Ep. 10 The End of the Era of ICO's? (w/ Chris Derose of Derose Uncensored)


Hello Bitcoiners!

In this episode of the unhashed podcast: Is Bitcoin Core the leader of bitcoin, and if so, is that a good thing? ICO founders left and right are being charged and going to jail while other coins are laying off employees. Is the end of the era of ICO’s imminent? And...how much is it worth for a boxer and DJ to shill your shitcoin? Find out the answers to these and other questions in this week’s episode of the Unhashed Podcast, featuring our friend and brother in arms Chris Derose. See you on the other side.

Weekly News Wrap Up:

  1. US Treasury blacklists Addresses

    1. Bitcoin transations only go to other addresses https://twitter.com/LukeDashjr/status/1067969884540338176

    2. Did they think about the fact that all they were doing was putting up a giant billboard that said “If you want to easily send money to Iranian Terrorists, here’s their address”

    3. Good thread for background

      1. https://twitter.com/BitcoinErrorLog/status/1067921263727906822

    4. Iranian users having trouble accessing shapeshift even when using VPNs

  2. Canaan Creative has huge flash sale on miners with no set end date

    1. Are mining companies just sitting on massive amounts of inventory?

      1. Probably, but also, these miners are about ½ as efficient as the best on the market.  For instance current Ebang E11 miners mine at .045 gH/J vs Canaan .09 gH/J

  3. Satoshi makes a new friend

    1. Is this a case of a Hacked account or real activity?

    2. What do you think Nour means in this context?

  4. SEC says they need to see a market free from manipulation in order to approve ETF

    1. Earlier this week, US Securities and Exchange Commission (SEC) Chairman Jay Clayton said at a conference in New York that to approve a Bitcoin exchange-traded fund (ETF), the SEC needs to see a market that is free of manipulation.

    2. Is this realistic? Not even Gold is protected from manipulation, yet there exists gold ETF’s

  5. ICO crackdowns continue with Jared Rice, AriseBank CEO, facing 120 years in prison

    1. Arise’s whitepaper promised the bank’s customers would obtain FDIC insured accounts and traditional banking services with an ICO that raised more than $4 million from hundreds of investors. AriseBank, however, was not authorized to conduct banking services in the state of Texas nor was it FDIC insured. Arise also claimed to have partnered with Visa in order to offer credit and debit cards to its customers - also a lie. Rice then took the money raised and spent it for his personal interests, according to the statement published by the U.S. Attorney for the Northern District of Texas.

    2. Marley Gray on Bitcoin Uncensored video

  6. Speaking of masterminds…  AND….further SEC enforcement, this time on DJ Khaled and Floyd Maywether

    1. With a saucy and lazy headline from Pitchfork reading “SEC Charges DJ Khaled for Illegally Promoting Bitcoin” but this actually has nothing to do with Bitcoin, as you will see

    2. Khaled and Mayweather have been charged by the SEC for “failing to disclose payments they received for promoting investments in Initial Coin Offerings (ICOs).” The charges stem from promotional posts the two made about the cryptocurrency started by Centra Tech Inc. after receiving money to promote them—Mayweather failed to disclose a $100,000 payment, while Khaled failed to disclose a $50,000 payment. Both have agreed to pay disgorgement, penalties, and interest, without “admitting or denying” the findings of the commission.

    3. Also worth noting: the founders of Centra Tech, Inc. were just indicted for wire fraud and securities fraud just 7 months ago.

    4. Wire fraud seems like the SEC equivalent of a disorderly conduct charge - you can basically apply it to anything if you want to nail someone for it.

  7. More bad news for alt coins...Steemit lays off 70% of staff

    1. Spoiler: it’s not because they are becoming more efficient.

    2. “Given the weakness of the cryptocurrency market, the fiat returns on our automated selling of STEEM diminishing, and the growing costs of running full Steem nodes, we have been forced to layoff close to 70% of the team.”

    3. They should opt in to BBX to fill in some of those empty pages laying idle.

    4. A similar fate to a similar ICO Civil

  8. Is the era of ICO’s finally coming to an end?

Kayfabe Wiki


ICO My God, They’re Serious:

  1. Stamps - The first utility token?  At the post office… After I’m done the lady asks me if I would like to buy a sheet of stamps. It used to be that in the US, the stamps would be denominated in USD, so each stamp would have some amount on it.  These stayed the same value for their entire life. Now they still sell fixed value stamps, but you can also buy “Forever Stamps” which will always be good to send a letter through the US mail.  This reminded me of the current batch of Utility tokens, so I thought it would be interesting to look at stamps through that lens and that might help frame how to view utility tokens, like ETH, Factom etc.  

    • Stamps: the first utility token?  

      • History of stamps: some conflicting accounts on the origin

        • 1680 London Penny Post: Used an ink stamp to stamp letters marking postage paid.  Only worked around London

        • 1836 Rowland Hill invents the sticky stamp: “by using a bit of paper just large enough to bear the stamp, and covered at the back with a glutinous wash”

      • Stamps seem to bear a strong resemblance to current utility tokens, with one notable exception, that they will actually get you something when you use them.


Colin: Louis Rossman Repairs

Bryan: letter nails Blockchain vs Bitcoin

Mario: wikipedia article on kayfabe

Ruben: https://lopp.net/bitcoin.html + Chris Vlad Zamfir interview

Chris: thebitcoin.foundation

Outro Audio:

Buys Bitcoin Once by Corporate Bro

About the Guest:

Chris Derose is a Bitcoin evangelist, public speaker, podcaster, and journalist. He’s the lead organizer of the South Florida Bitcoin group, a lecturer, and the proud owner of two amazing cats. He’s also a journalist, a Youtuber, and accomplished software developer. Follow him on twitter here and support his podcast at patreon.

One final note:

Make sure you are storing your crypto on something secure like aLedger and backing it up on something sturdy like aBillfodl. If you buy these items through the links above, we do take a cut of the profits but it also helps support the show - a win/win for all involved.

Colin aulds