07 Dec Okcash: The Crypto Without a Whitepaper
Okcash is a digital currency platform meant to be used through social networks. They dub themselves “the future of social payments.” They intend to have their coin be integrated with Facebook, Twitter, Instagram, etc., as a means for people to exchange value. Currently, they have bots integrated with their Discord that allow people to transfer Okcash with simple text based commands. This feature is also integrated into Twitter.
Okcash was originally launched as PimpCash in 2014 but was rebranded in 2015. It operates as a proof of stake token, meaning your wallet can earn interest through staking. Staking provides the means to verify transactions on the blockchain without a proof-of-work style system. PoS offers a less resource intensive means of transaction verification than the more traditional PoW.
On the surface, Okcash is just another digital cash alternative, aiming to have low transaction fees and fast transaction times. However, there are some real causes for concern when it comes to Okcash. The first thing to note is that the value of Okcash is almost entirely synthetic. Okcash doesn’t solve any problem that can’t be solved by almost any other crypto. The fact that it is a PoS token also means that there is almost no cost associated with producing an Okcash token, unlike bitcoin, which costs around $1000 to produce. This isn’t meant to imply that all PoS tokens have no value; on the contrary, many PoS tokens have value in that they solve some real world problem, but this is where Okcash falls short. Its integration into discord and twitter isn’t even a real selling point; this could be achieved fairly easily with almost any other crypto using widely distributed APIs.
So what does Okcash have going for it? It’s a community-based coin, meaning most of its value comes from the community around it. Other than that, there isn’t much. It’s a fully synthetic coin, of little to no value, and is propped up by a community full of people who are the physical embodiment of social FOMO. Even Okcash themselves acknowledge the fact that Okcash is not a suitable store of value. They write, “The price of a Okcash can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Okcash is not recommended at this point. Okcash should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Okcash. If you receive payments with Okcash, many service providers can convert them to your local currency.”
They have a good working chain (more than what a lot of sh*tcoins can offer), and they make it extremely easy to actually send and receive their currency. They also promote donations.
In all fairness, this is a welcomed disclaimer. I would even argue that this disclaimer could be applied to all cryptocurrencies, at least for now. However, Okcash solves no problems that can’t be solved by a few dozen other cryptos.
That brings us to the next problem with Okcash: its whitepaper or lack thereof. I would stop short of saying that Okcash as a project lacks transparency, as it is open source. However, I wonder how many people who own Okcash and sit by their computers late at night softly whispering, “When lambo moon,” have actually taken the time to drudge through the source code to understand how the coin works. The OK team’s explanation for this? They say, “It’s an old school coin.” Which is funny, considering whitepapers have been a tech industry standard for new software products since the ’90s, and coins like Zcash that launched a full two years before OkCash already had long detailed white papers accompanying them at the time of release.
Other negatives: Rebrand iffyness, constant shilling form the team about upcoming announcements (usually they are by GSmoophy/okcashrator, and the moderators/managers of the project stay quiet about what they say and do).
There’s also the shadiness with their Twitter follower numbers; there’s no way they have 250,000 legitimate followers. It’s almost certainly a ton of bots.
They also claimed at one point that a country was going to use Okcash, just to pump up their coin.
Also they claim they have a bunch of developers, but really it’s one or two people doing most of the work. The others make the occasional commitment, if at all. Compare Github to the names on their collaborators page, and they don’t add up.
They claimed recently that there was huge news coming with the release of their birthday event, and they claimed it was going to be listed on Poloniex, which pumped the hell out of the coin. Even if the devs didn’t say it directly, they didn’t do a single thing to shut down the fake shillers even though they have a ton of moderators and a somewhat active community
In summary, there are a lot of potentially shady things about Okcash. It’s not special, it’s certainly a shit coin, and as a way to send or receive money, coins like Dash are much more appealing.
- Github: https://github.com/okcashpro