ETHERCOIN RAISES FUNDAMENTAL QUESTIONS ABOUT TRUST IN ALTCOIN DEVELOPERS

If you have ever wished cryptocurrency operated more like central banks, you’re not alone. Well, you probably are, but that has not discouraged the developers of Ethercoin from introducing a currency that would make the central bankers proud. By creating a coin that operates completely on trust and gives developers nearly complete control of the network, the Ethercoin developers are proving they could have what it takes to one day run a national government’s central bank.
Ethercoin
Ethereum’s much-hyped ether pre-sale gave enthusiasts the opportunity to pre-order ether months before Ethereum’s anticipated winter release. Although the customer purchase agreement included a clause stating customers were not buying ethers as investments, there is no doubt that many (if not most) people who purchased ether did so as a speculative investment. Apparently, some investors could not wait until Ethereum’s release to begin turning a profit on their investments.
An anonymous group of ether investors created Ethercoin to enable people to buy and sell ethers before the Ethereum Genesis block. The Ethercoin developers – who are in no way affiliated with the official Ethereum project – have set aside 1,000,000 of their future ethers to distribute to ethercoin holders at a 1:1 ratio. Customers can purchase ethercoins at a price of 1,000 ETC for 1 bitcoin.

This post was published at Crypto Coins News on October 15, 2014.