Ep248: Centra Card Exit Scam, LitePay Vanishes, Darren talks DASH

Centra.tech, Centra Card, CTR token has been revealed to be a scam, principles arrested and facing charges of fraud. LitePay vanishes. Sergey Mavrodi has died leaving his MMM ponzi scheme in limbo. Darren Tapp givens an update about his time at Arizona State University working with the DASH team. He was also a presenter at the Blockchain: Security, Scalability & Research Initiative in Phoenix. There is also a lot of NeoCash related news and interviews!

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Song: Stuck up

Traditional Financial Markets Cryptocurrency Markets
Gold $1,334 Bitcoin Cash (BCH) $715
Silver $16.43 Bitcoin SegWit (SW) $7,441
Oil $63.47 Ethereum (ETH) $406
Dow Jones 23,758 points DASH $339
30Y UST Yield 3.012% Litecoin (LTC) $129

Centra Card Exit Scam Caught by SEC

Centra Tech principles Sam Sharma and Robert Farkas have been arrested this past Sunday and are facing federal fraud charges related to Centra Card and the the CTR token sale. The SEC notified Sam Sharma in mid-February that the company was under investigation. Next the bank accounts were emptied and employees fired.

I interviewed Sam last year during a test run of blockchain startup interviews. I had some listeners email me requesting a closer look and I did what I could but this is a perfect example why we refer to these token sales as gambling. I don’t know how they faked videos of working centra cards but it turns out they had no real involvement with VISA or Mastercard.

I don’t know what the future holds for Centra, the card, or the token holders but I think you will only see more of this as more pressure is put on last years ICOs to produce a working product. Many ICOs and token sales have already failed whether scam or not and many more will fail. This underscores the very nature of cryptocurrency trading — it is built on projections of future profits not future products.

Turns out we didn’t have to wait long for the next potential exit scam. Litepay up and vanishes leaving those holding litecoin wondering, “why are we holding litecoin again?”

Charlie Lee, recently profited from a very fortuitous Litecoin pump at the end of 2018 as he sold all of his coins. He says that litecoin is fine, they just got a little too excited.

We talked about the MMM pyramid scheme way back in episode 188, well Sergey Mavrodi the operator of the international scheme, has died of a heart attack in Moscow. The MMM ponzi scheme system has been put into pause mode leaving the points holders with nothing to do.

Neocash Radio News on Darren Tapp

I hope listeners will enjoy a little update from me.  I’m back from Arizona. There we filmed videos for a blockchain course which will be offered through coursera and can be taken for free, or a certificate, or eventually for credit at Arizona State University.  I also met with faculty to make sure the course is developed in a coherent way.

The research effort is going very well.  We are getting results from our simulations.  They are coming in a bit slow, but they are coming.  We are getting very positive results when propagation speed ups like compact blocks or Xthin are being used.  

I also presented in Phoenix at the Blockchain: Security, Scalability & Research Initiatives.  I will also be presenting on April 15th for Blockchain Fest. There I will discuss issues related to blockchain education, mathematics and mathematics education in general.  JJ, I’m finding the fact that bitcoin operates at a stable Nash equilibrium, to be a very important aspect of *air quotes* blockchain.  In fact, when people mention blockchain there are several related topics that are all valuable in their own way.

I also was interviewed for the documentary Beyond Bitcoin that should be coming out.

Fed up with cult of personality

JJ, I’m really fed up with any type of cult of personality.  First it was Roger Ver. He’s not that big of a deal. He just has money and chooses to engage in speech.  Now Craig Wright is trying to create his own cult. This is different than Roger.

Recently, Vitalik Buterin, has called out Craig Wright as a fraud.  Vitalik calls Craig’s recent work disputing selfish mining and *air quotes* proving bitcoin script Turing complete as incoherent babbling.  I haven’t personally found time to review this work. However, the dash team asked me to review an economic paper from Craig Wright. In that paper Craig cited a famous equation from Keynesian economics.  He then claims that a higher velocity of money would encourage a higher price of bitcoin. In fact the relationship is the opposite. A higher velocity of money means more price inflation which lowers the price.  

I personally wish to use cryptocurrency as an actual currency.  That equation of Keynes also has a term which represents the total size of the economy.  Now, as the size of an economy grows, the currency used in that economy does become more valuable.  It’s this factor that I would like to see grow. If a higher velocity means a lower price. I’m happy to support that.  Price is not the end all be all. It is also the case that a higher velocity means more that the money has more utility.  Having and sustaining more utility will bring about long term gains, while a higher velocity will only have a short term impact.

Let ideas stand on their own and stop following personalities, unless it’s neocash radio of course.

Since our last episode of NeoCash Radio we have had a lot of interviews!

Mark Warden Sells his house for Bitcoin!

Purse Interview with Jordan Crawford

We have a purse affiliate link! https://purse.io/?_r=neo

Neptune Dash Interview with Troy Wong

We have new donation addresses on the support page along with our purse affiliate link. If you have ever wanted to support NeoCash Radio or NeoCash Media please donate generously!

300th Crypto Meet up this coming Sunday at Murphy’s Taproom in Manchester NH!

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