Eigencoin Review - A sustainable lending platform?

Last year, if you ask me what’s cryptocurrency, I would say it’s a fad and probably will die sooner if not later. I didn’t know what the word “decentralized” really meant at that point. This summer, after historic rise in Bitcoin and other cryptos in general, I became intrigued and started looking into blockchain technologies. Needless to say, it didn’t take long for me to become a believer. Now I’m a full time crypto investor, and a new member of Steemit (I think it has great potential, kudos to all who joined last year!).

A couple months ago, I started looking at the new crypto fad, aka lending platforms. Since I’m familiar with PPC programs (Paid-Per-Click - essentially you get paid for clicking ads, also somewhat a Ponzi scheme), crypto lending platforms were no stranger to me. Most of them are straight up pyramid schemes, and copy-cats of one another. However, I’m not afraid to say I’m personally invested in many lending platforms such as Bitconnect, Regal…etc. I make decent money flipping them, high risk high reward kinda deal. As long as you make more money than you lose, Ponzi or not, profit is profit, right?

Enough with the boring stuff. By now you’re probably wondering what’s Eigencoin? Well, the good news is it hasn’t launched yet. ICO is in a couple days. I’m not going to post any links or referral codes here as that’s against the rules. Google them if you’re interested. I’m just intrigued on the features they proposed and thought I’d share with the Steemit community (I’ll explain why in a sec).

Their whitepaper is just like most lending platform, you get X% daily, lockup for Y days, blah blah blah, boring stuff. Only three things stood out to me (one of them actually has the word “Steemit” in it):

1. Bi-annual buyback program - They offered to buy back their own coins twice year and burn them. Smart stuff by these guys. Buying back and burning their own coins to increase value. Most lending programs wouldn’t even think about this. I mean, why buy back something they get for free?

2. Ad redistribution - This is what I relate to the most. They plan to sell banner ads on their site, and give it back to members. This is a page taken straight out of PPC program. The fact that this is even in the roadmap tells me that these guys are probably PPC veterans. However, to get a decent chunk of ad revenue, they would need to have A LOT of users (think Bitconnect). It’s an ambitious goal though.

3. Premium content portal - This is why I wanted to share with you guys. They said, and I quote: “we will implement a blogging rewards platform similar to Steemit, focusing on HYIP/lending content.” Now I’m new to Steemit, but I believe this makes them a token? A lending token? You learn something new everyday I guess.

I’m thinking about investing a bit here. Let me know what you think of this coin. Usually I don’t invest in new coins, too many red flags for me (I like to wait 1-2 months after they’re on exchanges). Please up vote if you think its a good investment (at least for a few months), and leave a comment if you don’t like for whatever reasons. I’d love to hear your thoughts!