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    Cryptocurrency Daily Discussion Megathread - September 23, 2018

    September 23, 2018

    Cryptocurrency Daily Discussion Megathread - September 23, 2018

    Daily Discussion Megathread - September 23, 2018

    Posted: 22 Sep 2018 11:44 PM PDT

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    submitted by /u/CryptoCurrencyMod
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    Small business owner in Venezuela before and after the FIAT crisis

    Posted: 22 Sep 2018 08:24 PM PDT

    Every time Bitcoin drops 5%

    Posted: 22 Sep 2018 09:34 AM PDT

    Last night the Dodgers introduced 20,000+ people to crypto/blockchain with the first ever Crypto Bobble Head give away on the ethereum blockchain.���� . #LosAngeles #Dodgers⁠ ⁠ #eth $eth #massadoption #btc $btc #bobblehead #loki $loki #crypto

    Posted: 22 Sep 2018 08:50 PM PDT

    Downloaded a wallet. Got a bank instead

    Posted: 22 Sep 2018 08:51 PM PDT

    Polymath and the POLY token swindle

    Posted: 22 Sep 2018 09:12 PM PDT

    As someone invested in the POLY token for a while and followed the project closely since December, I decided to make a post of how the Polymath team slowly backed away from the utility of the POLY token, robbing early buyers of the token to fund their (admittedly, very elegantly coded and overall awesome - thats the last good thing I'll say) STO platform.

    The reason for originally investing in the POLY token was simple... because I recognized Security Tokens as the future and their White Paper mentioned that the Polymath platform would make it extremely easy to launch an SEC compliant STO token. Also in section 7 of the whitepaper was the POLY token utility, where it was described as a national currency and the Ethereum of STOs

    "POLY token allows value created in the system to be captured by the system

    itself. Just as almost all countries have their own currency, requiring these

    transactions to be in POLY sets up incentives to remain in the system. If all

    transactions were in ether (the native currency of Ethereum), then participants

    wouldn't be storing value in the Polymath platform. By requiring that people

    hold (and transact) in POLY, participants become subject to the same forces of

    incentivization that have helped ecosystems like Ethereum (and many so called

    "alt-coins") explode into active and diverse communities so that their products

    can remain viable and useful."

    The WP link is archived here - https://web.archive.org/web/20180923014416/https://drive.google.com/file/d/180nPuOOPOZlDRDKSUoJP84AvFY0T5AuB/view

    I've archived it since Chris Housser their co-creator and Graeme their VP of marketing like to delete a lot on the PolymathNetwork subreddt.

    At this point, I think it's important to consider context - it was December 2017, peak FOMO and ICO craze, and they're comparing Polymath and STO issuance to Ethereum and ICO issuance. They are very clear that not only is POLY the "required" token of the network, but that the system would have incentives similar to Ethereum. I note this because they are not just talking about "fees," otherwise the comparison would be to GAS or GWEI. Like ICOs on ETH, the expectation is clear - POLY tokens will be needed to issue STOs.

    Last month came an announcement that 6 STOs would soon launch on the network, but 5 of them would be raising funds in BTC, ETH, and fiat (not even a POLY options), and only 1 would have POLY as an option in addition to ETH.

    When challenging this as a point of deviation form their White Paper in a recent and now-deleted post on Polymathnetowrk subreddit https://imgur.com/a/rex9eo4 I was told that was never the case and that my reading comprehension of the white paper was wrong.

    In this now deleted post, Chris Housser speaks out of both sides of his mouth by trying to claim to me that "The rules have never changed" in regards to allowing funds other than POLY be raised, that it has always been that way. However, he also debates with another user that "constant changes" should be accepted and compared building Polymath to building Rome. So did it stay the same, or did market realities cause them to make an unannounced change? He can't keep it straight.

    Digging deeper, I looked into CORL, their first announced STO. Way back in December their partnership was announced, and in February they announced that the STO offering would take place in March or April. Due to the bear market, they delayed it https://imgur.com/a/sIzw4Tp

    So if the STO was originally scheduled for March, and "allowing" other funds be used for Security Token issuance, that would be one thing and acceptable had it been transparent and explained. Perhaps some honesty and a mitigating token burn or delay of their massive POLY token inflation (280K current supply, so 720K being released in the next year) would be enough.

    The problem is that their GitHub reveals that issuance funding only allowed ETH until June 18th, when they FINALLY allowed fundRaiseType to also be in POLY. So this deviation from the White Paper happened a long time ago, even before the bear market or "market realities" would inform them otherwise. https://github.com/PolymathNetwork/polymath-core/commit/dedee31edd55c6f26dfa13630fb03b0f890f8702

    If Chris's claim to me that "the rules never changed" were true, then why was the fundRaiseType parameter updated? If his "accept constant changes" comment were true, then it would be the other way around - POLY coded in first and then ETH. So neither of his contradictory explanations are true.

    Ok, so lets ignore all context for now and say fund issuance was never a form of utility for POLY. They very clearly say it is "Required" for "all transactions." If fund issuance isn't a transaction (try raising funds in yuan in USA and tell the government that isn't a transaction of any kind, by the way), there are still KYC fees which is extremely explicit in the White Paper that those will ONLY be transacted in POLY. Notice how that question never gets answered in the above deleted post, and the post is deleted right after the question is asked?

    Since PolyMath won't answer the question, I asked BlockEstate, one of their STO partners. Not only did they confirm POLY isn't accepted for their STO, but KYC fees are "details still being worked out." What is there to work out if transactions are definitely in POLY, as vehemently assured by the Polymath team? https://imgur.com/a/121zeTW

    You'll also notice, hilariously, that 7pass another STO isn't accepting POLY, but are accepting Bitcoin Cash and Ripple.

    Polymath had the first mover advantage, a HUGE facebook marketing campaign and the opportunity to ignite the next alt-season by sticking to their guns, their original promise and requiring their POLY token be the exclusive/required token of their platform.

    Unfortunately, like so many new businesses, they succumbed to "reasonableness." They hyped up their platform and their POLY token by comparing it to ETH at the height of the ICO and FOMO bubble, and now are acting like "we always were planning on POLY to be a completely superfluous token" which is what a lot of us would say if we were caught in the middle of borderline if not outright fraudulent behavior.

    So maybe nothing happens, and investors like me helped them pay for their platform that they get to profit off of for free. Ok fine, whatever. We're not the first or last to get burned by a token.

    BUT, I want to ask TO ANY PROSPECTIVE STO ISSUERS OR POLYMATH PARTNERS - if they so easily and obviously changed the rules on those who first supported the project, how can they possibly convince you to issue on their platform? They'll just change the rules on you too if it means getting a bigger STO partner and they'll tell you it's your fault you never understood them.

    If anyone else was duped by this project and subsequently banned from their subreddit for noticing it, feel free to comment here

    submitted by /u/Bsollenb
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    San Francisco Blockchain Week

    Posted: 22 Sep 2018 06:26 PM PDT

    Before we can fully enjoy the autonomous car's system, we first have to build the foundations step by step. The first one is a full ride-sharing decentralize technology which could change completely the transportation system

    Posted: 23 Sep 2018 02:33 AM PDT

    Stop, Drop and Roll(back): The MATRIX AI Network Secure Virtual Machine

    Posted: 22 Sep 2018 10:52 PM PDT

    Stellar has overtaken EOS on CMC

    Posted: 23 Sep 2018 03:28 AM PDT

    Coinbase Approved for Next Steps Towards Security Token Trading

    Posted: 23 Sep 2018 03:25 AM PDT

    FLC Group finalizes two additional projects for Relex Development platform

    Posted: 22 Sep 2018 07:31 PM PDT

    What happened to Bitcoin?

    Posted: 22 Sep 2018 10:20 AM PDT

    A new Security Token called IPWe offers Patents through the Blockchain

    Posted: 22 Sep 2018 05:05 PM PDT

    Novogratz Sees Bitcoin Recording 30% Increase This Year, $10,000 Next

    Posted: 22 Sep 2018 02:17 PM PDT

    Bounty0x - Heavily shilled in 2017. Now 780 in market cap.

    Posted: 22 Sep 2018 09:07 AM PDT

    Lympo: the Lithuanian startup combining running and cryptocurrency

    Posted: 23 Sep 2018 03:01 AM PDT

    Another heavily shilled coin in 2017 - Oyster - now 480 in CMC with only $25,000 daily volume

    Posted: 22 Sep 2018 03:48 PM PDT

    Critical Bug Would Have Allowed Hackers to Create Bitcoin, Detector Hints at Sabotage

    Posted: 22 Sep 2018 10:56 PM PDT

    Brazil’s Largest Independent Brokerage is Officially Entering the Cryptocurrency Market

    Posted: 22 Sep 2018 09:25 PM PDT

    IOTA Ecosystem Developer creates a Lightning Network on the Tangle via Smart Contracts

    Posted: 22 Sep 2018 06:42 AM PDT

    Ripple taking advantage of geostrategic rift between EU & USA?

    Posted: 23 Sep 2018 01:33 AM PDT

    Binance just announce on the first ever "Blockchain Charity Foundation". Blockchain technology represents a game-changing development, it can massively reduce or even remove transaction costs for donations and can prevent the manipulation and corruption that are flooding charity funds

    Posted: 23 Sep 2018 03:40 AM PDT

    Crypto For the People, By the People: How Blockchain Subverts Today’s Entrenched Power Structures

    Posted: 23 Sep 2018 01:19 AM PDT

    Los Angeles Dodgers release first ever Digital Bobblehead. MLB Licensed, 1st Edition, Built on Ethereum!

    Posted: 22 Sep 2018 05:42 PM PDT

    Yesterday the Los Angeles Dodgers did the first-ever digital bobblehead giveaway, when they hosted the San Diego Padres at Dodger Stadium.

    They essentially air-dropped one ERC-721 token to each attendee. As each person entered the game, they were given a "Dodger Crypto Token" card, that had an Ethereum Public Address and a scratch-off private key.

    This allowed fans to download a Kenley Jansen, Clayton Kershaw or Justin Turner Digital Bobblehead. These are 1st edition, MLB Licensed and provably rare!

    Did anyone else get to attend?

    I was lucky enough to attend and actually got a few extra, if anyone is interested feel free to PM me as I am selling them first come, first serve.

    submitted by /u/aItalianStallion
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