World’s First Underwriter for Initial Coin Offerings (ICO) to Root Out Unverified Coin Offerings
VANCOUVER, BC / ACCESSWIRE / April 26, 2017 / CoinQx Exchange LIMITED, a wholly owned subsidiary of FIRST BITCOIN CAPITAL CORP (OTC PINK: BITCF or “Company”, “We”, “Us” or “Our”) is the world’s first underwriter of Initial Coin Offerings.
The emerging proliferation of altcoins is rife with unverifiable ICOs which some say could result in the next South Seas Company Bubble not unlike that of the 16
th Century that resulted in Great Britain enacting the Bubble Act. What makes cryptocurrencies unlike that bubble is that cryptocurrencies have a new type of value and usage unknown to the 1700s. Comparisons were early made of Bitcoin to the Tulip frenzy of 15th Century Holland which turned out to be unfounded as well. Undoubtedly there will be many bubbles popping in most altcoins along the path to weeding out the fly-by-nights and perhaps a final bubble like that of the Internet when the stock market boom peaked on March 10 2000.
This has presented First Bitcoin Capital with a unique opportunity to act as an underwriter of ICOs which will make us also a gatekeeper to weed out undesirable coin offerings.
We envision that by acting as underwriter it will help differentiate the fly-by-night operators so that many potential speculators will avoid those that do not pass through our due diligence gateway.
We believe that we are uniquely suited for this endeavor in as much as being a transparent public company; filing reports with OTC Markets; the trading of our shares regulated by FINRA; our CoinQx exchange registered with FINCEN; experienced in peer-to-peer cryptocurrency creation; having launched our own ICO; as well as the first pubco dedicated to this space.
We are currently negotiating several underwritings including “Bonanza” now being offered as symbol “XZA” which has undergone our due diligence process sufficient to have agreed to act as best efforts underwriter at this point.
As another way to ferret out the less credible coin offerings that are already trading on cryptocurrency exchanges our www.altcoinmarket.com web site (under development) will give the altcoin community access to up and down vote all altcoins covered therein.
There also lacks conformity in this new space, therefore, First Bitcoin Capital Corp is in the process of developing systems like FINRA and CUSIP developed for identifiers including numbering and symbols generation yet to be placed on an open source blockchain.
Another aspect of peer to peer coins that makes it unlike the South Seas Company Bubble is the emergence of Decentralized Autonomous States and Organizations (DAS or DAO) brining the world into a previously unknown legal structure opening new horizons. What makes this brave new world like the South Seas Bubble is the rampant speculation in new ICOs that may also similarly be seen as gambling.
Wikipedia defines a DAO as follows:
A decentralized autonomous
organization (DAO), sometimes labeled a decentralized
autonomous corporation (DAC), is an organization that is run through rules encoded as computer programs called smart contracts.
A DAO’s financial transaction record and program rules are maintained on a
blockchain. There are several examples of this business model. The precise legal status of this type of business organization is unclear.
The best-known example was The DAO, a DAO for venture capital funding, which was launched with $150 million in crowdfunding in June 2016 and was immediately hacked and drained of US$50 million in cryptocurrency.
Decentralized autonomous organizations have been seen by some as difficult to describe. Nevertheless, the conceptual essence of a decentralized autonomous organization has been typified as the ability of blockchain technology to provide a secure digital ledger that tracks financial interactions across the internet, hardened against forgery by trusted timestamping and by dissemination of a distributed database. This approach eliminates the need to involve a bilaterally accepted trusted third party in a financial transaction, thus simplifying the sequence.
The costs of a blockchain enabled transaction and of making available the associated data may be substantially lessened by the elimination of both the trusted third party and of the need for repetitious recording of contract exchanges in different records: for example, the blockchain data could in principle, if regulatory structures permitted, replace public documents such as deeds and titles. In theory, a blockchain approach allows multiple cloud computing users to enter a loosely coupled peer-to-peer smart contract collaboration.
Buterin proposed that after a DAO was launched, it might be organized to run without human managerial interactivity, provided the smart contracts were supported by a Turing complete platform. Ethereum, built on a blockchain and launched in 2015, has been described as meeting that Turing threshold, thus enabling DAOs. Decentralized autonomous organizations aim to be open platforms where individuals control their identities and their personal data.
Shareholder participation in DAOs can be problematic. For example, BitShares has seen a lack of voting participation, because it takes time and energy to consider proposals.
The precise legal status of this type of business organization is unclear; some similar approaches have been regarded by the U.S.
Securities and Exchange Commission as illegal offers of unregistered securities. Although unclear, a DAO may functionally be a corporation without legal status as a corporation: a general partnership. This means potentially unlimited legal liability for participants, even if the smart contract code or the DAO’s promoters say otherwise. Known participants, or those at the interface between a DAO and regulated financial systems, may be targets for regulatory enforcement or civil actions.
The code of a given DAO will be difficult to alter once the system is up and running, including bug fixes that would be trivial in centralised code. Corrections for a DAO would require writing new code and agreement to migrate all the funds. Although the code is visible to all, it is hard to repair, thus leaving known security holes open to exploitation unless a moratorium is called to enable bug fixing.
In 2016, a specific DAO, The DAO, set a record for the largest crowdfunding campaign to date. However, researchers pointed out multiple issues in the code of The DAO. The operational procedure for The DAO allows investors to withdraw at will any money that has not yet been committed to a project; the funds could thus deplete quickly. Although safeguards aim to prevent gaming the voting of shareholders to win investments, there were a “number of security vulnerabilities”. These enabled an attempted large withdrawal of funds from The DAO that was initiated in mid-June 2016. However, after much debate, on the 20th July 2016, the Ethereum community arrived at a consensus decision to hard fork the Ethereum blockchain to bailout the original contract and thus $ETC was a result.
First Bitcoin Capital Corp is planning to launch a series of DAOs in 2017.
The Company continues to actively offer AltCoin (ALT), its first ICO as it
approaches completion via http://www.altcoinmarketcap.com
We are proud to report that ALT is now listed on 4 exchanges including CCEX.com, Cryptopia, OMNIDEX, and our own CoinQX.com. Altcoin (symbol ALT) was added to our competitor’s website today, coinmarketcap.com. We have also listed the recently launched 6 (see list below) indicative Bitcoin hard fork outcomes for speculators to predict the successful one(s) on www.CoinQX.com as well as adding “Bond.”
BITCOIN UNLIMITED FUTURES (XBU and XB)
BCOIN FUTURES (BCN)
BITCOIN PLASMA FUTURES (BPL)
BITCOIN PURSE FUTURES (BPU)
BITCOIN CLASSIC FUTURES (XBC)
BITCOIN XT FUTURES (BXT).
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management’s experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates more than the following digital assets.
www.CoinQX.com cryptocurrency exchange, registered with FINCEN.
www.strain.ID cannabis strains genetic information depository on decentralized Blockchain
www.iCoiNEWS.com real time cryptocurrency and bitcoin news site.
www.BITminer.cc providing mining pool management services.
www.2016coin.org online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.
www.bitcannpay.com Open Loop merchant services for dispensaries.
List of Omni protocol coins issued on the Bitcoin Blockchain owned by the Company: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company’s filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company’s filings, which are on file at www.OTCMarkets.com.
SOURCE: First Bitcoin Capital Corp.
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