On May 26th the ICO for Veritaseum ended. For those of you that got in GREAT, for those of you that didn’t WAIT because the price is plummeting and it’s about to come down even farther.
Shortly after the ICO was complete a small ER20 exchange located @ EtherDelta.github.io listed Veritaseum. Some how someone decided Veritaseum was “worth” 4:1 to ETH. During the ICO VERI was sold for about 33:1 to ETH or about $6.
A Strange Thing Happened…People Started Buying VERI @ 4:1!!!!
It was only a few transactions but soon it became a flood of people selling there VERI for 3:1, 2:1, even 1:1 to ETH!
Some well known YouTubers like Jsnip4 and Crypt0 started making videos about Veritaseum and the little exchange EtherDelta that was the only one selling it. People were optimistic as hell and declaring that “they were going to hold on” because it has to go higher!
I Like Veritaseum But this is an Unsustainable Mania
So I Did Some Math
30 million VERI available during the ICO
100 million VERI TOTAL (70 million is being held for institutional investors)
About 1.96 million VERI sold during the ICO (Source: Some Guy in the YT comment section)
4:1 to ETH price of VERI = ~$62
Implied market cap = $62 x 100million tokens = 6.2 Billion Dollars
THAT’S INSANE! This ICO is not worth 6.2 Billion Dollars
Even if we only use 30 million or 1.96 million tokens we get a potential market cap of:
30 million tokens @ $62 = 1.8 billion
1.96 million tokens @ $62 = 121 million
This ICO just launched and only raised about 12million US Dollars so on a fundamental level it’s not yet worth even the “low" market cap of 121 million.
So I Hit The Eject Button
3 days ago I cashed out my entire position for an average price of 5.25:1
I turned my $10000 investment into almost $100,000 worth of ETH.
Today as I write this VERI is going for 10:1 to ETH, half of what it was selling for when I cashed out.
It’s Going To Go Down Alot Further
The volumes on EtherData are extremely low and not an accurate depiction of value.
I liquidated 2300 VERI in 10 hours and I accounted for 20% of the 24 Hour Volume on EtherDelta! That’s how little volume is on this exchange…one guy, me, accounted for 20%!
Poloniex to Offer Veritaseum? (source: Some guy in comment section said so)
Just a rumor right now but when VERI hit’s the big exchanges and 30 million potential tokens come flooding in the price of VERI is going to plummet to around 100:1 to ETH and most likely setting at 40:1 in the short term.
The Clif High Effect
Clif High has garnered ALOT of attention in the Crypto Space in the last 6 months with his spot on trend analysis which can be found in his Crypto Reports found @ http://www.HalfPastHuman.com
The ONLY reason I bought into Veritaseum was because he suggested it in his report. Now I am 100k richer because I listened and ACTED on his advice.
LONGTERM Veritaseum Has Some Amazing Potential
I got into VERI as a 100% speculative venture see how much money I could make quickly out of it. However longterm as a crypto Veritaseum could very well replace alot of the current capital markets which means it could one day SOON be worth BILLIONS if not TRILLIONS of dollars.
For now though, it’s best to sell and take profits. I will be buying back in around 100:1
/Ethan
June 12th 2017 UPDATE
Updated tear sheet on Veritas Blog "Coins on Issue" is now
51million
Here is the official tear sheet: https://drive.google.com/file/d/0By5WJsM3KjltOGJHYS1HT3Uyczg/view
As of June 12 2017 here is a screenshot of it:
Wow! Congratulation on your winning savy.
haha thanks...it was partially luck + action.
meep
Where did you get the information suggesting VERI will have a circulating supply of 30 million?
It's 100million TOTAL supply. Reggie had said in a video that it would be 30million offered during the ICO and 70million reserved for institutional use.
HOWEVER according to the updated tear sheet on Veritas Blog "Coins on Issue" is now 51million
Here is the official tear sheet: https://drive.google.com/file/d/0By5WJsM3KjltOGJHYS1HT3Uyczg/view
As of June 12 2017 here is a screenshot of it:
My understanding was that Veritaseum would hold 49 million, ICO issuances (2 million) would be the circulating supply, and the difference (roughly another 49 million) would be conditional institutional investors. It seems there is uncertainty around the circulating supply.
I read in a YouTube comment that they had sold 1.96million VERI during the ICO so perhaps you are correct. I liquidated my position @ 10x profit so I am kind of just watching all of this unfold.
Corn in the Bible® Means Maize
Latest news on Veritaseum by Reggie Middleton
https://steemit.com/cryptocurrency/@getitfrommike/new-veritaseum-video-by-reggie-middleton-7-15-2017
Will VERITASEUM get to PARITY 1:1 RATIO with ETHEREUM today?
https://steemit.com/cryptocurrencyveritaseum/@getitfrommike/will-veritaseum-get-to-parity-1-1-ratio-with-ethereum-today
Veritaseum to SOLVE balance sheet problems for sovereign nations. New Reggie Middleton Video.
https://www.Veritaseum.com
You should have waited a little longer to sell. It got all the way to 1:1 with ethereum.
Pretty late to this feed haha however you fail to mention the reasons why veritas is so valuable. Reasons that are now being realised by the holders. You made a booboo selling your position...