉 https://new-community.binance.org/topic/111/binance-dex-will-list-lto-network-lto
This media is not supported in your browser
VIEW IN TELEGRAM
Poloniex Flash Crash Rekt-age
• May 26th, there was a flash crash of -77% on CLAM token (huge liquidation cascade of margin traders)
• Velocity of crash/lack of liquidity resulted in borrowers being unable to repay loans with their cryptoassets
• Margin loans defaulted, resulting in 1800 BTC loss from the margin lending pool
• BTC lenders on Poloniex receive 16.202% haircut as of today
• Margin markets for CLAM, FCT, MAID, BTS removed
• Additional risk protection implementation
https://medium.com/circle-trader/overview-of-btc-margin-lending-pool-losses-a2f0905aaa56
• May 26th, there was a flash crash of -77% on CLAM token (huge liquidation cascade of margin traders)
• Velocity of crash/lack of liquidity resulted in borrowers being unable to repay loans with their cryptoassets
• Margin loans defaulted, resulting in 1800 BTC loss from the margin lending pool
• BTC lenders on Poloniex receive 16.202% haircut as of today
• Margin markets for CLAM, FCT, MAID, BTS removed
• Additional risk protection implementation
https://medium.com/circle-trader/overview-of-btc-margin-lending-pool-losses-a2f0905aaa56
Mark June 18th in your crypto calendar, Facebook will be releasing their whitepaper for their cryptocurrency, codenamed Libra.
https://techcrunch.com/2019/06/06/facebook-libra-launch/
https://techcrunch.com/2019/06/06/facebook-libra-launch/
TechCrunch
Facebook plans June 18th cryptocurrency debut. Here's what we know | TechCrunch
Facebook is finally ready to reveal details about its cryptocurrency codenamed Libra. It's currently scheduled for a June 18th release of a white paper
$10M XRP stolen from GateHub
https://www.theblockcrypto.com/tiny/hackers-stole-as-much-as-10m-in-ripple-in-a-gatehub-hack/
https://www.theblockcrypto.com/tiny/hackers-stole-as-much-as-10m-in-ripple-in-a-gatehub-hack/
The Block
Hackers stole as much as $10M in Ripple in a GateHub hack
As much as $10 million in Ripple might have been stolen from Ripple Ledger wallets managed by service provider GateHub, The Next Web’s Hard Fork writes. According to XRP enthusiast Thomas Silkjær, 23,200,000 XRP have been stolen, with $5.5 million (13,100…
A single disk failure took down Binance...Maybe Binance needs a lesson on RAID arrays?
https://twitter.com/binance/status/1137110915713622016
https://twitter.com/binance/status/1137110915713622016
Twitter
Our system detected a disk failure and gracefully shut down to prevent any data loss or corruption.
Will update regularly on our progress during the maintenance.
Funds are #SAFU
We apologize for any inconvenience.
Will update regularly on our progress during the maintenance.
Funds are #SAFU
We apologize for any inconvenience.