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SubstratumNode is 18 Weeks Away →

April 10, 2019

Abram Cookson:

No delay, no misses. Estimates are estimates, the more we know the more accurate they become. This has nothing to do with the skill or working hours. If you want me to post a fake deadline I’m not going to do it. We’ve never as a dev team stated anything regarding dates until we began in January offering show and tells. Everyone is an expert predicting when things can be done until they have to do it themselves. No over promises, we are just showing the data every week and will continue to do so. Some weeks we will have little movement, other weeks we will see massive increase in completed work. If you look at the past 3 weeks (16, 13, 18). It will fluctuate.

According to Substratum’s most recent “Show & Tell”, SubstratumNode’s V1 release is still 18 weeks away. Considering last week’s estimate was 13 weeks, it appears that Substratum’s estimations, along with everything else about the project, should be taken with a grain of salt.

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Justin Tabb Clears Up Substratum’s Shortcomings →

March 11, 2019

Justin Tabb:

We have been in business for over a year and a half, and even with the struggling crypto market, we have been fortunate to hit good points most of the time with conversion to fiat for use in building the company. While we utilized Bitcoin and Bitcoin Cash upfront to get the business up and running, all those upfront costs were associated with building the business, and we still have roughly half the Ethereum that we raised during the ICO and nearly all of the Ripple and LiteCoin we raised are still stored in Cold Storage.

Okay, someone is lying here. According to Substratum’s whitepaper, the BTC, ETH, XRP, BCH, and LTC collected during its ICO was hedged four ways into BTC, ETH, USD, and USDT (25% each). Now, Justin Tabb is saying there is still XRP and LTC “stored in cold storage”, which is impossible if Substratum did indeed hedge its funding as stated in its whitepaper. Also, Substratum does not have “roughly half the Ethereum” it raised during its ICO left. Substratum raised 17,778.25 ETH, and there is currently 5,150.991684 ETH left in the treasury–that’s ~29%. Last time I checked, 29 ≠ 50.

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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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