Financial Hacking With Faircoin

Summary

Having kept an eye on the altcoins for a good while I wasn’t initially impressed by the claims of Faircoin.

There have been several coins issued attached to good causes but without a clear monetary function. The idea is usually to set up a cryptocurrency, premine some, market the brand and sell the premines for a good cause. In this, there is no consideration of what makes the coin a desirable purchase, and the coin is so useless i.e. unused and therefore unusable, that its purchase constitutes little more than a straight donation.

It seemed to me that Faircoin was something similar, but making spurious claims about being more fair in its configuration. It was premined and distributed initially with an airdrop to everyone who had registered. Proof-of-stake is fairer and less energy intensive than proof of work. The undistributed premined coins were allocated for different areas of development. FairCoop activists were easily able to send the coins between themselves and convert them to Euros using Chip Chap.