Cryptocurrency mega-thread

[The Dice Man]

Oh and welcome back SA.

 

[Pugz89]

Anyone got any Albt?

 

[The 747]

Alright on the off chance you're someone who's contemplating throwing your money away it's Zucoin deep dive time. Firstly let's take a look at Zuzak, the overarching thing that kick started Zucoin. "Zukaz is a thoroughly modern tech company spearheading a new approach for brands to connect and advertise to their customers, in a fun and challenging AR-style real-world voucher hunting app." Sounds like an app in need of a cryptocurrency, and well done to them for getting their Zuzak project up and running.

Next let's take a look at the company as a whole, starting with it's management team. View attachment 1201446

Allan is the founder, and presumably comes with a stack of experience which he'd outline in his bio, right?
View attachment 1201449

Erm, that's odd, we've got no idea who this guy, what he's done in the past, or what his credentials are. He doesn't have a LinkedIn profile either (I searched).

Not to worry, like most of his tech savvy startup founder buddies Allan has a Twitter account in which he describes himself as an "entrepreneur, litigant and thoroughbred race horse owner of (a horse called Alligator Blood)". Wait, what? Litigant? Allan is currently suing Racing Australia, Racing QLD and QLD Racing Integrity Board who apparently disqualified the horse after it's run in the 2020 Magic Millions 3yo Guineas. Never one to mix business with pleasure Allan appeared in a video in which he sports an Alligator Blood hat in the Zukaz office with a giant Zucoins logo in the background to explain why his horse, which tested positive to banned substances after the race, was the legitimate winner. Bizarrely the video is hosted on Dropbox rather than Youtube, which strikes me as odd for a guy who's playing in the tech space, as it's a very Boomer thing to do.
View attachment 1201452

But enough about Allan, let's take a look at CTO Robert Novak. Robert's bio also tells us very little, but his Twitter retweets show he's a nerd, which is what you want in a CTO. According to the Zucoin's website he's been with them since 2016.

View attachment 1201465

Which is odd, because his Linkedin says he joined the company in November 2019, and before that was a lowly web developer at a company called Coxtech, as Robert notes in the 'see more' section of his CTO description "This position started out as a client contract that grew into a bigger role." So Robert got poached by Zukaz in late 2019 to work for them full time to prevent them having to keep engaging a third party, and presumably to focus on Zucoin. Saying he was 'employed' in 2016 is a bit of a stretch when he was clearly working at another company who were contracted to do it among other projects for other companies.
View attachment 1201466

Mate Tokay and Sam Volkering are both big names in the crypto space and very good advisors to have, though it remains to be seen in what capacity they are advising Zucoins, as once again there's very little information in their bios on the Zucoins website.

So where does Aker fit into all this? His LinkedIn outlines it in his profile where he lists himself as a "Licensee Real Estate Agent" who moonlights as a "Tech Start up Zucoins" in his spare time, after he was formerly an Accredited Corporate Manager at Zuzak. So what does Aker do at Zucoins? Fecked if I know, but saying Zucoins is the "only truly P2P crypto currency ever built" is a bit rich given literally almost every cryptocurrency is a P2P cryptocurrency.

View attachment 1201475

To say Zucoin is the only true P2P cryptocurrency ever built would be misleading, and Zucoin wouldn't make any misleading statements at all, especially not in their FAQ section.
View attachment 1201485

Wait, what? The Zucoin price "should be" 20% of the Bitcoin price? Are they tied as a currency pair? No, no they're not. And with BTC currently AU$62,000 at the time of writing that makes a single Zucoin worth more than $12,000 according to their FAQ section. Which is, of course, completely false and highly misleading. Especially given in the paragraph above that they're currently selling them for $60 per Zucoin. To be fair they may have written the FAQ guide prior to November 2015, and just not updated it since, back when BTC was trading at AU$451 and therefore Zucoin should have been worth a paltry $90 using their comparison guide. Not bad for a coin that wouldn't be invented for another couple of years.

Thankfully there's a crypto comparison guide that shows a more accurate reflection that as of 22/06/21 Zucoin was worth $60 and BTC was worth $41,658.98, meaning Zucoin was worth approximately 0.144% of a BTC rather than the 20% shown above. Boy I hope somebody got fired for that blunder.
View attachment 1201490

Also side note, and one I love as an investing nerd, the market cap for Zucoins is listed as $6 billion, which is technically correct. Why technically? Because the 100 million Zucoins on offer are presumed to be worth the last price paid for them, in the same way a company market cap is calculated using the formula of (last trade value * shares on issue). So if someone buys a single Zucoin for $60, straight away they get a $6b market cap. Given Zucoins cannot be sold for less than $60/coin that means they have at least a $6b market cap for as long as the company exists. Which just goes to show market caps aren't worth the keyboard strokes they're written with when it comes to startup cryptocurrencies.

They also spend 3 pages showing how chad Zucoins stack up against virgin Bitcoin, which highlights a lot of the issues with Bitcoin that myself and many others have expressed as well.

View attachment 1201499



View attachment 1201503

The note above particularly caught my eye, as they point out that if you lose your wallet file you lose your Bitcoin. Which is correct, assuming you keep your Bitcoin on a .DAT wallet file, which I think 99.99% of people stopped doing in about 2014, but I digress. Zucoin don't have this issue, they have Splitcryption hashing technology that allows users to securely backup and restore ZKZ wallets in the event you lose your wallet file. Splitcryption hashing technology sounds pretty fancy, so what is is?
View attachment 1201514

It's a private key. Splitcryption hashing technology is a private key. Which if you lose the private key you lose access to your wallet, just like Bitcoin.
View attachment 1201515

Sound familiar? Now you can lose your Zucoins in exactly the same way Bitcoin has been offering for at least the last 10 years, except Bitcoin called it a private key rather than "Splitcryption hashing technology". Now I could be wrong here and Splitcryption hashing technology could have more complexity than that, but it's not a thing in the crypto space at all and only yields a total of 4 results on Google so I've got no idea what it is or what makes it so special.

I could go on but it's been a lengthly bit of due diligence already, so let's focus on the key takeaways here. The company is run by a guy who's not a tech person and is still salty he had a horse race stripped from him after his horse was found with banned substances in its blood. Their CTO looks like a smart guy, but has done a pretty poor job of articulating any real use case for Zucoin and hasn't stopped anybody from posting misleading statements about the coin (i.e. Aker and their FAQ page). The coin itself doesn't appear to be any different from the thousands of other coins out there that aim to do the same thing, offer a P2P system for cheap and efficient payments. And they're based in Albury, which isn't known for its tech expertise.

Would I buy Zucoin? Absolutely not.

Great work ash, enjoyed the read.

A tip I found very useful, sometimes a simple search on someone's name reveals some good information when you are doing some DD. Used to do it all time when doing CorpSec work.

Paradise papers: The Cook Islands millionaire who never has to pay his debts

Meet Mr Teflon: Assets don't stick to him. And neither does debt -- just ask the Australian Securities and Investments Commission.

www.afr.com

Allan Endresz Hopes to Secure $4.3 Billion In a Legal Battle Against the Government

Albury businessman and stock trader Allan Endresz has claimed another victory in his almost 20 year long legal battle with the Australian Supreme Court.

www.techfeast.co

Allan Endresz = Australian White Collar Criminal

Review of the dishonest business practices of Ezybonds owner Allan Endresz.

ezybonds-review.blogspot.com

Just in case anyone here is TL;DR on the above post from Ash, keep your cash well away....

 

[LongBombFromOutside50]

SOLANA just flipped Dot in market cap. Doggycoin is next

 

[The Dice Man]

Anyone here into any ADA Dexs? ADAX came across my radar last night and I see on Coingecko it's 3rd in Trending Searches and 1st in visited.

 

[The Dice Man]

New ATH just hit for Arweave.

 

[Ghost Patrol]

Went all in 3 days ago after a few months hold on 35% of monies.

Big ups in alts. I’m holding now play this out. I think alts are in for a great run.

The illusion of Biden *winning* hasn’t help but let’s see what happens in the next 2 weeks.

Looking back, knowing what you know now. Shall we call it the Biden Bull Run?

 

[MSB ROYS]

Another question, for someone considering getting into some shorter term trading (less than 12 months). Do you just get taxed on top of your current income? And is it easy to pull that data from Binance?

Easy to pull data from Binance into excel (search YouTube for tutorials). I trialled Koinly but it didn't work well at all for Binance for two reasons - accuracy and every time you get a reward (staking, BNB vault, liquid swap, launchpad, DeFi etc), it counts as a transaction. For this financial year alone to date, I already have well over 2000 transaction. This means that Koinly would charge it's highest rate, which is rediculously high.
Therefore, I decided to do it myself, which is still a work in progress. I am collating all of my buys and fees and sales. I am then combining all of the rewards into monthly bins for each token when I sell to see if I have owned for over 12 months for CGT reduction. It is unnecessarily complicated and a negative for Binance amongst other positives.
On an aside, I spoke to the ATO on the phone specifically about liquid swap. I was surprised that the ATO have specific people who specifically answer crypto questions (however, it is a boom market for them!).

 

[maryjames]

ICP making the greatest comeback in history..

Well soon enough. Lol

 

[BACCS]

Bollinger Band Width for ETH on the daily at the lowest it’s been since October 2020. A volatile move is likely in the near future and given we are in a bull market, good odds it will be to the upside! Hard to predict exactly when it will be obviously, but the width is nearly a 3rd of what it was when we had the last breakout on July 20 and has sat there for about 5 days now.

Width for BTC also at the same level as July 20.

 

[LongBombFromOutside50]

SOLANA just flipped Dot in market cap. Doggycoin is next

View attachment 1219898

Doge, your time is coming

 

[Bostonian]

 

[maryjames]

Naah. I’m still moon shot in coming, lol

 

[The Dice Man]

Arweave just topped it's ATH from yesterday, Fantom is giving it's own ATH a red hot crack today as well. I hope he's wrong.

 

[BACCS]

ETH had that volatile breakout overnight, needs to continue above 3400/3500 now though to solidify the move, or it will just end up back in the range again. SOL doesn’t seem to care about resistance levels, wtf haha

 

[maryjames]

Wow

 

[BACCS]

ETH rejected at resistance again. Until the big institutional money comes in and blows away the resistance level, retail traders are continuing to bounce the price between support at 3k and resistance at about 3.3k.

 

[Shupe]

Have any Kusama holders participated in any of the slot auctions? I'm going to throw mine at KILT. Easily one of the biggest and best projects bidding. They didn't participate in the first round because they were attempting to self fund, which is massive in and of itself.

 

[BACCS]

Have any Kusama holders participated in any of the slot auctions? I'm going to throw mine at KILT. Easily one of the biggest and best projects bidding. They didn't participate in the first round because they were attempting to self fund, which is massive in and of itself.

What’s involved with the slot auctions?

 

[bzparkes]

Assuming you are trading as an individual, then yes, any profits will be a capital gain and treated as assessable income. So you will be taxed at your individual tax bracket. Trading through a Pty Ltd may be more tax effective depending on how much you expect to make, your other sources of income, etc. Yep you can export all your trades on Binance. Good practice to keep a record yourself as well.

Just did my crypto tax estimate through Koinly. Uploaded the CSV files from both Coinspot and Swyftx and linked my Metamask and Trustwallet to the site. Easy as and give you an ongoing P&L.

Free too.

 

[The Dice Man]

How does everyone feel about the Soltrain? Too late or a lot further to go? I got into Arweave at just under 30 and that almost hit 65 last night. Reckon Sol could have a lot more to go if BTC doesn't dump hard. Thinking of selling my CKB and XLM which have been disappointing so far, and rolling into Sol.

 

[Shupe]

How does everyone feel about the Soltrain? Too late or a lot further to go? I got into Arweave at just under 30 and that almost hit 65 last night. Reckon Sol could have a lot more to go if BTC doesn't dump hard. Thinking of selling my CKB and XLM which have been disappointing so far, and rolling into Sol.

I will accumulate SOL through the bear market.

And to think I bought a bag when it was around $8...

 

[Shupe]

What’s involved with the slot auctions?

Somewhat difficult to explain. Coin Bureau did an excellent video on Kusama which is well worth the watch and explains what the auctions are all about.

'Loan' your KSM to a project of your choice. If they have enough to win a slot, they can build on the Kusama blockchain (which is the baby sister of Polkadot).

Your KSM is then locked for a period of time, during/after which you earn rewards in the way of the project you supported. If KILT receive the maximum, 1 KSM = 25 KILT. If it doesnt reach the ceiling, you'll earn even more KILT per KSM.

Your KSM is then returned to you.

 

[The Dice Man]

I will accumulate SOL through the bear market.

And to think I bought a bag when it was around $8...

Well done to you. I'm not happy with my balance at the moment really if everything crashes. I've stopped trying to trade as much and seen better gains overall but I feel I have too much of my folio in high risk- high reward coins if BTC dumps... I'm holding around 1000US in CKB and RSR alone. But I've also taken some profits along the way in RSR.. Just feels wrong at the moment to have over 30% in such coins.

 

[Shupe]

Somewhat difficult to explain. Coin Bureau did an excellent video on Kusama which is well worth the watch and explains what the auctions are all about.

'Loan' your KSM to a project of your choice. If they have enough to win a slot, they can build on the Kusama blockchain (which is the baby sister of Polkadot).

Your KSM is then locked for a period of time, during/after which you earn rewards in the way of the project you supported. If KILT receive the maximum, 1 KSM = 25 KILT. If it doesnt reach the ceiling, you'll earn even more KILT per KSM.

Your KSM is then returned to you.

BACCS

Upon further research, you get distributed the tokens once they win a spot, and only the KSM remains locked.

Take one of the earlier projects - Moonriver (for example). If you put in $1000 worth of KSM you'd have received approximately 27 MOVR tokens.

Your KSM is locked for 48 weeks. Your 27 MOVR tokens are now worth $4725, which you can freely trade.