Australian Police Seize Bitcoin ATM in $2.6 Million Drug

Đánh giá toàn diện về Mitrade-có phải là nhà mô giới đáng tin cậy?

Đánh giá toàn diện về Mitrade-có phải là nhà mô giới đáng tin cậy?
https://preview.redd.it/8wtcp5n7iwb41.jpg?width=1920&format=pjpg&auto=webp&s=dbf483690e784f136073a6b4529936aff538d9e0
Laura Lin-CEO của Mitrade-đã khẳng định lời nói trên với người sử dụng. Điều đó đã thấy rằng tiềm năng Mitrade phát triển tại thị trường Việt là rất cao. Bằng chứng là gần đây rất nhiều người Việt đã sử dụng và tìm kiếm thông tin về Mitrade. Bài phân tích này sẽ giúp các bạn tìm hiểu rõ hơn về Mitrade. Nó có phải là 1 nhà môi giới uy tín? Có đáng để đầu tư trong năm 2020?
1.Giới thiệu khái quái về Mitrade.
Mitrade tên tiếng anh là Mitrade Global Pty Ltd là nhà môi giới giao dịch ngoại hối (FX), hàng hóa, chỉ số, tiền điện tử trực tuyến và cung cấp các dịch vụ về Hợp đồng chênh lệch.
Mitrade được ủy quyền và quy định bởi Ủy ban Chứng khoán và Đầu tư Úc (ASIC) và có Giấy phép Dịch vụ Tài chính Úc (Số Giấy phé AFSL là 398528).
Mitrade có trụ sở tại Melbourne, Úc, Mitrade được thành lập bởi một nhóm các chuyên gia giàu kinh nghiệm và hiểu biết chuyên về giao dịch Hợp đồng chênh lệch (CFD) và các ngành công nghệ tài chính. Đã từng đạt nhiều giải thưởng và chứng nhận.

https://preview.redd.it/5ky486qhiwb41.jpg?width=1432&format=pjpg&auto=webp&s=c87cb013f624eed2e71b3d6e068550322b514971


2. Đánh giá tổng quan của người Việt về Mitrade.
WikiFX tại Việt Nam đã đánh giá Mitrade với số điểm vô cùng tích cực. Vậy WikiFX là gì?
WikiFX-một nền tảng dịch vụ bên thứ ba cung cấp các truy vấn về tính chính quy, hợp pháp và chân thật trong giao dịch ngoại hối.
Công ty WikiFx là công ty đa quốc gia chuyên lĩnh vực cung cấp nền tảng thứ ba về tính chính quy,hợp pháp và chân thật trong giao dịch ngoại hối và hiện đã thành lập các chi nhánh công ty tại HongKong, Sydney và Thành phố Hồ Chí Minh V.V.
WikiFX dựa trên những dữ liệu có cơ sở và những công nghệ tối ưu nhất để đánh giá tổng hợp một cách toàn diện các sàn giao dịch ngoại hối từ giá trị giấy phép, trình độ cai quản, chất lượng phần mềm, khả năng tránh giảm rủi ro và sức mạnh nghiệp vụ.

https://preview.redd.it/3y7vnjswiwb41.jpg?width=750&format=pjpg&auto=webp&s=6eb8f20463db922d8ec46b013790c19f703a3b53
Vì Mitrade mới vào thị trường VN, số điểm so với các nhà mô giới gạo cội tại Việt Nam thì số điểm này chưa thể cao bằng; Nhưng đối với một nhà mội giới mới, điểm số này đã khá tốt rồi.
Và Mitrade đang phát triển mạnh mẽ, Mitrade đang đưa ra nhiều chương trình khuyến mãi đa dạng và hấp dẫn. Ngoài ra để cạnh tranh với các nhà mô giới khác, Mitrade đã giảm chi phí giao dịch trên nền tảng của mình xuống mức tối thiểu.
3. Ưu và nhược điểm của Mitrade.
*Ưu điểm
  1. Mitrade được ủy quyền và quy định bởi Ủy ban Chứng khoán và Đầu tư Úc (ASIC). Để nói rõ hơn cho các bạn hiểu tại sao nó lại trở thành ưu điểm đầu tiền của Mitrade.
Tổ chức ASIC (Australian Securities & Investments Commission) là 1 trong những tổ chức hàng đầu thế giới bên cạnh các tổ chức FCA ( Vương quốc Anh), BaFin( Đức) hay CySEC ( Cộng hòa Síp). ASIC là 1 cơ quan chính phủ độc lập được thành lập để quản lý Đạo luật Ủy ban Đầu tư và Chứng khoán Úc.
ASIC mang lại cho người dùng những gì?
- ASIC cung cấp khoản đền bù trong trường hợp sàn giao dịch phá sản.
- Đảm bảo những điều khoản mà sàn đã hứa với khách hàng.
- Hỗ trợ các nhà giao dịch có tiền bị mắc kẹt ở các công ty phá sản.
- Có những quy đinh cụ thể để các nhà môi giới tuân thủ nhằm tránh lừa đảo khách hàng.
  1. Nạp và rút tiền nhanh.
Đây là điều mà tất cả các nhà đầu tư tại Việt Nam quan tâm. Mình đã thực nghiệm và nó rất nhanh, tốc độ xử lí tương đương với các chuyển khoản banking thông thường.
*Nạp tiền
- Số tiền nạp tối thiểu qua ATM và Banking là 10 đôla
- Chỉ chấp nhận tiền gửi từ thẻ ngân hàng của bạn. Tiền gửi từ thẻ ngân hàng của bên thứ 3 sẽ bị từ chối.
- Không tính phí nếu gửi qua ATM
Cách nạp tiền

https://preview.redd.it/qo81jat2jwb41.png?width=1006&format=png&auto=webp&s=395cf7b0f6937aa193cb2e1555326c8a097199c9
*Rút tiền
- Rút tiền hoàn thành sau 2-5 ngày làm việc. Nhưng thường là 3 ngày.
- Mỗi lần chỉ có thể xử lý 1 yêu cầu rút tiền.
- Bạn không thể gửi tiền nếu yêu cầu rút tiền của bạn chưa được hoàn thành .
Cách rút tiền

https://preview.redd.it/x5a1juu4jwb41.png?width=1002&format=png&auto=webp&s=557c2283ad50bf9d6c43b12003b63ca626ee9101
  1. Có nhiều công cụ chống rủi ro, bảo vị chống số dư âm.
Để đảm bảo số tiền của bạn không bị người khác tự ý rút, hệ thống Mitrade sẽ yêu cầu bạn cung cấp 1 số thông tin liên quan đến số tài khoản ngân hàng mà bạ rút tiền như: CMND, thẻ ATM và bảng sao kê ngân hàng 6 tháng gần nhất.
  1. Mitrade cung cấp miễn phí các công cụ như: Lệnh chốt lời/Lệnh dừng lỗ. Lệnh cắt lỗ dưới.

https://preview.redd.it/jt2o72x6jwb41.jpg?width=366&format=pjpg&auto=webp&s=afc2a22f13567836ecdd07ce881ef09a7960ad02
  1. Không lấy hoa hồng, chi phí chênh lệch được cam kết thấp nhất.
- Mitrade không thu khoản phí nào khi khách hàng nộp tiền hay rút tiền khỏi tài khoản. Khách hàng chỉ phải chịu phí từ bên thứ 3 đối với các khoản rút tiền, ví dụ như ngân hàng trung gian…
- Phí chênh lệch được tính bằng mức giá chênh lệch lúc mua (ask) và lúc bán (bid). Phí chênh lệch bạn phải trả có thể phụ thuộc vào biến động thị trường và việc ghép cặp tiền tệ được giao dịch. Với Mitrade phí Spread luôn ở mức thấp.
  1. Mitrade cung cấp đa dạng đòn bẩy từ 1:5 đến 1:200
Cung cấp đòn bẩy lên tới 1:200 tức là với số tiền 10 đôla bạn có thể mở giao dịch lên tới 2.000 đôla.
Điều đó cũng đồng nghĩa với việc số tiền bạn mất cũng phóng đại lên khi giao dịch thất bại.

https://preview.redd.it/b6ml5tt9jwb41.jpg?width=750&format=pjpg&auto=webp&s=dc6baa9d8eb5b8a8c58a2cd17c18a73849267345
  1. Nền tảng giao diện bắt mắt, dễ sử dụng.
- Mitrade có 2 nền tảng trên Web và Smart Phone. Cả 2 đều được thiết kế rất dễ sử dụng, thân thiện. Mitrade sử dụng nền tảng giao dịch độc quyền và tích hợp hầu hết các thiết bị máy tính bàn, laptop, máy tính bảng, Smart Phone và cả các nên tảng Mac, IOS, Androin.
https://preview.redd.it/xh5au3tdjwb41.jpg?width=1255&format=pjpg&auto=webp&s=73558cb38a53f20cf07b67163a0832f83b1c3f59
- Hỗ trợ trực tuyến trên web và di động. Bạn có thể gửi tin nhắn trực tiếp hoặc gửi Email hỗ trợ.
- Biểu đồ, lịch kinh tế và tin tức được cập nhật liên tục.

https://preview.redd.it/azjje3sfjwb41.jpg?width=1371&format=pjpg&auto=webp&s=39b4c438787c666bd92f3395d735ba3919c2a8b2
  1. Tiền của bạn sẽ được giữ trong 1 tài khoản ủy thác riêng biệt khi có yêu cầu từ luật pháp Úc.
*Nhược điểm của Mitrade:
  1. Mitrade chỉ cung cấp 5 loại coin chính trên thị trường tiền điện tử
  2. Không hỗ trợ nền tảng MT4/MT5.
  3. Vì mới vào thị trường Việt Nam nên Mitrade còn một số chỗ nhỏ chưa được cập nhật tiếng Việt như mục tin tức.
4. Tài khoản giao dịch.
Mitrade cung cấp cho người dùng 2 loại tài khoản đó là tài khoản Demo và tài khoản Thật.
*Tài khoản Demo
- Được cung cấp 50.000 đôla ảo
- Khám phá gần 100 thị trường: Ngoại hối, tiền điện tử, chỉ số chứng khoán, hàng hóa…
- Được trải nghiệm sức mạnh của đòn bẩy 1:200.
- Được thực hành giao dịch hoặc phát trực tiếp với Demo Live.
- Khi số tiền âm sẽ được cấp lại miễn phí .
- Thời gian sử dụng lên đến 90 ngày

https://preview.redd.it/cjk5yygijwb41.jpg?width=400&format=pjpg&auto=webp&s=78566000cb135b558067ed5c41e34d4645a01ca2
Có thể thấy Mitrade đang tạo cho người dùng 1 sân chơi khác, giúp những người mới chơi có thể làm quen dần với giao dịch ngoại hối và giúp những người cũ có chỗ để rèn luyện thêm kỹ năng giao dịch.
*Tài khoản thật
Việc đăng kí tài khoản thật với Mitrde được thực hiện rất kỹ lưỡng. Nhằm mang đến sự trung thực và tránh tổn thất không đáng có cho người sử dụng.
Khi đăng ký tài khoản thật người dùng phải cung cấp các thông tin cá nhân, hình ảnh chụp từ CMND, số điện thoại cá nhân và email đăng kí.
Với tài khoản thật khi bạn nạp tiền lần đầu tiên sẽ có nhiều ưu đãi hấp dẫn.
Thông tin tài khoản thật được nhà Mitrade bảo mật tuyệt đối theo Nguyên tắc Bảo mật của Úc.

https://preview.redd.it/vhdx0u2ljwb41.jpg?width=750&format=pjpg&auto=webp&s=175785ed4264a74f6fcfb3c449a3ca6f4f9932a7
Các sản phẩm trên Mitrade
1: Ngoại hối: 60 cặp ngoại hối phổ biến trên thế giới
  1. Chỉ số chứng khoán: 11 chỉ số chứng khoản tiêu biểu nhất
  2. Hàng hóa: 6 loại hàng hàng phổ biến nhất gồm: Vàng, bạc, bạch kim, Dầu WTI, Kim loại quý hiếm Palladi, Dầu Brent.
  3. Tiền điện tử: Gồm 5 loại tiền đang “hot” nhất trên thị trường tiền điện tử: Bitcoin, BitocinCash, LiteCoin, Ethereum, Ripple XRP.
submitted by Buithanhthu to CryptoTradingFloor [link] [comments]

Emergent Coding FAQ

Background reading
  1. https://youtu.be/-MMQUspVduo ELI5 with pictures.
  2. https://youtu.be/ZSkZxOJ5HPA Hello World using Emergent Coding
  3. https://codevalley.com/whitepaper.pdf This document treats Emergent coding from a philosophical perspective. It has a good introduction, description of the tech and is followed by two sections on justifications from the perspective of Fred Brooks No Silver Bullet criteria and an industrialization criteria.
  4. Mark Fabbro's presentation from the Bitcoin Cash City Conference which outlines the motivation, basic mechanics, and usage of Bitcoin Cash in reproducing the industrial revolution in the software industry.
  5. Building the Bitcoin Cash City presentation highlighting how the emergent coding group of companies fit into the adoption roadmap of North Queensland.
  6. Forging Chain Metal by Paul Chandler CEO of Aptissio, one of startups in the emergent coding space and which secured a million in seed funding last year.
  7. Bitcoin Cash App Exploration A series of Apps that are some of the first to be built by emergent coding and presented, and in the case of Cashbar, demonstrated at the conference.
  8. A casual Bitcoin Cash interview that touches on emergent coding, tech park, merchant adoption and much more.
How does Emergent Coding prevent developer capture?
A developer's Agent does not know what project they are contributing to and is thus paid for the specific contribution. The developer is controlling the terms of the payment rather than the alternative, an employer with an employment agreement.
Why does Emergent Coding use Bitcoin BCH?
  1. Both emergent coding and Bitcoin BCH are decentralized: As emergent coding is a decentralized development environment consisting of Agents providing respective design services, each contract received by an agent requires a BCH payment. As Agents are hosted by their developer owners which may be residing in one of 150 countries, Bitcoin Cash - an electronic peer-to-peer electronic cash system - is ideal to include a developer regardless of geographic location.
  2. Emergent coding will increase the value of the Bitcoin BCH blockchain: With EC, there are typically many contracts to build an application (Cashbar was designed with 10000 contracts or so). EC adoption will increase the value of the Bitcoin BCH blockchain in line with this influx of quality economic activity.
  3. Emergent coding is being applied to BCH software first: One of the first market verticals being addressed with emergent coding is Bitcoin Cash infrastructure. We are already seeing quality applications created using emergent coding (such as the HULA, Cashbar, PH2, vending, ATMs etc). More apps and tools supporting Bitcoin cash will attract more merchants and business to BCH.
  4. Emergent coding increases productivity: Emergent coding increases developer productivity and reduces duplication compared to other software development methods. Emergent coding can provide BCH devs with an advantage over other coins. A BCH dev productivity advantage will accelerate Bitcoin BCH becoming the first global currency.
  5. Emergent coding produces higher quality binaries: Higher quality software leads to a more reliable network.

1. Who/what is Code Valley? Aptissio? BCH Tech Park? Mining and Server Complex?
Code Valley Corp Pty Ltd is the company founded to commercialize emergent coding technology. Code Valley is incorporated in North Queensland, Australia. See https://codevalley.com
Aptissio Australia Pty Ltd is a company founded in North Queensland and an early adopter of emergent coding. Aptissio is applying EC to Bitcoin BCH software. See https://www.aptissio.com
Townsville Technology Precincts Pty Ltd (TTP) was founded to bring together partners to answer the tender for the Historic North Rail Yard Redevelopment in Townsville, North Queensland. The partners consist of P+I, Conrad Gargett, HF Consulting, and a self-managed superannuation fund(SMSF) with Code Valley Corp Pty Ltd expected to be signed as an anchor tenant. TTP answered a Townsville City Council (TCC) tender with a proposal for a AUD$53m project (stage 1) to turn the yards into a technology park and subsequently won the tender. The plan calls for the bulk of the money is to be raised in the Australian equity markets with the city contributing $28% for remediation of the site and just under 10% from the SMSF. Construction is scheduled to begin in mid 2020 and be competed two years later.
Townsville Mining Pty Ltd was set up to develop a Server Complex in the Kennedy Energy Park in North Queensland. The site has undergone several studies as part of a due diligence process with encouraging results for its competitiveness in terms of real estate, power, cooling and data.
  1. TM are presently in negotiations with the owners of the site and is presently operating under an NDA.
  2. The business model calls for leasing "sectors" to mining companies that wish to mine allowing companies to control their own direction.
  3. Since Emergent Coding uses the BCH rail, TM is seeking to contribute to BCH security with an element of domestic mining.
  4. TM are working with American partners to lease one of the sectors to meet that domestic objective.
  5. The site will also host Emergent Coding Agents and Code Valley and its development partners are expected to lease several of these sectors.
  6. TM hopes to have the site operational within 2 years.
2. What programming language are the "software agents" written in.
Agents are "built" using emergent coding. You select the features you want your Agent to have and send out the contracts. In a few minutes you are in possession of a binary ELF. You run up your ELF on your own machine and it will peer with the emergent coding and Bitcoin Cash networks. Congratulations, your Agent is now ready to accept its first contract.
3. Who controls these "agents" in a software project
You control your own Agents. It is a decentralized development system.
4. What is the software license of these agents. Full EULA here, now.
A license gives you the right to create your own Agents and participate in the decentralized development system. We will publish the EULA when we release the product.
5. What kind of software architecture do these agents have. Daemons Responding to API calls ? Background daemons that make remote connection to listening applications?
Your Agent is a server that requires you to open a couple of ports so as to peer with both EC and BCH networks. If you run a BCH full node you will be familiar with this process. Your Agent will create a "job" for each contract it receives and is designed to operate thousands of jobs simultaneously in various stages of completion. It is your responsibility to manage your Agent and keep it open for business or risk losing market share to another developer capable of designing the same feature in a more reliable manner (or at better cost, less resource usage, faster design time etc.). For example, there is competition at every classification which is one reason emergent coding is on a fast path for improvement.
It is worth reiterating here that Agents are only used in the software design process and do not perform any role in the returned project binary.
6. What is the communication protocol these agents use.
The protocol is proprietary and is part of your license.
7. Are the agents patented? Who can use these agents?
It is up to you if you want to patent your Agent the underlying innovation behind emergent coding is _feasible_ developer specialization. Emergent coding gives you the ability to contribute to a project without revealing your intellectual property thus creating prospects for repeat business; It renders software patents moot.
Who uses your Agents? Your Agents earn you BCH with each design contribution made. It would be wise to have your Agent open for business at all times and encourage everyone to use your design service.
8. Do I need to cooperate with Code Valley company all of the time in order to deploy Emergent Coding on my software projects, or can I do it myself, using documentation?
It is a decentralized system. There is no single point of failure. Code Valley intends to defend the emergent coding ecosystem from abuse and bad actors but that role is not on your critical path.
9. Let's say Electron Cash is an Emergent Coding project. I have found a critical bug in the binary. How do I report this bug, what does Jonald Fyookball need to do, assuming the buggy component is a "shared component" puled from EC "repositories"?
If you built Electron Cash with emergent coding it will have been created by combining several high level wallet features designed into your project by their respective Agents. Obviously behind the scenes there are many more contracts that these Agents will let and so on. For example the Cashbar combines just 16 high level Point-of-Sale features but ultimately results in more than 10,000 contracts in toto. Should one of these 10,000 make a design error, Jonald only sees the high level Agents he contracted. He can easily pinpoint which of these contractors are in breach. Similarly this contractor can easily pinpoint which of its sub-contractors is in breach and so on. The offender that breached their contract wherever in the project they made their contribution, is easily identified. For example, when my truck has a warranty problem, I do not contact the supplier of the faulty big-end bearing, I simply take it back to Mazda who in turn will locate the fault.
Finally "...assuming the buggy component is a 'shared component' puled from EC 'repositories'?" - There are no repositories or "shared component" in emergent coding.
10. What is your licensing/pricing model? Per project? Per developer? Per machine?
Your Agent charges for each design contribution it makes (ie per contract). The exact fee is up to you. The resulting software produced by EC is unencumbered. Code Valley's pricing model consists of a seat license but while we are still determining the exact policy, we feel the "Valley" (where Agents advertise their wares) should charge a small fee to help prevent gaming the catalogue and a transaction fee to provide an income in proportion to operations.
11. What is the basic set of applications I need in order to deploy full Emergent Coding in my software project? What is the function of each application? Daemons, clients, APIs, Frontends, GUIs, Operating systems, Databases, NoSQLs? A lot of details, please.
There's just one. You buy a license and are issued with our product called Pilot. You run Pilot (node) up on your machine and it will peer with the EC and BCH networks. You connect your browser to Pilot typically via localhost and you're in business. You can build software (including special kinds of software like Agents) by simply combining available features. Pilot allows you to specify the desired features and will manage the contracts and decentralized build process. It also gives you access to the "Valley" which is a decentralized advertising site that contains all the "business cards" of each Agent in the community, classified into categories for easy search.
If we are to make a step change in software design, inventing yet another HLL will not cut it. As Fred Brooks puts it, an essential change is needed.
12. How can I trust a binary when I can not see the source?
The Emergent Coding development model is very different to what you are use to. There are ways of arriving at a binary without Source code.
The Agents in emergent coding design their feature into your project without writing code. We can see the features we select but can not demonstrate the source as the design process doesn't use a HLL.
The trust model is also different. The bulk of the testing happens _before_ the project is designed not _after_. Emergent Coding produces a binary with very high integrity and arguably far more testing is done in emergent coding than in incumbent methods you are used to.
In emergent coding, your reputation is built upon the performance of your Agent.
If your Agent produces substandard features, you are simply creating an opportunity for a competitor to increase their market share at your expense.
Here are some points worth noting regarding bad actor Agents:
  1. An Agent is a specialist and in emergent coding is unaware of the project they are contributing to. If you are a bad actor, do you compromise every contract you receive? Some? None?
  2. Your client is relying on the quality of your contribution to maintain their own reputation. Long before any client will trust your contributions, they will have tested you to ensure the quality is at their required level. You have to be at the top of your game in your classification to even win business. This isn't some shmuck pulling your routine from a library.
  3. Each contract to your agent is provisioned. Ie you advertise in advance what collaborations you require to complete your design. There is no opportunity for a "sign a Bitcoin transaction" Agent to be requesting "send an HTTP request" collaborations.
  4. Your Agent never gets to modify code, it makes a design contribution rather than a code contribution. There is no opportunity to inject anything as the mechanism that causes the code to emerge is a higher order complexity of all Agent involvement.
  5. There is near perfect accountability in emergent coding. You are being contracted and paid to do the design. Every project you compromise has an arrow pointed straight at you should it be detected even years later.
Security is a whole other ball game in emergent coding and current rules do not necessarily apply.
13. Every time someone rebuilds their application, do they have to pay over again for all "design contributions"? (Or is the ability to license components at fixed single price for at least a limited period or even perpetually, supported by the construction (agent) process?)
You are paying for the design. Every time you build (or rebuild) an application, you pay the developers involved. They do not know they are "rebuilding". This sounds dire but its costs far less than you think and there are many advantages. Automation is very high with emergent coding so software design is completed for a fraction of the cost of incumbent design methods. You could perhaps rebuild many time before matching incumbent methods. Adding features is hard with incumbent methods "..very few late-stage additions are required before the code base transforms from the familiar to a veritable monster of missed schedules, blown budgets and flawed products" (Brooks Jr 1987) whereas with emergent coding adding a late stage feature requires a rebuild and hence seamless integration. With Emergent Coding, you can add an unlimited number of features without risking the codebase as there isn't one.
The second part of your question incorrectly assumes software is created from licensed components rather than created by paying Agents to design features into your project without any licenses involved.
14. In this construction process, is the vendor of a particular "design contribution" able to charge differential rates per their own choosing? e.g. if I wanted to charge a super-low rate to someone from a 3rd world country versus charging slightly more when someone a global multinational corporation wants to license my feature?
Yes. Developers set the price and policy of their Agent's service. The Valley (where your Agent is presently advertised) presently only supports a simple price policy. The second part of your question incorrectly assumes features are encumbered with licenses. A developer can provide their feature without revealing their intellectual property. A client has the right to reuse a developer's feature in another project but will find it uneconomical to do so.
15. Is "entirely free" a supported option during the contract negotiation for a feature?
Yes. You set the price of your Agent.
16. "There is no single point of failure." Right now, it seems one needs to register, license the construction tech etc. Is that going to change to a model where your company is not necessarily in that loop? If not, don't you think that's a single point of failure?
It is a decentralized development system. Once you have registered you become part of a peer-to-peer system. Code Valley has thought long and hard about its role and has chosen the reddit model. It will set some rules for your participation and will detect or remove bad actors. If, in your view, Code Valley becomes a bad actor, you have control over your Agent, private keys and IP, you can leave the system at any time.
17. What if I can't obtain a license because of some or other jurisdictional problem? Are you allowed to license the technology to anywhere in the world or just where your government allows it?
We are planning to operate in all 150 countries. As ec is peer-to-peer, Code Valley does not need to register as a digital currency exchange or the like. Only those countries banning BCH will miss out (until such times as BCH becomes the first global electronic cash system).
18.
For example the Cashbar combines just 16 high level Point-of-Sale features but ultimately results in more than 10,000 contracts in toto.
It seems already a reasonably complex application, so well done in having that as a demo.
Thank you.
19. I asked someone else a question about how it would be possible to verify whether an application (let's say one received a binary executable) has been built with your system of emergent consensus. Is this possible?
Yes of course. If you used ec to build an application, you can sign it and claim anything you like. Your client knows it came from you because of your signature. The design contributions making up the application are not signed but surprisingly there is still perfect accountability (see below).
20. I know it is possible to identify for example all source files and other metadata (like build environment) that went into constructing a binary, by storing this data inside an executable.
All metadata emergent coding is now stored offline. When your Agent completes a job, you have a log of the design agreements you made with your peers etc., as part of the log. If you are challenged at a later date for breaching a design contract, you can pull your logs to see what decisions you made, what sub-contracts were let etc. As every Agent has their own logs, the community as a whole has a completely trustless log of each project undertaken.
21. Is this being done with EC build products and would it allow the recipient to validate that what they've been provided has been built only using "design contributions" cryptographically signed by their providers and nothing else (i.e. no code that somehow crept in that isn't covered by the contracting process)?
The emergent coding trust model is very effective and has been proven in other industries. Remember, your Agent creates a feature in my project by actually combining smaller features contracted from other Agents, thus your reputation is linked to that of your suppliers. If Bosch makes a faulty relay in my Ford, I blame Ford for a faulty car not Bosch when my headlights don't work. Similarly, you must choose and vet your sub-contractors to the level of quality that you yourself want to project. Once these relationships are set up, it becomes virtually impossible for a bad actor to participate in the system for long or even from the get go.
22. A look at code generated and a surprising answer to why is every intermediate variable spilled?
Thanks to u/R_Sholes, this snippet from the actual code for: number = number * 10 + digitgenerated as a part of: sub read/integeboolean($, 0, 100) -> guess
; copy global to local temp variable 0x004032f2 movabs r15, global.current_digit 0x004032fc mov r15, qword [r15] 0x004032ff mov rax, qword [r15] 0x00403302 movabs rdi, local.digit 0x0040330c mov qword [rdi], rax ; copy global to local temp variable 0x0040330f movabs r15, global.guess 0x00403319 mov r15, qword [r15] 0x0040331c mov rax, qword [r15] 0x0040331f movabs rdi, local.num 0x00403329 mov qword [rdi], rax ; multiply local variable by constant, uses new temp variable for output 0x0040332c movabs r15, local.num 0x00403336 mov rax, qword [r15] 0x00403339 movabs rbx, 10 0x00403343 mul rbx 0x00403346 movabs rdi, local.num_times_10 0x00403350 mov qword [rdi], rax ; add local variables, uses yet another new temp variable for output 0x00403353 movabs r15, local.num_times_10 0x0040335d mov rax, qword [r15] 0x00403360 movabs r15, local.digit 0x0040336a mov rbx, qword [r15] 0x0040336d add rax, rbx 0x00403370 movabs rdi, local.num_times_10_plus_digit 0x0040337a mov qword [rdi], rax ; copy local temp variable back to global 0x0040337d movabs r15, local.num_times_10_plus_digit 0x00403387 mov rax, qword [r15] 0x0040338a movabs r15, global.guess 0x00403394 mov rdi, qword [r15] 0x00403397 mov qword [rdi], rax For comparison, an equivalent snippet in C compiled by clang without optimizations gives this output: imul rax, qword ptr [guess], 10 add rax, qword ptr [digit] mov qword ptr [guess], rax 
Collaborations at the byte layer of Agents result in designs that spill every intermediate variable.
Firstly, why this is so?
Agents from this early version only support one catch-all variable design when collaborating. Similar to a compiler when all registers contain variables, the compiler must make a decision to spill a register temporarily to main memory. The compiler would still work if it spilled every variable to main memory but would produce code that would be, as above, hopelessly inefficient.
However, by only supporting the catch-all portion of the protocol, the code valley designers were able to design, build and deploy these agents faster because an Agent needs fewer predicates in order to participate in these simpler collaborations.
The protocol involved however, can have many "Policies" besides the catch-all default policy (Agents can collaborate over variables designed to be on the stack, or, as is common for intermediate variables, designed to use a CPU register, and so forth).
This example highlights one of the very exciting aspects of emergent coding. If we now add a handful of additional predicates to a handful of these byte layer agents, henceforth ALL project binaries will be 10x smaller and 10x faster.
Finally, there can be many Agents competing for market share at each of classification. If these "gumby" agents do not improve, you can create a "smarter" competitor (ie with more predicates) and win business away from them. Candy from a baby. Competition means the smartest agents bubble to the top of every classification and puts the entire emergent coding platform on a fast path for improvement. Contrast this with incumbent libraries which does not have a financial incentive to improve. Just wait until you get to see our production system.
23. How hard can an ADD Agent be?
Typically an Agent's feature is created by combining smaller features from other Agents. The smallest features are so devoid of context and complexity they can be rendered by designing a handful of bytes in the project binary. Below is a description of one of these "byte" layer Agents to give you an idea how they work.
An "Addition" Agent creates the feature of "adding two numbers" in your project (This is an actual Agent). That is, it contributes to the project design a feature such that when the project binary is delivered, there will be an addition instruction somewhere in it that was designed by the contract that was let to this Agent.
If you were this Agent, for each contract you received, you would need to collaborate with peers in the project to resolve vital requirements before you can proceed to design your binary "instruction".
Each paid contract your Agent receives will need to participate in at least 4 collaborations within the design project. These are:
  1. Input A collaboration
  2. Input B collaboration
  3. Result collaboration
  4. Construction site collaboration
You can see from the collaborations involved how your Agent can determine the precise details needed to design its instruction. As part of the contract, the Addition Agent will be provisioned with contact details so it can join these collaborations. Your Agent must collaborate with other stakeholders in each collaboration to resolve that requirement. In this case, how a variable will be treated. The stakeholders use a protocol to arrive at an Agreement and share the terms of the agreement. For example, the stakeholders of collaboration “Input A” may agree to treat the variable as an signed 64bit integer, resolve to locate it at location 0x4fff2, or alternatively agree that the RBX register should be used, or agree to use one of the many other ways a variable can be represented. Once each collaboration has reached an agreement and the terms of that agreement distributed, your Agent can begin to design the binary instruction. The construction site collaboration is where you will exactly place your binary bytes.
The construction site protocol is detailed in the whitepaper and is some of the magic that allows the decentralized development system to deliver the project binary. The protocol consists of 3 steps,
  1. You request space in the project binary be reserved.
  2. You are notified of the physical address of your requested space.
  3. You delver the the binary bytes you designed to fill the reserved space.
Once the bytes are returned your Agent can remove the job from its work schedule. Job done, payment received, another happy customer with a shiny ADD instruction designed into their project binary.
Note:
  1. Observe how it is impossible for this ADD Agent to install a backdoor undetected by the client.
  2. Observe how the Agent isn’t linking a module, or using a HLL to express the binary instruction.
  3. Observe how with just a handful of predicates you have a working "Addition" Agent capable of designing the Addition Feature into a project with a wide range of collaboration agreements.
  4. Observe how this Agent could conceivably not even design-in an ADD instruction if one of the design time collaboration agreements was a literal "1" (It would design in an increment instruction). There is even a case where this Agent may not deliver any binary to build its feature into your project!
24. How does EC arrive at a project binary without writing source code?
Devs using EC combine features to create solutions. They don't write code. EC devs contract Agents which design the desired features into their project for a fee. Emergent coding uses a domain specific contracting language (called pilot) to describe the necessary contracts. Pilot is not a general purpose language. As agents create their features by similarly combining smaller features contracted from peer, your desired features may inadvertently result in thousands of contracts. As it is agents all the way down, there is no source code to create the project binary.
Traditional: Software requirements -> write code -> compile -> project binary (ELF).
Emergent coding: Select desired features -> contract agents -> project binary (ELF).
Agents themselves are created the same way - specify the features you want your agent to have, contract the necessary agents for those features and viola - agent project binary (ELF).
25. How does the actual binary code that agents deliver to each other is written?
An agent never touches code. With emergent coding, agents contribute features to a project, and leave the project binary to emerge as the higher-order complexity of their collective effort. Typically, agents “contribute” their feature by causing smaller features to be contributed by peers, who in turn, do likewise. By mapping features to smaller features delivered by these peers, agents ensure their feature is delivered to the project without themselves making a direct code contribution.
Peer connections established by these mappings serve to both incrementally extend a temporary project “scaffold” and defer the need to render a feature as a code contribution. At the periphery of the scaffold, features are so simple they can be rendered as a binary fragment with these binary fragments using the information embodied by the scaffold to guide the concatenation back along the scaffold to emerge as the project binary - hence the term Emergent Coding.
Note the scaffold forms a temporary tree-like structure which allows virtually all the project design contracts to be completed in parallel. The scaffold also automatically limits an agent's scope to precisely the resources and site for their feature. It is why it is virtually impossible for an agent to install a "back door" or other malicious code into the project binary.
submitted by nlovisa to EmergentCoding [link] [comments]

Auscoin ICO is an underwhelming fraud

Auscoin ICO review I want to give my fact based review on a upcoming Australian ICO https://www.auscoin.io/ Abstract: AUSCOIN plans to introduce 1200 atm's into the market over 12 months and release a cryptocurrency token that rewards holders of the token with cheaper ATM fees, with supplementary plans to roll this out to over 1000 merchants for POS use in a 12 month period. This ATM rollout has been widely touted in social media and the press as costing $15,000,000. They plan to fund this rollout by selling 50,000,000 tokens at $1 each.
The Auscoin token: I cannot justify a legitimate valid use for the token at this time. The Whitepaper focusses on the ATM business and virtually skips over the token and its uses. Notwithstanding a very underwhelming description of possible merchant adoption, token use is not mentioned at all in the latest whitepaper. The token creation seems to be a secondary effect of funding the ATM roll out, given almost all of the literature focusses on this side of the business. In addition, even though the ICO will fund the ATM businesses, this is a wholly separate business entity and the success of AUSCOIN ATM PTY. LTD. does not translate to the success of AUSCOIN the token. Even if AUSCOIN were to influence over 1000 retail businesses to adopt AUSCOIN merchant facilities, this represents a miniscule fraction of Australian retail businesses. This represents no significant gain over any other token in the market and we are worried about the security implications of using a token as a significant means of means of retail exchange. Further to this point retail statistics show retail spending is slumping to new lows and adoption of any new technology will be a hard sell in the current atmosphere.
Sub conclusion: With the significant capital raised ($50million) there enough budget to create a standalone block chain that could combine PoW and PoS. This would provide holders and miners significant rewards to secure the network. A coin with its own network would represent a sizable improvement on economics, security and fundamental use to both holders and retailers equally over AUSCOIN’s current choice of erc20 token.
Token Benefits: Reference for this section - Auscoin whitepaper(a) and Video explanation of token benefits(b)
a. https://www.auscoin.io/static/assets/documentation/AUSCOIN-Whitepaper.pdf
b. https://www.facebook.com/auscoinico/videos/240235636516652/
1. Merchant/Retail use: As formerly discussed I find this underwhelming. Lest we can begin to reach a level of adoption unheard of in the rest of the developed world, the AUSCOIN token will be useable in 1 in 10,000 stores at best. Until AUSCOIN can reach a level of adoption nearing 10%, it will remain a underutilized or unused asset for retail. Sections 2 through 4 reference(b) the AUSCOIN token video. This revolves around the claim 1% of all transactions will be put back into the AUSCOIN network.
2. “50% is put straight back into AUSCOIN and kept in an AUSCOIN secure wallet” This assertion is purposely misleading. There is no explanation if this is to purchase AUSCOIN tokens or to be kept in a wallet owned by AUSCOIN. If it is to purchase AUSCOIN tokens, this makes AUSCOIN a security and will not pass the tests put forward by ASIC. If it is to be kept in a bitcoin or other crypto wallet (non AUSCOIN network) than this is purposely misleading and deceiving advertising. https://www.accc.gov.au/consumers/misleading-claims-advertising/false-or-misleading-claims
3. HODL Club: 25% goes to fee reduction. To access rewards in the HODL club you need to hold a minimum of 10,000 tokens ($10,000 at ICO price). There is no specification on how much you will save, this is not documented anywhere nor has this question ever been answered by the team to our knowledge. There is estimated 7-8% of hidden fees attached to each transaction with wildly varying spot rates. We find the cost of AUSCOIN ATM BTC to not come close to major exchanges and the spreads to unfairly disadvantage sellers. There is no details of how much you will save and with a minimum $10,000 outlay to enter this club, the price of entry would greatly outweigh the savings over a year of buying for almost all users in the network.
4. 25% is reserved for gateway users and will be distributed among the users of the gateway. This is not described in the whitepaper. We have no idea what the gateway will actually enable due to the lack of any documentation, but if this rewards users tokens then again constitutes a security.
Tokenomics: Of the 100,000,000 Tokens generated by AUSCOIN, 50,000,000 are reserved for the ICO / seed rounds and 50,000,000 are locked up for 3 years to be used by AUSCOIN. The reservation of 50% of all tokens by the AUSCOIN ICO is outrageous. I find this very unfair to investors, but I also find this is poorly planned. To lock up 50% of all tokens for company use in 3 years and spare no tokens to be used for the network in the mean time AUSCOIN may find themselves in a untenable position in regards to supply. The HODL club seems to be the only real reward to the system where AUSCOIN owners need to hold a minimum of 10,000 tokens to benefit. With all of the tokens available for the first 3 years being sold to raise money, this gives AUSCOIN no method to reward businesses to use the token without dipping into their cash flow liquidity provided by the ATM network, in addition it gives them no headroom for error or allocation of AUSCOIN for any purpose without purchase until the future fund is unlocked. With a vast amount locked into HODL club members wallets permanently this will create a low circulating supply and extreme liquidity issues. This shows a lack of business strategy by the team and a lack of understanding of the metrics of distribution. Whether by greed or poor planning this is a massive red flag that cannot be addressed without breaking their contractual obligations laid out in the whitepaper if they succeed in selling all 50,000,000 tokens during the ICO phase.
Security: There is absolutely no mention of security in the latest whitepaper, this is disconcerting for the average person to not be given even a small amount of detail on the issue. The token is secured by the Ethereum network but I do not deem a token to be categorically secure enough for POS and retail exchange. This is more suitably the job for a purpose built coin & blockchain.
The AUSCOIN ATM Network: The majority of the business plan laid out in the whitepaper revolves around the ATM business that the ICO funds. It is an underwhelming amount of information and draw conclusions of scaled data from insufficient sources. Two ATM’s were used in the collection of AUSCOIN’s data, each of these were placed in owners of AUSCOIN’s businesses. First we can not be sure this data is reliable, but at the very least this is vastly insufficient to be able to scale the numbers out from 2 to 1200. Data sourced from the internet shows just how little demand there is right now for bitcoin ATM’s.
1.There are only 2,008 Bitcoin ATMs as of January 2018 globally. https://www.statista.com/statistics/343127/number-bitcoin-atms/ AUSCOIN plan on rolling out 1200 ATM's Australia wide within the year, while demand is growing, I find it hard to make a business case that Australia could have, based on the current numbers, the equivalent of 60% of all current Bitcoin ATM's in the world at this point in time by the end of 2018.
2. Extrapolating the data from two ATM’s that may have been tampered with given the access from owners is not a sound collection of data. The reports of 84 million dollars transacted on the network per week is inaccurate at best.
3. Having spoken to other ATM operators one major cost is the transport of currency to and from machines. There is a strong business case to provide a more expensive ATM machine that would require much less deliveries and pickup of currency. Some machines hold 3-5 times the amount of currency, which is a saving on cash provision of 300-500% https://bitcoinatm.com/
4. Fees are hidden, but they are comparing themselves only to to Coinspot which is the most expensive exchange in Australia. We would like some clarity on fees but from what we can find they are around 7-8%. AUSCOIN make most their money on the spread they offer.
5. What is AUSCOIN’s ability to maintain the ATM's liquidity during sharp corrections. Early reports relayed from the community insinuate the ATM in Chadstone has been out of service each time the market corrects. At 1200 ATM's, maintaining liquidity in a volatile market will be hard. If you can buy below market rate you need to buy bulk to service all the ATM's. What methods will AUSCOIN employ to keep their ATM’s in service during corrections. What business systems will AUSCOIN employ to protect their liquidity and reserves from corrections. These are all questions that should be answered in the whitepaper if the token really centers on the ATM network.
Team: The team itself is underwhelming, there seems to be only a single qualified developer on staff. Unfortunately we cannot follow up his qualifications as there is no Linkedin links for any staff or team members found anywhere online or within the whitepaper. The main team members seemed to not completely grasp the fundamentals of how a blockchain works even recently in their talks and AMA's. They had no idea their original concept of producing a token did not allow them to mine these tokens as demonstrated in version #1 of the whitepaper. There is multiple allegations of fraud and illegal behaviour with members of the team, while these require more evidence than I have currently been given access to, they are relevant to my reporting on the teams foundation. Some crypto community members have claimed team members and people associated with the team have threatened them for speaking out or asking questions.
Sam Karagiozis: Sam has no experience in blockchain at a greater level than purchasing and selling though localbitcoins. Sam runs a Souvlaki shop, this is to our understanding his only experience in business management. Sam claims to have been involved in bitcoin since 2012 but he has shown himself to be completely hopeless at understanding the complexities of Bitcoin, blockchain and cryptocurrencies. https://www.youtube.com/watch?v=nh91eftBZbU Sam mistakes bitcoin market cap with total supply and claims all bitcoins will be mined by mid 2020 when it is widely regarded to be around 2040. Sam is generally the face of AUSCOIN but conducts himself like a preschooler on social media. There is rumors circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Michael Slogget: Michael runs a successful group Crypto Calls Australia with over 30,000 members. Michaels past business experience is with Worldventures, a pyramid scheme to sell travel packages http://www.news.com.au/finance/business/travel/worldventures-multilevel-marketing-business-claims-to-have-10000-australian-members/news-story/139decd1762d3cfbdfc4114e696b049a. There is rumours circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Sean Harris: Sean is the only accomplished person on the team as far as the whitepaper resume goes, what he has accomplished is anybody's guess as we cannot research him without a Linkedin profile. I would like to see detail on his management qualifications as extensive searches of google cannot find anything.
Without links to actually search anybody else on the team we refuse to comment on the lacklustre team they have put together. There is not one mention of an actual project or company anybody has worked for. It is my assumption that the team either have no qualifications or very poor ones. AUSCOIN remarks on their Facebook page on Feb. 7th that the development team was finalized in November. The team seems in constant flux and the original developers parted ways in January. The team has scrubbed developers from the project as late as a few weeks ago after it was made public they had no prior experience aside from pushing trolleys. https://www.facebook.com/auscoinico/photos/a.220326521840897.1073741828.210692739470942/242907232916159/?type=3&theater
Funding: With the aim to raise close to $50,000,000 there is only $15,000,000 accounted for in the roll out of the ATM network. There is no public disclosure of where the rest of the funds are spent. We have plenty of questions regarding this. 1. How much is going towards the teams payroll. 2. How much is for upkeep of the business. 3. How much is going to be spent on marketing. 4. What is your level of contingency. 5. How much is set aside for AUSCOIN and how much is for the AUSCOIN ATM business. 6. How much has actually been accounted for in the business plan.
I have nothing but apprehension for the future of the money raised by investors and the AUSCOIN network. With the way the company structure is set out, this gives AUSCOIN ICO PTY. LTD the ability to pay and transfer assets to AUSCOIN GROUP PTY. LTD. or AUSCOIN ATM PTY. LTD. and limit the liability if the AUSCOIN token fails, retaining the ATM businesses and shareholders money.
Conclusion: 1 out of 5 * A Risky investment that will be almost certainly fail to provide a useful product in AUSCOIN. I hope they prove me wrong. The ATM business is an exciting venture that can only be good for Australian adoption, but there is probably a better way to fund this without potentially defrauding amateur investors. I find the ATM network an exciting venture but the planning to be a underwhelming endeavor. For a whitepaper that focuses mainly on Bitcoin ATM’s, there is very little detailed information on crypto ATM usage, no competitor analysis, or a SWOT analysis on the ATM business. The team is underwhelming, there is not a single allstar team member or anybody involved in the project that has verifiable experience in the ATM or Blockchain industry. The scope of the project and token has changed dramatically from version one of the whitepaper to version five, initial seed investors were originally promised an exchange and many other things to come in the near future. This does not fill me full of optimism when it comes to their ability to deliver on promises and business goals if the scope has changed so dramatically since the initial seed round. Further to this they did not offer these seed funders a refund based on the scopes drastic change and the initial promises they were sold before investing. While they are not legally obligated to do this, I find this to be extremely questionable behaviour.
submitted by CryptoKittyKiller to Auscoin [link] [comments]

Auscoin ICO is a scam targeting Mum and Dad investors in Australia

Auscoin ICO review I want to give my fact based review on a upcoming Australian ICO https://www.auscoin.io/ Abstract: AUSCOIN plans to introduce 1200 atm's into the market over 12 months and release a cryptocurrency token that rewards holders of the token with cheaper ATM fees, with supplementary plans to roll this out to over 1000 merchants for POS use in a 12 month period. This ATM rollout has been widely touted in social media and the press as costing $15,000,000. They plan to fund this rollout by selling 50,000,000 tokens at $1 each.
The Auscoin token: I cannot justify a legitimate valid use for the token at this time. The Whitepaper focusses on the ATM business and virtually skips over the token and its uses. Notwithstanding a very underwhelming description of possible merchant adoption, token use is not mentioned at all in the latest whitepaper. The token creation seems to be a secondary effect of funding the ATM roll out, given almost all of the literature focusses on this side of the business. In addition, even though the ICO will fund the ATM businesses, this is a wholly separate business entity and the success of AUSCOIN ATM PTY. LTD. does not translate to the success of AUSCOIN the token. Even if AUSCOIN were to influence over 1000 retail businesses to adopt AUSCOIN merchant facilities, this represents a miniscule fraction of Australian retail businesses. This represents no significant gain over any other token in the market and we are worried about the security implications of using a token as a significant means of means of retail exchange. Further to this point retail statistics show retail spending is slumping to new lows and adoption of any new technology will be a hard sell in the current atmosphere.
Sub conclusion: With the significant capital raised ($50million) there enough budget to create a standalone block chain that could combine PoW and PoS. This would provide holders and miners significant rewards to secure the network. A coin with its own network would represent a sizable improvement on economics, security and fundamental use to both holders and retailers equally over AUSCOIN’s current choice of erc20 token.
Token Benefits: Reference for this section - Auscoin whitepaper(a) and Video explanation of token benefits(b)
a. https://www.auscoin.io/static/assets/documentation/AUSCOIN-Whitepaper.pdf
b. https://www.facebook.com/auscoinico/videos/240235636516652/
1. Merchant/Retail use: As formerly discussed I find this underwhelming. Lest we can begin to reach a level of adoption unheard of in the rest of the developed world, the AUSCOIN token will be useable in 1 in 10,000 stores at best. Until AUSCOIN can reach a level of adoption nearing 10%, it will remain a underutilized or unused asset for retail. Sections 2 through 4 reference(b) the AUSCOIN token video. This revolves around the claim 1% of all transactions will be put back into the AUSCOIN network.
2. “50% is put straight back into AUSCOIN and kept in an AUSCOIN secure wallet” This assertion is purposely misleading. There is no explanation if this is to purchase AUSCOIN tokens or to be kept in a wallet owned by AUSCOIN. If it is to purchase AUSCOIN tokens, this makes AUSCOIN a security and will not pass the tests put forward by ASIC. If it is to be kept in a bitcoin or other crypto wallet (non AUSCOIN network) than this is purposely misleading and deceiving advertising. https://www.accc.gov.au/consumers/misleading-claims-advertising/false-or-misleading-claims
3. HODL Club: 25% goes to fee reduction. To access rewards in the HODL club you need to hold a minimum of 10,000 tokens ($10,000 at ICO price). There is no specification on how much you will save, this is not documented anywhere nor has this question ever been answered by the team to our knowledge. There is estimated 7-8% of hidden fees attached to each transaction with wildly varying spot rates. We find the cost of AUSCOIN ATM BTC to not come close to major exchanges and the spreads to unfairly disadvantage sellers. There is no details of how much you will save and with a minimum $10,000 outlay to enter this club, the price of entry would greatly outweigh the savings over a year of buying for almost all users in the network.
4. 25% is reserved for gateway users and will be distributed among the users of the gateway. This is not described in the whitepaper. We have no idea what the gateway will actually enable due to the lack of any documentation, but if this rewards users tokens then again constitutes a security.
Tokenomics: Of the 100,000,000 Tokens generated by AUSCOIN, 50,000,000 are reserved for the ICO / seed rounds and 50,000,000 are locked up for 3 years to be used by AUSCOIN. The reservation of 50% of all tokens by the AUSCOIN ICO is outrageous. I find this very unfair to investors, but I also find this is poorly planned. To lock up 50% of all tokens for company use in 3 years and spare no tokens to be used for the network in the mean time AUSCOIN may find themselves in a untenable position in regards to supply. The HODL club seems to be the only real reward to the system where AUSCOIN owners need to hold a minimum of 10,000 tokens to benefit. With all of the tokens available for the first 3 years being sold to raise money, this gives AUSCOIN no method to reward businesses to use the token without dipping into their cash flow liquidity provided by the ATM network, in addition it gives them no headroom for error or allocation of AUSCOIN for any purpose without purchase until the future fund is unlocked. With a vast amount locked into HODL club members wallets permanently this will create a low circulating supply and extreme liquidity issues. This shows a lack of business strategy by the team and a lack of understanding of the metrics of distribution. Whether by greed or poor planning this is a massive red flag that cannot be addressed without breaking their contractual obligations laid out in the whitepaper if they succeed in selling all 50,000,000 tokens during the ICO phase.
Security: There is absolutely no mention of security in the latest whitepaper, this is disconcerting for the average person to not be given even a small amount of detail on the issue. The token is secured by the Ethereum network but I do not deem a token to be categorically secure enough for POS and retail exchange. This is more suitably the job for a purpose built coin & blockchain.
The AUSCOIN ATM Network: The majority of the business plan laid out in the whitepaper revolves around the ATM business that the ICO funds. It is an underwhelming amount of information and draw conclusions of scaled data from insufficient sources. Two ATM’s were used in the collection of AUSCOIN’s data, each of these were placed in owners of AUSCOIN’s businesses. First we can not be sure this data is reliable, but at the very least this is vastly insufficient to be able to scale the numbers out from 2 to 1200. Data sourced from the internet shows just how little demand there is right now for bitcoin ATM’s.
1.There are only 2,008 Bitcoin ATMs as of January 2018 globally. https://www.statista.com/statistics/343127/number-bitcoin-atms/ AUSCOIN plan on rolling out 1200 ATM's Australia wide within the year, while demand is growing, I find it hard to make a business case that Australia could have, based on the current numbers, the equivalent of 60% of all current Bitcoin ATM's in the world at this point in time by the end of 2018.
2. Extrapolating the data from two ATM’s that may have been tampered with given the access from owners is not a sound collection of data. The reports of 84 million dollars transacted on the network per week is inaccurate at best.
3. Having spoken to other ATM operators one major cost is the transport of currency to and from machines. There is a strong business case to provide a more expensive ATM machine that would require much less deliveries and pickup of currency. Some machines hold 3-5 times the amount of currency, which is a saving on cash provision of 300-500% https://bitcoinatm.com/
4. Fees are hidden, but they are comparing themselves only to to Coinspot which is the most expensive exchange in Australia. We would like some clarity on fees but from what we can find they are around 7-8%. AUSCOIN make most their money on the spread they offer.
5. What is AUSCOIN’s ability to maintain the ATM's liquidity during sharp corrections. Early reports relayed from the community insinuate the ATM in Chadstone has been out of service each time the market corrects. At 1200 ATM's, maintaining liquidity in a volatile market will be hard. If you can buy below market rate you need to buy bulk to service all the ATM's. What methods will AUSCOIN employ to keep their ATM’s in service during corrections. What business systems will AUSCOIN employ to protect their liquidity and reserves from corrections. These are all questions that should be answered in the whitepaper if the token really centers on the ATM network.
Team: The team itself is underwhelming, there seems to be only a single qualified developer on staff. Unfortunately we cannot follow up his qualifications as there is no Linkedin links for any staff or team members found anywhere online or within the whitepaper. The main team members seemed to not completely grasp the fundamentals of how a blockchain works even recently in their talks and AMA's. They had no idea their original concept of producing a token did not allow them to mine these tokens as demonstrated in version #1 of the whitepaper. There is multiple allegations of fraud and illegal behaviour with members of the team, while these require more evidence than I have currently been given access to, they are relevant to my reporting on the teams foundation. Some crypto community members have claimed team members and people associated with the team have threatened them for speaking out or asking questions.
Sam K: Sam has no experience in blockchain at a greater level than purchasing and selling though localbitcoins. Sam runs a Souvlaki shop, this is to our understanding his only experience in business management. Sam claims to have been involved in bitcoin since 2012 but he has shown himself to be completely hopeless at understanding the complexities of Bitcoin, blockchain and cryptocurrencies. https://www.youtube.com/watch?v=nh91eftBZbU Sam mistakes bitcoin market cap with total supply and claims all bitcoins will be mined by mid 2020 when it is widely regarded to be around 2040. Sam is generally the face of AUSCOIN but conducts himself like a preschooler on social media. There is rumors circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Michael S: Michael runs a successful group Crypto Calls Australia with over 30,000 members. Michaels past business experience is with Worldventures, a pyramid scheme to sell travel packages http://www.news.com.au/finance/business/travel/worldventures-multilevel-marketing-business-claims-to-have-10000-australian-members/news-story/139decd1762d3cfbdfc4114e696b049a. There is rumours circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Sean H Sean is the only accomplished person on the team as far as the whitepaper resume goes, what he has accomplished is anybody's guess as we cannot research him without a Linkedin profile. I would like to see detail on his management qualifications as extensive searches of google cannot find anything.
Without links to actually search anybody else on the team we refuse to comment on the lacklustre team they have put together. There is not one mention of an actual project or company anybody has worked for. It is my assumption that the team either have no qualifications or very poor ones. AUSCOIN remarks on their Facebook page on Feb. 7th that the development team was finalized in November. The team seems in constant flux and the original developers parted ways in January. The team has scrubbed developers from the project as late as a few weeks ago after it was made public they had no prior experience aside from pushing trolleys. https://www.facebook.com/auscoinico/photos/a.220326521840897.1073741828.210692739470942/242907232916159/?type=3&theater
Funding: With the aim to raise close to $50,000,000 there is only $15,000,000 accounted for in the roll out of the ATM network. There is no public disclosure of where the rest of the funds are spent. We have plenty of questions regarding this. 1. How much is going towards the teams payroll. 2. How much is for upkeep of the business. 3. How much is going to be spent on marketing. 4. What is your level of contingency. 5. How much is set aside for AUSCOIN and how much is for the AUSCOIN ATM business. 6. How much has actually been accounted for in the business plan.
I have nothing but apprehension for the future of the money raised by investors and the AUSCOIN network. With the way the company structure is set out, this gives AUSCOIN ICO PTY. LTD the ability to pay and transfer assets to AUSCOIN GROUP PTY. LTD. or AUSCOIN ATM PTY. LTD. and limit the liability if the AUSCOIN token fails, retaining the ATM businesses and shareholders money.
Conclusion: 1 out of 5 * A Risky investment that will be almost certainly fail to provide a useful product in AUSCOIN. I hope they prove me wrong. The ATM business is an exciting venture that can only be good for Australian adoption, but there is probably a better way to fund this without potentially defrauding amateur investors. I find the ATM network an exciting venture but the planning to be a underwhelming endeavor. For a whitepaper that focuses mainly on Bitcoin ATM’s, there is very little detailed information on crypto ATM usage, no competitor analysis, or a SWOT analysis on the ATM business. The team is underwhelming, there is not a single allstar team member or anybody involved in the project that has verifiable experience in the ATM or Blockchain industry. The scope of the project and token has changed dramatically from version one of the whitepaper to version five, initial seed investors were originally promised an exchange and many other things to come in the near future. This does not fill me full of optimism when it comes to their ability to deliver on promises and business goals if the scope has changed so dramatically since the initial seed round. Further to this they did not offer these seed funders a refund based on the scopes drastic change and the initial promises they were sold before investing. While they are not legally obligated to do this, I find this to be extremely questionable behaviour.
submitted by CryptoKittyKiller to Scams [link] [comments]

In-depth review of Auscoin credits to /u/CryptoKittyKiller. A reminder to make sure that nobody loses money in this scam ICO

Auscoin ICO review I want to give my fact based review on a upcoming Australian ICO https://www.auscoin.io/ Abstract: AUSCOIN plans to introduce 1200 atm's into the market over 12 months and release a cryptocurrency token that rewards holders of the token with cheaper ATM fees, with supplementary plans to roll this out to over 1000 merchants for POS use in a 12 month period. This ATM rollout has been widely touted in social media and the press as costing $15,000,000. They plan to fund this rollout by selling 50,000,000 tokens at $1 each.
The Auscoin token: I cannot justify a legitimate valid use for the token at this time. The Whitepaper focusses on the ATM business and virtually skips over the token and its uses. Notwithstanding a very underwhelming description of possible merchant adoption, token use is not mentioned at all in the latest whitepaper. The token creation seems to be a secondary effect of funding the ATM roll out, given almost all of the literature focusses on this side of the business. In addition, even though the ICO will fund the ATM businesses, this is a wholly separate business entity and the success of AUSCOIN ATM PTY. LTD. does not translate to the success of AUSCOIN the token. Even if AUSCOIN were to influence over 1000 retail businesses to adopt AUSCOIN merchant facilities, this represents a miniscule fraction of Australian retail businesses. This represents no significant gain over any other token in the market and we are worried about the security implications of using a token as a significant means of means of retail exchange. Further to this point retail statistics show retail spending is slumping to new lows and adoption of any new technology will be a hard sell in the current atmosphere.
Sub conclusion: With the significant capital raised ($50million) there enough budget to create a standalone block chain that could combine PoW and PoS. This would provide holders and miners significant rewards to secure the network. A coin with its own network would represent a sizable improvement on economics, security and fundamental use to both holders and retailers equally over AUSCOIN’s current choice of erc20 token.
Token Benefits: Reference for this section - Auscoin whitepaper(a) and Video explanation of token benefits(b)
a. https://www.auscoin.io/static/assets/documentation/AUSCOIN-Whitepaper.pdf
b. https://www.facebook.com/auscoinico/videos/240235636516652/
1. Merchant/Retail use: As formerly discussed I find this underwhelming. Lest we can begin to reach a level of adoption unheard of in the rest of the developed world, the AUSCOIN token will be useable in 1 in 10,000 stores at best. Until AUSCOIN can reach a level of adoption nearing 10%, it will remain a underutilized or unused asset for retail. Sections 2 through 4 reference(b) the AUSCOIN token video. This revolves around the claim 1% of all transactions will be put back into the AUSCOIN network.
2. “50% is put straight back into AUSCOIN and kept in an AUSCOIN secure wallet” This assertion is purposely misleading. There is no explanation if this is to purchase AUSCOIN tokens or to be kept in a wallet owned by AUSCOIN. If it is to purchase AUSCOIN tokens, this makes AUSCOIN a security and will not pass the tests put forward by ASIC. If it is to be kept in a bitcoin or other crypto wallet (non AUSCOIN network) than this is purposely misleading and deceiving advertising. https://www.accc.gov.au/consumers/misleading-claims-advertising/false-or-misleading-claims
3. HODL Club: 25% goes to fee reduction. To access rewards in the HODL club you need to hold a minimum of 10,000 tokens ($10,000 at ICO price). There is no specification on how much you will save, this is not documented anywhere nor has this question ever been answered by the team to our knowledge. There is estimated 7-8% of hidden fees attached to each transaction with wildly varying spot rates. We find the cost of AUSCOIN ATM BTC to not come close to major exchanges and the spreads to unfairly disadvantage sellers. There is no details of how much you will save and with a minimum $10,000 outlay to enter this club, the price of entry would greatly outweigh the savings over a year of buying for almost all users in the network.
4. 25% is reserved for gateway users and will be distributed among the users of the gateway. This is not described in the whitepaper. We have no idea what the gateway will actually enable due to the lack of any documentation, but if this rewards users tokens then again constitutes a security.
Tokenomics: Of the 100,000,000 Tokens generated by AUSCOIN, 50,000,000 are reserved for the ICO / seed rounds and 50,000,000 are locked up for 3 years to be used by AUSCOIN. The reservation of 50% of all tokens by the AUSCOIN ICO is outrageous. I find this very unfair to investors, but I also find this is poorly planned. To lock up 50% of all tokens for company use in 3 years and spare no tokens to be used for the network in the mean time AUSCOIN may find themselves in a untenable position in regards to supply. The HODL club seems to be the only real reward to the system where AUSCOIN owners need to hold a minimum of 10,000 tokens to benefit. With all of the tokens available for the first 3 years being sold to raise money, this gives AUSCOIN no method to reward businesses to use the token without dipping into their cash flow liquidity provided by the ATM network, in addition it gives them no headroom for error or allocation of AUSCOIN for any purpose without purchase until the future fund is unlocked. With a vast amount locked into HODL club members wallets permanently this will create a low circulating supply and extreme liquidity issues. This shows a lack of business strategy by the team and a lack of understanding of the metrics of distribution. Whether by greed or poor planning this is a massive red flag that cannot be addressed without breaking their contractual obligations laid out in the whitepaper if they succeed in selling all 50,000,000 tokens during the ICO phase.
Security: There is absolutely no mention of security in the latest whitepaper, this is disconcerting for the average person to not be given even a small amount of detail on the issue. The token is secured by the Ethereum network but I do not deem a token to be categorically secure enough for POS and retail exchange. This is more suitably the job for a purpose built coin & blockchain.
The AUSCOIN ATM Network: The majority of the business plan laid out in the whitepaper revolves around the ATM business that the ICO funds. It is an underwhelming amount of information and draw conclusions of scaled data from insufficient sources. Two ATM’s were used in the collection of AUSCOIN’s data, each of these were placed in owners of AUSCOIN’s businesses. First we can not be sure this data is reliable, but at the very least this is vastly insufficient to be able to scale the numbers out from 2 to 1200. Data sourced from the internet shows just how little demand there is right now for bitcoin ATM’s.
1.There are only 2,008 Bitcoin ATMs as of January 2018 globally. https://www.statista.com/statistics/343127/number-bitcoin-atms/ AUSCOIN plan on rolling out 1200 ATM's Australia wide within the year, while demand is growing, I find it hard to make a business case that Australia could have, based on the current numbers, the equivalent of 60% of all current Bitcoin ATM's in the world at this point in time by the end of 2018.
2. Extrapolating the data from two ATM’s that may have been tampered with given the access from owners is not a sound collection of data. The reports of 84 million dollars transacted on the network per week is inaccurate at best.
3. Having spoken to other ATM operators one major cost is the transport of currency to and from machines. There is a strong business case to provide a more expensive ATM machine that would require much less deliveries and pickup of currency. Some machines hold 3-5 times the amount of currency, which is a saving on cash provision of 300-500% https://bitcoinatm.com/
4. Fees are hidden, but they are comparing themselves only to to Coinspot which is the most expensive exchange in Australia. We would like some clarity on fees but from what we can find they are around 7-8%. AUSCOIN make most their money on the spread they offer.
5. What is AUSCOIN’s ability to maintain the ATM's liquidity during sharp corrections. Early reports relayed from the community insinuate the ATM in Chadstone has been out of service each time the market corrects. At 1200 ATM's, maintaining liquidity in a volatile market will be hard. If you can buy below market rate you need to buy bulk to service all the ATM's. What methods will AUSCOIN employ to keep their ATM’s in service during corrections. What business systems will AUSCOIN employ to protect their liquidity and reserves from corrections. These are all questions that should be answered in the whitepaper if the token really centers on the ATM network.
Team: The team itself is underwhelming, there seems to be only a single qualified developer on staff. Unfortunately we cannot follow up his qualifications as there is no Linkedin links for any staff or team members found anywhere online or within the whitepaper. The main team members seemed to not completely grasp the fundamentals of how a blockchain works even recently in their talks and AMA's. They had no idea their original concept of producing a token did not allow them to mine these tokens as demonstrated in version #1 of the whitepaper. There is multiple allegations of fraud and illegal behaviour with members of the team, while these require more evidence than I have currently been given access to, they are relevant to my reporting on the teams foundation. Some crypto community members have claimed team members and people associated with the team have threatened them for speaking out or asking questions.
Sam Karagiozis: Sam has no experience in blockchain at a greater level than purchasing and selling though localbitcoins. Sam runs a Souvlaki shop, this is to our understanding his only experience in business management. Sam claims to have been involved in bitcoin since 2012 but he has shown himself to be completely hopeless at understanding the complexities of Bitcoin, blockchain and cryptocurrencies. https://www.youtube.com/watch?v=nh91eftBZbU Sam mistakes bitcoin market cap with total supply and claims all bitcoins will be mined by mid 2020 when it is widely regarded to be around 2040. Sam is generally the face of AUSCOIN but conducts himself like a preschooler on social media. There is rumors circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Michael Slogget: Michael runs a successful group Crypto Calls Australia with over 30,000 members. Michaels past business experience is with Worldventures, a pyramid scheme to sell travel packages http://www.news.com.au/finance/business/travel/worldventures-multilevel-marketing-business-claims-to-have-10000-australian-members/news-story/139decd1762d3cfbdfc4114e696b049a. There is rumours circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Sean Harris: Sean is the only accomplished person on the team as far as the whitepaper resume goes, what he has accomplished is anybody's guess as we cannot research him without a Linkedin profile. I would like to see detail on his management qualifications as extensive searches of google cannot find anything.
Without links to actually search anybody else on the team we refuse to comment on the lacklustre team they have put together. There is not one mention of an actual project or company anybody has worked for. It is my assumption that the team either have no qualifications or very poor ones. AUSCOIN remarks on their Facebook page on Feb. 7th that the development team was finalized in November. The team seems in constant flux and the original developers parted ways in January. The team has scrubbed developers from the project as late as a few weeks ago after it was made public they had no prior experience aside from pushing trolleys. https://www.facebook.com/auscoinico/photos/a.220326521840897.1073741828.210692739470942/242907232916159/?type=3&theater
Funding: With the aim to raise close to $50,000,000 there is only $15,000,000 accounted for in the roll out of the ATM network. There is no public disclosure of where the rest of the funds are spent. We have plenty of questions regarding this. 1. How much is going towards the teams payroll. 2. How much is for upkeep of the business. 3. How much is going to be spent on marketing. 4. What is your level of contingency. 5. How much is set aside for AUSCOIN and how much is for the AUSCOIN ATM business. 6. How much has actually been accounted for in the business plan.
I have nothing but apprehension for the future of the money raised by investors and the AUSCOIN network. With the way the company structure is set out, this gives AUSCOIN ICO PTY. LTD the ability to pay and transfer assets to AUSCOIN GROUP PTY. LTD. or AUSCOIN ATM PTY. LTD. and limit the liability if the AUSCOIN token fails, retaining the ATM businesses and shareholders money.
Conclusion: 1 out of 5 * A Risky investment that will be almost certainly fail to provide a useful product in AUSCOIN. I hope they prove me wrong. The ATM business is an exciting venture that can only be good for Australian adoption, but there is probably a better way to fund this without potentially defrauding amateur investors. I find the ATM network an exciting venture but the planning to be a underwhelming endeavor. For a whitepaper that focuses mainly on Bitcoin ATM’s, there is very little detailed information on crypto ATM usage, no competitor analysis, or a SWOT analysis on the ATM business. The team is underwhelming, there is not a single allstar team member or anybody involved in the project that has verifiable experience in the ATM or Blockchain industry. The scope of the project and token has changed dramatically from version one of the whitepaper to version five, initial seed investors were originally promised an exchange and many other things to come in the near future. This does not fill me full of optimism when it comes to their ability to deliver on promises and business goals if the scope has changed so dramatically since the initial seed round. Further to this they did not offer these seed funders a refund based on the scopes drastic change and the initial promises they were sold before investing. While they are not legally obligated to do this, I find this to be extremely questionable behaviour.
submitted by optmspotts to CryptoCurrency [link] [comments]

[UPDATED] * Auscoin ICO review * from Facebook

[UPDATED] * Auscoin ICO review * COPIED FROM ANON-
I want to give my fact-based review on an upcoming Australian ICO https://www.auscoin.io/ Abstract: AUSCOIN plans to introduce 1200 atm's into the market over 12 months and release a cryptocurrency token that rewards holders of the token with cheaper ATM fees, with supplementary plans to roll this out to over 1000 merchants for POS use in a 12 month period. This ATM rollout has been widely touted in social media and the press as costing $15,000,000. They plan to fund this rollout by selling 50,000,000 tokens at $1 each.
The Auscoin token: I cannot justify a legitimate valid use for the token at this time. The Whitepaper focusses on the ATM business and virtually skips over the token and its uses. Notwithstanding a very underwhelming description of possible merchant adoption, token use is not mentioned at all in the latest whitepaper. The token creation seems to be a secondary effect of funding the ATM roll out, given almost all of the literature focusses on this side of the business. In addition, even though the ICO will fund the ATM businesses, this is a wholly separate business entity and the success of AUSCOIN ATM PTY. LTD. does not translate to the success of AUSCOIN the token. Even if AUSCOIN were to influence over 1000 retail businesses to adopt AUSCOIN merchant facilities, this represents a miniscule fraction of Australian retail businesses. This represents no significant gain over any other token in the market and we are worried about the security implications of using a token as a significant means of means of retail exchange. Further to this point retail statistics show retail spending is slumping to new lows and adoption of any new technology will be a hard sell in the current atmosphere.
Sub conclusion: With the significant capital raised ($50million) there enough budget to create a standalone block chain that could combine PoW and PoS. This would provide holders and miners significant rewards to secure the network. A coin with its own network would represent a sizable improvement on economics, security and fundamental use to both holders and retailers equally over AUSCOIN’s current choice of erc20 token.
Token Benefits: Reference for this section - Auscoin whitepaper(a) and Video explanation of token benefits(b) a https://www.auscoin.io/…/documentati…/AUSCOIN-Whitepaper.pdf b. https://www.facebook.com/auscoinico/videos/240235636516652/ 1. Merchant/Retail use: As formerly discussed I find this underwhelming. Lest we can begin to reach a level of adoption unheard of in the rest of the developed world, the AUSCOIN token will be useable in 1 in 10,000 stores at best. Until AUSCOIN can reach a level of adoption nearing 10%, it will remain a underutilized or unused asset for retail. Sections 2 through 4 reference(b) the AUSCOIN token video. This revolves around the claim 1% of all transactions will be put back into the AUSCOIN network.
  1. “50% is put straight back into AUSCOIN and kept in an AUSCOIN secure wallet” This assertion is purposely misleading. There is no explanation if this is to purchase AUSCOIN tokens or to be kept in a wallet owned by AUSCOIN. If it is to purchase AUSCOIN tokens, this makes AUSCOIN a security and will not pass the tests put forward by ASIC. If it is to be kept in a bitcoin or other crypto wallet (non AUSCOIN network) than this is purposely misleading and deceiving advertising. https://www.accc.gov.au/…/mislea…/false-or-misleading-claims
  2. HODL Club: 25% goes to fee reduction. To access rewards in the HODL club you need to hold a minimum of 10,000 tokens ($10,000 at ICO price). There is no specification on how much you will save, this is not documented anywhere nor has this question ever been answered by the team to our knowledge. There is estimated 7-8% of hidden fees attached to each transaction with wildly varying spot rates. We find the cost of AUSCOIN ATM BTC to not come close to major exchanges and the spreads to unfairly disadvantage sellers. There is no details of how much you will save and with a minimum $10,000 outlay to enter this club, the price of entry would greatly outweigh the savings over a year of buying for almost all users in the network.
  3. 25% is reserved for gateway users and will be distributed among the users of the gateway. This is not described in the whitepaper. We have no idea what the gateway will actually enable due to the lack of any documentation, but if this rewards users tokens then again constitutes a security.
Tokenomics: Of the 100,000,000 Tokens generated by AUSCOIN, 50,000,000 are reserved for the ICO / seed rounds and 50,000,000 are locked up for 3 years to be used by AUSCOIN. The reservation of 50% of all tokens by the AUSCOIN ICO is outrageous. I find this very unfair to investors, but I also find this is poorly planned. To lock up 50% of all tokens for company use in 3 years and spare no tokens to be used for the network in the mean time AUSCOIN may find themselves in a untenable position in regards to supply. The HODL club seems to be the only real reward to the system where AUSCOIN owners need to hold a minimum of 10,000 tokens to benefit. With all of the tokens available for the first 3 years being sold to raise money, this gives AUSCOIN no method to reward businesses to use the token without dipping into their cash flow liquidity provided by the ATM network, in addition it gives them no headroom for error or allocation of AUSCOIN for any purpose without purchase until the future fund is unlocked. With a vast amount locked into HODL club members wallets permanently this will create a low circulating supply and extreme liquidity issues. This shows a lack of business strategy by the team and a lack of understanding of the metrics of distribution. Whether by greed or poor planning this is a massive red flag that cannot be addressed without breaking their contractual obligations laid out in the whitepaper if they succeed in selling all 50,000,000 tokens during the ICO phase.
Security: There is absolutely no mention of security in the latest whitepaper, this is disconcerting for the average person to not be given even a small amount of detail on the issue. The token is secured by the Ethereum network but I do not deem a token to be categorically secure enough for POS and retail exchange. This is more suitably the job for a purpose built coin & blockchain.
The AUSCOIN ATM Network: The majority of the business plan laid out in the whitepaper revolves around the ATM business that the ICO funds. It is an underwhelming amount of information and draw conclusions of scaled data from insufficient sources. Two ATM’s were used in the collection of AUSCOIN’s data, each of these were placed in owners of AUSCOIN’s businesses. First we can not be sure this data is reliable, but at the very least this is vastly insufficient to be able to scale the numbers out from 2 to 1200. Data sourced from the internet shows just how little demand there is right now for bitcoin ATM’s.
1.There are only 2,008 Bitcoin ATMs as of January 2018 globally. https://www.statista.com/statis…/343127/number-bitcoin-atms/ AUSCOIN plan on rolling out 1200 ATM's Australia wide within the year, while demand is growing, I find it hard to make a business case that Australia could have, based on the current numbers, the equivalent of 60% of all current Bitcoin ATM's in the world at this point in time by the end of 2018.
  1. Extrapolating the data from two ATM’s that may have been tampered with given the access from owners is not a sound collection of data. The reports of 84 million dollars transacted on the network per week is inaccurate at best.
  2. Having spoken to other ATM operators one major cost is the transport of currency to and from machines. There is a strong business case to provide a more expensive ATM machine that would require much less deliveries and pickup of currency. Some machines hold 3-5 times the amount of currency, which is a saving on cash provision of 300-500% https://bitcoinatm.com/
4.Fees are hidden, but they are comparing themselves only to to Coinspot which is the most expensive exchange in Australia. We would like some clarity on fees but from what we can find they are around 7-8%. AUSCOIN make most their money on the spread they offer.
  1. What is AUSCOIN’s ability to maintain the ATM's liquidity during sharp corrections. Early reports relayed from the community insinuate the ATM in Chadstone has been out of service each time the market corrects. At 1200 ATM's, maintaining liquidity in a volatile market will be hard. If you can buy below market rate you need to buy bulk to service all the ATM's. What methods will AUSCOIN employ to keep their ATM’s in service during corrections. What business systems will AUSCOIN employ to protect their liquidity and reserves from corrections. These are all questions that should be answered in the whitepaper if the token really centers on the ATM network.
Team: The team itself is underwhelming, there seems to be only a single qualified developer on staff. Unfortunately we cannot follow up his qualifications as there is no Linkedin links for any staff or team members found anywhere online or within the whitepaper. The main team members seemed to not completely grasp the fundamentals of how a blockchain works even recently in their talks and AMA's. They had no idea their original concept of producing a token did not allow them to mine these tokens as demonstrated in version #1 of the whitepaper. There is multiple allegations of fraud and illegal behaviour with members of the team, while these require more evidence than I have currently been given access to, they are relevant to my reporting on the teams foundation. Some crypto community members have claimed team members and people associated with the team have threatened them for speaking out or asking questions.
Sam Karagiozis: Sam has no experience in blockchain at a greater level than purchasing and selling though localbitcoins. Sam runs a Souvlaki shop, this is to our understanding his only experience in business management. Sam claims to have been involved in bitcoin since 2012 but he has shown himself to be completely hopeless at understanding the complexities of Bitcoin, blockchain and cryptocurrencies. https://www.youtube.com/watch?v=nh91eftBZbU Sam mistakes bitcoin market cap with total supply and and claims all bitcoins will be mined by mid 2020 when it is widely regarded to be around 2040. Sam is generally the face of AUSCOIN but conducts himself like a preschooler on social media. There is rumors circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Michael Slogget: Michael runs a successful group Crypto Calls Australia with over 30,000 members. Michaels past business experience is with Worldventures, a pyramid scheme to sell travel packages http://www.news.com.au/…/n…/139decd1762d3cfbdfc4114e696b049a. There is rumours circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Sean Harris: Sean is the only accomplished person on the team as far as the whitepaper resume goes, what he has accomplished is anybody's guess as we cannot research him without a Linkedin profile. I would like to see detail on his management qualifications as extensive searches of google cannot find anything.
Without links to actually search anybody else on the team we refuse to comment on the lacklustre team they have put together. There is not one mention of an actual project or company anybody has worked for. It is my assumption that the team either have no qualifications or very poor ones. AUSCOIN remarks on their Facebook page on Feb. 7th that the development team was finalized in November. The team seems in constant flux and the original developers parted ways in January. The team has scrubbed developers from the project as late as a few weeks ago after it was made public they had no prior experience aside from pushing trolleys. https://www.facebook.com/auscoinico/photos/a.220326521840897.1073741828.210692739470942/242907232916159/?type=3&theater Funding: With the aim to raise close to $50,000,000 there is only $15,000,000 accounted for in the roll out of the ATM network. There is no public disclosure of where the rest of the funds are spent. We have plenty of questions regarding this. 1. How much is going towards the teams payroll. 2. How much is for upkeep of the business. 3. How much is going to be spent on marketing. 4. What is your level of contingency. 5. How much is set aside for AUSCOIN and how much is for the AUSCOIN ATM business. 6. How much has actually been accounted for in the business plan.
I have nothing but apprehension for the future of the money raised by investors and the AUSCOIN network. With the way the company structure is set out, this gives AUSCOIN ICO PTY. LTD the ability to pay and transfer assets to AUSCOIN GROUP PTY. LTD. or AUSCOIN ATM PTY. LTD. and limit the liability if the AUSCOIN token fails, retaining the ATM businesses and shareholders money.
*Conclusion: 1 out of 5 * A Risky investment that will be almost certainly fail to provide a useful product in AUSCOIN. I hope they prove me wrong. The ATM business is an exciting venture that can only be good for Australian adoption, but there is probably a better way to fund this without potentially defrauding amateur investors. I find the ATM network an exciting venture but the planning to be a underwhelming endeavor. For a whitepaper that focuses mainly on Bitcoin ATM’s, there is very little detailed information on crypto ATM usage, no competitor analysis, or a SWOT analysis on the ATM business. The team is underwhelming, there is not a single allstar team member or anybody involved in the project that has verifiable experience in the ATM or Blockchain industry. The scope of the project and token has changed dramatically from version one of the whitepaper to version five, initial seed investors were originally promised an exchange and many other things to come in the near future. This does not fill me full of optimism when it comes to their ability to deliver on promises and business goals if the scope has changed so dramatically since the initial seed round. Further to this they did not offer these seed funders a refund based on the scopes drastic change and the initial promises they were sold before investing. While they are not legally obligated to do this, I find this to be extremely questionable behaviour.
submitted by satanzhand to Auscoin [link] [comments]

Cash Crates! The LEGIT Way To Make Money Using Social Media What to except from EIGA distrbutions next financial year Tony Valentino vs. NWI Champion Thunder Trading Indices with Kangaroo Tails (Free Forex Live Trades) - Live US30 Trading BitcoinThief Crypto Trading Robot - 93% Profit In Seconds, Best Crypto Robot Ever!

There is an update today regarding the administration process of Australian financial technology company Stargroup Ltd (ASX:STL), which is known for its efforts to develop Bitcoin ATMs.. The Administrators of the company said today, in a filing with ASX, that the Australian Securities and Investments Commission (ASIC) has approved their application for a rescheduling of the company’s annual Australian Bitcoin ATMs: ATM: New South Wales: PCR (Western) Pty Ltd - Accountants: Other: Disclaimer - Hive Empire Pty Ltd (trading as finder.com.au, ABN: 18 118 785 121) provides factual Sam Karagiozis, the founder of Auscoin, has revealed his company is currently turning over AU$500,000 a week. “We currently have 31 Auscoin ATMs in Australia… and our turnover is $500,000 a week, which is just insane considering how much the price of Bitcoin has dropped,” Mr Karagiozis told the Daily Mail. “It just shows there really is a market for it and cryptocurrency is seen as a The SkyHook Bitcoin ATM. Genesis Coin Bitcoin ATMs are also present in the Australian market, an older model that offers bidirectional trading. Lastly, General Bytes Bitcoin ATMs are the most widely used Bitcoin ATMs in the Australian market, offering bidirectional trading complete with fingerprint scanning and an extremely easy to use interface. Police in South Australia have revealed scammers impersonating staff from the Australian Tax Office have lured victims to Bitcoin ATMs – fleecing them of thousands of dollars. SA Police say it’s a new tactic being used in a common cold call technique in which offenders, believed to be based overseas, claim to be working for the ATO.

[index] [6979] [22108] [17717] [13247] [386] [6426] [7878] [31151] [25080] [17201]

Cash Crates! The LEGIT Way To Make Money Using Social Media

RewardsFeed pays you for completing tasks and referring friends & family to their website. You can earn up to $15 per referral and $50 per task -----TAGS----- teen online jobs, RewardsFeed pty ltd ... eToro AUS Capital Pty Ltd. is a company authorized by the Australian Securities and Investments Commission (ASIC) under the Australian Financial Services License 491139. The opinions, views and content expressed in this video/article/material are our own and do not necessarily reflect the view/s of Mirror Trading International (Pty) Ltd. on this video is possible to see a clear demonstration of the power of the bitcointhief crypto trading robot, making 93% nine three percent profit within few... The Orchard Music (on behalf of At the Movies, Inc.); Abramus Digital, Australian Music Corporation Pty Ltd, CMRRA, LatinAutor, LatinAutor - PeerMusic, ARESA, ASCAP, and 4 Music Rights Societies ...

Flag Counter