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Bitcoin [BTC] clone Bitcoiin [B2G] token shoots up by 4,760% over the past seven days

Namrata Shukla



Bitcoin [BTC] ripoff Bitcoiin [B2G] token shot up by 4,760% over the past seven days
Source: Pixabay

The bear has taken over the market and it is making most of the coins suffer, but there are such tokens which are booming by multifold. Bitcoiin [B2G] or “scam coin” as people refer it to, has hit the bear market riding on a bull as it notes growth over 4,000% in the past seven days.

The coin’s Initial Coin Offering took place in March 2018 and since had been lying dormant until recently, when CoinMarketCap listed it. The coin that ranked 1,330 on the CMC list as of January 13, 2019, shot up tremendously and now sits at the 67th position on the list.

Source: CoinMarketCap

Source: CoinMarketCap

At the time of press, B2G coin was valued at $0.98, with a market cap of $48.5 million. The coin registered a 24-hour trading volume of $2 million while registering a staggering growth of 4,760.25% over the past seven days. The coin reported growth of 247.16% over the past 24 hours and has fallen by only 2.45% over the past hour after soaring high.

Exrates, an exchange which has dealt with almost 60% of the token’s transaction, according to the data on CMC, is a lesser know exchange and going by the exchange’s twitter handle, has more Spanish speaking audience and is located “worldwide”. The Exchange has paired the B2G token with Bitcoin [BTC], Ethereum [ETH], and Tether [USDT], the stable coin. Apart from Exrates, other exchanges include DigiFinex, OOOBTC, CoinBene, and instant Bitex.

In March of 2018, the anonymous founder of the project and the esteemed ambassador of the token, actor Steven Seagal abandoned the project and left, claiming that this was the plan all along for the cryptocurrency to remain anonymous in its essence. The press release of the project read:

“As Bitcoiin goes through the conversion phase from token to mineable coin we wish to advise that Bitcoiin will join the likes of the original Bitcoin and become a truly open source. Therefore a big thank you to the Founders and to our Brand Ambassador whom we wish all the best in their future endeavors. However, from this point on Bitcoiin will function within its ecosystem and become a genuinely anonymous cryptocurrency with no individual or individuals having control over the entity!”

According to the report from CoinDesk, Seagal was made the face of this venture amidst accusations from various industry publications calling Bitcoiin a pyramid scheme or an MLM [Multi-level Marketing] company. The project has responded to these allegations saying that their pyramid-shaped commission structure of the staking and referral program would only be operational during the ICO, which is what followed.

A Redditor posted:

“What the heck is Bitcoiin and how does it rank #61 on CMC. Crypto-related websites should do a better job protecting people from scams.”

Another Twitter user who thought of this token being a rip off of Bitcoin like many others wrote:

“WARNING something called Bitcoiin (note double i) is now ranked 67 on CoinMarket Cap, and shot up 243%. London Block Exchange @LBXSocial suggests we all complain here”.

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Ampleforth could help create next-gen synthetic commodities for portfolio diversification, claims Blockfyre report




Ampleforth could help create next gen synthetic commodities for diversification of portfolios claims new Blockfyre report
Source: Unsplash

Ampleforth was the first token to successfully complete an IEO on Bitfinex. This IEO caught the attention of a lot of users in the cryptospace, as the $5 million hard cap was sold out within the first 11 seconds. A new report by Blockfyre details how Ampleforth could pave the way for a new asset class for portfolio diversification in the future.

The report also highlighted a feature of Ampleforth that allows a flexible supply that adjusts to the market demand, while price simultaneously finds equilibrium. The token also aims to tackle the strong correlation that most cryptocurrencies share with Bitcoin.

Synthetic Commodity

Ampleforth project has the ability to create synthetic commodities that are disconnected when it comes to price fluctuations due to correlations, which is a common problem faced by both cryptocurrencies and traditional asset classes. Although Bitcoin was created to tackle problems that fiat currency inherently has, it still has some correlation issues.

In a world where traditional assets are widely affected by macroeconomic and global political scenarios, Ampleforth aims to create a new asset class, Synthetic Commodity, to tackle this problem.

The report stated,

“BTC as a synthetic commodity doesn’t show correlation to traditional markets such as stock stocks and bonds. Thus it reflects a potential good investment for portfolio diversification, in order to tackle macro-economic recession”

Although BTC is an uncorrelated asset, other cryptocurrencies are widely correlated to it. Ampleforth’s protocol introduces synthetic assets that “will always find a price-supply equilibrium by adjusting the price due to demand.” The report added,

“It needs to be emphasized, that these price-supply information will always be distributed amongst all token holders, so the supply of all token holders will decrease / increase. As a result, the overall cut of the total supply for each person will always remains the same.”

The report further said that if successful, Ampleforth will directly compete with Bitcoin’s $145 billion market cap and also against traditional asset market-based in fiat.

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