A new cryptocurrency has seen its inception from a very grim opportunity. The crypto lets buyers reap a dark reward from the number of people that fall ill or die from the coronavirus outbreak.
Decreasing Supply As Infection Rises
The CoronaCoin, a cryptocurrency that operates similarly to the Bitcoin, builds off a gimmick that is arguably in poor tastes. Simply put: The number of tokens will decrease in amount, thus increasing in value, as more people die from the CORVID-19 virus. This is stated in the currency’s whitepaper. A very gruesome opportunity for a global crisis, but creativity was undoubtedly there.
The CoronaCoin’s original number of tokens was minted at 7,604,953,650. This number represents the global population of the earth at the time of the coin’s minting. According to the website itself, the number of tokens that will be burned every 48 hours, doing so manually, will be correlated to the increase of infected and dead at the hands of CORVID-19. Thus, everyone’s new infection results in another token being burned.
Claims of 20% Charity Allocation
By the end of Friday, 85,366 tokens had already been burned. The website explained that the fact that the tokens will decrease in number as time goes on allows for the coin to hold deflationary properties and hold higher value over time. Furthermore, the site explained that there is no way to mint new CoronaCoins, so the amount of coins there is the amount it will stay as.
The coin stands in poor taste for the victims of the CORVID-19 virus, and the creators know this. In a bid to make themselves seem more respectable, they creators have marketed it as a relief effort for the CORVID-19 crisis. The creators claim about 20% of the supply will be allocated for monthly donations to the Red Cross. If that is actually the case remains to be seen.
Starting From Reddit
The cryptocurrency launched with a Reddit post and was created during an incredible downturn in the global stock markets. In fact, it’s been attributed to the worst week in twelve years, only being beaten by the 2008 financial crisis. The dip has been mainly attributed to the overall fear that the CORVID-19 virus has brought forth in the world at large. Entire supply chains are being crippled, and business investments have died out. The mass fear-mongering that’s being done across the globe about the virus is doing little to help this.
While the morbid creativity for this coin’s inception must be addressed, the morality of the matter is severely in question.