Reggie Middleton’s Veritaseum has passed an important milestone, being listed on CoinMarketCap.com.
Currently it has a price of $48 USD. This price is derived exclusively from the exchange EtherDelta.github.io with about $500,000 in trading volume over the last 24 hours.
Heres the thing:
The ICO just ended and of the 100 million tokens only 30million were part of the ICO. 70 million are to be reserved for institutional investors in the future.
4.8 Billion Dollar MarketCap?
The ICO generated about ~12 million USD which ended on May 26th
If we calculate the marketcap just based on 30 million circulating supply we get:
30 million x $48 = 1.4 billion USD
If we calculate the marketcap based on 100 million Veritas tokens as is on CoinMarketCap we get:
100 million tokens x $48 = 4.8 billion USD
The fact of the matter is Veritaseum is NOT WORTH 4.8 Billion or even 1.4 Billion. People just started offering Veritas at a 4:1 ratio with ETH on ONE exchange and the crazy thing is, people started buying at that rate!
Currently the ratio seems to be hovering around 5:1 still but that is going to plummet as soon as people do the math and realize the 5:1 Veritas:ETH ratio is completely subjective.
Will Veritaseum Be Worth 4.8 Billion USD One Day?
YES, and much much more…but not 2 weeks after it’s ICO! This ratio is just a made up number on one exchange that people happen to be paying for.
I Am NOT a Big Shot and 20% of 500k 24hr Volume was ME!
I bought 2300 VERI during the ICO and I was NOT a top investor by any means. I liquidated my entire position, it took about 10 hours and staying up all night until 8am this morning.
As more and more people figure out how sell their Veritaseum by using EtherDelta Exchange that 5:1 ratio is going to normalize to something more reasonable like 40:1 or about $6.5USD.
Anyway that’s my take on this whole Veritaseum mania. I will be buying back in a couple months down the road when the price has normalized. Until then I will park my crypto in the safest place possible:
/Ethan