Canadian Barter Platform Bunz to Launch Own Crypto

Each Bunz user will receive 1000 BTZ, which can be exchanged for goods and services or can be send and received within users' community
10 April 2018   569

The Canadian platform for online trading and barter Bunz Trading Zone has issued its own crypto currency called BTZ. This is reported by Globe and Mail.

BTZ (pronounced "bitz") is, as its creators state, "the first Canadian crypto-currency, emitted in an already formed community - among the platform participants."

The Bunz project was created in 2013 by designer Emily Bitz as a closed group on Facebook in order to exchange things with friends. The number of the group grew rapidly, and she soon went beyond Facebook and Toronto. In 2016, an application and a website were released for Bunz.

The platform grew so quickly due to its simplicity and the absence of cash payments. However, it was the absence of payments that became a serious problem for Bunz, as it deprived the platform of "an obvious source of income".

You can use it in a simple and elegant way. We know the technology works … but we haven’t really seen a viable use case that the mass market can get behind. I think we’re going to be the first example of that.
 

Sascha Mojtahedi

CEO, Bunz

As stated in the project blog, each Bunz user will receive 1000 BTZ, which can be exchanged for goods and services or receive / send to other users of the platform. Initially, 1000 BTZ will be worth "enough to buy three coffee". BTZ tokens are available to 200,000 platform users since April 9th.

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   95

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.