After raising about $14 million worth of eth in an ICO in September 2017, some of the eth was handed over to a trader says Justin Tabb of Substratum. He says:
“We are going to be actively trading a portion of ethereum so that we can trade up basically. So that we can sell at the top of the band and buy at the bottom of the band.”
Sell high buy low appears to be the incredible insight of what Tabb says is some sort of Monte Carlo simulation. That saga has apparently seen the future and has told Tabb that eth will go to $60. Presumably that means we’re at the top of the band.
If that simulation is correct – apparently it told Tabb to sell eth at $200 – then he’ll be able to “trade up basically,” by buying at the bottom of the band. That being $60.
Then when there is a bull run, and he says there will be one presumably because Monte Carlo has seen the future, then all this trading up will make him rish.
It’s not clear what Monte Carlo says would happen if the top of the band turns out to be the bottom of the band and then when you think we now have the top band, we get another top band, so trading down basically.
Meh, you just have another ICO. It’s all funny muneh anyway given for free with no strings or accountability. Piff paff, trade it up, get the yacht, and yeah erm then launch some decentralized prototype thing that basically amounts to a fee based version of IPFS.
While all that “decentralized web,” as in Bittorrent, is being built, there’s now this decentralized exchange. $14 million isn’t enough for what appears to be just a basement coder as that’s just for trading. It’s in the whitepaper! – as the project tweeted.
So now they going to launch this Amlify Exchange. It’s gone be great, we can hear Monte Carlo saying. Just gib us the muneh. What? This isn’t a share, what you talking about, why you complaining. Tabb works his a** off. You just volunteered the muneh mate. Now gib us some more cus gone be great.
Yes, yes, maybe we should have just given the facts, but sometime you can’t keep a straight face. Sometime someone has to shout and if any statement is maybeh borderline defamatory, sue us!
SEC should go in and take whatever eth they have left as well as his house and whatever possessions and order him to pay back the muneh before he loses it all in
According to blockchain data, they apparently have only 8,900 eth left. He said they sold some at $1,200, some at $1,000, so they should have plenty of fiat.
The Securities and Exchanges Commission (SEC) has now claimed jurisdiction and rightly so as long as they do listen to feedback from the “honest” industry participant and/or straight face trustnodes.
Jay Clayton, SEC’s chairman, has said many 2017 ICOs were illegal. They are now going to the second stage of asking ICOs to comply by registering and so on in addition to offering investors the money back option.
Obviously they don’t want to go around picking them all one by one, especially the “good” projects. So they’re making an example out of some, in the reasonable expectation that the “good” projects “voluntarily” comply.
Presumably if they don’t voluntarily comply, then they’ll come with a stick and make it less voluntary. Probably rightly so. Tabb, for example, should be publishing audited accounts rather than effectively rambling on what looks like a very nice and a very professional microphone that may have been bought with investors’ muneh.
Some 450,000 eth has been sold by ICOs in the past 30 days, up slightly from just a few days ago. That makes it one of the highest amount within a 30 days period.
ICOs still have about 2.9 million eth in combination, excluding the Ethereum Foundation which has liquidated ◊2,000 out of ◊655,000 in the past 30 days.
That translates to combined holdings of about a quarter of a billion dollars, which isn’t much at all compared to the estimated $6 billion cashed out by ICOs in 2018 alone.
Still, many projects are behaving quite arrogantly towards investors. Announcing, for example, millions of dollars of investors’ muneh in giveaways without any consultation with the token holders.
There is effectively no accountability whatever. No way for investors to even know anything at all save for whatever little snippet ICO-ed projects provide in glossy press releases or even glossier microphones.
They have an entire world computer and none of em makes any use of it at all to automate accountability so that some basement coder can’t just go off and gamble with people’s moneh.
Leading to a situation where there has been an enormous misallocation of capital which probably primarily contributed to the level of severity in this bear market.
As so many spaghettis were thrown at the wall, some may stick. Some projects do deserve praise. Yet people like Tabb are in a position of trust so there needs to be some biting method of keeping them off from f u level self-interest. If that method isn’t automated through code, then, well SEC is knocking.