May 16th Weekly Terracoin Update — Timing
We had two things happen this week, and it seems to be perfect timing for the first item.
On Monday we got the final securities opinion letter! You can check it out here!
Just in case you don’t want to read the whole thing. Our lawyers did their due diligence and do not think that Terracoin is a security. I recommend reading it because it is highlights some of our best qualities while also showing how the legal financial community looks at what a security is. Once again it is here. We also have a signed SHA verification of authenticity on that page so you can be sure that no one has messed with the file if you get it from a different source then our wiki.
This means that we can start submitting Terracoin to larger exchanges that require a securities opinion letter to be listed.
This is awesome news and we thank Catalyst Law, LLC for helping us with getting this worked out.
Also, remember Buffer01 and TheSin got the money together to make this happen. Thanks again guys!
So why is this good timing?
On New Zealand Tuesday Cryptopia went belly up.
For the last four months Cryptopia has been trying to recover, but their communication has been getting more and more infrequent. I talked about this in the May 2nd Weekly Terracoin Update.
Well, it turns out that they couldn’t recover from the hack in January and have now admitted defeat by appointing a liquidator.
What does appointing a liquidator mean? It means that they have truly given up on recovery.
Since then a ton of rumors and speculations have been flying around about what is going to happen to all the altcoins left over on there.
The best option right now is to wait and see what the liquidators say. In the link I posted above they said they would post an initial report “next week.”
So why is this good timing?
Getting the securities opinion letter right before the announcement of the death of Cryptopia means we can stop waiting for Cryptopia to come back.
We now have the tools and certainty to start submitting Terracoin to better and larger exchanges.
Speaking of that. I must bring up non-disclosure agreements (NDAs) again.
Many of the larger exchanges requires the Terracoin team to sign an NDA to qualify for listing, so we will not be speaking about sites we are asking to get listed on going forward. (Unless they don’t require that.)
Securities opinion letter is in.
Cryptopia is over.
Mum’s the word about exchange listings!
Zero active discoveries! Get them in so the community can discuss!
One month ago, we were at 0.00000552 BTC (.0288 USD) and today we are at 0.0000494 BTC (.0387 USD).
A year ago, we were at 0.00002494 BTC (.2084 USD).
*With the state of dead Cryptopia our volume is low, so our rank doesn’t show correctly. Once a new primary exchange is decided upon, we will see a recovery of volume.
We are ranked 1347 on coinmarketcap with a market cap of $888,339 USD. Last week our rank was 1309 and our market cap was $709,284 USD.
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