What passes for innovation in the modern altcoin scene is creating a hybrid of other popular coins. It makes sense. In essence, since every single coin is just a slight variation of a Bitcoin clone, clone developers have to do something to justify their existence.
The devs of EmiratesCoin have outdone themselves in this regard. They’ve taken the country coin format (which was popularized by the nearly forgotten AuroraCoin), and combined it with DarkCoin’s X11 algo. Then they added DarkGravityWave, which was also created by Darkcoin dev Evan Duffield. Then, as if to add a topping to this hybrid cake, they added in an IPO.
I’m sure there was a time when IPOs for altcoins was popular. That time was before the teams behind EdgeCoin and StackCoin and countless others fled with the IPO money. Now an IPO almost tends to scream pump’n’dump waiting to happen. The money is used to bribe the ‘high-volume exchanges‘ so the coin can be included sometime shortly after its launch.
What Do The Devs Of EmiratesCoin Have Right?
Their selection of UAE for their country is a good one. It certainly makes more sense than ‘AsiaCoin‘ simply because cryptocurrencies have been banned in many places on that continent. UAE is much more friendly about Bitcoin and the country is full of forward thinking people when it comes to investments and technology.
They also limited the Pre-Mine to 1%. That is a step in the right direction for ‘country coins,’ most of whom had been pre-mining half the motherlode.
Update: The ‘Dev’ didn’t a pre-mine since he was only there to steal IPO money. So a small premine with a IPO is still not enough to guarantee honesty.
There will be 930,000,000 total UAE put into existence. That’s a reasonable total coin count.
What’s Not Right About EmiratesCoin?
There are multiple problems with this country coin and most of the other ones that went before it. First, the official website and ANN thread are in English, not Arabic. The team is completely unknown as usual. They have not demonstrated that they have any ties to UAE. Lastly, there’s no indication there is any need at all for this coin.
Since Bitcoin is already accepted in UAE, why would a special cryptocurrency be needed? This question is rarely - if ever - answered by country coin clone creators.
What Happens Now?
Next EmiratesCoin will be put through the paces. If the Devs show up and launch, they will have to begin the long uphill battle of convincing people to use their currency instead of cash and Bitcoin. This will take consistent, long-term effort. If they do not see a huge pop in price they’ll need to press on, without the benefit of having any leverage from the pre-mine.
If they can do all that and build use cases and a community, they’ll have a chance of accomplishing something. If not, they’ll be another doomed clone coin, which relies on momentary enthusiasm and waning interest to try and make their case to the crypto world.
Time will tell what happens. We’ll be watching and updating as necessary!
Post Scam Requiem
Well, we watched! We watched as 23 BTC was stolen from the same community of people who have lost money on every other IPO. Well played, scammer.
An obvious scam coin bites investors in the ass to start another month.