SyncCoin backed up to $320,000
An interesting announcement comes for SyncCoin as they have been engaged in talks with FaceFire, Inc, a Minesota corporation established in 2001 that specializes in mobile/web/desktop design and development. In 2013, FaceFire had started mining Bitcoin and other cryptocurrencies which is their link to the cryptocurrency world. This may come as a shock to many as it was not expected for this type of news to be released considering it was already known that SyncCoin was asset backed. However, this announcement could be considered to make it somewhat more legitimate.
The important part of this announcement is quite interesting and unexpected. It is the fact that FaceFire will offer domain names as backing for SynCoin’s marketc cap up to $320,000. Although the involvement of a company such as FaceFire is great, there is still some doubt in people’s minds. The most important concern is one that everyone has thought about, and its a simple question. What if none of the domains are sold? Sure, SyncCoin is asset backed, but if domains aren’t sold, it doesn’t give any actual value to the coin. It is potential value until said point in which a domain is sold.
The actual value of all the domain names is $1,200,000 which would leave room to liquidate wholesale if needed to. With these new statistics, the lowest baseline price held for Sync at the time is 0.6 BTC or $282.60. Another thing mentioned by FaceFire is that this valuation does not include other features offered by the Sync Foundation such as membership to the Sync VIP Club which is a $500 value by itself. The current pledged assets are as follows:
- Fiesta.com (Spanish for ‘Party’)
- Sayonara.com (‘Farewell’ in Japanese)
- Maestoso.com (Italian for ‘Majestic’)
- Isla.com (Spanish for ‘Island’)
- MyRights.comSync Foundation – www.SyncFund.com
- www.AirlineRewards.com – First Miles/BTC marketplace
- www.SyncMiles.com – First Alt/Miles Exchange
This is quite a large list of some great and decent domain names provided by the Sync Foundation, and it is in order for Sync holders to be excited, not only judging by this announcement, but by the previously covered Pinkcoin partnership as well. We are definitely seeing a big push by SyncCoin to give itself a real world value which is what other coins lack, and it has definitely done a good job at it. The problem, however, previously mentioned, is whether or not any of these assets will actually be sold. It would mean much more profit for the domain holders to sell the domains on their own rather than use some of the profits to back SyncCoin.
Although, we could say that both the Sync Foundation and FaceFire Inc. see a bright future for cryptocurrency, and this is their way to have it improve on all stages. This is a theory I’d hope to be true as it would mean a great change in the altcoin atmosphere. We will never be sure whether or not any domains will be sold until said time where one of them is actually sold. At the moment, its a waiting game, and if true, expect many new investors to become part of the SyncCoin Community.
Image Source: BTCTalk Thread