[NEWS] Is SardineCoin Real? The Sardines Are, At Least hehehe

[bbc.reporter]

Are we in a state of denial or do projects like these point to the signs that the bull market is returning sooner than we expect it?

This project appears to be something similar to the projects before 2017 hehehehe.



It smelled fishy from the start.

On Wednesday, MY Sardines, a Luxembourg-based company, announced its intention to launch a cryptocurrency backed by –  are you sitting? – vintage sardines.

Word of the unconventional initial coin offering (ICO) prompted piscine puns, stimulated discussions about fractional reserve banking and "flummoxed one hack," according to Decrypt Media.

Between the novel collateral, a white paper thin on details (who is the unnamed external auditor for the stock of sardines?) and an April 1 (April Fools’ Day) end date for the sale, crypto commentators suspected SardineCoin was an elaborate prank.

This much is clear: It’s not a fluke.

CoinDesk found the MY Sardines booth at CES 2020, the long-running consumer electronics trade show in Las Vegas. And the company did present actual sardine tins and mySardine.com cards to casual passersby and attendees.

“It’s an investment [that’s] really safe,” said co-founder and CEO Charlotte Ripetti. “There’s no speculation. We have the stock of sardines and then we’re going to create the coin based on the stock.”

The firm says it’s working with a French distributor called Pearl of the Gods to supply the sardines. The company would purchase the tins on Sept. 1, create and distribute the tokens on ethereum shortly after and allow investors to redeem their tokens for cans (1:1, just like tether!) any time over the next 10 years. According to the white paper, investors will not be able to redeem tokens for cash.

Read in full https://www.coindesk.com/is-sardinecoin-real-the-sardines-are-at-least

[NathanJB]

I have also read this news and it all appears very real. And why not? If we are converting companies focusing on garments, medical data, drugs, houses, collections, and thousands more, why not include the sardine industry?

[bgaf]

The title is quite funny by the way. When I read it I'm intrigue if the content is somehow a joke but it isn't. Just finished reading the articles. Based on my understanding, I dont see any much problem with it. I guess they just wanted to be hooked up with current trending nowadays. It simply means they wanted to be innovative and increase their Sardines Business a way to promote through blockchain.

[bbc.reporter]

I have also read this news and it all appears very real. And why not? If we are converting companies focusing on garments, medical data, drugs, houses, collections, and thousands more, why not include the sardine industry?

Apart from the sardinecoin market might be flooded with overpriced sardines, each token is backed by 1 can of sardines, yes why not hehehe.

Also, who audits and makes it certain that there are real sardines in those cans? Is each token labeled for a certain can?

[Saisher]

I hope it's not another shitcoin in the making I have seen so many coins dedicated to superstar, politicians, historical figures, gold and restaurant, and much other industry, I don't think I'm going to invest on this kind of project, I am more into technology-based coin or token, but who knows this one could become an exception.

[noorman0]

_snip_
We have the stock of sardines and then we’re going to create the coin based on the stock.”

That is, if they wanna increase the stock because market demand suddenly jumps up thanks to their coins, have to issue some more coins? Even though they won't, how do they deal with price volatility if they say 1 coin is worth 1 can? Unless their coins aren't to be traded.

This is ridiculous, printing coins based on stock.

[NathanJB]

I have also read this news and it all appears very real. And why not? If we are converting companies focusing on garments, medical data, drugs, houses, collections, and thousands more, why not include the sardine industry?

Apart from the sardinecoin market might be flooded with overpriced sardines, each token is backed by 1 can of sardines, yes why not hehehe.

Also, who audits and makes it certain that there are real sardines in those cans? Is each token labeled for a certain can?

Well, if there is Trumpcoin, Biebercoin, Boobscoin, and what have you, why should we be dumbfounded on Sardinecoin? At least it has tokenomics.

If this company is legally registered, then they are definitely subject to auditing policies.

[Casdinyard]

That is, if they wanna increase the stock because market demand suddenly jumps up thanks to their coins, have to issue some more coins? Even though they won't, how do they deal with price volatility if they say 1 coin is worth 1 can? Unless their coins aren't to be traded.

This is ridiculous, printing coins based on stock.

Actually thinking what could be their token supply? In fact, sardines aren't that rare yet not pricey fish. So they will gonna be a huge supply nor unending supply as they say it will be based on stocks.

Plus, is there will be any use case of this token? What, you buy a token then you'll have a discount. Funny, really.

[pakhitheboss]

Never under estimate the power of fish 😀

I am still trying to understand what is the practical usage of this product apart from eating, but it is still not exclusive I mean saradine is not  a rare species, it is available in abundance.

What ROI will they promise? What is the token supply? How many competitors are there?

Very much interested in reading their whitepaper!

[ashmodeus]

i dunno why i am take this soo serious btw, even if its real.
i read the whitepaper,but they didn't given any info about how many SARD will created,locked,release.
they just saying One SARD2020 has a value of one 2020 vintage sardines can randomly chose within the
available Stock of canned Sardines.

[magneto]

I mean, the project itself doesn't say much.

What it says about the wider market sentiment is that these kind of projects are popping up again and somewhat being covered by the media, instead of the usual bear market things being covered. That in itself is a sign of a revival of the market, and potentially a pointer towards the next bull run very very soon.

These aren't necessarily good things to the cryptospace as they don't contribute much to the fundamentals, but it's an indicator of sentiment.

[Ucy]

A coin backed by canned/smoked/dry sardine? I wonder how long the sardine will last before expiration.
Well, I'd prefer coin backed by edible thing that is easy to move around. Caned Sardine (depending on country) would be a bit heavy to move a round. They are too heavy compared to their price. And am not sure if this canned things are very healthy.
 By the way, there should be ways to prove that things like this are stored somewhere safe and can't be altered or moved by anyone including the owner without the crypto community knowing.

[huu78]

Very interesting if it is true, or just over the news FOMO for Bitcoin to rise. But if realized maybe that you said that the bull market is back sooner I agree. Hopefully, this is not a coin that existed before that only garbage for the sake of developers and their team.

[slaman29]

Actually, I sort of disagree that it's the same as 2017. We're talking about an actual industry here. A real operation that already has experience of doing business, and is simply tokenizing their business. Real products, real people, real business, real demand. Even compliant with the business regulations too!

That is against everything 2017 projects were: hype, no product, no operations team, nothing;)

[DaMut]

Actually, I sort of disagree that it's the same as 2017. We're talking about an actual industry here. A real operation that already has experience of doing business, and is simply tokenizing their business. Real products, real people, real business, real demand. Even compliant with the business regulations too!

That is against everything 2017 projects were: hype, no product, no operations team, nothing;)

exactly, we can not compare today with the past because we are already in a different circumstance, in 2020 we are more into tokenizing our real business while back then we are tokenizing the hype and promise. cryptocurrency is evolving, it is no longer what it used to be as a place to make money by giving a promise but it has become something that helps us enchanting our business model.

[naikturun]

The title is quite funny by the way. When I read it I'm intrigue if the content is somehow a joke but it isn't. Just finished reading the articles. Based on my understanding, I dont see any much problem with it. I guess they just wanted to be hooked up with current trending nowadays. It simply means they wanted to be innovative and increase their Sardines Business a way to promote through blockchain.

yes I think there is nothing wrong with that, if some products want development with blockchain I think it's worthy of appreciation because they also help develop blockchain indirectly.
Doesn't it sound great if one day you want to buy fish and pay with digital money 

[bbc.reporter]

Actually, I sort of disagree that it's the same as 2017. We're talking about an actual industry here. A real operation that already has experience of doing business, and is simply tokenizing their business. Real products, real people, real business, real demand. Even compliant with the business regulations too!

That is against everything 2017 projects were: hype, no product, no operations team, nothing;)

Whatever it may be. We would begin having very overpriced or very underpriced  sardines traded on the cryptospace. I speculate that they might also expand their tokenizations plans to canned ham hehehehe.

[aioc]

Investors should first study the company and its roadmap and plan on how they can sustain their business, this is another of those company backed pump and dump coin in the making without usage in the community, so investors beware, there are so many coins like this in the past.