Ethereum-Based Cryptocurrency “Bitcoiin” In Production With Endorsement From Steven Seagal. A new cryptocurrency is about to be offered through an ICO. However, the currency is drawing attention for its unusual name and for how there are very few details available surrounding the currency. It is also bringing in even more attention thanks to a notable celebrity endorsement.
The ICO is for a currency referred to as the Bitcoiin. The currency is being launched by a group called Bitcoiin2Gen. Not much is known about what the company does.
The Bitcoiin, which is intentionally spelled with three I’s, is actually based off of the Ethereum blockchain in spite of its name. Bitcoiin2Gen claims that the Bitcoiin will be a self-sustaining cryptocurrency. It will work with its own mining functionality through a partnership with a group called Dragon Mining.
Bitcoiin2Gen states that the currency would work as a decentralized P2P payment system that works with its own special wallet. The mining system used for the Bitcoiin would also be supported without any third parties involved. This comes as the coin would mine for itself over time.
Issues With the Coin
Even though a white paper has been released, there are significant concerns among people around the cryptocurrency world over whether or not the Bitcoiin is a worthwhile currency. The official website for the Bitcoiin has been flagged by some computer antivirus programs as being extremely risky and dangerous. Information from ICANN states that the website was established in 2015 and is registered in Panama. Also, the ownership of the website switched to another person in January.
The name of the currency is also a concern for many. By giving the currency a name very similar to that of the Bitcoin, there are worries that the people offering the Bitcoiin might be trying to ride off of the Bitcoin’s popularity when promoting it.
A Pyramid Issue
The most significant problem surrounding the Bitcoiin comes from a referral investment scheme that is a part of the ICO. The ICO has a four-level commission structure where people can get bonuses for referring others to the Bitcoiin offering. These include 15% bonus rewards for the most successful people who can refer more to the coin.
The scheme is considered to be similar to that of what OneCoin and BitConnect used in the past. Those two groups have been accused of operating pyramid schemes.
A Celebrity Endorsement
The Bitcoiin ICO is also getting attention for receiving a celebrity endorsement. Actor Steven Seagal has been announced by Bitcoiin2Gen as the official brand ambassador of the cryptocurrency. Seagal is an American actor, musician and martial arts expert who has starred in such films as Hard to Kill, Under Siege, the Glimmer Man, Above the Law and Exit Wounds.
Seagal’s endorsement comes amid the SEC stating that celebrity endorsements of investments may be illegal if those celebrities do not disclose information on any compensation that they receive for their work. This also comes as Seagal has established a strong friendship with Russian president Vladimir Putin. His film career has been struggling as he has been appealing in various low-quality direct-to-video movies in recent years.
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