So in case you aren't aware, there is a coin heading our way called DIBCOIN. It is being celebrated as being solely created and used by a publicly traded company called Sunshine Capital Inc. (OTC: SCNP). I'll admit that, at first glance, I got excited. Here we have another chance to connect the cryptocurrency realm with the real world. I only say "real world" because we don't see a whole lot of intermingling between fiat and cryptocurrencies in publicly traded companies, so sometimes it seems that I am to quote the Matrix "living in a dream world." Don't get me wrong. It's gotten better...but I digress.
As I said, I got excited about this new currency, but after an hour I reread everything. First, I read the total amount of DIBCOINs that will be created: 5 billion. That is a hefty supply.
Next I read a quote, "' DIBCOINs to purchase other entities will not result in debt or dilution on its balance sheet. '" I thought to myself that it sounded wonderful. Why isn't everybody doing this?
The next lines are my favorite:
"Shareholders will be given one DIBCOIN dividend for every one share they own of Sunshine Capital, Inc. for shareholders of record on October 10, 2016. Sunshine Capital will be holding nearly 5 billion DIBCOINS in its portfolio, but will only release a small amount of DIBCOINS to the public, since most of the DIBCOINS will be used by the Company to purchase assets and other corporations without diluting the shareholders in Sunshine."
Shareholders get some? I thought maybe I would buy some stock at this point (not joking). And now we have the coup de grâce which brought it all together. Do you see that in bold above? Connect that statement with the following, "'We are working diligently to get DIBCOIN traded on a reputable and liquid exchange.'"
In conclusion, the company is creating a cryptocurrency with no value, 5 billion of them no less. They are going to give these as dividends to their stockholders. My guess is they will try to get DIBCOIN listed on Bittrex or Poloniex, throw some out there, and then hype, hype, hype.
I have no desire to let this company create money out of thin air and waste my Bitcoin, Ether, Steem, etc. to help them purchase assets and other corporations. If you do, have at it :)
Thanks for reading.
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