KoCurrency - good or bad idea or simply scam?

in #cryptocurrency3 years ago

You may have heard about this new up and coming platform with its own currency called KoCurrency KoCurrency seems to be very similar to Steem - it is a social platform (albeit tightly focused on cryptocurrencies) that has 2 different currencies. It is also a gamble machine, or a paradise for speculators.

You get 1 coin on signup and then can either purchase them (the currency is currently in ICO) for the ever rising price. Currently, it is at 0.6$ per coin.

The user base is fairly small, but growing. The last entry on the site noted a userbase of 200. Nothing to marvel at. Each user pays a bit of a coin (right now it is 0.1 of a CoKoin) to enter a channel of their interest for a month. For example, I paid 0.3 coins to enter NEM, Ripple and Bitcoin. In the channel, you can bid some of your Intelligence (think, Steem power) on whether the coin the channel is dedicated to will reach or not a certain level by a certain time. Losers lose their intelligence points, winners win a percentage of those losses. There is also a reputation system, and people who win often, add more power to the overall predictability power of the poll and also gain more interest from their successful votes (somewhat similar to Steem). You can also earn KoCoins by publishing articles in relevant channels, but those seem to be reviewed before acceptance and have to be quality and longer than 1000 words.

You can either keep intelligence or exchange to KoCoins and then - cash them out.

The idea here is that as more people join, the predictive power of the platform will increase, and with it - the price of each channel and the price of the KoCoin. In other words, the value of the platform is in the value that the channels produce. In other way, the more predictive power each channel has (say, you can have an 80% chance of knowing for sure whether a coin you're interested in would go up or down in price), the more people will be willing to pay for it in KoCoins.

I am torn. I can't quite understand whether it is a good or bad idea. KoCoin doesn't seem to add anything to the world of cryptocurrencies except just another cryptocurrency that is tied to one promising platform focusing on a very specialized topic. There is no indication of it yet, but I assume you will also be able to buy intelligence which if true and uncontrolled undermines the whole point of the platform. That, and it starts sounding like a scam scheme.

On the other hand, the niche the platform covers is novel - I, as a beginner, crave for a platform like that to help me with my investments. The market of cryptocurrencies is growing, there is more and more interest in it from ordinary people, too. KoCurrency may as well take off. What are your thoughts?

P.S. I know I will probably get like 3-4 views for this, lol, but I feel creative today. If you, however, are reading this, please considerchecking out this entry and answering my survey so we can have more stats. Cheers!

P.P.S. If you want to sign upon KoCurrency, consider using my referral link below

https://www.kocurrency.com?mref=Snakiest

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all of this seems so overwhelming

Isn't it always in the world of cryptocurrencies...

Thanks for reading and caring to leave a reply. You'll probably be the first and last reader of the post seeing how things work on SteemIt)

Thanks for posting about our platform snakiest!

We have been working on the platform day to night for almost a year now. You got many things right in your article, but you also got a couple of things wrong which I want to clarify now.

You mentioned that "There is no indication of it yet, but I assume you will also be able to buy intelligence which if true and uncontrolled undermines the whole point of the platform". This is just not true :) From day 1 we've explicitly stated that intelligence tokens would never be able to be purchased for the exact reason you outlined. It would undermine the entire system.

Intelligence tokens are meant to do 1 thing very well: represent user prediction intelligence within the platform. When intelligence tokens move around our system they come loaded with a lot of data attached to them. Our algorithm (called KoCloud) analyzes that data and can output probabilities based on past performance. For example, as of today the users with the lowest win rate are right 24% of the time. Our average user is right 67% of the time. Our super predictors are right 77% of the time.

You can see these stats for yourself here: https://www.kocurrency.com/kocloud/

Anyways, if you haven't been on the site for a while I encourage you to come back. We've added a lot of new features since you've published this article including daily price graphs, risk assessment and probability ratings to name only a few new features :)

Thanks again for the mention snakiest!

KoCurrency

Good post! Do you know what the overall long-term project goals are?

Not really. I couldn't find the white paper, but they do have a road map and a few inspirations for the future. It does look like they are building a platform where people are supposed to get high probability to be true advice on where to invest, so right now the goals seem to be to just make it happen.

Awesome! Thank you for the original post and replying! There are so many projects in this space!

This post received a 1.7% upvote from @randowhale thanks to @snakiest! For more information, click here!

Well it sounds all fine and dandy if you are taking a break and feel like betting on bearish or bullish for a particular coin. I have 1000 Intelligence that they gave me obviously when I joined months ago. So I tried to bet 400 Intelligence in the ETH channel and I get "You don't have sufficient balance to perform this action." Well shucks! Last time I counted, 400 is less than 1000.

In addition it doesn't even appear the developers/owners are engaged on the platform any longer. The 60cents per coin for the ICO has a 1.5% completion rate since june2017. That equals to a neglected platform and a neglected ICO.

I saw this bitcointalk post dated 04October2017 (4 months ago) by a member.

"Whether you say marketing is active or not, the fact remains you don't allow token withdrawal off your platform and it has been this way since the start and after months you still are only 1.5% into the initial token injection according to your website. Keep all the money hostage and market for more is a strategy I'm not keen to nor should anyone be. I suggest your next move to be allowing withdrawal of tokens to wallets/exchanges or refund all the users who paid to join and help grow the platform and make predictions but even if you go nostradamus mode, you can't cash out. If you don't do this soon, consequences are sure to follow"

There is nothing being posted by the developers/owners. INACTIVE!

I say #SCAM

#QueenWiki

Yeah this is exactly what happened to me. I didn't know any better at the time but at least I learned something lol.