Whenever people talk about making everyone wealthy, there is something ominous about that because everyone can’t have equal capacity to make wealth, just as ability to manage it varies.
Introduction To The Liberty Coin
This is exactly what the Liberty Coin claims that it intends to do. As a preamble, the project stated the obvious fact that a few early adopters and what many call whales hold the bulk of bitcoins in circulation which sometimes results in market manipulations.
The fact that whales can move the market could be termed manipulation, however, it is clear that the coin market is not the only one prone to such behind-the-scene price control.
In effect, Liberty Coin intends to redistribute crypto wealth to more people through its activities. Someone may say that this is a laudable project, however we must be aware that this is not as feasible as it seems and rather makes it obvious that the vision is flawed assuming the people behind it even meant business – they don’t and we shall find out in a moment why it is obviously not a vision.
The site claims that its blockchain is better than existing ones in this regard being that it is redistributing wealth. The assertion was made by the founder of Liberty Coin whose name was not mentioned.
You would wonder why a site would lay claims to statements made by its founder without mentioning who the founder is. It is not as if they are another Satoshi Nakamoto, the elusive Bitcoin founder.
Here is what is written on the Liberty Coin website which raises questions about its credibility.
“As well believed Bitcoin, Less than 1% of Bitcoin users have 99% share of it which led some individuals or organizations called whales to manipulate price at any given time.
Bitcoin has failed with this by empowering minors over majors, TheLibertyCoin is keen to eradicate that by sharing free tokens (wealth) equally without any form of manipulation as stated in the whitepaper.
TheLibertyCoin – Founder”
In other words, the project is not willing to reveal who the founder(s) are but would expect the public to send them funds for whatever they’re trying to accomplish.
In any case, those days are gone when investors mostly do that. That the Liberty Coin kept its team secret means that it has something to hide. When we are dealing with financial investments, it is safer to avoid sending your funds to websites and projects that are questionable such as this one.
A False Claim of No ICO
The Liberty Coin site claimed that it has no plans for ICO because
“We found out 99% of ICO’s are scams (if not all), they make us believe that they have a true Prototype then make a lot of promotion by paying top influencers, social media platform, high traffic website and so on.”
But instead of backing this up by not soliciting for funds, it went on to post its smart contract address. Apparently, the funds sent by investors are donations?
No Clear Solution to Problem
Ordinarily, most projects are in the ecosystem because they identified a need and hoped to proffer solution to it. In the case, even though the Liberty Coin has identified a problem which is a disparity in the distribution of the so-called Bitcoin wealth.
It could not articulate a viable line of action to take in creating the wealth it has in mind, neither could it state how it planned to redistribute crypto wealth aside a generic alluding to giving power back to the people.
According to the whitepaper,
“The project team believes that Liberty coin can improve the financial position of people worldwide. Liberty coin allows also people with very limited financial means to buy cryptocurrency and to participate in the enormous profits that can be realized by this type of investments. We want to distribute our Liberty coins as fast as possible, to avoid that the price increases of Liberty coin will block “poor” people to obtain our Liberty coin”.
Large portions of the Liberty Coin whitepaper were copied from other sources. This is a clear indication that the project is a sham meant to get funds from investors.
A scan of the whitepaper shows that most of it was a copy and paste job from other sites and projects.
The Liberty Coin team intentionally avoided revealing their identities because this is obviously a scam that wouldn’t last beyond raising funds. In practice, they have no way of distributing or redistributing wealth because the token they’re creating is worthless.
What makes a cryptocurrency useful is its perceived utility but in this case, the Liberty Coin has none. The fact that it copied its whitepaper in an obvious plagiarism should make every investor avoid it.
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