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All of that after I tell you that today’s episode is sponsored by Ledger: https://www.ledgerwallet.com/r/d1da
A company that designs and makes the Nano S a security device that protects my cryptocurrency from hackers and from myself, meaning there are verification steps so I don’t make a mistake and send it to a hacker voluntarily.
Market Roundup And Correction
According to https://onchainfx.com/ DGD which is DigixDAO is the biggest winner of the day up a good 30%.
I said recently that this was a gold backed crypto which one of you corrected in the comments by saying that was not true.
As we see from the official website: https://digix.global/ under the heading of ENGINEERED ANTIFRAGILITY we discover that I was in fact incorrect and the viewer is correct.
The DigixDAO token is DGD. This is the token for the decentralised autonomous organisation which governs the network and earns quarterly rewards based on platform fees.
The Digix Gold token is DGX. Each of these tokens represents 1 gram of vault stored Gold.
The DGX does not yet show up on CoinMarketCap and it still says on the Digix website the Gold backed token is due for release in the first quarter of 2018 so I take from that, that the Digix Gold tokens have not yet been released.
So that’s that corrected. While we are on the subject of crypto backed by precious metals…
While I was in Mexico I came across an exhibition stand for LODE https://lode.one/
This uses a very similar model to Digix, except using Silver rather than Gold.
The reason this got more of my attention than normal is because David Morgan from The Morgan Report is involved in this project.
David Morgan is one of the worlds most well known experts on Silver.
[see section showing the two coins]
The idea is that you ship your Silver bullion to their vaults and then you get LODE tokens in return. These are for the founding members of the platform that help establish the Silver reserves.
The LODE tokens earn rewards based on platform fees.
Then the AGX coin will be the Silver backed crypto people will trade and spend.
I’ll put a link to a 36 minute podcast of David talking about this in the show notes. This was released just 2 days ago:
Telegram Declare To SEC They Have Already Raised $850m In Their Pre-Sale
So you know how you are browsing the SEC website and doing a bit of light reading of financial regulations?
What’s that? Oh you don’t do that. Must just be me then.
Anyway, on this particular occasion I came across this:
https://www.sec.gov/Archives/edgar/data/1729650/000095017218000030/xslFormDX01/primary_doc.xml
That’s actually a joke. Shoutout to BTC Manager.com for tipping me off about this. Credit where credit is due.
https://btcmanager.com/telegram-sets-record-initial-850-million-pre-ico/
Back to the SEC website then, we find a filing that relates to Telegrams private pre-sale.
If you are a regular viewer of The Cryptoverse you will remember this video:
And this video
In which I spoke about the organisation behind Telegram messenger using that as a front end interface to a blockchain platform they intended to build.
This filing has a few important details.
[red] 1 The company is based on the British Virgin Islands, no surprise
[orange] 2 They decline to disclose their revenues
[yellow] 3 They specify a federal exemption under rule 506(c), which we’ll come back to in a second
[green] 4 It says they have sold the entire offering of $850m
[cyan] and it says they sold to 81 investors, making the average investment over $10m
[purple] oh and then they specify that none of the money raised is going to the directors listed on the form
So what is this rule 506(c) then?
Well...
https://www.sec.gov/fast-answers/answers-rule506htm.html
[yellow]
Basically if all your investors are accredited and if you have taken reasonable steps to identify and verify those investors are accredited, you are allowed to continue your offering.
Unfortunately the email from Telegram inviting me to contribute a minimum of $10m to their private pre-sale went into my spam folder so I missed out on this.
Yeah right, that’s another joke.
So ladies and gentleman, it looks like the game is on.
The public sale is supposed to be going live in March 2018 that us plebs can get a few crumbs from the table.
You know I get annoyed when there is this kind of elite private pre-sale business, but at the same time I understand that it’s just makes business sense.
Not that, that makes it right, I am just saying.
So let me know in the comments for today's show. Do you intend to participate in the Telegram public sale?
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