HongKongCoin is developed by a team involving not a single guy from Hong Kong. The team has illegally used the Hong Kong Emblem as the coin symbol. Furthermore, the HongKongCoin developer ignored the requests and questions from the Hong Kong members in Bitcointalk
(see the ANN thread
https://bitcointalk.org/index.php?topic=518669.380 in Bitcointalk for details).
HongKongCoin is just like another VisaCoin. Just Another Big SCAM.
Here are the key problems of HongKongCoin
1. Lack of Integrity: Dev has said there are Hong Kong people in their team. This is a big lie. When Hong Kong people asked for evidence, they could not provide.
2. Lack of Understanding and Real Plan for HK: I could not see any real and feasible plan to make HKC as a useful cryptocurrency in HK.
3. 2.5% premined coins for HK people .. this is really not enough when distributing to all HK people.. in average only 2 HKC per person in HK.
4. Distribution of 2.5% premined HKC to HK people via faucet. This also means the decentralization is only restricted to people who knows what cryptocurrency is. This is not fair to all other HK people. This is not a real decentralization in Hong Kong.
5. Distribution by faucet is a method full of faults. A lot of coins can be distributed outside HK. Furthermore, this method is IP specific, but not person specific. For those people like me having a good number of IP addresses in hand, I could have multiple 100 HKCs from faucet everyday.
6. No auditing in the faucet method. The distribution of the 2.5% premined coins is not transparent. No one knows how many HKC coins from these 2.5% premined coins will be finally distributed to Hong Kong people or finally are kept by the coin developers.
7. Basically, there is no novelty in this coin, except claiming this coin is Hong Kong affiliated. Unfortunately, it is not so true.
8. Illegal use of the HK Regional Emblem. The HK regional emblem or their designs must not be displayed or used in trademarks or advertisements (Section 6 of the Regional Flag and Regional Emblem Ordinance)
9. A Coin Lack of Recognition from Hong Kong people: We all HongKongers in Bitcointalk have a strong feeling that HongKongCoin has kidnapped and hijacked the name of Hong Kong. We all consider it as a fake HongKongCoin.
10. A group of Hong Kong is now taking legal action to sue the HongKongCoin developer and Bittrex for selling a cryptocoin that breaks Hong Kong Ordinance.
Thank you very much for your attention.
