Louisiana residents are advised by Mayor to consider ICO

Joel Robideaux, Mayor-president of Louisiana city, has offered that the region government found its own cryptocurrency
16 April 2018   862

The Louisiana town of Lafayette is financially struggling and it was allowed in a presentation that property tax issues are scarce and that the money-tank towards operations is working for nothing. The general methods of getting municipal funds have been proposed, for example raising taxes, and seizing independent land. Joel Robideaux, the mayor-president of the town, is reasoning of going in a different way.

Robideaux is recommending local citizens to consider starting an initial coin offering (ICO) to increase the necessary funds under the suggestion that the earnings will go to “build a living lab of blockchain researchers and developers”.

According to reports by the Acadiana Advocate, the profits of the project is  ambiguous, and Robideaux did not afford a clear reason why exactly the district should consider this supply other than the prospective to “develop solutions targeting government inefficiencies, and, more importantly, alternatives for financing public infrastructure.”

In order to receive the believe for his idea, Robideaux claimed that it’s “not just a bunch of global libertarians that want unregulated, untraceable and secure digital currency transactions,” pointing out that despite cryptocurrency is “the recognition of global stakeholders that the world of banking, finance and payment systems is forever changed, that the world of healthcare, government and possibly every other industry is about to be disrupted.” Then Robideaux has underlined that he aims the proceeds of the fundraiser to “build a living lab of blockchain researchers and developers” but did not manage to put forward any specifications on this lab’s location, cost, or any particulars features about it.

Robideaux has mentioned Lafayette should look to its culture to widen its budget declaring that their “cultural economy is the low-hanging fruit. It already exists and it can only get bigger,” and that it “will become the stabilizing force in our budget.”

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.