VeChain Thor (VET) Cryptocurrency Thread

[Yoda]

I know there are other threads about on the topic of Crypto already, but I believe VeChain Thor (as it will be called soon) deserves it's own thread now, much like Ethereum has.

It's my personal opinion this one truly deserves a little time and research by all. Even if you sit on the sidelines, it's going to be a great case study one day when we look back and see how an emerging market (cryptocurrency, in general) can create momentum, but when one project aims to actually make real life solutions, the results will turn extraordinary.

 

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[PedroG]

70% of my long term crypto money is on this project.

 

[JAJT]

So it looks like current this is listed as "VEN" on exchanges like binnance.

And it looks like all VEN will be converted into VET in the next month.
And it looks like anyone with VET will be given THOR for holding VET.

Sooooooo if I wanted to buy some of this today I'd just buy any amount of VEN on a place like Binnance and everything else should happen automatically?

 

[PedroG]

So it looks like current this is listed as "VEN" on exchanges like binnance.

And it looks like all VEN will be converted into VET in the next month.
And it looks like anyone with VET will be given THOR for holding VET.

Sooooooo if I wanted to buy some of this today I'd just buy any amount of VEN on a place like Binnance and everything else should happen automatically?

From what I've read, at some point soon, VeChain will be releasing their own blockchain. VEN/VET will no longer be an Ethereum token. When that happens, they will release their new wallet software.

I'm assuming they will let us know then how we can convert our Ethereum VEN/VET tokens to their new VET coins on their own blockchain. I'm not sure how this will happen but I'm assuming we'll be able to convert them with their new wallet software.

I don't know if this will happen automatically for those holding their tokens on an exchange.

So to summarize...

1- As part of the branding change, VEN is being renamed to VET. Exchanges are starting to reflect the name change. This is just a name change, so there is no difference currently between VEN and VET.

2- Once the new VeChain Thor blockchain is released, and their new wallet software, your VET tokens will need to be converted to the VET coins on their new blockchain. Not sure if exchanges will do this for you automatically.

Someone correct me if I'm wrong.

 

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[powderhound100]

Yes, @JAJT, Binance will automatically convert ven to vet for you from what I have read. I am keeping my holdings there, then moving to a wallet after the switch.

And yes, at that point, you will start earning Thor, kind of like a dividend. Same way if you hold Neo, you generate gas.
There are also staking benefits to holding over 10k, 50k and on Vet. Checkout this calculator
ThorCalculator - VET to THOR Calculator, VeChain to Thor, VeChain Thor Calculator, VeChain Thor Rewards!

Thanks to growth, Ven is now my largest holding, 22% of my portfolio.

 

[PedroG]

There's a live presentation about the VeChain/DNV-GL partnership happening now. If you want to get an idea as to how huge VeChain is gonna be, watch this presentation!

https://www.facebook.com/video.php?v=10156159703448395

View: https://www.facebook.com/dnvgl/videos/10156159703448395

 

[SwissTuxedo]

This is Gold.

Best Investment Decision I made in the crypto world so far.

What does everyone think it will get to this year?

 

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[PedroG]

This is Gold.

Best Investment Decision I made in the crypto world so far.

What does everyone think it will get to this year?

I think @TinyTim, who seems to be very knowledgeable about this project, said in some other thread, that he believes it could reach $500, which seems reasonable to me, considering there are so many coins without an actual product yet, with valuation in the billions.

For that to happen, VeChain just has to get to where Ethereum is today in terms of market cap.

 

[SwissTuxedo]

I think @TinyTim, who seems to be very knowledgeable about this project, said in some other thread, that he believes it could reach $500, which seems reasonable to me, considering there are so many coins without an actual product yet, with valuation in the billions.

For that to happen, VeChain just has to get to where Ethereum is today in terms of market cap.

If it will reach as much as 100 $ per VEN then I'm about to buy another boatload.

In Less than 30 days this coin has 4X its value.

Absolutely amazing how this coin has maintained solid growth these past few days as well.

@TinyTim Big thanks to you for posting about Vechain.

If it were not for you I would not have invested.

I remember him saying he put all his portfolio on Vechain, that's when the bells starting ringing in my head.

So freaking pumped about this.

Also It seems like having at least 10K Vechain would help with getting THOR a faster pace.

I'm thinking about waiting on till the 26th when BTC goes under 10k to buy lots more Vechain. Who'se with me ?

 

[Yoda]

For those of you just grabbing onto VeChain Thor, take a look at who they are partnered with, DNV GL. Revenue is over $25B across 80,000+ global business suppliers and business partners/clients.

To get a better idea of exactly what that looks like in the real world, here's a quick concept video:

View: https://youtu.be/LozLbtprTxc


You'll see they mention the rebranding of VeChain to VeChain Thor at the end; here's the announcement. Get to know and understand that, and how it works.

From the Facebook Live presentation and Q&A yesterday, some key points:

• DNV GL is not just going to use VeChain, but they are going to build into and with it, and scaling to 80,000 of its business connections
• Implementation time is not years, but weeks and months; it's happening right now, not some pie-in-the-sky vision

One key to this implementation, in my opinion, is VeChain's first disaster recovery plan success, which was approved by another partnership they have, PwC. Who are they connected with? Check out page 20.

For those who are wondering about future partnerships, more are expected to roll off NDA in the coming weeks, and Jim Breyer of Breyer Capital, a premier venture capitalist, not only endorses VeChain, but is officially taking an advisory role.

Putting this all into a single sentence on the potential, real-life intregration, VeChain is second to none in global scope and partnerships.

EDIT: Also, after a correction in circulating supply, Vechain is now top 15 in market cap, for those of you looking at everything by the numbers.

 

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[Yoda]

Introducing, VeResearch.

The goal of VeResearch is to build a global grant program that engages in research with academic communities to do collaborative research for blockchain-related technological advancements. VeChain will be creating a large pool of funding to allocate to parties interested in joining forces with VeChain to research and develop new technologies. The goal is to collaborate with top universities and research labs from around the world. We welcome professors and lead researchers from all fields who are interested in blockchain or blockchain integration to contact us and apply to be a part of the VeResearch program.​

Also, it already named its first University partnership, as well, in Michigan State University, who has been top-of-the-class in supply chain management programs for the last 6 years running.

They apparently already have 3 others, so far un-announced, and look to get up to 12 by years end.

On the discussion side of things...

I find this absolutely intriguing as the play is such a long-term play. While so many people are looking to bring a MVP to market to simply grab a piece of the market, VeChain Thor is actively engaging the people who will not only discover the new possibilities, but have the means to directly impact how it gets implemented in all the right ways.

This is proper preparation in the crypto-space, or any business, for that matter. Understand what this means:

VeChain is gathering the minds and research labs of the world's brightest, and having them find new verticals, new ways to inject themselves to real-life scenarios and problems, and establishing themselves into the minds of those who are already at the forefront of their fields.
​

In a sea of start-up-like coins looking no further than the tip of their own nose, it's pretty interesting to see how this will stack up in 1 year, 2 years, or 5 years down the road.

 

[Yoda]

Another partnership.

188 Business Alliance Association is composed of hundreds of ethnic Chinese individuals who own and operate small and medium sized businesses in Australia. These businesses are mainly dealing with export / import business between China and Australia but have global routes. The existence of 188 BAA is to organize these businesses in a way that achieves larger goals that opens up industry opportunities and efficiency. For example, exports to China are worth approximately 60 billion AUD every year. Exporting Australian beef products to China is a 781.9.3 million AUD a year business, growing at a rate of 22% in 2017. More and more businesses in Australia are jumping on to the exporting business, especially from China, and small to medium sized business will be the ones to benefit the most from this opportunity.​

Another potential one.

 

[Yoda]

VeChain Thor ran a contest for the world to get involved in making a video to succinctly explain what is, what it does, and what it aims to do. If you are just discovering this now, and want to take 5 minutes to learn much more about VeChain, here is the winning video:

View: https://youtu.be/uW7trs4Y2IE


The person who created was awarded 2,000 VET (currently valued at $10,000+), and the CEO, Sunny, tweeted yesterday he would match it. Pretty cool move. Other contestants were paid, as well, up to 5th place.

 

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[redthumb]

Where are you guys storing your Ven?

 

[Yoda]

Where are you guys storing your Ven?

I believe MyEtherWallet (MEW) is the only choice at this time.

 

[Yoda]

VeChain Thor held its rebranding event this morning. Here is the event.

The partnership rumor of BMW was confirmed.

A partnership with University of Oxford (Mathematics) was also announced.

There was something pretty special I took away was Sunny's explanation of the company's actions. This is truly why I will continue to bet on him:

Real life use cases drive products, and products drive the technology. It shouldn't be the other way around. While other's are looking to build their technology, we're looking to fill needs.
​

That said, he mentioned the programming team has gone from 40 to over 80, and use cases from 22 to well over 100.

This is the most Fastlane thing I've heard from them yet. Take action, fill needs, build to suit. It's also instant accountability, as they now have to live up to their name, their mission, and their promises.

The stage is setting. It's all about execution now.

 

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[powderhound100]

Some great info, I definitely learned a few new things.

View: https://youtu.be/dGr6NSzbf04

 

[MJ DeMarco]

I own a little VeChain, thanks for sharing. It might turn out to be the Apple of the tech-boom.

 

[GPM]

I see that crypto is on a fire sale at the moment. Anyone loading up on some VEN while it is down at these levels?

 

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[amp0193]

I see that crypto is on a fire sale at the moment. Anyone loading up on some VEN while it is down at these levels?

I think we got a ways to go yet. Ask me again in a few weeks.

 

[Joshyybaxx]

I jumped on board back in December at 50c a pop.

Looking forward to seeing how it all plays out, I'm thinking about buying a few more in the next couple of weeks.

 

[Silver Silk]

So many good projects, I've heard of ven before but never looked into them, they look good... tempting

 

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[Yoda]

More "smart" money seems to be flowing into VeChain Thor.

Tim Draper has jumped on board, though it doesn't appear anyone knows to what degree (or it's simply not publicized, understandably).

For those who don't know Tim Draper, he is a venture capitalist who founded Draper Fisher Jurvetson, which is estimated currently around $5 billion in assets. Other investments include:

• Hotmail
• Twitter
• SpaceX
• Skype
• Patreon
• Coinbase
• more...

Two particular things I found kind of interesting are Tim Draper and team purchased 30,000 Bitcoin in 2014 when they were auctioned off by the U.S. Marshalls, as they pertained to seizure from illegal activities. That, and the fact they are invested in Coinbase.

This firm is not new to cryptocurrency, and this is, from what I can tell, their only direct coin investment beyond Bitcoin (though I'd love it if someone could confirm another).

 

[rogue synthetic]

This firm is not new to cryptocurrency, and this is, from what I can tell, their only direct coin investment beyond Bitcoin (though I'd love it if someone could confirm another).

Draper was a big backer of Tezos: Billionaire bitcoin enthusiast Tim Draper is backing a new cryptocurrency for the first time

But I don't know if that counts as backing a coin, as they still haven't released any tangible product after that record ICO.

 

[Yoda]

But I don't know if that counts as backing a coin, as they still haven't released any tangible product after that record ICO.

Great find. Definitely counts, in my book.

 

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[HackVenture]

Anyone going to be setting up a masternode for VEN?

@Yoda?

I am, so perhaps we can exchange some notes when things go live.

 

[Yoda]

VET has signed a new partnership with eGrid Consulting, a publicly listed company in China.

Their clientele within the automotive industry include: SAIC Volkswagen Automotive Co., Ltd., BYD Auto Co., Ltd., SAIC General Motors Corporation Limited, Chang’an Automobile (Group) Co., Ltd., Changan PSA Automobiles Co., Ltd., Dongfeng Motor Corporation, Tsingshan Holding Group, Chongqing Jianshe Vehicle System Co., Ltd., Isuzu Motors Ltd., Jiangling Motor Holding (Landwind) among the publicly known companies.
​

I would suggest Googling each of those to find out what brands they work with, but don't get too excited as these are not necessarily tied to American, British, Australian, etc.

That said, I wouldn't be surprised if these become footholds for those international brands in most or all locations where allowed.

They've also put in place the parameters to become a Thrudheim node holder, seen here.

 

[Yoda]

This might go down as my favorite partnership and solution to real-world problems Vechain has gotten into so far.

Vechain and INPI ASIA Incorporate Nanotech Digital Identity Solutions

I liken this to the supply chain and assurance world using cars, trains, trucks, boats and planes, and then someone comes along and invents the teleport.

Who would continue to use the old means of transportation if teleportation was cheaper, faster, and safer?

 

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[AnAverageJoe]

Hey guys. Complete crypto newbie. Reading through this article now to get up to speed. WTF is The Blockchain? – Hacker Noon I've been hearing a lot about crypto and want to get some skin in the game.

I'm not really interested in becoming an expert, but after reading through this thread I'd like to invest my money in vechain. Is this still the best method to get it? Where & How to buy Vechain (VEN) – Hacker Noon

I'd also like to "set it and forget it." Is this a good idea with vechain?

 

[Roli]

I'd also like to "set it and forget it." Is this a good idea with vechain?

Generally not a great idea with crypto.

There are many things to consider with crypto, for me one of the biggest things is whether the token that you are buying, is directly correlated to the business activity of the company repping the token.

So for instance, Verge coin have just hooked up with Pornhub to allow quick annonymous payments. This is going to be huge, because the coin and real world actions, are directly linked.

The more people who use Verge to pay for porn > The more people who are buying it > The higher the value.

However there are many companies who have great products, and decide to raise money via an ICO and subsequent token selling.

The problem with that is the company could do well without effecting the value of the token, unlike stocks and shares, these tokens are not related to profits and do not represent a single percentage of the company, ergo they could be making $100m p/a and the coin is worth $0.02.

So my advice to getting skin in the game is this:

Use cryptocompare.com, this is a good aggregate source for finding out about tokens, you can find a little summary about pretty much any crypto, and then follow various news links to find out more.

Get a Bittrex, Kraken, and possibly Binance exchange accounts.

Then decide what you want to go for, I myself love utility coins (or coins with utility), like Verge that I mentioned above (I've got about 10,000 of those suckers and they're still less than $0.10), or the Binance coin, whose utility is that it gives users of the exchange smaller fees (I have less of those, they're at around $12).

Then you have the platform tokens, EOS, ETH, NEO, XEM, these are tokens that represent BaaS (Blockchain as a Service) platforms. Their value is tied to the popularity of the platforms they represent, hence Ether has the highest value out of the ones mentioned. However NEO is a rising star, and EOS is looking like it might just explode the whole space.

I joked about set and forget at the top, however if you really are looking long-term set and forget, then I would buy some Bitcoin, Ether and NEO, which could all be classified as premium.

Then take a punt with XEM, Verge, Binance and anything else you come across that represents good utility.

As far as the company mentioned Vechain, I don't know much about them, however what I would look out for is what I mentioned above. If they have a good blockchain, and a means of distributing it, and their token is necessary to use said chain, then there is potential there for growth.

The last thing I would say is beware of vaporware!

This space is chocked full of companies who say stuff like "One day there will be artificial intelligence ... buy our coin" The dot, dot, dot represents an 84 page whitepaper which does nothing to explain why the stated fact will lead to an increase in value of their token.

Anyway if you want a quick guide you might want to check some articles that I've written as my alter ego:

How To Avoid Becoming An ICO Idiot - The Ultimate ICO Investment Advice! - Part 1
How To Avoid Becoming An ICO Idiot - The Ultimate ICO Investment Advice! - Part 2

Ultimate Cryptocurrency Guide - Know What You Are Buying! - Utility Coins