BLOCKONOMICS ICO REVIEW JUNE 2018 - BITCOIN AND E-COMMERCE
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Imagine you want to build a new house. Your old one is behind the times, and you yearn for the new gadgets, features, and technology. You find a guy on the internet who says he’ll build you a brand new house, part of a new trend in houses. It will have all the bells and whistles, next-generation features; you’ll be the toast of the neighborhood! The guy doesn’t want to give you his real name, but that’s cool, right? He has a “team” based in a few different countries. He can’t tell you their names either, or where they are located. But it’s such a cool project, and all it costs is $100,000! Welcome to
What is Munnecoin? Well, it’s pronounced “money coin,” so let’s clear that up from the start. It’s an initiative by “Dev Plus” to develop and market a coin and “Munne University.” Quoting from their own site, the coin “was created as a real alternative to become the number one digital currency. It has been developed with the best current features.” What exactly are those features? Well, don’t you worry about that. They’re current and best, OK? In addition, the Munnecoin team states, “We want to take the right steps to achieve our main goal, which is the massive adoption of Munne.” So the express purpose of the coin is to get adopted, and presumably that means going mainstream. Munnecoin faces stiff competition in the incredibly innovative field of digital currencies. Of the big-name rivals that come to mind,
, and Bitcoin boast impressive development teams, wide support, and venture capital backing.
What innovation is Munnecoin bringing to the table? We haven’t been told, but I suspect it’s none.
To compound the surface and issues with Munnecoin, the mechanism the development team chose to fund its work was an ICO, or initial coin offering, through
. They sold Munnecoin for bitcoins, which have then presumably been used to pay wages and expenses, raising at least
, around $100,000* of funding in October of 2014. Let’s compare that to the market cap of Munnecoin lately, which is sitting around
Using an ICO is an immediate red flag for a coin development team. If the merit of a coin, which should be some form of innovation or usefulness that is not currently available, or not currently massively or easily available, is not significant enough to gain funding through conventional means, why should a community buy into the project? A traditional start-up doesn’t
The Munnecoin team reported that only 30% of the ICO would be spent on supporting the team, a measly
$30,000 that the founders will earn for working on the project.
So let’s recap this so far. It’s a coin called Munnecoin, pronounced ‘money coin’ with an unknown and unverified group of developers, who have gathered about $100,000 to fund their project, which currently sits at a market cap of about $20,000, and are admittedly paying themselves $30,000 for the development of a coin which offers no clear innovation, and aims only for massive adoption. I now think I am in the wrong business. In fact, I will “develop” a coin and educational materials at the relative bargain price of $10,000 as long as I can go under the name “Dev Megaplus” and never identify myself or be held accountable. What can go wrong?
The technology of digital currencies, whether a currency or the underlying block chain-style foundation, is still in its infancy. So too is the community that is excited about the potential of all the recent innovation; and the potential for financial gain.
We’re building a house, to continue the metaphor. If we want this structure to last, the community must demand better accountability from any people or groups that are asking for investment.
My hope is that Munnecoin and “Dev Plus” are simply inexperienced in their approach to doing business, rather than malicious. But the history of digital currencies does not bode well in that regard. Good luck getting your
*The initial amount stated was incorrect, and has since been corrected.
Brian is an editor and writer for CoinReport, and enjoys playing with his two dogs, Red and Lea.
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Cobinhood Ico Bitcointalk , I don’t know if you have an agenda behind that terrible article but you have some numbers totally wrong….
Cobinhood Ico Bitcointalk
and the price of bitcoin in october 26th 2014 was : usd$346.11(
http://www.coindesk.com/price/#2014-10-24,2014-10-24,close,bpi,USD
Tell me how did you come with a total of $700,000 ?!?!?
You’re right about the amount, I’ve corrected it.
I don’t understand all the wrong numbers ($700k wtf?!?!?) as well as all the angriness and “revenge” feels in that article…
You’re right about the amount, I’ve corrected it.
Thanks for the laugh Brian Worley! you seem upset that the devs wants to protect their anonymity so you release an ugly article aimed to make them look bad ? ….But right below that article -in the related posts- there is an article titled “Why Privacy is Important”
What a crappy article from you Brian… It really look like you got paid to publish a dirty article at the very same moment that coin price was increasing. You should be fired for your total lack of neutrality, What a crappy article from you Brian… It really look like you got paid to publish a dirty article at the very same moment that coin price was increasing. You should be fired for your total lack of neutrality Cobinhood Ico Bitcointalk , conflict of interest and all that BS
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