WTF is up with http://www.neucoin.org/ ?
They seem to be a very well-funded project with some big crypto names (Jackson Palmer, Brock Pierce) on their team as “strategic advisors”. I find it almost impossible to believe they haven’t heard of the Nu project by this point, but perhaps they haven’t.
The bigger problem is that their strategy is nonsense. They’re using a tried-and-true start-up approach of using lots of trendy words like “Freemium”, “Micropayments”, “Cloud Consumer Mining”, etc, as well as dropping big names all over their website.
This doesn’t change the reality that their economic model will never gain widespread adoption. Here are two statements which are completely at odds with each other:
- Unlike most other digital currencies, purchasing NeuCoin is not simply speculating that one will be able to sell later to another speculator at a higher price. It is participating in a thoughtfully designed plan to create real utility in a digital currency, starting with a solution for micropayments on a broad scale.
- NeuCoin’s economic model uses very high PoS awards, starting at 100% per year in year one and gradually declining to 6% by year ten. The total coin supply begins with a 3 billion pre-mine and will grow to an estimated 100 billion over ten years.
In short, they are using the same “wait and pray” method of solving volatility that Bitcoin employs. Neucoins are indeed “simply about speculating that one will be able to sell later to another speculator at a higher price”. With each new project (pun intended) introduced to the world I’m amazed how few seem to realize that the critical flaw of Bitcoin is not that it is too complicated to use, it’s that BTC cannot and will never hold a stable value.
Stability leads to utility in currencies; utility doesn’t lead to stability.
1000 times this! #1 reason I use Nubits.
I need to buy bread at the store. It costs 5 dollars. Hrm… I have 10 Nubits. Awesome. I have enough.
One of their their strategic advisors:
Co-founder, Co-CEO, Neuehouse, premier co-working/hospitality provider valued at $180M; previously founder, Dstillery, ad tech firm with $100M annual revenues, Integral Ad Sciences, ad tech firm with $50M annual revenues.
It’s probably not a coincidence that they named it neucoin.
I’m a firm conspiracy theorist and I will not be swayed by these “facts” and “evidence”.
And that, Sir, is why you’re fun to bring to parties.
It’s funny that Star Xu, CEO of Okcoin firmly believes in Bitcoin because of Friedrich Hayek’s theories - most especially the book “The Denationalization of Money.”
According to Hayek, instead of a national government issuing a specific currency, use of which is imposed on all members of its economy by force in the form of legal tender laws, private businesses should be allowed to issue their own forms of money, deciding how to do so on their own.
But I think Bitcoiners like him completely ignored what Hayek said “Stability in value is presumed be the decisive factor for acceptance. Hayek makes the assumption that competition will favor currencies with the greatest stability in value since a devalued currency hurts creditors, and an upward-revalued currency hurts debtors”
It doesn’t beat http://www.onecoin.eu/ though it’s just a classic pyramid scheme and they are so aggressively marketing it. Today my hairdresser asked me about onecoin since one of her customers was trying to pull her into the onecoin scam. I guess that’s one of the traits of pyramid schemes — they make their victims do the marketing for them.
That’s some dubious marketing @Hyena. The OneCoin website and strategy has many structural similarities to multi-level marketing schemes (MLM) used by fraudulent juice companies like Xango, MonaVie, and Vemma. Forcing people to pay for “learning materials”, promising luxury prizes to top sellers, and creating a sense of urgency with statements like "“The sooner you join the faster you will MAKE IT HAPPEN.”
At one of my previous corporate roles we had to deal with an employee who was completely consumed with promoting one of those MLM juice companies. He was harassing co-workers during work hours to purchase the drink (some vague health-sounding product like “anti-oxidant jingleberry deluxe smoothie power juice”), and his social media activity was almost entirely devoted to sharing news about the product. It was eye-opening for me that an educated professional could fall prey to brainwashing. I guess there’s a reason why these types of scams continue to flourish in new industries; unfortunately, they are very effective at attracting desperate people. They’re in the business of selling false hope.
Speaking of juice companies, Brawndo is a good example it’s got electrolytes!
What’s the role of Bitcoin?
Wouldn’t Bitcoin value be based on MLM scheme?
yeah BTC is something like MLM because we all share fresh money deposited by interested individual investors.
What do you mean?
Bitcoin cannot be a currency because it cannot be stable - so what’s the use?
More like digital gold, if its blockchain gains a lot of users.
I doubt the avg user wants to deal with bitcoin in any way.
People need a stable currency because goods have [relatively] stable prices.
Yep I’ve a mate that’s watched me get involved with BTC over the last year. After being scammed $10k (i made some $ too) watching BTC go from $100 to $1000 then back to $200 I think he’d pretty much made his mind up that that was a currency that wasn’t for the average person.
Who wants to lose $500 in a day? And who wants to pay for something like a pizza @ $20 one day to have that pizza cost $20,000 the next day?
What it means is people hoard BTC and never want to spend it incase one day it’ll be worth more. That doesn’t sound like a currency to me…
yes bitcoin is a speculative instrument but i find it useful for the reasons i mentioned here: