Going elsewhere
Qoin was created by Gold Coast-based BPS Financial in 2020. It also opened a “BTX Exchange” to trade the tokens, and a “Qoin Association” and “Qoin Reserve”. Qoins were given a catchy slogan: “Be part of where the world is going.”
The world went elsewhere. There isn’t much of a market for Qoin any more. The BTX Exchange, which recorded no sales in the 24 hours to 7pm on Monday, didn’t respond to an email asking when Qoin last traded, and at what price.
A lawsuit filed by disgruntled Qoin investors failed on Friday for lack of funding, which is a shame because a court will not judge the lawsuit’s assertion that Qoin failed because it was too popular:
“By March 2021, more than 12,000 people had registered for an account with the BTX Exchange. That amount far exceeded the expectations of BPSF, BTX, and Qoin Association with respect to the growth of trading on the BTX Exchange.
“BPSF, BTX and Qoin Association had been attracting new Qoin merchants by offering them Qoin tokens for free. Qoin merchants issued with incentive Qoin tokens were attempting to convert those incentive Qoin token into fiat currency rather than use them – as BPSF, BTX and Qoin Association intended – to purchase goods or services on the BTX Exchange.
“There was an increasing number of participants in the Qoin system who, rather than trading on the BTX Exchange by exchanging Qoin token for goods or services (or vice versa) were merely purchasing Qoin tokens from…
