Turkoin Fiasco: Is There Any Hope for Islamic Coin Left?
TechnologyBit News Today2 min read
Late last month, Islamic Coin, a religion-focused cryptocurrency, suffered a series of reprisals against it.
From a prominent advisers' resignation, through a hacking incident and a downward spiral of its prices, Islamic Coin hasn't had the easiest of times.
But has its troubles gone too far? Are the price falls too severe for a comeback to be possible? And is any of this the fault of Islamic Coin itself, or the result of bad touch from outside sources? ## What Happened?
While no money or funds were stolen, this hack seems to have done a great deal of reputational damage to the currency, not only due to the drop in prices, but also due to the initial false statements which can't have inspired much trust. No reason was given for the resignation, but the timing means it seems likely to be associated with the coin's recent troubles.
The experience of Islamic Coin serves as a stark warning for cryptocurrencies, and the industry in general. Islamic Coin came to market with a unique angle - and even the backing of a number of prominent advisors. Yet, despite all of this, the currency has not been able to escape the troubles which have hit much of the market.
It has been subject to a hack, likely breaches of its own Shariah law, and a constantly dropping price - all of which, while bad enough on its own, are unlikely to be unrelated to its recent financial failings. And with a good portion of its claims of uniqueness depending on its Shariah backing, losing a prominent advisor such as it has done is unlikely to have helped.
But short of taking a longer-term, macro approach, what can the management do to solve these issues? A great deal, it seems.
Obvious hype around price movements, which later turn out to be false, is also unlikely to inspire confidence in the future. And as advisors are resigned, even if replacements are in place, the public image of uncertainty cannot be avoided. ## Time to Write Off?
So what of Islamic Coin's future? The currency has yet to reach a year since launch, and given its more niche target, it's hard to see why Islamic Coin might gain any more traction than its closest competitors. With several other religious cryptocurrencies already in existence, many of which have much better reputations in their respective communities, it seems unlikely that Islamic Coin will gain much of a foothold.
It seems as if Islamic Coin has let itself down, with a hacking incident, poor communication, and the loss of an important member of its Shariah board, while still seeing its price fall. A bad month, which may be fatal, for the currency.
A spokesperson for Islamic Coin declined to comment when approached for this piece.
