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The War On Shitcoins Episode 7: Weed-Themed Coins including Including PotCoin (POT), Paragon (PRG), SMOKE, Tokes (TKS), HempCoin (THC), Marijuana Coin (MAR), CannabisCoin (CANN), CannaCoin (CCN), DopeCoin (DOPE), BlazerCoin (BLAZR), GreenMed (GRMD), Growers International (GRWI), Cannation (CNNC), Bongger (BGR), Sativacoin (STV), KushCoin (KUSH), GangaCoin (MRJA), Budbo (BUBO). The war on shitcoins is a Crypto.IQ series that targets and shoots down cryptocurrencies that are not worth investing in either due to their being scams, having serious design flaws, being centralized, or in general just being worthless copies of other cryptocurrencies. There are thousands of shitcoins that are ruining the markets, and Crypto.IQ intends to expose all of them. The crypto space needs an exorcism, and we are happy to provide it.
There are numerous cryptocurrencies that are nothing more than copies of other cryptocurrencies with marijuana logos slapped on. Perhaps the developers of these cryptocurrencies were running dry and decided to do an ICO or premine in order to fill their war chest with marijuana. Whatever the motives may be, the human race has created 18 weed-themed cryptocurrencies. Each one will be reviewed and properly burned below.
Potcoin (POT) is one of the earliest marijuana-themed cryptocurrencies, having launched in 2014, and has a market cap of $2.7 million. Shockingly, the POT market cap approached $100 million during the 2017 crypto craze. POT is branded as a global solution for the $100 billion global marijuana industry, but obviously, the global marijuana industry has never embraced Potcoin based on the volume of less than $3,000 per day as of this writing. It is actually nonsensical that marijuana enthusiasts would want to be holding and transacting POT since having POT labeled on all of their transactions is much less anonymous than using Bitcoin. POT started as PoW and eventually switched to PoS and has no unique capabilities or characteristics. Since POT’s only unique trait is a weed logo, it is clearly a shitcoin. For each weed-themed cryptocurrency CryptoIQ will give it a classification stoners understand. Since POT is one of the earliest and most popular weed coins and has the second highest weed coin market cap, the classification is burning blunt.
HempCoin (THC) is not far behind POT, with a market cap of $2.3 million and similar minuscule volume of $12,000 per day. THC launched in 2014 and is meant to revolutionize the weed and hemp industry by providing a decentralized payment system. Like POT, there is no reason marijuana entrepreneurs would choose to transact with THC versus Bitcoin, especially since liquidity is so low they would lose money. Apparently, THC is PoW and PoS, but has no unique capabilities. The classification of THC is half-smoked blunt.
SMOKE has a market cap of $840,000 and is listed on some decentralized exchanges. It seems like SMOKE is meant to be the weed version of Steemit. It appears the website did launch and is functioning as a social network for stoners, who can smoke and earn SMOKE. Perhaps SMOKE has potential, so it gets the classification fresh pinner joint. However, the entire concept of people motivating each other to smoke drugs to earn cryptocurrency seems like something the world does not need.
Paragon (PRG) is a bit more advanced than the other weed coins since it integrates smart contract technology and can be used to build dApps for the marijuana industry. Perhaps PRG can be nicknamed Weedthereum. PRG has the highest weed coin market cap at $5.2 million although volume is only $21,000 per day. The SEC stomped on PRG’s blunt and issued severe penalties for the unregistered ICO. PRG must return investments to the investors, and since $12 million was raised and PRG has lost over half that value, it seems Paragon is at risk of going bankrupt. This yields the classification of blunt soaked with trash juice.
Tokes (TKS) is a weed coin launched via the WAVES blockchain that has a market cap of $775,000 but less than $400 per day of daily trading volume. Someone dumping the TKS they received from selling a QP of weed could crash the market. Apparently, TKS aims to be a supply chain tracking tool for the marijuana industry, in addition to being a compliant currency for dispensaries, but it is obviously not used much. For now, TKS is classified as hitting a roach.
DopeCoin (DOPE) launched way back in 2014 and today is practically dead with a market cap near $420,000 (seriously) and less than $1,000 of daily trading volume. DOPE transitioned from a PoW to PoS cryptocurrency, and the website is poorly made, unlike the weed coins listed above which have well-built websites. There are no redeeming qualities to DOPE, and its classification is accidentally inhaled the roach.
CannabisCoin (CANN) has a market cap less than $400,000 and volume less than $4,000 per day. CANN’s goal is to be used to purchase marijuana at dispensaries, and there used to be a product line of weed strains called CANNdy which were supposed to be traded at one gram per one CANN. Now one CANN is worth half of a penny, so that probably did not work out well. Shockingly, CANN’s market cap hit $30 million in early January 2018, so it has seen an epic collapse this year. This gives CANN the classification paid for fireweed but got schwag.
GanjaCoin (MRJA) is the first weed coin in the list that is nearly dead. Based on the Bitcointalk thread, it is listed on a couple of obscure exchanges. GanjaCoin had ambitious plans to open a dispensary in which each gram of weed was backed by one MRJA. GangaCoin is unique among the weed coins since it used masternodes, much like Dash. It is obvious that practically no one is using MRJA, giving it the classification old roach in a storm drain.
Growers International (GRWI) is designed for marijuana growers and has some increased capabilities versus other weed coins such as smart contracts, a blockchain repository for cannabis strains, and supply tracking from seed to sale. The idea is legitimate, but the market cap of $88,000 and less than $1,000 of daily trading volume indicates GRWI has failed to take root. This is perhaps due to a swap to an ERC-20 token being required to use any of the dApps, since apparently, the developers could not do it on their own chain. The swap does not appear to be going well, and therefore, GRWI is classified as burnt fingers on the roach.
KushCoin (KUSH) is a weed coin that had Weedthereum aspirations, but now the website is dead, the devs have disappeared behind a cloud of weed smoke, and KUSH has been completely delisted. The only appropriate classification is roach buried in a garbage dump.
GreenMed (GRMD) has a market history similar to the half-life of radioactive waste, and currently has a market cap of only $40,000 and daily trading volume less than $300. Apparently GreenMed is among the cryptocurrencies that aimed to have an attached debit card, and just like TenX and Monaco, this ended up being disastrous. The website has been converted to a simple marijuana e-commerce store with no mention of cryptocurrency, indicating the developers gave up on the crypto debit card idea. GRMD seems to be completely dead, and the classification is roach thrown out of a car on the highway.
CannaCoin (CCN) is a PoS cryptocurrency with probably no people staking. It may be listed on a random obscure exchange. It appears CCN did not have any unique characteristics yet still hit a market cap of $2 million in January 2018. This is more proof of how detached from reality the crypto rally was since now CCN is certainly dead. The classification is roach at the bottom of a trash can filled with garbage.
SativaCoin (STV) has no redeeming qualities, despite being named after a potent strain of marijuana. It was PoS, and that’s about it. During the crypto rally STV nearly hit a $1 million market cap, but the developer team is gone and presumably smoking the portion of the market cap they cashed out. STV is completely delisted and valueless, giving it the classification shredded roach on the side of the road soaked with trash juice.
Cannation (CNNC) raised less than a Bitcoin during their mid-2017 ICO, perhaps enough to smoke the dev team out for a month, and now the website is gone. CNNC was just a PoW/PoS hybrid that had no unique capabilities. Really, CNNC is an obvious ICO scam, giving it the classification bought a weed roach but got a spice roach.
Bongger (BGR) is named after someone taking a huge rip from a marijuana water pipe, and perhaps that is exactly what the dev team is doing since the devs are still around four years after launch and seem chill about the fact that BGR is worth nothing. The classification for this cryptocurrency is passed out on the couch and covered with doritos.
Marijuanacoin (MAR) hit a market cap of $900,000 in January 2018, perhaps for no other reason than it has the word marijuana in its name. The MAR dev briefly showed up in October 2017 and proposed to hard fork the blockchain, and apparently asked for donations, before disappearing forever. MAR continues to be listed on Cryptopia but has no volume, meaning it is worthless. This gives MAR the classification wind gust blows your joint into a lake.
BlazerCoin (BLAZR) has no website and no announcement thread but is listed on YoBit despite zero volume. This gives BLAZR the special classification prison joint made of toilet paper and the scrapings from a green apple.
Budbo (BUBO) is listed on Cryptopia and HitBTC, with a whopping $63 of volume, enough to buy an eighth. Budbo is branded as a decentralized autonomous organization (DAO) for the weed industry. BUBO was sold in an ICO, and appears to have collected a whopping $37 million from investors. This is perhaps since the ICO occurred in late December 2017 and January 2018, when investors were overloaded with cash and enthusiasm. The developers still periodically show up and say they are “working on it,” but nothing has been developed, and the website is mediocre. Budbo is certainly the biggest scam in weed coin history and therefore earns the classification got mugged by drug dealer.
claimAll will not work for most users. When you get to the claim step, please use the following tutorial: https://steemit.com/eos/@koyn/minimizing-the-cost-of-gas-when-claiming-eos-using-myetherwallet
REMEMBER YOU ONLY NEED TO REGISTER YOUR TOKENS IF YOU BOUGHT THEM ON AN EXCHANGE. YOU DON'T NEED TO CLAIM THEM.
So PLEASE REGISTER your Ethereum address NOW, don't forget about it, or plan on doing it some time in the near future.
- Go to the EOS website https://eos.io
- Scroll down and select "GET EOS"
- Tick all the required boxes and click "Continue"
- Scroll down and click "Register"
- Select Metamask, MyEtherWallet, or Ethereum Wallet
- Follow the guide.
- Remember that the reason you need to register your Ethereum ERC-20 address is to include your EOS tokens in order for the balance of your EOS Tokens to be included in the Snapshot if a Snapshot is created, you must register your Ethereum address with an EOS public key. The EOS snapshot will take place prior to the 1 June 2018. After this point your ERC-20 EOS tokens will be frozen. And you will be issued EOS tokens on the EOS blockchain.
“EOS.IO software utilizes the only known decentralized consensus algorithm proven capable of meeting the performance requirements of applications on the blockchain, Delegated Proof of Stake (DPOS). Under this algorithm, those who hold tokens on a blockchain adopting the EOS.IO software may select block producers through a continuous approval voting system. Anyone may choose to participate in block production and will be given an opportunity to produce blocks, provided they can persuade token holders to vote for them.
The EOS.IO software enables blocks to be produced exactly every 0.5 second and exactly one producer is authorized to produce a block at any given point in time. If the block is not produced at the scheduled time, then the block for that time slot is skipped. When one or more blocks are skipped, there is a 0.5 or more second gap in the blockchain.
Using the EOS.IO software, blocks are produced in rounds of 126 (6 blocks each, times 21 producers). At the start of each round 21 unique block producers are chosen by preference of votes cast by token holders. The selected producers are scheduled in an order agreed upon by 15 or more producers.
Byzantine Fault Tolerance is added to traditional DPOS by allowing all producers to sign all blocks so long as no producer signs two blocks with the same timestamp or the same block height. Once 15 producers have signed a block the block is deemed irreversible. Any byzantine producer would have to generate cryptographic evidence of their treason by signing two blocks with the same timestamp or blockheight. Under this model a irreversible consensus should be reachable within 1 second."
"The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform."
"In sum, Defendants capitalized on the recent enthusiasm for blockchain technology and cryptocurrencies to raise funds through the ICO, illegally sold unqualified and unregistered securities, used a Swiss-based entity in an unsuccessful attempt to evade U.S. securities laws, and are now admittedly engaged in the conversion, selling, and possible dissipation of the proceeds that they collected from the Class through their unregistered offering."To ensure EOS tokens are not classed as a unregistered security block.one has made it clear that they are creating the EOS software only and won’t launching a public blockchain themselves. This task is left down to the community, or more precisely, the Block Producers (BPs). The following disclaimer is seen after posts from block.one:
"block.one is a software company and is producing the EOS.IO software as free, open source software. This software may enable those who deploy it to launch a blockchain or decentralized applications with the features described above. block.one will not be launching a public blockchain based on the EOS.IO software. It will be the sole responsibility of third parties and the community and those who wish to become block producers to implement the features and/or provide the services described above as they see fit. block.one does not guarantee that anyone will implement such features or provide such services or that the EOS.IO software will be adopted and deployed in any way.”It is expected that many blockchains using eos.io software will emerge. To ensure DAPPs are created on an ecosystem that aligns with the interests of block.one a $1bn fund will be has been created to incentivise projects to use this blockchain.
“A lot of token distributions only allow a small amount of people to participate. The EOS Token distribution structure was created to provide a sufficient period of time for people to participate if they so choose, as well as give people the opportunity to see the development of the EOS.IO Software prior to making a decision to purchase EOS Tokens.”
“block.one intends to engage an independent third party auditor who will release an independent audit report providing further assurances that block.one has not purchased EOS Tokens during the EOS Token distribution period or traded EOS Tokens (including using proceeds from the EOS Token distribution for these purposes). This report will be made available to the public on the eos.io website.”
"DDoS'ing a block producing is not as simple as knowing their IP address and hitting "go". We have distributed systems engineers in each of our candidate groups that have worked to defend DDoS systems in their careers. Infrastructure can be built in a way to minimize the exposure of the Block Producing node itself and to prevent a DDoS attack. We haven't published our full architecture yet but let's take a look at fellow candidate EOSphere to see what we mean. As for the launch of the network, we are assuming there will be attacks on the network as we launch. It is being built into the network launch plans. I will reach out to our engineers to get a more detailed answer for you. What also must be considered is that there will be 121 total producing and non-producing nodes on the network. To DDoS all 121 which are located all around the world with different security configurations at the exact same time would be a monumental achievement."
"The only way to maintain the integrity of a community is for the community to have control over its own composition. This means that open-entry systems built around anonymous participation will have no means expelling bad actors and will eventually succumb to profit-driven corruption. You cannot use stake as a proxy for goodness whether that stake is held in a bond or a shareholder’s vote. Goodness is subjective and it is up to each community to define what values they hold as good and to actively expel people they hold has bad.
The community I want to participate in will expel the rent-seeking vote-buyers and reward those who use their elected broadcasting power for the benefit of all community members rather than special interest groups (such as vote-buyers). I have faith that such a community will be far more competitive in a market competition for mindshare than one that elects vote buyers."
Gold prices rose on Wednesday, hitting their highest since August, 2016, as investors sought insurance against possible inflation after U.S. Treasury Secretary Steven Mnuchin welcomed a weaker dollar. Silver was up 3 percent at $17.57 an ounce, the highest since mid-September.
UBS (UBS) chairman Axel Weber said the bank will not trade in bitcoin (BTC) or offer it to retail clients as increased regulation may result in a "massive" drop in value, Bloomberg reports, citing an interview with Weber at the World Economic Forum. "This is something where the price is really unclear," he said. "We fear that in the future if these investments implode and the market corrects, then investors will be looking at 'who sold us this?'"
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