CoronaCoin: if it sounds bad it's nothing, it's even worse

By Roberto D. | CryptoFarm | 11 Mar 2020

As the coronavirus emergency grows worldwide, speculation cases continue to register.
Last week, all the media gave way to the surge in the prices of sanitizing gels and masks.

Today the case of the CoronaCoin, a cryptocurrency launched a few days ago on a platform registered in the British Isles of the Indian Ocean with the symbol is "$ nCoV", which allows traders to bet on the coronavirus epidemic, based on how many people they get sick or die.

How does it work

The number of CoronaCoin in circulation corresponds to the world population, i.e. slightly higher than 7.6 billion.
The coin is not removable like the classic Bitcoin and related and, therefore, it will never be possible to create new CoronaCoins.

Its offer will drop every two days based on the rate of new cases, according to its website, suggesting that its price could increase as more people kill the virus.

"A deflationary currency," explained one of the founders of the Alan Johnson company, "as the number of infected / dead due to the virus increases, the number of tokens is updated every 48 hours and, for each infection or death, it is cleared a token. "

Rain of criticism from social media

As expected, the news sparked strong criticism on social media, which branded the initiation as merciless and "immoral".

Criticisms that leave the developers who pull straight and defend the goodness of the project completely indifferent by explaining that the "CoronaCoin is a radical and precious addition to the rich tapestry of cryptocurrencies that is on the market today.
It is the first and only cryptocurrency supported by the death trial, based on statistics obtained from the World Health Organization. "

Indeed, to strengthen the initiative, it has been announced that 20% of the funds from the sale of the virtual currency will be donated to the Red Cross.

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