What Coins are in the Fear Of Missing Out Pump?
FOMO Coin of the Day is where I look at coins in or near the Top 100 in market capitalization that have show an interesting amount of increase in price. This increase can be due to many things, including manipulative pumps. I will give my opinion on the coin, but do your own research if you plan on investing in any cryptocurrency.
The cryptomarket is staring out with another slightly down day, but that doesn't mean there aren't any gems out there. In fact, I noticed last night that Repo Coin(REPO) was going up significantly and this morning it was up almost 70%, before dropping down to just below a 50% increase in the last 24 hours.
Repo Coin(REPO)
Our strategic goal is to decentralize the entire process thereby taking it beyond traditional practices that consumes time and efforts. With the aid of blockchain and automatic digital license plate number reader technology, this project will provide an end to end technology solution. This project will incorporate blockchain technology to the lending and service market.
In short, Repo Coin is a tool to reward people for snitching on people with cars that need to be reposed by the bank. They have an phone app, supposedly still in development, that allows the user to scan license plates to see if the car is up for repossession and sends out the GPS coordinates to the company that will come and take the car. This obviously saves the loan owner a bunch of time and money. The user is rewarded with Repo Coin for their work.
Repo Coin uses Stellar to create its token. There will be maximum 357 million tokens, after which no more will be created. This is a small amount compared to a lot of other tokens.
- 50% of tokens will stay in reserve and will be given away over time to users who
participate in license plate scanning, raes, referrals, etc. - 20% will remain in company reserves for operating expenses.
- 30% will be allocated to the founders of the company
Repo Coin did an Air Drop back in 2018, playing on the whole Crypto Lambo meme.
I actually participated in the Air Drop and do have some Repo Coin, which I probably should exchange for Stellar ASAP. You can only buy and sell Repo Coin on Stellarport and StellarTerm. I think it will get me about $4.
Since the Air Drop, the project looks dead. I am on the Telegram group and nothing has been announced. Even their Twitter account hasn't been updated since they announced the Air Drop.
While I think that in theory, it is a good idea, I'm guessing it wasn't a serious idea. And, while I am sure there would be plenty of snitches to sign up for the app, I'm not sure people would be nice to them if they found out what they were doing. Granted, part of their plan was to buy a needy person a car. Hopefully it would be one of those who got their car repossessed due to the app.
update
So, I posted this article in the Telegram channel for this project. Someone asked if the project was dead. I said it looked like it. This apparently pissed off the one person who is administrating the group. He deleted my comments.
Instead of having a discussion about the lack of communication from the project, it seems as if they would rather people guess and hope for information.
May the FOMO be Forever in Your Favor!
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