This will be a highly legalese and technical post for the regulators, enforcement agents, lawyers, software engineers, etc entirely my opinion and without making any accusations. If you want high production value content here is what happened less than 3 years ago and in my opinion where this is heading if nothing is done. You will also miss a lot of context if you haven’t read https://bitcash.io/review/qoin-source-code-leak-billion-dollar-algorithm-exposed/
I know their lawyers are “Australia’s largest legal firm” but if you don’t show them what you are doing and how you are doing it, how are they supposed to advise you properly?
When researching “what you call a cryptocurrency exchange that artificially controls the price” and honestly trying to learn if it was legal I discovered Corporations Act 2001 PART 7.10—-MARKET MISCONDUCT AND OTHER PROHIBITED CONDUCT RELATING TO FINANCIAL PRODUCTS AND FINANCIAL SERVICES and a few things stuck out like dogs balls
Prior to the source code leak this was a painstaking job of collecting evidence, analysing the evidence and attempting to reverse engineer the “algorithm” using math. Now that in my opinion the source code has been verified all that hard work has paid off and gives me a lot of confidence pointing out exactly where to look. Line 90 AwsQoinService.cs and Line 92 in particular the comments (re: https://bitcash.io/review/qoin-source-code-leak-billion-dollar-algorithm-exposed/).
In my opinion it seems to imply clear intent to artificially maintain “(a) the price for trading in financial products on a financial market operated in this jurisdiction being maintained, inflated or depressed;” (http://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s1041c.html)
I already have doubts about “tokenizing” a value as variable and intangible as “love”. Could be a lot, could be a little. Could be 25% of US$500,000 on average, could be nothing. Who are you to question right?
I also take issue with their price transparency, ATO guidelines clearly state that on the disposal of any cryptocurrency the current price is a critical part of the CGT tax calculation. Why can I not easily find a history of the price? (like a real cryptocurrency) Here is what can be found today: (https://bitcash.io/review/qoin-price-compilation/) UPDATE: much more sophisticated analysis here
<?php
$prices = "3.59235,3.60244,3.64679,3.63792,3.67335,3.71665,3.74274,3.76078,3.77404,3.85121,3.86423,3.86483,3.88064,3.90879,3.92092,3.93224,3.95778,3.99031,4.01195,3.99894,4.03687,4.05455,4.05997,4.10967,4.14119,4.1767";
$a = explode(",",$prices);
foreach($a as $k => $v){
if($k == 0){
$first = $v;
$date = "2020-11-20";
$datearr[] = $date;
}else{
$date = date("Y-m-d", strtotime("+1 day", strtotime($date)));
$datearr[] = $date;
$arr[] = ($v / $first)*100-100;
$first = $v;
}
}
foreach($arr as $y => $z){
$y = $y + 1;// turn array starting at 0 into day 1
echo "Day ".$y." (".$datearr[$y]."): ".round($z,2)."%\n";
}
$average = array_sum($arr)/count($arr);
echo "Average Daily Gain: ".$average."%";
The marketing document known as a whitepaper just says “January 2020” as the start date and when calculating compound interest the exact day is very important but averaged over 11 months it would take a daily rate of return compounded at ~1% a day to reach this price and even more to justify the over AUD$1.38 billion market cap.
Going to leave it there for today, it’s getting late. Special thank you to my anonymouse friends and to the guy who turned me onto the Corporations Act or as he calls himself “Governor” 🤣 more like “Swindler” probably saved me a couple of hours digging.
If you want to follow along with this story I recommend brand24.com, they have a 14 day free trial. Qoin probably uses it as a “online reputation management” weapon to find people like me and send them intimidating and in my opinion abusive emails. My keywords are (not sure if case-sensitive) Qoin, qoin, Bartercard, bartercard, Tony Wiese, tony wiese, Antonie Wiese, antonie wiese, Brian Hall, brian hall, Andrew Barker, andrew barker, Raj Pathak, raj pathak
You find good stuff like this 1 day old post of their plans to grow to 100 telemarketers 🤨
