Lives in His Car, Works 2 jobs and Buys ShitCoins?

This Canadian man lives in his car, works 2 jobs and buys shitcoins hoping for a big payday.

The man who lives in his car, works 2 jobs and buys shitcoins posts in 4Chan under the handle “Livinginmycar”, shared his experience on 4Chan’s biz message board, where folks chatter about cryptocurrency.

At first I was kind of taken aback.  Then I said, don’t judge the young man. We need more enterprising young people on this planet.  I decided to take a look at the  coins he is investing in.

He mentioned ColossusXT (COLX), FundRequest(FND), PolicyPal(PAL) and Dero (DERO).

I was scratching my head because I haven’t heard of any of those except for FundRequest. I vaguely remembered their Initial Coin Offering.

Okay. Don’t laugh at me as you’re laughing at him. I took a much-needed break and spent the last 2 hours analyzing his coin choices. Those who were laughing at him in the forums called his selections “shitcoins”.  Well let’s see what this Canadian young man who lives in his car, works 2 jobs and buys shitcoins is up to.

1. ColossusXT (COLX) $0.002613 as of 21May2018

I read the white paper. It is well done on a peripheral level. I read 5 white papers a day. This is one of the most detailed and well-written white papers I’ve seen in a while. Most white papers are marketing pieces with a lot of buzz words and the unknowing gets excited but I laugh.

I like their “more equitable” masternode model as well as 100% POS vs. POW. For a masternode, you need 10million coins. Wait a minute, you say! That’s not equitable. Hold on — I’m not done yet.

ColossusXT has a “shared masternodes technology” component. So a group of folks can pool their coins and reap the same annual block rewards as the BIG WHALE Masternode holders.

One thing I did find is that they copied a small blurb of their Colossus Grid writings from the Golem Network (GNT) writings. Should I give them a point off for that? Not in this case. Being a technologist and knowing that unless you are creating a brand new computing network architecture, you tend to use the same terms ad nauseum when pointing out existing network deficiencies.

Read the whitepaper for more details about the ownership policy, budgeting, governance, an voting. You will also be able to read about SwiftTX Instant Send, Obsfucation, and zero-fee or near-zero-fee transactions.

They plan to scrap the obsfucation feature and use Zerocoin protocol in the near future.

Their iOs and Android wallets will have 2-Factor Authentication which you normally don’t find on mobile wallets. This is impressive indead and is essential for security.

Then the Colossus development team goes on to talk about an ecommerce marketplace which will sit atop their Colossus grid technology. This marketplace will enable buyers and sellers to conduct commerce privately as well as to buy and sell unused computing resources.

The only issue I have with privacy coins are … well… that they are private. Given the current regulatory push, it may pose future problems. We’ve already seen Monero, Dash, and zCash delisted from Coincheck. But that doesn’t mean this phenomenon will be wide-spread. There is a way to meld privacy coins with the centralized requirements.  Charles Hoskinson lectured on how Cardano (ADA) will tackle this in the video below.

They did mention that the reason for the privacy component is to put the power of data and information back into the hands of the people. You can choose to share data about yourself to others inside of the ecosystem. I don’t think there are many people who see anything wrong with that.

2. Dero (DERO) $4.93 as of 21May2018 1:05pm CST

According to their whitepaper:

DERO is a new, experimental blockchain technology written in Golang with a focus on enhanced Privacy and Smart Contracts

This excerpt caught my attention as it addressed my concerns with COLX:

  • Identification and know-your-client (KYC):Having briefly touched upon the need for privacy on the blockchain we must also address the need for some degree of transparency in certain limited situations. Dero will allow thoroughly verified and publicly known certifying authorities to add their signature to individual wallets, and only for those who have applied. This signature serves as confirmation that your identity has been verified by a certifying authority such as a Government, Bank, telecom operator, Visa, Mastercard, or other organizations as required.

They are using the Cryptonote protocol used by Monero (XMR), Bytecoin (BCN), Digital Note (XDN), Electroneum (ETN) and others.  This means that their Proof of Work (POW) algorithm is Cryptonight.

They also have what they call the “DERO Virtual Machine” which will be used to write smart contracts in the Golang language and possibly in the Ethereum platform’s Solidity language in the future.

I found their white paper rather lacking in details but I do like WHAT they are doing.

DERO Social Media

My next step was social media to see what’s new on the horizon with DERO. Their twitter account is relatively new and moderately active in terms of updates but their engagement and followers are extremely low.

I see they re-wrote the Cryptonote protocol in the Golang language. That is a huge impressive feat.

What I find interesting is the use of smart contracts on the Cryptonote protocol. It is complex to implement this when there is no native support for smart contracts. Impressive, indeed!

They are actually working and exceeding the timelines set forth in their roadmap.

 

What stood out for me were the following points

  • DERO is the first blockchain to have complete SSL in the P2P layer
  • DERO will be the first CryptoNote blockchain to have 500 transactions per second on its native blockchain without any lightning networks, validators or off-blockchain solutions
  • DERO will be first CryptoNote blockchain to have smart contracts on its native chain without any extra layers or secondary blockchains

I read in Reddit that it is only ASIC mineable at this time. In 2 months, their new upgrade dubbed “Atlantis” is going live. This will involve a hard-fork to ensure that DERO is anti-ASIC.

I found an April 20th update and it appears they are revamping EVERYTHING for the Atlantis roll-out.

Every part of the DERO blockchain from P2P protocol, Consensus protocol, POW, Forking, Security, Scalability, Wallets is being re-designed to meet DERO vision.

We are working on blockchain that will be scalable to TeraBytes, serving millions and countries everyday, yet fast, private, truly decentralized, secure and reliable.

There were several challenges which have been solved to become one of the most usable blockchain.

At the moment second rewrite of entire blockchain(Codename DERO-Atlantis) is under progress to meet the DERO vision. DERO-Atlantis will be next revolutionary upgrade of existing current generation blockchain technologies.

DERO-Atlantis few features:

  • Block time of ~3 seconds.
  • ~500 TPS(Transactions Per Second).
  • No orphan blocks.
  • Faster settlements and confirmation times of less than 60 seconds. Change spending will be allowed after ~60 seconds.
  • Optional Extremely light weight, mobile and offline wallets.
  • New Dero address specifications to allocate wallets to everyone. Wallets will be lightweight, private, secure, with support of shadow addresses(infinite). Family-members, Cars, IOTs etc. can have shadow addresses. Shadow addresses are linked to primary wallet and can be used independently just like primary wallet. Example: Refrigerator can have shadow address for independent transactions and records.
  • Primary address can view/control shadow address balances etc. but not vice-versa.
  • Native blockchain without any lightning networks, validators or off-blockchain solutions.

Expect DERO-Atlantis to launch and completely operational in another 30-45 days. Designing and Writing DERO-Atlantis is taking lots of efforts and resources. we planned to directly shift on DERO-Atlantis but attacks 17 on CryptoNote and other blockchains forced to migrate earlier. DERO blockchain was successful in thwarting all attacks.

This is some cutting edge stuff, my friends. I’m getting a tickly feeling that this team will execute and execute well. The question now is can they market. No matter how great you are, if no one knows about it, you will be relegated to the “tree falling in the forest” hell.

I’ll be watching them.

CONCLUSION

I won’t analyze FundRequest and PolicyPal at this time since they are not technology-based coins/tokens. They are actually businesses in the B2B and B2C space. I will get back to them later in the future.

It appears the young Canadian who lives in his car, works 2 jobs and buys shitcoins, may not be buying shitcoins after all.

Shucks! Many people fall down in these areas:

  • They like to stay within their comfort level. Entrepreneus and risk-takes don’t. More young people should go bat crazy and dare to be different. Time is typically on their side.
  • They judge others when they do something that makes no sense to them
  • They follow the crowd … or embrace the sheeple mentality and then it becomes so repetitive, that they start believing it.
  • If a cryptocurrency isn’t in the top 10 or 20, they automatically define the coin/token as a “shitcoin”
  • If a cryptocurrency is extremely low-priced, they automatically define the coin/token as a “shitcoin”

Remember this … EVERY coin in the top 20 started with an extrmely low value.

EVERY Success story has a history of multiple failures.

I like this young man and his gumption.

We should all be so fortunate to take a journey where we get ridiculed. I am rooting for him 100%!

Do your research and let me know if you think this young man who lives in his car, works 2 jobs and buys shitcoins is really buying shitcoins.

 Be sure to watch QueenWiki’s videos on our Youtube Channel at https://youtube.com/QueenWiki1

Until Next Time…

Faith Sloan “Queen Wiki” 

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Queen Wiki

Faith Sloan also known as "Queen Wiki" is a cryptocurrency advocate, evangelist and educator. She has been a software engineer for 40 years and builds Decentralized Apps (DApps) on the Ethereum blockchain and plays with Tech toys. When she is not teaching, researching and writing about Cryptocurrencies and the Blockchain, she's advising companies and traveling the world while feeding her eating hobby.