Ep205: TokenCard Tribulation and Potential, Ethereum Powers Car Charging and Food Aid, Onecoin Falls

Venezuelans rebel as Maduro grabs power. Onecoin ponzi scheme members arrested in India. South Korean Bitcoin Exchange Yapizon Hacked for 3816 BTC. TokenCard ICO both went well and had some bugs. We also discuss the potential that a crypto backed coin could have. German energy giant uses the Ethereum blockchain to charge cars. United Nations World Food Program uses the Ethereum blockchain to distribute food assistance. After talking about the Proof of Stake platforms NXT and Ardor we discuss the criticisms of such a consensus method. Ethereum is being searched a lot more on Google lately. JP Morgan Chase leaves the R3 Consortium, remains in Ethereum Enterprise Alliance.

All this and more on the Neocash Radio podcast, episode 205 — Wednesday, May 3rd, 2017!

We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Pedro!


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Traditional Financial Markets Cryptocurrency Markets
Gold $1,239 Bitcoin (BTC) $1,485
Silver $16.47 Ethereum (ETH) $79.42
Oil $47.63 DASH $88.93
Dow Jones 20,975 points Zcash (ZEC) $90.68
30Y UST Yield 2.969% Monero (XMR) $25.02
Litecoin (LTC) $20.72

Maduro Makes Another Power Grab After a Month of Protests

Much like Hugo Chavez did in 1999, Venezuelan President Nicolas Maduro has announced the creation of a new super-body of government called a “constituent assembly”. This new super-body would be able to radically alter or dissolve the current government structures and even rewrite the constitution itself.  National Assembly President Julio Borges has called on the people of Venezuela to rebel.


Onecoin Scammers Arrested in India

Remember back in episode 177 where we mentioned Onecoin was a scam? Police in Mumbai, India figured it out and have so far arrest 18 people involved in the Onecoin Ponzi scheme. Associated bank accounts held nearly $3 million worth of Indian rupees. This may not be the end of the arrests as police are unsure just how many people were involved.


South Korean Bitcoin Exchange Yapizon Hacked for 3816 BTC

On Saturday April 22nd, South Korean Bitcoin exchange Yapizon had its systems breached by a hacker. At the time Yapizon had more than 36% of their funds in hot wallets — the hacker was able to access these wallets and made off with more than 5.5 Million in BTC. The exchange plans to hand the situation similar to how Bitfinex handed their loss in 2016 by socializing the lost BTC and issuing “Fei” tokens.


The TokenCard Initial Coin Offering Successful with Bugs

Monolith Ventures TokenCard launched their initial coin offering on Tuesday and it was all over in about 22 minutes with about $12.5 Million raised mostly through contributions of Ether. There have been a couple bugs, one which caused the tokens to not be issued to the contributor and another that issued too many tokens. Certain tokens would receive a bonus amount of TKN if contributed during the event. One of these was SNGLs from SingularDTV. One crafty trader found this error and capitalized on it with two contributions of SNGLs worth a total of $432,000. In turn he was issued nearly 6.2 Million TKN! One speculator suggests that the SNGLs were mispriced with a simple decimal point error. Instead of being priced at 10 cents, they were priced at $1.


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Germany’s Energy Giant launches 100’s of Ethereum Based Electric Car Charging Stations

From trustnodes.com

A subsidiary of RWE, one of Germany’s biggest energy and gas provider with 30 million customers and billions of revenue, has launched 100s of (EV) charging stations all over Germany, connected to ethereum’s public blockchain.


Ethereum Blockchain used by Branch of UN to Distribute Aid

10,000 people in Jordan will receive aid through the UN’s World Food Program. The procedure requires users use an Iris scanner for identity and then the vendor uses a cryptographically unique coupon to pay for the food they sell to that individual. This is a test run but plans involve scaling it up to service all 80 countries currently aided by the UN’s World Food Program.


Proof of Stake Critics

After our discussion about Proof of Stake platforms NXT and Ardor we offer a moment to consider the math behind a 51% attack.


Ethereum Google Searches Spike to an All-Time High

From trustnodes.com

Interest in ethereum keeps growing according to google search trends which have recently seen a spike worldwide with the strongest growth in ethereum searches shown in Switzerland, a country where the Ethereum Foundation is based and hosts the Crypto Valley.


JP Morgan Chase & Company Leaves R3 Consortium

From ethnews.com

The fintech-focused R3 consortium of banks has lost another big-name member: JPMorgan Chase & Co. Joining a line of major banks that have already grabbed their hats and headed for the door, JPMorgan allegedly found its goals to be inconsistent with R3’s technological direction. The R3 membership pool has been slowly draining for the past few months.

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