Bitcoin, Crypto currency, Blockchain

800 $ instead of 123 million $ – The fats ICO-years seem to be over

Whenever new technologies emerge, around a stir. Crypto-currencies and Blockchain were celebrated as world-changing technologies. But to be honest, as with everything in the world, there are clear limits to what we can do with the Blockchain. Many do not understand these fundamental limitations, while you try revolutionary ideas to implement, only to end up disappointed. The Malaysian Harapan Coin is one such Initiative, with the aim of identifying all the problems in Malaysia with a single silver bullet to address. In contrast to most of ICOs to this has a more political character. Its creators refer to it as “The World’s First Crypto-Politic ICO”, the world’s first crypto-political ICO. He aims to fight corruption, to act as an Instrument of political financing, and much more. Let’s take a look at how the Harapan coin fits into the overall picture of Malaysia.

Regulations for crypto-currencies

Malaysia has been trying since the end of the 2017 regulations for crypto-currencies to enforce. Malaysia decided in September 2017, such as Hong Kong and Australia, give a positive Outlook to the new technology, suggesting that Malaysians will be allowed to participate in the dealing with crypto-currencies. According to the proposed regulations crypto-currency TRANS-actions are subject to similar laws, such as banks, but they will not be treated as legal tender. New rules for ICOs will occur in the first quarter of 2019. In the meantime, companies that want to work with crypto-currencies, are advised to contact the Central Bank.

History of cases of fraud and corruption

Malaysia has sought in recent times by many corruption scandals. In 2015, the 1Malaysia Development Berhad (1MDB) scandal, revealed the embezzlement of several million dollars. The tracks lead to accounts that are associated with the Prime Minister, Najib Razak. 1MDB is a state-owned investment funds. Prior to that, the Nation billions lost in a foreign exchange scandal with the Bank Negara Malaysia, where the lack of Regulation that led to the Bank’s risky doing business. At the beginning of 2017, a scandal of Bumiputera Malaysia Finance (BMF), a subsidiary of Bumiputera (Bank Bumi), based in Hong Kong, it was revealed, from substandard CIA documents. The Bank forgave in the years 1979 and 1983, huge not achievable loans to numerous Hong Kong real estate speculators, including the Carrian Investment Limited.

What cryptocurrencies can make a difference?

The scandals and scams have led many in Malaysia, block chain-based solution to the solution of the problems of the country think. So the idea of the Harapan Coins. The Harapan Coin was designed at the beginning of 2017. The word Harapan means, literally, hope. He was created to be at the 14. To bring Parliament elections in may 2018 for the first time, for a change. On the website of the Harapan Coins is that the people are behind the project, Patriotic and Malaysian citizens from home and abroad want to reach. Simply put, it was a mechanism to Fund the election efforts of the United Opposition, as the blame for corruption and poor governance clearly lies with the current government.

What happened then?

The current government of Prime Minister Najib Razak was overthrown and the United Opposition Pakatan Harapan won and ended 61 years of continuous government seat. The accomplishments of the Cape of good hope Coin so, in fact, a miracle? Unfortunately, it seems that the Coin has failed. The Coin was supposed to bring in two rounds of $ 257 million. However, the chart indicates on the Website that they could hardly muster a measly 800$. Although some reports suggest that $ 123 million was collected, however, these reports have not been verified yet. The Coin was co-founded by the Malaysian Minister of Federal territories, Khalid Samad, and supported. In fact, he is the one that is currently advertising for the Coin. A quick look at the project shows that the Coin could not, however, be able to meet his expectations.

A spectacular failure

As with many projects related to crypto-currencies of the Harapan Coin failed. What the future holds for him, is a difficult question, because the Opposition is now in Power, and thus of the Coin, its importance could lose. It is easy to have an idea, but the implementation is the difficult part. Something that many of the promoters of the crypto-projects do not understand. This is not to say that ICOs are not a good way to funds for a political campaign to raise, but it takes more than just the creation of ICOs and political Slogans, to bring the people to invest in the idea.

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