VECHAIN - Top 3 Coin by the End of the Year (bring your tin-foil hats)

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vechain

#230

My friend actually made me read this fuck of a whitepaper. It’s not bad.

On another note of precedents…

BEETCONNECT was beautiful. It was THE biggest scam in crypto history. Not in money value. But in total market effect and total media influence and even politics and regulation. It was a wonderful trainwreck.

We needed that to happen. Now one pattern of a scam is fundamentally clear. THANK YOU BEET!

We will continue to see this till diminishing returns hits in each particular market segment in crypto… Then, the real work begins! :rocket:


#231

Its’ got some girth to it! I have been combing through the non technical portions over the weekend in between gigs. Not too shabby crawdaddy!


#232

Good to see we’re finally scraping the bottom of the FUD barrel. If all you got is “muh 51% attack” :joy:

All authority nodes are vetted by the foundation, and the identities of all enterprise-owned nodes are mandated to be public. The chances of this kind of attack succeeding are infinitely small because:

  1. The malicious party in question would have to approach 50 other businesses in secret and convince them all to put their reputations on the line in persuit of a payout that wouldn’t hold a candle to their respective operating incomes

  2. If even ONE node-owner turns down the offer, Vechain will find out and revoke the authority of the bad guys, trashing their reputations and causing all kinds of scandal. Say what you will about corporations being scumbags; they’re NOT going to risk that happening over the manipulation of some blockchain transactions


#233

Friends…
That is cool that you did that. Doesn’t seem out of character but cool none the less.


#234

51% attack: Do you not see the purpose of the 52% master nodes allocation in China? It is obviously a way to keep the total control of the unproven POA model. I would even consider the 11% in HK and Singapore ‘in house’ as well. My assumption is a small group affiliated to Vechain foundation is able to afford the cost of 63% master nodes. I would do the same if I run the show, because of POA. A bigger concern is with 51% control , Vechain foundation is a potential censor or worse, data manipulator. With inevitable trade disputes (and espionage) between nations, the motive list is endless.

ETH fork: If you have sit through the vechain AMA video, you would know Vechain is a ETH fork and the only programming language is solidify.

Use cases: The AMA video above also confirms the use cases Vechain tries to sell have not been changed, meaning they are stuck with the unsolvable extrinsic asset authentication problem.

BITESE: BITESE is a company responsible for 3 blockchain startups. The founder DJ Qian listed Qtum, Vechain and fusion under his own name in the fusion website. All of three project went public (ICOs) in 2017, because the BITESE domain registration did not exist until 2017. Anyone can tell the fundamental differences among these three projects? Dan Larimer phenomenon is not unique.

Summary:

Business security and honesty are enhanced by subtraction than addition. Adding layers (ETH fork based on unproven POA) on top of unproven business use cases lead to no adoption. Nobody considered the business processes were the cause of 2008 crisis. BTC was born to fix the real cause.

I don’t see any other purpose of Vechain token( or that of Fusion and Qtum) other than enriching the company itself. It is more reasonable for Vechain to sell RFID/ETH based enterprise solutions. Or even more realistic, just RFID based solutions. Oh, these business already existed.

I still hope you all get out with profit. POW based BTC is the only revolutionary use case so far, maybe even for the next decade.


#235

Like I said above, the private consortium chain was the ETH fork - mainnet was originally intended to be an ETH fork, but ended up being built mostly from scratch with useful ETH bits thrown in (like the Gas system)

 
Anyway. Here’s how I see your reasoning… correct me if I’m way off:

  1. PwC and DNV GL, a Big 4 auditor and a 150-year-old, world-leading classification society have both purchased equity stakes in VeChain Tech and shilled VeChain publically both on their websites and on all their major social media accounts, which is nice, BUT… VeChain is a CHINESE project.

  2. Something about DJ Qian standing on the shoulders of his past successes.

  • Therefore, VeChain is not only a scam but likely complicit in STATE-SPONSORED INTERNATIONAL ESPIONAGE !!!
     

For what it’s worth, if you’re right I’ll buy you a beer :beer:
Like Peter said, there’s going to have to be “firsts” for a lot of things in this space to establish precedence. And it would make for quite the story, considering the scope of the project and the number of billion-dollar enterprises already involved. I guess we’ll just have to wait and see…

:cn:


#236

Pretty cool, however it’s not about the amount, it’s about the max control of the network each node can hold. If it’s an exact copy of EOS DPOS than it is for sure very decentralized - probably one of the most decentralized blockchains out there atm. However, it could be something like Nano’s or Cardano’s system where not every node does the same amount of voting power and so you can have something crazy like Nano had where everyone just voted for the devs giving them 80% voting power.


#237

The CEO stated that the Vechain is a fork of ETH and commented about the speed estimate in the AMA video (from January, 2018). You can watch it yourself around 6:40.

On the shilling partners, have you considered the possibility that they are doing it for PR reasons, plus some gains on their big bags of pre-sale tokens?

The three projects of DJ Qian ICOed in the same year. Some would see your definition of ‘sucess’ as greed. There are many ways to accumulate BTC if one knows its way about ICOs.

The 51% attack possibility is not negligible if a nation state have all technical details of the master nodes and a switch to isolate these servers behind the Great Firewall. This is one of the reasons why BTC mining shall be encouraged to leave China and why BCH is a scam.

It is illogical to ignore the evidence and go for my motive. The grass root evaluation group evaluate mainly Chinese projects. Of course they have their recommendations. They are bullish on loopring, a project that does not pretend to achieve everything. Would you be interested? (I don’t invest in loopring.) I don’t have any invested interests in vechain, just trying to give something I know.

I understand the setting precedence logic, but sometimes you don’t need to bite a rotten egg to know the truth, though.


#238

Yes, I did actually watch the AMA :joy: iirc the only time he said “ETH fork” was when he was reading a question from someone. And yes, 50tps estimated at launch but scalable up to 10,000tps even on the current iteration of the blockchain. Not really an issue

 
BitSE was a blockchain startup farm. It produced some blockchain startups. Very shocking. Anyway, VeChain the non-profit Foundation and VeChain the BitSE startup are two completely different animals. Different scope, vision, core team; basically everything about it is different at this point

 
I would have countered your evidence if you had provided any, I guess. Unless you mean the part when you said something like “52% looks like 51%, therefore 51% attack”? Idk


#239

Yup I get you. Here’s a quick summary of AMs from their whitepaper:

image

Basically, no one node has more power than any of the others and they don’t have to talk to each other in any way. Blocks are assigned randomly too, so there’s no way to know in advance which nodes will validate which blocks


#241

The vechain CEO said yes. Prime is still in denial…


#242

Short answer is “kinda but not really” :joy:
VeChain is a fork of Ethereum like the Constitution is a fork of the Articles of Confederation. They restructured/improved on the core ETH code to create something completely new (see “building blocks”)

 
From the whitepaper:

image


#243

It’s the same group of people trying to get into the ICOs asap. Vechain even presented a Qtum developer (Neil Mahi from Moroco) as the cheif developer during the Vechain launch presentation (just for the day?):

Neil on the Qtum team page: https://qtum.org/en/team


#244

Dude, what are you on about now? :man_facepalming: Sunny Lu was COO of BitSE, Mahi was Chief Blockchain Architect of BitSE. BitSE created VeChain…
 

BitSE devs wrote some blockchain code for the blockchain company they created? Is that your point? Bravo, well done. RIP VeChain


#245

Qtum ICO was in March, 2017; Vechain August, 2017.

Neil was named as the Co-founder of Qtum at launch:

Neil Mahi was never listed in the vechain ‘non white paper’ as team member.


#246

This is new news to me.

The Qtum project, the 2nd ICOs by BitSE, was a Roger Ver backed scam. The Qtum founder, Patrick Dai, ran away with the ICO money of Bitpay:

The article ended with: “…what someone has done in the past is usually the best indicator of how they will behave in the future.


#247

so are we still getting rich with vechain? If not I don’t wanna hold


#248

Top performers this year :woman_shrugging:


#249

nice, i own both #1 and 2, hopefully i wasn’t buying the whales bags :beetconnect:


#250

The top 5 in this list are the exact reason why the market is tanking. Scammers sells air for BTC, BTC tanks, overall market cap drops.