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So there is this project lead by a guy that found a way to create a coin without a ledger written in Ruby. So far so good.
They are selling this coin holding all the supply as an ICO at a price of ~$1 and there are 2Billion coins. So people are buying an anonymous yet to discovered coin at a market cap of 2 billion. These guys are promising that they will keep the price going higher vs bitcoin as you can read in the article below. They decide when to release more coins.
Why so many people fall for these types of scams?
OTC traders and large whales consistently lose thousands of Bitcoin on escrow scams and sketchy deals without any international wire options all while there has been a completely free, open source, theft proof alternative for years. Additionally people even get shot meeting in person. BitHalo is going on 5 years of existing and it was the worlds first smart contracting platform even before Ethereum. It works on top of Bitcoin and is 2 party escrow where both parties deposit and if either one lies to the other they won’t sign off on it and the escrow times out and they both lose their deposits. It also has various other contract styles for other edge cases.
I knew when creating it, it would solve a serious problem in society… deception. Let me give an example.
Bob wants to sell 100$ worth of BTC so he makes a contract with Alice. He advances 150$ of BTC along with Alices 50$ of BTC. It’s in a joint account set to expire in a month or so. So there is really no way to game this.
Alice sends a wire or western union or whatever. If Bob tries to steal, he loses $50 (since he only received 100 but had 150 in escrow). In theory they don’t even need to close the contract and they could continue this trade indefinitely.
It can also be used for Barter, Employment, Sales of goods and really any other kind of real world agreement.
It’s never been some pie in the sky bullshit where Ethereum promises smart contracts will mow your lawn and walk your kids to school. It wasn’t vaporware. It existed and I have been quietly coding and improving it for years.
What has ceased to amaze me is the news reports on vaporware, VC’s invest in vaporware, the OTC industry, shipping industry, general agreements and contracts are made without deposits resulting in over half of all BTC to get stolen (probably multiple times) in various “hacks” all around the world.
I can’t change the hearts of men, and that is why I’ve essentially left the industry. I knew if the people didn’t want to get screwed they would have stopped giving money to vaporware, putting their money on central exchanges and meeting in person for OTC trades when they could have traded internationally for free and capitalized on potential billion dollar arbitrage opportunities using wire and DIY KYC.
Not only did I not profit a cent from the software but I had to watch all of this. In truth it’s been painful. False prophets preaching the tired crypto narrative, not really talking about the realistic problems this technology can solve.
I know that if it’s not in peoples hearts then it wasn’t meant to be. Sadly, people enjoy being lied to I think. Take note, that alot of the top investors knew about the platform(I had even spoken to several), but they were too busy making money in tokens because to most of them it was never about solving worlds problems. I remember in 2014 that I was told from a prominent investor because it wasn’t an asset or a “shitcoin” they had no interest in it. Never mind the value in not having to pay escrow agents. There is no middle man. Literally. It even works on top of decentralized markets. And so that’s it. It never ceased to bewilder me and to this day I will never understand how the alleged sophistication of the industry missed the entire point of what Bitcoin was about to begin with. Decentralizing everything.