My Conversation With an Idiotic Veritaseum Mod
veritaseum mod is an idiot and doesn't understand defi and decentralization

My Conversation With an Idiotic Veritaseum Mod

By AlucardLife | cryptoinvesting | 30 Jun 2021

Those of you who follow my blog know I'm very interested in how regulators plan to control the crypto space. I'm probably most interested in watching in real time how the powers-that-be will fool private citizens into giving their power away. Regulators have no control over the crypto space that isn't handed to them by people. And it seems that even the folks with the most gripe against regulators still don't realize the power they have to create a new world. As a matter of fact, they seem to be running towards regulators like little bitches begging for regulation, then complaining when they actually get what the fuck they ask for.

Reggie Middleton and Richard Heart had a little flame war about their projects on social media, I became very interested in Veritaseum — Middleton's project. A little history: Both Middleton and Heart could be considered early adopters in crypto, and their projects both stand as hallmarks within the history of crypto, albeit for very different reasons.

Heart's Hex is the biggest project to really master Fedflation. Under the guise of a certificate of deposit, Hex fools users into thinking that inflation is a payment rather than a tax. Hex's success comes from its marketing and thoughtful currency manipulation. Led by Heart, Hex uses its audience to circulate its supply in a way that extends its ponzinomics out quite a while. Makes it seem viable, but it won't last a bear market.

The "tech" Hex uses is no longer cutting edge either. ForTube, Ramp Defi, et al. are doing the same thing AND allowing its Hex-type yield farm to be used as loan collateral on top of that.

Hex is important here because it has been widely denounced as a scam and an illegal security. My opinion is that legally, it's both. But we'll get to that.

Middleton's Veritaseum was one of the first projects in the 2017 cycle to get shut down by US regulation. Because Middleton already had a name for himself in the crypto space by that time, it's highly probable that the US SEC used him as a scapegoat and a warning to other investors not to try too much. Same thing the government did with Facebook and Libra.

I wasn't around for Veritaseum, but I'm willing to bet it had more utility than Hex. Yet Hex survives, even thrives, and Veritaseum is derided. Why is this so?

The difference is not in the tech. The difference is in how the founders chose to engage the government. The major difference between Middleton and Heart is that Middleton actually believes in the veracity of the US government. He actually takes it seriously as a legal structure. Heart sees it for what it is — a power mechanism that can be avoided with blockchain tech and should be if possible. Why? Because there's no reason to put more cooks on the pot if they're not necessary. And the SEC isn't a tech organization. They can't help move forward any technical innovation. They exist solely to help government control and tax profits from innovation.

Because Middleton actually believed in the mission of the SEC as a governing body, he went to that system to bask in its glow. He saw it as the power source and wanted some of that power. That's why he was so open with Veritaseum, centralizing operations, creating a traditional corporate structure, and running to them going, "I'm ready to play ball! I'm on your team! Regulate me so I can safely make a profit in crypto!"

Heart didn't do that. He moved himself physically outside of America and did not ask regulators for permission to move forward. And that's why he's successful and Middleton isn't.

The problem here is that Middleton doesn't seem to have learned the lesson of bitcoin and Hex. Neither have his followers. They sit in their Telegram group complaining about unfair regulations. It takes up most of the conversation and it's annoying. But I was interested in the group because one of the admins was talking about creating a DAO. This admin asked for ideas.

I put forth the idea that the main DAO for a project should be decentralized and anonymous. That DAO, untouched by any physical nation-state's regulation, can then invest in other DAOs that take on a corporate structure if necessary. For instance, if you want to invest in physical real estate in the US, the "trust" parent DAO invests in a child DAO with a Wyoming LLC corporate structure. Or whatever corporate structure fits. You can even have a CEO and other corporate officers and offices for that DAO.

But the parent DAO remains completely virtual, anonymous and decentralized. I have it on good authority (authorities, actually) that the authorities can't do shit abou this. They can't tax it; they can't regulate it. It exists as a sovereign, not as a company. There are many advantages to this — one of the most important being the pride of sovereignty. Of knowing you have something that's really yours. There are many other practical advantages.

This idiot of an admin started arguing with me about having a parent DAO that actually adheres to the core tenants of crypto. The decentralization and unapologetic sovereignty that makes bitcoin and Hex successful. No, this retard admin wanted to make the same mistake that Middleton already made, running to regulators to ask permission to do business.

What's more, this clown was talking about running to US regulators. If you have the freedom and capital to create a DAO, there are jurisdictions with far better, less expensive and less draconian regulations if you just have to have some over you.

And if this guy is a mod in Middleton's group, that means the whole group has an attitude of bowing down to the US. Why? Because they are all from the US, most likely, and that's the only paradigm they know. Even someone as gifted and as knowledgeable as Middleton still doesn't really get what he can do with crypto. And he's proliferating his attitude to his group, which does no one any good. No one's sat back and learned the lesson of Richard Heart. I think Heart is a blowhard. He's a fuckin shitbag. But he got this part right. If you go running to the fuckin law begging for acceptance, they are going to fuck you. If you create a structure they can't fuck with, they tend to turn a blind eye to keep up appearances.

Though it frustrates me that the Veritaseum people don't get it, it also inspires me to do it myself. There is still a clear path for folks who want to create something sovereign of their own in this new virtual world. No doubt the window is closing, but the plains are wide open now.

And to that dumbass Veritaseum mod who is juuuuuuust smart enough to be dangerous — if you can't see the forest for the trees, it's time for a life check.


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