Flappycoin, a commonly considered ‘crap-coin’, has seen increased community activity in the past few weeks. In the hopes that a planned rebirth can revive the unloved avian currency.
The original developer left the coin early on. This was either as a short term personal gain had dried up or through lack of community interest. This caused Flappycoin to flop in comparison to other Altcoins in its class. Recently a result novelty for the flappy concept has reared its head a new “team” has taken the reigns at Flappycoin HQ.
The new developers announced on 17th April that a new wallet was coming the following day, which would make some small changes:
These changes, promised for April 18th, concluded all wallets would have to update in time for block 100,000. Although minor, these small incremental changes where part of the new development team’s plans to slowly take over and give direction it needed without crashing the market.
The 18th has been and gone with total silence from the developers; users are saying this is much worse than even bothering to announce a push-back for the update. The community at large is quite insulted at the actions, or lack thereof, from the new development team and are worried that history will repeat itself.
Many in the community are worried that like before they are left relying on one individual as opposed to an actual team, obviously this is a problem as any emergency preventing that one person from communication disables the entire operation. Originally the community solution for the coin’s bomb into obscurity was to pump the coin by mining in pools and subsequently ‘whaling it’ by buying as much as possible on exchanges. This is to bump the price up, due to an albeit artificial demand, but also to express trade volume in the currency to give a pulse on exchanges to show the bird still had some flap in it. This strategy appears to have worked for the metrics of Flappycoin that has seen a market cap increase exceeding 200% over the last few days to rest at around 111,000 USD.
However many in the community see this method of price inflation by community desperation rather pointless. Many want to follow in the footsteps of altcoins like Dogecoin by utilizing a “long term plan and mission statement” by building a larger development team to distribute control, evolving wallet software and an active community to attract longer term investors. The Flappycoin community has the beginnings of this with a busy subreddit and expressions of concern for the direction the currency is taking.
Either way it will be interesting to see the destiny of this Altcoin that currently lies at the 89th largest market cap. Will the new devs return with the promised update and continue as planned to capitalise on community interest or will the currency fade into obscurity once again like many other Altcoins before it.
Last modified (UTC): April 20, 2014 01:08