Even though Bitcoin is far from a popular currency right now, a lot of people are legitimately afraid of the changes cryptocurrency can bring to the world. A team of developers and MIT Fintech alumni has put together a post on LinkedIn. Part of their message revolves around how they will launch a currency that will effectively end Bitcoin. On paper, this new currency is nothing more than a pump and dump scheme, though.
MIT and SalesForce Creating A New Virtual Currency
Bitcoin users may want to mark the date of December 12 on their agenda, as that will be the moment when the Bitcoin bubble will burst. Or that is what a team of MIT Fintech alumni claims, even though it seems their plans are vastly underwhelming. Together with Salesforce, they will launch a new blockchain-based virtual currency.
It is not the first time companies attempt to launch their own virtual currency, even though hardly any of those efforts has been successful so far. More importantly, Salesforce has no direct ties to the financial sector, indicating this new currency will not be used to complete any transactions not related to their own products and services.
Claiming Bitcoin is a bubble is quite an unusual statement and one that seems ludicrous at best. Granted, Bitcoin is not on the same level as traditional currencies, but that was never expected at this stage either. What its rather disconcerting is how MIT claims to create a more secure and more transparent virtual currency. Bitcoin has never been hacked and is about as transparent as finance can get on a global scale while still respecting user privacy.
At the same time, it is true Bitcoin is far from a perfect virtual currency. It is still a work in progress, and developers from all over the world are always adding improvements to the ecosystem. Quite a few altcoins have claimed they can improve upon bitcoin as well, yet none of them can actually compete with the top cryptocurrency in the world.
That being said, it is evident ForceCoin is everything a digital currency should not be. It is closed invite-only, with no information regarding its technology, security, or distribution. Moreover, it seems to be a project developed by a group of egomaniacs getting together, rather than people who want to bring financial inclusion to the world. If any bubble is going to burst, it is the ForceCoin one, as it will not survive for long at this rate.
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