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This is really amazing piece of news I have seen around the Internet. I literally never read about this before so thought to share with community.

If Akon is putting $6 billion in building the city itself then it could be grand success for his Altcoin which is to be named as Akoin cryptocurrency.

The concept is that in this so called Akon City you will use Akoin currency and nothing else. If this happens then the market capitalisation could go crazy about this.

I hope it won’t cross the bitcoin prices in first place and make bitcoin as #2, lolz.

What they will have in Akon city ?


When the stuff is happening ?

Good to see Akon is doing miracles in this.

Read the article here: Akon $6 billion city (https://news.bitcoin.com/akon-city-akoin-cryptocurrency/)

Akon is probably trying to become a Godfather in real life where he will control the money supply and the trades. I am really suspicious about his intentions behind all these. No one would do such kind of things (Building a city) for the sake of promoting a cryptocurrency. He must be having some deep reasons behind it. Now building a city can be done with his enormous wealth, but how he plans to bring employment for his city's residents?

A sustainable city needs more than - "roads, a Hamptons Hospital campus, a Hamptons Mall, residences, hotels, a police station, a school, a waste facility and a solar power plant."

a con city  ;D

6 billion is no joke, not even billionaires deal with that amount of money, so where is he going to get them? Anyone who will invest in this shitcoin will lose their money in the long run, since this plan is pretty outlandish. So far nearly every altcoin project that features celebrities proved to be a scam.


Please, don't generate traffic for Roger Ver's scam website. Use an alternative source instead, like this (https://www.bloomberg.com/news/articles/2020-06-20/singer-akon-is-launching-a-cryptocurrency-building-senegal-city).

There is already a lack of transparency from the beginning that could allow for a total centralization of the currency.

In the article he says his reason for wanting to create a currency is due to difficulty in converting his national currency to other fiats, I don't see how investing $6 billion to build a city and creating a centralized currency whose value would be largely controlled and manipulated would solve that.
He could have promoted the adoption of Bitcoin within his community and encourage merchants to accept it.

$6 Billion project is very scary, well I just hope he runs thorough feasibility study about this venture. No doubt he’s a diehard fan of crypto, maybe he had learned a lot from his experiences. This is a very big gamble however is this succeeds he’ll probably earn bunch of merits.

This is just a rehash of an old (and bad) idea. It just adds a layer of altcoin pump-and-dumps on top. The first example that comes to mind is Bitcointopia: Inside 'Bitcointopia', the Desert Crypto-Kingdom of the Future (https://www.vice.com/en_uk/article/8xe37z/inside-bitcointopia-the-desert-crypto-kingdom-of-the-future)

That turned out to be a real estate scam and the mastermind behind it went to prison.

Another one which never really took off: A cryptocurrency millionaire wants to build a utopia in Nevada (https://www.ocregister.com/2018/11/02/a-cryptocurrency-millionaire-wants-to-build-a-utopia-in-nevada/)

Even if these are legitimate ideas (read: not a scam) the whole idea is irrational. Why would anyone want to go to this place and be restricted to using a particular cryptocurrency? What the hell is the point, besides pumping Akoin of course?

Probably he wanted to be the first in the race, and as far I can remember, it was last year when we hear about his ambition, so probably it is already taking into fruition in the next coming years.

And again, he could be right and a 'true visionary" it this become successful and his name etch in history. Yes, I'm sure money is the reason for all of this, maybe he thinks he can help and generate income for his passively. Win-win situation.


I'm thinking he good get investors out there to ride with his plan and then build a sustainable city. Again, still boils down as much money he needed and how much he can generate. If it is not enough, then he could reach out not just to crypto investors but his inner circles of friends in the industry.

I think he have deep reason about this that we dont know, and i am sure something fissy going's here.

I read this news first here and then decided to check on google for more information, and according to this article (link below) this all started because Akon could not exchange some Senegal’s currency to euros, and suddenly decided to make a coin which would be globally accepted.

In my personal opinion this logic of his is flawed as many governments have banned bitcoins so why will they suddenly allow his coin, and secondly there’s not much clarity on what % of coins will Akon hodl which makes me suspicious of his intentions anyone else noticed this?.

Sources:

https://www.bloomberg.com/news/articles/2020-06-20/singer-akon-is-launching-a-cryptocurrency-building-senegal-city

https://www.escapeartist.com/blog/countries-banned-bitcoin/

First question is how and where he gonna get a huge budget for that? Well calculation wise, $6 billion would be how many potential altcoin projects combined? Instead of using a master plan to build a conceptualized city that forge greatness.

Why not just buy a bitcoin and hold for long time. Im guessing he wanted to usw his fame to gain funds but investors are wise now and would not fall for a celebrity hype projects. Why not he just focus on his career instead pushing something out of his league?

He will build a city all for the shitcoin I doubt he can manage to do that. He'd save billions if he'd just run as Mayor of a city and then gradually introduce his shitcoin in the town square to see if he can make money out of it than building a city.  But if the people who invest in his coin loses money in the end, they'd all protest and drag him down the street. $6B is just too few to spend on something that isn't feasible, needs more than that to make everyone in the city richer.

No city live in a bubble, without the need for products and services from the global economy. So this is the point of failure for most of these ideas. People will have to convert their Fiat currency to say "ACon" before they can buy products within their city and then have a separate currency to be able to buy or pay for products and services that are not in this city. (Let's say you want to buy on Amazon or eBay or Best Buy.. then you have to use traditional payment methods.  ::)

Also, when you convert back and forth between currencies and this Coin ...  you lose value in fees. The only people making the money would be the exchanges and the people behind the coin who created it for FREE.  ::)

I'm wondering what is Senegal going to do with all those new cities.

There is already a government project for Diamniadio (https://en.wikipedia.org/wiki/Diamniadio) backed by the Senegal government, now Akon is building another Utopia..
Yes, roads, hotels, hospitals, malls, who don't want that but after you've built them who are going to work in them, who is going to maintain them?
The ghost cities in China are already famous but we have a bit of those also in Europe, some left deserted from the 2008 crisis, and not just empty buildings but also the infrastructure that was never completed culminating with airports build for billions and now empty.

Good, you're building the city, and then...everything is just going to work naturally.
People are going to create jobs out of thin air, suddenly you're going to have enough teachers for education, and people will just find out every day in the mailbox a check to spend at the mall.


He has challengers:
https://www.express.co.uk/finance/city/1120470/cryptocurrency-news-malaysia-city-bitcoin-DMI-coin-crv
I wonder how much will the Chinese screw Malaysia for this projet  ;D


Also, from the small projects that went close to nowhere, this is my favorite:
https://www.liberstad.com/anarcho-park.html

That is very disappointing and I thought I am seeing the best news around the internet. Lolz.
I really should have researched a bit more about this article and akoin stuff.
But if we see this idea then it could really move stuff upside down for bitcoin. I cant imagine a whole city using only crypto currency and no other trades. There would more money flooding in when all businesses deal with them. E.g. external world making investment into them and thus they converting it into crypto form.

BUT. .

Here I see comments which are stating this as illigitmate idea. I guess it's thinkable in that way.

Only Arabs king could make a whole city and not Akon, (may be).

It isn't said this altcoin will be the only currency used and it's almost impossible. Unbearable for citizens and companies. And to answer to who could be interested to go there, I suggest the companies. If I remember the article says they won't pay taxes, you know how this feature can attract big brands look to optimize their taxes


He's American so he uses the dollar US.

Interesting if we will see this project materialized. I hope it is not to deceive potential investors because if this will fail, I don't think people will easily trust blockchain projects afterwards. They should not blow up this news as it is just about to start. I understand if they are at least half way on this one.

No doubt that's just one of many things you'll find wrong with this idea, and I don't see a project like this happening....ever.  You can't build a city based on a cryptocurrency, and I don't see the point of doing so anyway.  Would I be enticed by the idea of moving into a community based on the kind of money that was used there?  Nope, not really.

Maybe they should try this in the area of Seattle that's been taken over by protesters, since it seems like the government doesn't really care what's going on there (which is unbelievable to me).  In fact, it might be an ideal place to try something like that out since the protesters don't seem to support the idea of a functioning government and might be averse to using US currency. 

Liquidity may contribute to the success of his coin and earn it luster for a while, but it is the design and development that makes this currency valuable.
Thus, these 6 trillion can contribute to increasing the market capacity to crazy levels, but for how long, two, 10 years?
I don't think the investors will wait 10 years until they seem to withdraw their profits.

Also, the 6 trillion will be a drop of ocean, and then it will have no effect.

He is, but in the article (https://www.bloomberg.com/news/articles/2020-06-20/singer-akon-is-launching-a-cryptocurrency-building-senegal-city) it was reported that one of the reasons he decided to start this project was difficulty he faced when traveling from Dakar to France with a pocket full of CFA francs and not being able to change it, cause it wasn't accepted.

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The city would still be in America and would not be able to cater for all it's needs so they will need to trade and buy things from other regions which would not accept their custom coin. By extension the people would still be using the US dollar as their initial investments would be spent to build their city.
I also don't see such a project ever taking off, integrating the blockchain technology to a city is not a magic wand to make it utopian.

IIRC, this is old news and some threads were already made just for this. If Akon can show the world that his city is going to be sustainable with what he has, then it will ever be the first-ever made by him truly.

At first, it needs to be built with the help of dollars and trades from nearby cities until it can stand on its own. Although, that could be the next question that we can think of with the given timeframe.

Wasn't that the idea? According to the announcement:



Stompix's mention of Chinese ghost cities is relevant here. They can build it, and they can give tax incentives to businesses, but those businesses would apparently need to run on this obscure Stellar-based cryptocurrency. That exposes them to all sorts of unwanted volatility and liquidity issues. More importantly, how do you attract retail consumers, tourists, residents, and so on, and get them to use akoin? In other words, a sustainable economy.

The whole thing reminds me of Bcash. You've got a big backer (like Roger Ver) whose plan is to buy up and/or build infrastructure to inorganically create some sort of utility for this altcoin. The problem is this probably won't create much real demand. Most retail businesses can probably see how risky this is from a mile away and would want nothing to do with this.

Akon is building his city in Senegal, West Africa which is really great for the country as it will create jobs and will help the country in a positive way but for his huge project to have their own currency is absurd, why cannot he use bitcoin which is a universal coin but he wants to have his own currency.

I can bet about that there is no way that an alt made by a rapper will not take over bitcoin  :P.

I don't really know about this and how he plans to do it. But I don't usually believe in any cryptocurrency that is not bitcoins. And most coins that come from celebrities are usually something else unless this is going to be different. And the location he's planning to build his Akon city, I don't think a lot of people there will be ready to be making use of a cryptocurrency, especially the elderly ones. Anyway, I can't really say for now. And as for those people saying that he has a plan for doing this, well there is no other plan than Business. It's just another means for him to be making money and nothing else. If there are any other plans apart from what I have just said, then that's his business.

I checked to find old topics on Akon but I was not successful. If your time permits, please link me; it will be more helpful to me as I am just curious on enlightening me on this with all possible information along with this community's opinion.

There is no info on it other than you can get from their foundation:
https://www.akoinfoundation.org/
and coin website
https://www.akoin.io/

Their so-called roadmap is already delayed, their project ambitions are ridiculous at least.
Let's forget the city, you can build stuff, creating jobs and companies and demand for those out of thin air is another thing.

Take for example one of their claims:
 
So in 10 years, they want to "activate" ten times more CEOs than the US currently has (https://www.bls.gov/oes/current/oes111011.htm).
Yeah, everybody wants to be a CEO.....

I'm categorically have an interest in that akon coin and if this really drive the market, I'm very sure there will be other initiative. I know of dominion project that created DOM token. They are doing something similar to this, they are based in Netherland. However constant burning of the token is what I believe will also help strengthen the price of the akon coin. I hope soon akon will also invest in other African countries especially Nigeria, the most populous black people nation in the world