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Substratum Liquidates Another 1,200 ETH

March 4, 2019

On February 26, Substratum moved another 1,200 ETH to Kraken – most likely to liquidate into USD to cover operating expenses. ETH was worth ~$133 on the day of the transfer, which means Substratum’s 1,200 ETH liquidation was worth ~$159,600. Substratum made a similar transfer of 2,500 ETH (~287,000) earlier this year on January 25, 2019. My guess is Substratum liquidated 2,500 ETH in January in order to cover operating expenses for January and February, while the most recent 1,200 ETH liquidation will be used for expenses in March. These recent liquidations support the hypothesis that Substratum’s burn rate is ~$150,000, a figure which I first wrote about in August of last year after observing liquidation patterns in April and May.

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Will and I on the CryptoBasic Podcast (Again) →

February 26, 2019

Will and I were recently invited on the CryptoBasic podcast again to talk about Substratum’s delisting from Binance. We had a ton of fun with Brent, so be sure to check it out when you have some time. The summary for the show is below.

Brian Li of Decrypto.Net and William McKenzie of getting attacked by Substratum fame are back on the show again since Substratum was recently delisted from Binance. We unpack their delisting, their assertions to each of the delisting points, and what it means to the crypto space. Brian and William are basically the boogeymen for the entire SUB community. They’ve been called everything from Chinese government shills to Russian spies. In the end, there is a massive intersection of the SUB community that blames these two individuals for their own shortcomings as a project. We discuss that as well in this episode.

Listen on iTunes and Spotify.

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Setting the Record Straight

February 25, 2019

Since Substratum is so interested in “setting the record straight“, let’s take it one step further and set the record straight regarding SUB’s status as a security. Substratum’s whitepaper states the following.

The Securities and Exchange Commission recently made a filing that most coins need to be registered as a commodity to run an ICO for US citizens. The exception to that rule is if the token / coin has a purpose as part of a platform or system. If it is used as the FUEL that runs the system. Since Substrate is the fuel that runs the Substratum Network, we are cleared to run for US Citizens.

Declaring a cryptocurrency to be a utility token or “fuel that runs the system” does not exclude it from being a security. We know this because the SEC has made this crystal clear on a number of occasions.

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Substratum-Linked Wallet Sends 3.5M SUB to Binance Before Delisting

February 22, 2019

Well, this is interesting.

Thank you to @PieEpi2 for connecting the dots.

Justin Tabb Responds to Binance Delisting →

February 20, 2019

Justin Tabb:

Binance announced on Friday that SUB is being delisted from its exchange. This decision came as a surprise, with no advance warning. We are terribly disappointed in the decision and their handling of the delisting. To be specific:

  1. We were not questioned regarding any issue(s) to make sure the issue(s) is factual before making this decision.
  2. We were not given an opportunity to clear up any real/perceived issue(s), such as a probationary status or deadline to fix.
  3. We were not given any conditions for relisting.

Informing projects of an imminent delisting doesn’t make sense. It would incentivize the project’s management and insiders to partake in insider trading to dump coins before the news goes public. Binance did the right thing in this situation, and Justin Tabb’s expectation for “advance warning” before a SUB delisting can only be described with one word – silly.

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