Co-Founder of Union Square Capital to Reply to Buffet

Fred Wilson tried to explain the value of Bitcoin to cryptocurrency critic and billionaire Warren Buffet
07 May 2018   844

The venture capitalist and co-founder of Union Square Capital, Fred Wilson, who has invested in companies such as Tumblr, Twitter, Kickstarter and Foursquare, published a response to Warren Buffett and Charlie Manger, who recently criticized bitcoin. 

Instead of attacking representatives of the old school of finance, Wilson tried to explain what they overlooked, criticizing crypto-currencies.

He cites an interview with Buffett Yahoo Finance on April 28, in which he talked about the differences between investing and speculation. Buying property is an investment, and investing money in cryptocurrencies is not, because the latter are not a production asset, but grow only from other speculators who are willing to pay a large price for them, explained Buffett.

Wilson writes that he could agree with this opinion if it were about collectibles, for example baseball cards, but behind bitcoin there is a technology that allows him to produce something very important and valuable, namely a decentralized infrastructure.

They are the fuel that powers a new form of technology infrastructure that is being built on top of the foundational internet protocols.
 

Fred Wilson

Co-founder, Union Square Capital

Wilson argues that Buffett and Manger do not understand how valuable crypto currencies outside the exchanges are, but noting that he himself does not have a clear understanding on this issue, since this is a completely new kind of currency that has no analogues in history.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   410

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.