By Larry Chiang
Houses. There’s a cottage industry buying up distressed property. Fixing it up. Then selling it. It’s arbitrage as old as the “No money down” infomercials on tv.
“Don’t fix up your token. Pump your token.”
That is exactly the state of the industry ranging from industry conFabs (conference fabulous) #TokenSummit to #Consensus2018 in NYC at the Marriott May 14-16.
Plot spoiler: All coins are broken
I used to pour through white papers. My dorm room has PDFs stacked as high as the Himalayas. Like so many engineers, my side hustle is doing dev work in crypto. So, examining code commits on GitHub and marrying up the ICO PDFs is pretty obvious. I was looking for white papers that were actually working. Each ICO is engineer’d by white paper authors. But ICO drivers have gitHub accounts that are a total joke. There. Is. No. Shipped. Code.
– Few have shipped code prior to ICO preselling their prepaid (& pre-mined) api calls. A token by definition is an api call with money attached. Money like #MoE #SoV or #UoA. Zero, utility. All sizzle.
– Few have shipped code prior to their presale. A presale is a significant discount with no lockout period. It’s a 30-60% discount with no price transparency because the code hash not shipped (triple entendre, intended:-)
– Few have shipped code but somehow 8000 blocks have been premined.
– Few have shipped code that is consistent with a their stated white paper’s business functionality via working api calls. BitBounce and CivicKey are the only tokens semi working. List others you know that actually function.
Got PPMs!?
In my prior life, I treated Private Placement Memos (PPM) like they were partial lies, partial misrepresentations and lies via stats. Insert cliche statistics quote, HERE. I’d run excel against their stated projections like I was the spreadsheet jockey treating accounting and finance like it was engineering for retards, which it is. Plus money jargon. But it’s all math. Accounting and finance are all just compression algorithms. I’d translate fudged numbers based on third party data verifications, execute forensic accounting and recalibrate Net Present Value based on money out, money in
PPM’s have intrinsic problems that the theoretical 9 page, Satoshi Nakamoto, white paper PDF was supposed to solve. It’s a distributed ledger. Coins and tokens are all prepayment of computing power. We should eventually get back to basics by recognizing the genius of the original nine page white paper
END
at 6’ 5”..
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Kati (@Hotkatchina) |
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Tried to stop one of my girlfriends from putting her savings in ripple. It didn’t end well. 😂 pic.twitter.com/sq9Jr9M4f9
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Photo credit Kati (@Hotkatchina)
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shitcoinOracle (@shitcoinOracle) |
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Don’t come between me and my XRP pump bitches. twitter.com/hotkatchina/st…
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Download the Twitter app to follow Vinny Lingham’s @shitcoinOracle
This coincides with Chris Bernake’s CryptoAssets book. It’s about underwriting the value of alternative coins and crypto currencies.
Sent from my iPhone 8 number that Steve Jobs texted me on
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