You are viewing a single comment's thread from:
RE: Travel Coin ICO review and 5% discount coupon inside for all steemians!
Hmm... The limitation on supply seems like a good idea, but I don't see understand how their coin is directly connected to the travel industry yet. Hopefully Travelcoin is not only accepted through their company because that would make its value dependent on the success of a centralized entity.
Hi @thebigbadbobby thanks for the great question. I found this snippet from the site that tells me they will be directly connected to the travel industry. What you think?
The main issue that I see is there is no mechanism in place to prevent people from uploading scam tickets to the blockchain. If only real, reputable institutions are allowed to import tickets, then it is plausible that those institutions could choose to use Travelcoin as a means to sell their tickets. But in order to determine who is reputable, there would need to be a centralized human team responsible for granting ticket selling privileges, but that would mean that the blockchain is not really decentralized. My guess is that it will be up to users to figure out whether they are being sold junk through trial and error. This is slightly less than ideal, but it could still work because common users will learn which accounts are reputable over time, and then the platform will stimulate economic activity because it will allow people to resell the tickets for a profit after they become sold out.
Beyond that, I don't see many scam red flags or anything. The Aragon whitepaper was much less professional and had a huge success. One thing is that there is not much elaboration on "instant spendable rewards points." One possibility is that these rewards could be derived from the small fee that institutions pay to upload their tickets. But they also said that this fee would just be burnt off as unspendable to create deflation. So the only other option is that the institutions provide the rewards like frequent flier miles or something. How this all works out on the blockchain remains yet to be seen.