Raise your hand if this is the most twisted thing you’ve heard in a while. A new cryptocurrency known as the Coronacoin has been developed that goes up in price granted more people fall victim to the deadly coronavirus that has spread to several different countries in just the last few months alone.
Coronacoin: Profiting Off of Death?
The fear and danger surrounding the coronavirus has grown to epic proportions. At the time of writing, nearly 3,000 people have died from the disease while more than 80,000 have been infected. The disease – which originated in Wuhan, China – is allegedly proving more difficult to control, and the World Health Organization (WHO) warns that it could turn into a “global pandemic.”
With so much death and ugliness permeating our global infrastructure during the past few months, it’s hard to image that there would be people out there looking to profit off of all who have perished or who might perish in the coming weeks or months, yet that’s what some developers are potentially looking to do. Coronacoin allows users to bet on the epidemic. Granted more people die or fall ill, the price of the coin goes up.
Many analysts are warning traders to steer clear of the coin, and label it as the first cryptocurrency “backed by death.” At press time, the token is worth less then one cent, and many are hoping it stays this way. After all, price spikes mean more are falling victim.
It’s a perverse notion that one’s investments expand granted how many souls pass on. The website for the coin further states that the Coronacoin supply will decrease every two days depending on how many new cases of the virus emerge.
Sunny Kemp – one of the developers of the currency – explains the idea behind the creation and defended its establishment, explaining:
Some people speculate a large portion of the supply will be burned due to the spread of the virus, so they invest. There are currently active pandemic bonds issued by the World Health Organization. How is that different?
As it stands, most of the coin’s developers reside in Europe, though Kemp states that several others are about to jump aboard the Coronacoin train.
Several Regions Are Reporting the Illness
While cases of coronavirus have slowed down in China, they are popping exponentially in regions like Italy, which is now in the process of locking down entire cities to ensure the problem does not spread. The United States has also recorded more than two dozen deaths at the time of writing, most of which occurred in the state of Washington on the west coast, though states like New Jersey in the east are now reporting their first cases.
France, the United Kingdom, Iran and South Korea have also confirmed cases of coronavirus within their borders.