Wednesday, June 13, 2018

Uproar over token

CoinDesk Daily is sponsored by 
June 13, 2018

"Everything that irritates us about others can lead us to an understanding of ourselves." 
– Carl Jung

Got this from a friend? SUBSCRIBE HERE

THE FEATURE

Quantstamp Under Fire: Buyers Allege Startup Undermining $65 Million Token

A blockchain project is facing an uproar from community members who say the team has been undermining the value of the token it used to raise millions.

The controversy around Quantstamp, maker of a protocol that seeks to decentralize smart contracts auditing, reached a fever pitch late last week, with acrimony spilling into the project's social channels. There, representatives for the San Francisco-based company, registered in Delaware, took heated questions from token buyers.

At issue is Quantstamp's acceptance of U.S. dollars and ether, rather than its token, QSP – which it used to raise a little over $30 million in an initial coin offering (ICO) last November – as payment for smart contract audits it has performed.

Documents obtained by CoinDesk indicate that the company has accepted ether (ETH) for services in one instance and priced its offerings in U.S. dollars in another, practices that appear to have run afoul of user expectations, with some claiming this clashes with practices they believe the company said it would pursue.

"We are concerned that you guys don't need the token to grow in value for your company to succeed as a payment for manual audits," one user wrote in the Quantstamp project's Telegram group.

Read more
Tweet
Share
⭐ CoinDesk Weekly Sponsor 

 


Your Data. Your Life


In the current system, your personal data is sourced, held, used and swapped by third-party providers.

The Pillar Project is an ambitious project to return ownership of personal data to you. We do this through decentralized blockchain technology, starting with a token wallet.

Learn More

Wait, there's more:

Surprise KYC: Investors in Tezos' Troubled ICO Might Finally Be Fed Up
After infighting brought months of delays, Tezos investors finally seemed about to receive their crypto tokens. Then something unexpected happened...

Blockchain Is 'Revolutionary,' Says German Finance Regulator Chief
The president of BaFin thinks blockchain-based applications are "revolutionary" and could turn the entire financial sector "upside down."

Bitcoin Bulls Eye $6K Bottom After 4-Month Low
Short-term oversold conditions may give the bulls a brief reprieve, but the bitcoin market is still generally bearish.

JD.com's Finance Arm to Issue Asset-Backed Securities on a Blockchain
JD Finance, a subsidiary of Chinese e-commerce giant JD.com, has announced a pilot issuance of asset-backed securities over a blockchain.

EOS's Experimental Launch Might Be Putting Investor Money at Risk
Many point to the potential security threats as a reason votes have been trickling in (instead of rushing in) on the EOS blockchain.

Beyond Bitcoin: Thomson Reuters Data Now Tracking Top 100 Cryptos
The Canadian mass media and information giant, Thomson Reuters, is expanding its sentiment analysis to track 100 of the world's top cryptocurrencies.

Under $100: Litecoin Price Hits Fresh 2018 Low
The price of litecoin falls below $100 again today to reach a 2018 low so far.

Quantstamp Under Fire: Buyers Say Faith Shaken In $65 Million Token
Blockchain startup Quantstamp is feeling the heat from community members accusing it of misleading them on its QSP token and proprietary technology.

A 'Crypto Shopping Mall' Is Being Tested in Slovenia
A major shopping center in Slovenia is widening a cryptocurrency payments pilot across 24 businesses.

What Twitter Is Saying About Coinbase's Surprise ETC Listing
Some members of the crypto community were surprised Tuesday when the U.S.-based exchange startup Coinbase announced that it plans to list ETC.

Bitcoin's Price Slides Below $6.5K to Hit 70-Day Low
The price of bitcoin, the world's largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday.

Congressional Bill Calls for Study of Crypto Use in Sex Trafficking
The House of Financial Services Committee is introducing a bill that would launch an investigation into how cryptocurrencies enable sex trafficking.

India's Central Bank Stays Mum on Crypto Ban Reasoning
The RBI has responded to a query about why it moved to block banks from dealing with crypto businesses earlier this year.

Apple Blocks Crypto Mining Apps On Its Products
In a recent update, Apple expanded their initial guidelines on cryptocurrencies to include policies on wallets, mining, exchanges, ICOs, and more.

UN Trade Body Examines Blockchain's Potential in Supply Chains
A United Nations body that facilitates global trade is examining blockchain and smart contracts to see if they could play a role in its mission.

Money-Laundering Task Force Wants Binding Rules for Crypto Exchanges
The Financial Action Task Force reportedly aims to develop compulsory rules for the world's cryptocurrency exchanges.

Forget Prices, Ethereum Is Offering a Different Value in Afghanistan
According to Fereshteh Forough, the founder of Code To Inspire, ether bounties can be a tool for teaching Afghan women about financial empowerment.

Kakao, Korean Government to Solve Social Problems with Blockchain
Kakao's blockchain subsidiary has announced it will work with a government-backed agency to develop blockchain projects focused on social services.

Dead Cat Bounce? Bitcoin Price Recovery Could be Short-Lived
A corrective rally may lift bitcoin over $7,000, but holding on to gains won't be easy, the technical charts suggest.

Korean Banks Can Use Blockchain to Verify Customer IDs from July
A national banking group from South Korea is to roll out a blockchain-based ID verification system for domestic banks next month.
Go to CoinDesk


We're taking Consensus on the road     

Join us on September 18-20 at the Marina Bay Sands in Singapore for the first international Consensus event. 

We're excited to join TechXLR8 Asia and their multiple events, including IoT World Asia, 5G Asia, the AI Summit and more. 

Get your ticket to Consensus: Singapore or the full TechXLR8 experience and join us in September.

Register now

BTC: $6,468.87  -1.21% 
ETH: $476.87  -3.69%

8:25 AM EST - More price details
👋 JOBS IN BLOCKCHAIN ðŸ‘‹

Thinking of joining the blockchain sector? Already here, but looking for a change? Check out CoinDesk's careers board for opportunities in companies of all sizes, covering a range of areas and expertise. 
Copyright © 2018 CoinDesk, All rights reserved.
You're receiving this email because you subscribed for updates on our website.

Our mailing address is:
CoinDesk
636 Avenue of the Americas
New York City, NY 10011

Add us to your address book


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list