The Death of BitcoinLatina - by John Gotts
Updated: Mar 4, 2019
My guess is that 99% of the coins trading on exchanges today conducted illegal coin offerings (ICOs) or simply have no value based on the fact that the owners don't actually own anything. The space was plagued by Silk Road, multiple exchange heists, illegal exchanges trading unregistered securities, outright fraud and massive pump-n-dump schemes. There is no saving it and likely the vast majority of coins will find their way to a valuation of zero.
I, John Gotts, entered the space in 2015 certain that the blockchain was going to change the world. I felt that if the blockchain could become a replacement for paper capitalization tables you would be able to finally provide liquidity to the private company security space for accredited investors in the United States. I worked with several companies who went the legal route and tried to raise capital for foreign exchange trading, clearing and settlement, reward systems, payment systems. As they failed to raise equity through the compliant private placement model literally thousands of others conducted illegal coin offerings and raised billions collectively. This was an interesting time to be walking the straight-and-narrow and seemingly we were missing out on the mountains of money that seemed free for the accepting had we chosen a non-compliant path.
For four years and more than twenty thousand hours I worked with more than three dozen top security attorneys who told me that it was a gray area and that the rewards went to the risk takers. It was never a gray area and there was no such thing as a utility coin.
In January of 2018 I figured out how to bank the unbanked in Latin America and started a coin called BitcoinLatina. I created a group around me of dozens of "volunteers" and saw a world where you could pay folks cryptocurrency rather than fiat currency for their work and I wrote a memorandum with the help of a former SEC Commissioner and his deep bench of former SEC, DOJ and CFTC attorneys. At one point on very thin volume we saw the value soar to over $200,000,000. I passed out coins in advance of four years of required work and nearly instantly my founding team started dumping the unearned coins as fast as they could, driving the price down by 80%. I stepped in and took the unearned coins back and they went on a raging burn down of everything we'd tried to build and took the price down to less than $200,000. They went on a tear doing their best to hurt my reputation. They literally destroyed the value of the entire community until I finally had enough and pulled the plug.
Think about that. These people worked from home a few hours per week and when given an actual opportunity to help the people of Latin America, as they professed they wanted to do, they instead focused on how fast they could burn the place down and put a few unearned dollars in their pockets; that pretty much sums up the entire space. Crypto is full of thieves and liars who are so self-ingratiating and evil that they destroyed the entire thing for thousands of dollars.
I donated and sold some of my own coins to the cause up front and used the donation to buy coins from the miners, workers, volunteers and pay for attorneys, but I never sold coins other than that first donation, nor did any of my state house/senate advisors, nor anyone in my family, nor my life-long friends who were involved. In fact the blockchain shows that I was the buyer of nearly ALL BCL coins after that as they fell in value, not realizing I was buying from founding team members who were screwing everyone. In the end I figure my time was rewarded by life lessons and a roadmap on how to avoid this in the future. Michael Taggert (not his real name and he is at best an anonymous, scrawny little coward), who also goes by MichaelX on BitShares and who you can see on the BitShares BCL blockchain ledger was the main dumper of coins, Brian Masterson, Jared Rice (who Stan Larimer and Michael convinced me wasn’t a thief that the FBI took down at gunpoint, Crypto Connie (also known as Crypto ConJob), Asher… the very people who claim that I was the one selling coins were the sellers of coins; how ironic. I was the buyer, trying to support the coin’s volunteers and not realizing I was buying from my own “partners” and so-called founders. But don’t take my word for this. The blockchain is immutable and the record is all there. I never sold coins. I was the buyer.
In 2015 I detailed my plans to allow the trading of digital assets on the blockchain amongst accredited investors. I was exactly right and in fact that is the future, as you now hear everyone talking about security token offerings. I literally invented the compliant path forward over four years ago.
Now I am focused on changing the definition of accredited investors to education from earnings and net worth, and continuing to work with the same state house/senate membersand my former SEC Commissioner attorney. They stuck by my side through all of the insanity, and collectively they've known me for over seventy-five years.
The path ahead for compliant paperless trading of digital assets is bright, but crypto is as dead as a mummy to me now. I've moved on to better things by returning to my original crowdfunding company, CrowdedRocket, which was mothballed since 2014, and I've renamed it and repurposed it for the paperless trading of traditional investments by angel investors. That idea was correct, and the way to get the public involved in deals is to work nationally with state legislators to change the laws of accreditation. That will take years but is a very worthy goal and one which would have a tremendous benefit to many.
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