It’s been quiet here. Videos and podcasts will return soon. Meanwhile I’m now very much more involved in promoting the 3speak video site (follow them on twitter, hint hint). I’ve been uploading my videos there for a while and earning from them. But not just 3speak. I’m focusing a lot of energy on the move from old, centralised Web 2.0 toward decentralised Web 3.0. I’ll explain this better in the coming weeks.
I have written, over on a Web 3.0 Travel Site called Travelfeed, a review of the HT6 Boutique hotel I stayed at in Rome (HT6 is really the name of the hotel). It ranks amongst the highest in Rome I’d say! Travelfeed is another site based on the Steem blockchain. That makes it de-centralised: the database of information into which my post goes is stored on multiple computers owned by many different people.
Unlike writing a review on TripAdvisor, when people like and share my review, I am rewarded with a small amount of the cryptocurrency Steem. That’s easily exchangeable for real money if I want. Here’s the start of the review:
I’ve just finished a four night stay in Rome at the HT6 Boutique Hotel in Rome with my two kids and my parents. I found this hotel on Hotels.com and reserved the rooms without a cancelation penalty.
The hotel has around 30 rooms and is located in the heart of Rome’s Jewish Quarter and right next to the impressive Rome Synagogue. The hotel is about 100m from a security barrier so technically taxis can’t drive right up to the door. On arrival in a big minibus for 6 people, the Italian Military Police (Carabinieri) allowed us to drive right up to the door. When we left, the bell boys carried our luggage out for us.
Andrew Hamilton wrote this, it needs to be more widely disseminated. It directly refutes the malicious terms and conditions Facebook put into action when they banned cryptocurrency (and associated blockchain projects) from advertising online in January 2018.
I’ve been running @jpbliberty‘s Class Action Lawsuit against Facebook, Google and Twitter’s Crypto Ad Ban for over a year now.
The one objection I hear most, including from people in the Crypto Industry itself, is: “But there were so many scams”. I’ve heard people saying that over 80% of Initial Coin Offerings (ICOs) were scams.
Well ITS A BIG LIE!
And one that was used by Facebook etc to cover their own illegal conduct.
I’ve done a detailed investigation of this issue and found that the level of scams in late 2017 / early 2018 was quite low and most Crypto Projects and actual ICOs were legitimate.
The allegation that most Crypto Industry projects were scams and billions were lost in ICO scams is patently false and lacking in any real evidence. ICOs were just a new way of startups raising money from private investors which has gone on since the dawn of investing.
It is mostly just 3rd hand hearsay and trolling of competing projects. The number and value of actual scams compared to the size of the crypto industry is small.
Out of $489M in scam losses only a tiny percentage (1.25%; $6.1M) related to cryptocurrency in any way.
Of that 2/3rd were just other scams asking to be paid in cryptocurrency. Cryptocurrency investment scam losses were less than half a percent of total losses ($2.1).
Most of those were just impersonating cryptocurrency projects. Twice as much losses were from scams impersonated the Australian Tax Office!
I have not been able to find a single example on the ACCC’s scamwatch site of an actual cryptocurrency project ICO which was a scam.
Compared to the size of the Crypocurrency Industry, even in Australia, the percentage of scams is very low.
Huge numbers of legitimate Crypto projects
This is an amazing infographic (source) showing a huge number of legitimate cryptocurrency projects competing with the existing tech players in every area. I did not put this together, but have looked into many of the projects listed and have not found a single scam.
Big Lie comes from one flawed report
Tellingly for a Big Lie, all the news allegations about a very high percentage of ICOs being scams can be traced back to a single flawed report by a group called Statis.
I don’t know who they are and they have no official status. But under the terms of their own report they classified Reddit posts about an ICO that other people said was a scam as an ICO scam. They also admit the vast majority of money lost on so called ICO scams was in just 3 scams. Thus they vastly inflated both the number of ICOs and the number of scams based unverified, defamatory hearsay and trolling. Anyone can say another project is a scam. It doesn’t make it so.
Failed projects are not scams. 95% of all tech startups in all areas will fail. That is the nature of innovation and capitalism.
An ICO in late 2017 / early 2018 required smart contracts to be set up on the Ethereum (or other) blockchain. A simple Reddit post does not constitute an ICO. And other people calling it a scam on social media doesn’t make it one. The level of unjustified and defamatory attacks on other projects in the Crypto Industry is high. It is not evidence of a real scam.
The technical requirements for actually sending money to an ICO and receiving ICO tokens during late 2017 & early 2018 were pretty high and certainly not for naive investors.
Having purchased or mined Ethereum (ETH);
Sending the ETH to your own cryptocurrency wallet;
Sending ETH from your own wallet to the ICO wallet.
No one without a decent understanding of Crypto could even work out how to do this! So the people who lost money in real ICO scams knew about crypto in detail and were, in that sense, experienced investors.
I note here that because of the very large amounts of money which early crypto true believers made and were looking to reinvest, the huge numbers of projects available to invest in, and the practical limitations on individual investor’s time, the strategy of just putting some money in everything your heard of, without doing due diligence, was a legitimate investment strategy.
Yes, you might lose some money to scams, but it made sure you had money early in the projects which would be hugely successful and make up for all the other failed and (few) scam projects. This is the essence of the entire venture capital business model. If you want a safer investment, invest in companies that are regulated and on the stock market Enron or Bear Stearns (oh… wait..)
So this is the BIG LIE which Facebook used to cover its own illegal banning of all crypto industry ads on 30 Jan 2018.
But I cannot conceal from the reader of this truthful account that as I went to bed at about 3 A.M., I was conscious of a profound sense of relief. At last I had the authority to give directions over the whole scene. I felt as if I were walking with Destiny, and that all my past life had been but a preparation for this hour and for this trial. Eleven years in the political wilderness had freed me from ordinary party antagonisms. My warnings over the last six years had been so numerous, so detailed, and were now so terribly vindicated, that no one could gainsay me. I could not be reproached either for making the war or with want of preparation for it. I thought I knew a good deal about it all, and I was sure I should not fail. Therefore, although impatient for the morning, I slept soundly and had no need for cheering dreams. Facts are better than dreams.
Unfortunately, and this is something I’ve always struggled with because of the naming convention my friend used, I probably inverted Mundia and Modia in the explanation! Mundia is the real physical world, Modia is the world of interpersonal relationships between people. I don’t really like his terms, which is why I explained them at the beginning! I’m more Mundian than Modian. I suspect that what makes Trump so interesting is his ability to excel in both Modian and Mundian worlds.
Today’s show is all about the Libra crypto currency and eco system announced by Facebook this week. The White Paper on this is, truly, a chilling document.
If you want more information or you want to help fund JPB Liberty’s law suit you can read more here and if you want to directly contribute to the funding, please get in touch with me, Telegram is a good way. If you want to contribute now and especially if you’re on Steem, take a look at the project’s Fundition page.