The Turkish "national cryptocurrency" was closed as a ponzi system

Unless there is a central bank behind it, any national cryptocurrency should be viewed with suspicion.

One of the problems that decentralized organizations face is that everyone can claim to be an official representative of the entire community. to be technically correct. No matter who can slap a bitcoin logo on everything he wants, and for any serious person, there is another hiring Sylvester Stallone and Pitbull at the head of a convention real estate agency bitcoin which undermines the "currency".

Unofficial national crypto-currencies could be one of the most extreme representations, where anyone can just brandish a coin and claim that it is a national icon [19659004]. was the first, with Icelanders who inflicted Auroracoin by plane. After the liberation, the prices immediately fell when people exchanged their Auroracoin against Króna, also Icelandic but infinitely more official, while the creators naturally did well while keeping a big reserve for themselves. The best thing that could be said about Auroracoin was that it was not a scam.

People were not so charitable towards Auscoin, an unofficial Australian official cryptocurrence. It did not bother him to present himself as a representative of the entire Australian cryptocurrency space, leaving almost everyone upset on either side of the fence. Strayacoin is also touted as the true Australian cryptocurrency, but with much more charisma.

Turkey's unofficial national cryptocurrency could, however, be unique. It has managed to become valuable, widely recognized in Turkey and able to provide real returns to its investors. It was also declared a Ponzi scheme, which could explain how it managed to produce returns.

Turcoin

The play arose in October 2017, and quickly began to rub elbows with Turkish celebrities, and make large displays as a luxury car gifts. Like any ponzi system, Turcoin depended on rapid and constant growth to maintain his payments and continue to attract more people.

He seems to have pbaded out in June 2018, when his offices disappear and his founders give up contact. Estimates of Turcoin production vary. The Turkish Minute reports at least 21 million US dollars equivalent, while Ahval News says about 212 million US dollars.

The company behind Turcoin, an Istanbul-based firm, Hipper, is now in the spotlight. It seems to be a two-person team led by Sadun Kaya who owns 51% of the company, and Muhammed Satıroğlu who owns 49%.

"I was only a mediator, a dollar in the bank, all the money went to Sadun Kaya's company in Cyprus," he told local media . At the same time, he claims to have money and be ready to return it if his bank account is unlocked.

"I have not fled with the money, I will return all the money to the members if the authorities unblock my bank accounts," he said

We do not know not very well what happened with Turcoin, especially through multiple translations and third-hand news, but it can be badumed that Kaya decided to cut and run with that money. fertile for ponzi projects, while the so-called national crypto-currencies, which simply mean having a country-related theme, have proven to be an easy way to draw attention to projects elsewhere. quite bbad, there is a central bank behind it, a good rule of thumb is probably to avoid anything that claims to be an official or unofficial national cryptocurrency or municipal cryptocurrency, in the case of New York Coin.

If a coin has a valid reason to exist, and that she has the potential to be a true game changer, she is probably not going to hang on to something as small as a alone.

Disclosure: At the time of writing this article, the author was ETH, IOTA, ICX, VET, XLM, BTC, XRB

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