Veritaseum (VERI)

Author: Kaloyan Roussev

Do not make investment decisions based on this article – read the disclaimer before you proceed and leave the website if you disagree with it.

It is 26th August 2017 today. This review takes into consideration investing in VERI at its current price at $110

Veritaseum – it was accused of being a scam so let’s roll our sleeves and dig in.

How do I rate an investment in this project at the current price?

Very dangerous investment, many red flags, on the other hand it has huge plans for disrupting the financial industry. People calling it a scam. Max supply 100 000 000 coins, each worth $117 – how much more can it go up? 98 million tokens retained by founder, but he claims those are reserved to be sold in bulk to large clients on Wall street. Ugly website preoccupied with explaining how to buy the token, and no information about what the token does. Bearish market. Most of this can add up to making the coin extremely undervalued (because people are scared) however I am not very confident on the operation behind it.

However, what they promise to deliver is huge and complex, and I am still trying to wrap my head around it, but there’s a potential to tap trillion dollar markets. The potential downfall from $100 is too large with that many red flags, in spite of several bullish indicators. I will be happy to miss the opportunity to make some gains, and I hope this project succeeds.

It has already made 100x for ICO-buyers, so we might’ve missed the meat of the opportunity. At a price varying between $100-200 per token, in a market where aside from Bitcoin, people aren’t used to paying hundreds of dollars for a crypto, maybe there is little further to go (and by little I mean 2x-3x?)

Here is a comprehensive presentation to get acquainted with the project

Project/token summary

Veritaseum is the company, Veritas is the token, rebranded from UltraCoin. VeriCoin (VRC) is not VERITASEUM (VERI). Different projects and coins.

The founder, Reggie Middleton, has been a public figure in finance for many years. Here is a video he made for himself that contains excerpts from his appearances on TV – You can find him or reddit engaging in a serious discussion about Veritaseum’s credibility here   He has made several predictions about big events in the financial markets, that have turned out correct.

The project itself aims to cut out the middleman in financial services and financial markets, through heavy use of smart contracts instead. I don’t know how viable this is and how much people need this to be resolved, though. The Jamaican Stock Exchange has shown public interest in Veritaseum. Reggie is trying to create partnerships with other Stock Exchanges and these are trillion dollar markets!

“Veritize – meaning that an asset is assigned a customized VERI token (think of a wrapper that surrounds the asset and gives it special programmable attributes that can live on, and travel through, the blockchain). For example, you can take the lease on a building, “Veratize” it, and now that lease can trade on our digital asset exchanges. This is the process that we are introducing to our exchange” partners.



  • Website: does it look good/presentable – it is horrible. Chaotic. Took me a lot of time to find out what the project is about. The website is cheap and salesy. To the average user, this might be because the project is a scam, but it also might be a reason people to underrate the coin if it turns out legit. It is open to interpretation.
  • Website: Does it have a roadmap for the cryptocurrency development – after some digging, I found it at point 5 in the FAQ on their website:
  • Website: Does it have a whitepaper – no, Reggie doesn’t do whitepapers. He asks you if you’ve reviewed JP Morgan’s white paper or Citibank’s whitepaper in this video:
  • Website: Is the domain name and TLD good – As good as it gets
  • Website: Is it a quick wordpress template, a 2-hour html job or a custom design with lots of work, money and thought thrown at it – It looks like a horrible, cheap, custom job.
  • What new does this cryptocurrency bring to the world, what problem does it solve, what does it stand for– it wraps around financial securities and instruments and ports them to the blockchain to trade.
  • How does the cryptocurrency name sound (does it sound legit and like a good brand name) – A mouthful, hard to pronounce. Another reason to underestimate the project.
  • How does the logo look – looks like a prescription drug label.
  • Is it a PoW, PoS or PoW/PoS coin, what is the mining difficulty or APR, does it suffer from inflation – N/A. No inflation for now, but think of it this way. One of the probable reasons for price reaching $200+ is the incredibly small amount of tokens in circulation – just about 2 mio. There are 98 mio more coins currently waiting to flood the market either by being dumped by Reggie (unlikely) or by him selling these coins to high-ticket clients, who could then dump at a price increase. (Although Mesiah, a Veritaseum team-member, claims that those clients are not buying to realize capital gains, but to use the token. But he would say that) So with 50x the current amount just waiting behind the gates to be opened, price could bottom out at $2? Who knows. And then it could pick up from there, but it would require a long time in order to recover. Reggie’s best bet might be to burn those, and rely on the divisibility of the rest of the tokens, to power the platform’s operations.
  • Who is behind the cryptocurrency – are they shady figures, or have they placed their names and pictures on the website; what is their track record and reputation; do a quick google/github research on them – Reggie Middleton, we already mentioned him in the summary. There is a phone number on the website – you don’t see that very often in crypto.
  • What is the limit on supply of coins in circulation – Pre-mined 100 mio coins, 98 of which are retained by the developer. Biggest amount of centralization among other cryptos so far.
  • Is there a link to the source code
  • When was the last commit made, and how frequent are commit – The last commit in the veritaseum repo was in May. Other more recent commits were made in forked repositories on some projects for which I can’t figure out the relation to veritaseum. Now, since I know they are developing a software product about rental contracts, and I don’t see such thing there, I assume that aside from the public repos they have some private ones, so maybe we shouldn’t judge their activity by the public repos. Yes, I guessed right, in this video Reggie explains how serious projects are hidden in private repositories
  • How many developers participate in the coding process – no public members, 1 contributor to veritaseum repo, 6 contributors to the truffle one.
  • What the project survival relies on – the existence of the Ethereum network, and to not be declared as illegal in some way, especially in the finance industry this is important.

Exchanges and trading

  • Which exchanges (and how reputable they are) is the coin traded on, what is the daily trading volume and market cap mainly EtherDelta. So many people complaining about its convoluted interface. Middleton elaborating on why it might be that no big exchanges have listed Veri, here: DTV is $400k, marketcap $230 million

  • Are there buy (support) or sell (resistance) walls – judging by this, the price might keep going down, as there are much more sellers than buyers
  • How does the chart look – the price went up about 100x at some point, from then on its a bearish market. Recently $4.5 million worth of Veritas have been stolen and dumped on the market by a hacker.
  • Does the chart contain patterns that look like pump and dump actions or trading by bots – can’t tell
  • Has the coin spiked on one exchange after being added on another exchange – no significant exchanges have listed the coin yet, so we don’t know.



  • Is there a Bitcointalk forum Announcement thread – Yes
  • How many pages is it – 124 pages in 4-5 months.
  • History of the coin according to the forum and general public impression of the coin throughout – People saying it sounds like a good project. Usual bounty-hunters providing their services. Hassle around the ICO. Reggie Middleton participating actively, answering people’s questions and setting things “straight”. Concerns about the amount of coins retained by him. Complaints about EtherDelta being a shitty exchange because of its unintuitive interface. Price and product discussions. Rumor about 34 million tokens having been sold to institutional investors. Lots of heated discussions involving a lot of economics and finance arguments, while users are trying to estimate if the token is under- or over-priced.
  • Do they have a blog, anything interesting on it? financial and economics articles
  • Is there a slack channel – Email for slack
  • How many members in the slack channel – N/A, still waiting to get invited
  • What is the public sentiment in the slack channel – N/A, still waiting to get invited
  • Is there a Twitter profile for the cryptocurrency and does it post regular updates, how many followers – 2k+ followers, tweets daily, but hasn’t been very active since 17 August
  • Is there a Facebook page for the cryptocurrency and does it post regular updates, how many likes – 200 likes, publishes crypto news

Current state

  • Are there any known problems with the source code, the wallet or something else regarding the coin (transactions, mining, efficiency) – N/A
  • Is there an active development for fixes on the way – N/A
  • Has the wallet been under maintenance for prolonged periods of time on some/all of the exchanges Is any government planning on banning the coin (or similar coins) or putting heavy restrictions towards its use – possible legality issues.

Popularity and perception

  • What does a quick google search tell us about the coin – “scam” articles, ICO news, hacker theft news, “good investment” articles
  • Are there youtube videos about the coin – many videos by Reggie himself. One popular video calling the project a scam. Two popular videos stepping in, trying to dismantle the scam accusation. More “scam” videos, and a few analysts/traders considering it a good investment. It’s all over the place in terms of sentiment.
  • What is the general sentiment in the comment section below the videos (constructive, fud/hype, calling out scam etc) – scam calling, FUD, several exuberantly optimistic commenters
  • Is the coin associated with illegal/criminal activity or the dark web – no
  • Similar cryptocurrencies/projects – Some people consider Populous to be similar

So in my opinion the truth about Veritaseum is not black or white. It is somewhere in between. Some aspects of it are shady, and others are exciting. We have lots of contradictory information, open to interpretation. Some people call an operation not optimally devised, a scam. Others call it a scam for legitimate reasons. But there are proof in both directions, so I cannot take a side. I would invest a small quantity.

I guess Reggie should learn the lesson that people are imperfect “machines” and they are prone to perceive the quality of a product/project through their visual perception of what they can see, instead of evaluating its intrinsic qualities. Presentation, in the form of a website and not stuffing lots of information in small font in a Google Docs file, is very important. Reggie has the ideal that truth will eventually make its way through, but the reality is that people are swayed by what they can see, and the Veritaseum venture suffers from that. He needs someone like Dash’s Amanda B Johnson to communicate and present what Veritaseum is all about.

PS: Here is an interesting post from Reggie on bitcointalk:

Large investors rarely transact through exchanges in bulk because that is ineffecient and slippage drives the price. I made three deals in the last 24 hours, one was with one of the largest stock exchanges in the Caribbean region (can’t quantify the VERI value, but expect it to be big), one was with a UHNW individual (starting with a $1-$1.5M purchase), and one with a sovereign nation. There’s another I’m looking to close next month that will be bigger than these three combined. Not one of them will go through the extant exchanges (as a matter of fact, two of them are for building exchnages). Not only will these transactions not drive the price of VERI down, they should drive it higher since significantly more value will go though Veritaseum systems relative to the ROW (rest of the world) than before.
Every single big block sale I make out of the 98M outstanding is extremely bullish for the existing VERI holders. It’s Metcalfe’s law and the network effect, my friend.

I am sure I might’ve made some mistakes in this post or in my research. Please, forgive me, if I have, and contact me to tell me where I went wrong. It takes about 4-5 hours of my time to do a full research on a cryptocurrency, and I try to do at least 4 per week.

References and useful links
Video by Reggie for Veritaseum:
Video by Reggie for Reggie:
Video by a youtuber:
Video by a youtuber:
Latest video by Reggie (progress update):
Bitcointalk forum last page:
Video calling Veritaseum a scam:
Announcement from Jamaica Stock Exchange:


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