One of the Richest Man in Russia Launching his own Token

[Psynthax]

What is the need for a billionaire to launch their own token? What is their project? Why they need money to be raised through crypto tokens? In my understanding, token economy is here for the people who are working for a project without enough funds for crowdfunding reasons.

Popularity and asset can boost a project. They are using this an advantage to pull off some money cash. Yes he is rich already and logically those rich people tendency is to add money on their wealth so they see a potential to cryptocurrency to make it happened. I doubt that this token will be big anytime sooner.

It looks like he is the guy who has also made his own exchange site and it's currently in the testing phase. He was being the richest man caused by business and what he was looking for to take a part in the crypto as crypto is still having a very high potential for the new decade. Crypto is not yet globally adopted.

[Vishnu.Reang]

We can't blame the guy for coming into the game if developers who lack the funds can set up one why not him who has the products and the means to make his coin moving forward, I prefer this kind of developer than those developers who are asking investors for money because they don't have the means to set up their platform.

Well.. you have a point there. At least he is spending his own money in to this project and therefore we can assume that he will be serious about it. What happens with other projects is that the promoters never invest any of their money and all the funding comes from the investors. As a result, many of the team members are not that motivated or interested to make sure that the project succeeds. Even if the project fails, they lose nothing.

[FireBallex]

Honestly I don't always like Russian blockchain projects, most are just piece of joke and others are scam, I'm more into Asian part projects like Japanese or Korea projects, they are well supported most times

[ray_saeed]

I tought that crypto is forbidden in russia

[fullhdpixel]

I am not surprised because I have been expecting this kind of thing to start happening. A lot of them will start creating their own tokens lol, even celebrities are now doing the same and creating their own tokens. Once read about some celebrities that creates tokens that would be used by their fans to make purchase from their websites. Before you know what’s happening there will be lots of tokens everywhere.

Everyone would always want to create their own tokens because they are always looking for ways that they will benefit from cryptocurrency. Sometimes I think, what about these people leaving all these tokens that they are creating and start making use of Bitcoin? I think that would be better.

[DDante]

Russian projects are always red flag, tell me a name of any Russian project that has good potential, cos I haven't seen any, this is just another project to earn more huge money, Bitcoin halving is coming and many garbage projects start showing up

[GreenStox]

So what I understand, that the richest man of Russia is creating a payment platform on blockchain for his own clients, so that his clients can purchase Potanin's products without the need of an intermediary like Bank! Well that anyone can do.

If you have ever worked in an office, you may find some similarity with the Cafeteria coupons. These coupons are useless in the real world, but can be used in the office Cafeteria. What Potanin is building, is the digital form of such coupons for his institutional clients! All good!

It’s a good idea to start developing the blockchain from your own place, I mean that a company or business introduces tokens that become possible after reaching a fairly large amount, then the public will see the results and start using it if their performance is good.
and not just like a pump and dump on exchange.

[ololajulo]

Having money to fund a coin on getting listed on exchanges and advertisement to interested users is an advantage even if all the coin is with the CEO but the use case of the coin and convenience of use is also important. If coin users have no alternative for use (not fiat use) and can get on internet to solve the problem, such coin will always have volume of trade either it is available or stable coin.

[Mia44]

What makes it any different from the failed Libra project of Mark Zuckerberg? If he is serious about cryptocurrency, then he should invest in Bitcoin and help the community rather than creating his own token. We already have 10,000 plus cryptocurrencies and there is no need for a new one. Just like Zucker, the intention here is not to support cryptocurrency but to profit out of it.

I think you shouldn't judge that way, maybe he just uses blockchain technology to create his token for use in his own enterprise ecosystem, if he doesn't put that token on a Exchange it will not affect the cryptocurrency world.

[tsaroz]

Bloomberg too have reported on this
https://www.bloomberg.com/news/articles/2020-02-25/potanin-forges-ahead-on-crypto-tokens-for-metals-and-air-tickets

And this token is probably the first one to get approval from the russian central bank. Russians are one of the most cryptoliterate population and they would soon lead the market.
There were also discussion about another Russian billionaire launching an ICO to fund a mega mining project.

[SquallLeonhart]

People could do stuff like this more and more frequently because they are literally giving you nothing and getting all of your money but at the same time they are going to get a lot of trouble in the future when laws are set in place.

Telegram also got talked about millions of dollars and even possibly over a billion dollars, if they get that much money for free without anything but a token that is worthless and useless, with time when the laws are set in place they will be punished for it. That token will be out there forever and as long as it exists there you will end up having to deal with it forever as well. I hope few people/companies get punished for taking people's money and giving back nothing so that others will see that punishment and stay away from it.

[istiak2277]

It's a lot of like coupon things . there's already plenty of cryptocurrencies out there and a lot of is returning day by day. Why he must produce another one! why do not we tend to use what's already within the market? It's more like a business than a service. In most of the cryptocurrencies, they came to the market to solve any problem that peoples facing. What new problem he's attempting to resolve here.

[coin-investor]

I tought that crypto is forbidden in russia

I also thought that but Yobit is considered a Russian based exchanged and the forum Cryptotalk is very much a Russian forum they are the only one with local boards there, many Cryptocurrency projects emanate in Russia and this new soon to launch token by one of Russia's richest man I believe will have a backing of Russian authorities.

[Leah38]

Its a great idea for his business and his clients. But how can other people not connected with his business benefit? I for one won't buy a token I have no use of. But I'll see how his project goes.

[Asuspawer09]

What makes it any different from the failed Libra project of Mark Zuckerberg? If he is serious about cryptocurrency, then he should invest in Bitcoin and help the community rather than creating his own token. We already have 10,000 plus cryptocurrencies and there is no need for a new one. Just like Zucker, the intention here is not to support cryptocurrency but to profit out of it.

I get your point, I think creating altcoins or cryptocurrency is no longer needed since there are already thousands of altcoins in the market also a big percentage of it was just a dead coin or token. Still, I think if the token has a certain use or a currency I think it could still work as long as it could gain demand from the community using the main uses of the token created still if there is no demand token will be pretty useless anyway.

Maybe launching his own token could still affect or influence a small percentage of the community Russia since he is one the billionaire in their country he is somehow famous for sure.

[electronicash]

just to use for his products, this must be a stablecoin.

nothing benefits his project but him alone. in order for him to make it at least has fluctuation for investors to watch for, he has to make it useful for the public. the token he is about to create will have a use case that's for sure, its going to be more useful if all his partners will also be using it.  but could they just be using blockchaiall these to evade?

[travwill]

Its a great idea for his business and his clients. But how can other people not connected with his business benefit? I for one won't buy a token I have no use of. But I'll see how his project goes.

It is difficult to say why this coin is actually being created, because in Russia there are quite a lot of rich oligarchs who are quite capable of creating such kind of coins for their own businesses.
It is possible that some of them have already put their hands to this. However, whether such coins will be of any use to those around me, I doubt it.

[cytpoway121]

To be honest, being rich, being wealthy or being a celebrity does not guarantee that a crypto currency token launched by them will survive.
Neither does it mean it would moon or be better than existing tokens.

When researching into a new token, it is good to trace its source definitely, but it is more important to find the value and the functionality of the existence of the token.
Will the token add value ?
Will the token drive demand ?

Being wealthy is not enough in this space, unless you want to buy back your tokens for yourself.
DYOR

[Ezravdb]

pretty good steps taken by a billionaire who will launch his own token. quite a lot of crypto projects are from russian countries and are in the ranks of the top coin at the moment. but it would be nice if the billionaire wanted to get into the world of crypto, he would better collaborate with projects that are already running like waves or other projects rather than launching his own token. whatever decision I support the billionaire

[TrevorS]

I wonder why this is actually being created. Russia has a very high level of fraud among wealthy people and officials in particular.
The level of corruption just rolls over. I can assume that this coin will be used primarily for money laundering for institutional investors.
And if we are talking about money laundering, then we will definitely encounter drug trafficking.