ICO Critique – Readcoin

Readcoin is a “re-bundling of content to media identity.”

Their post on the subreddit ICO Crypto reads as follows:

New Coin released: Readcoin! from icocrypto

Free Readcoins for just writing about it? For what it’s worth, I decided against submitting my wallet information to them for coins, because the terms and conditions required my email address as well.

Readcoin is staffed by Paul Wolters, Hans Koeppen, Magdalena Kępczyńska and Alexander Michael Wolters.

Readcoin has an issue that is popping up constantly these days: They didn’t hire an English speaker (like myself) to translate their page from German. One of their worker bees, Magdalena Kępczyńska, appears to be their translator, but the issues are obvious:

The point is: without media identity, content is not really accepted and valuable to the user. This is today’s bottleneck in the internet of content. Readcoin is an appropriate concept, and blockchain is the technology where it is based on.

 

Free speech and related rights of democracy today encounter totally new dimensions, caused basically by the internet revolution. We came for us to the result, that one core issue behind of all that is the isolation of content from media identity which has taken place in the internet. The creation of any channel with a strong media identity is smashed by an attention-based advertising internet economy, which results in the growing distorsions of internet content that a variety of scientists describe in their works.

One of the coders describes himself as follows:

STUDENT, MUSICIAN, CODER. FACULTY OF ELECTRONICS / COMPUTER SCIENCE, TECHNICAL UNIVERSITY BERLIN. HOW TO FIND THE TECHNICAL SOLUTION. I WONDER WHY PEOPLE STICK SO MUCH TO THEIR FANCY HOUSES AND BIG SUF CARS. WE NEED TO FIND A WAY TO SAVE OUR ECOSYSTEM FROM TOTAL DESTRUCTION AND STILL CREATE WEALTH, SO WE SHOULD STOP TO POSSESS EVERYTHING. I ONLY ACCEPT STUFF FROM THE INTERNET WHERE I CAN SEE THAT THERE IS MORE BEHIND. THATS WHY I SUPPORT THIS INITIATIVE.

At the end, I’m not sure what technology they appear to be offering but I do know that they’ll give away free coins for your contact information. That is to say, your contact information is where the real value lies. Currently their ICO ends in 29 days and they have no working social media links, or even a working (and apparent) Slack channel.

Not looking good, fellas.

One Comment on “ICO Critique – Readcoin”

  1. I got myself registered with them on August 27, 2017, but was not able to get any coins after battling with their system captcha for several time…so frustrating!

    Meanwhile, I’ve read their white paper, but couldn’t understand the meaning of this: “The Ethnography of Communication analyses content of former societies in order to understand the social and economic reality of these societies.” …any teacher please?

Leave a Reply

Your email address will not be published. Required fields are marked *