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Scharmbeck and Its Effect On the Value of Worldcoin

Scharmbeck was one of the first sites that was set up to disrupt the world of alternate crypto currencies. It was designed as a sort of bank to help facilitate the transfer of Worldcoin to fiat and from fiat to Worldcoin. The idea behind it was that it lets people get directly involved with the crypto currencies while having the following benefits:

  • Not having to wait forever for transfers to get completed (due to the slow nature of Bitcoin, which has somewhat long block creation times)
  • Allowing Worldcoin to hold its own against fiat, without having to be based on the price or number of Bitcoins
  • Possibly opening the doors to allow other coins to get themselves to a more solid position where they are based on fiat as well

The site was going to be an experiment that could prove very valuable for any coin creators that really wanted to push their coins to the next level. After all, if everything is based on Bitcoin anyways, why not just have Bitcoin? At the end of the day, it all ends up going to the same place anyways.

Prices Rise With Scharmbeck Announcement

When Scharmbeck announced their idea and plans, the prices of Worldcoin started to rise. This was actually due to two separate things happening:

  • People were speculating that the price would increase because of its decoupling from Bitcoin
  • People were hoarding their coins, making them more rare and decreasing the supply

These two things together boosted Worldcoin up in value by at least 10x what it originally was. People believed in the project and had high hopes for what would happen in the future. After all, there is no telling how much a Worldcoin could be worth if the little experiment (or, business) worked out. And since Scharmbeck was playing by the rules, there was no reason for it not to.

One of the issues here is determining what a Worldcoin may sell for in the future. Everyone has their own opinions. Some feel it could be worth $10. Some feel a couple cents. The problem with these differing opinions is that without seeing the true effects yet, it is anyone's guess. The price was therefore somewhat volatile from day to day, as people jumped in and out of the coin somewhat randomly while hoping to be able to make at least some part of a profit.

Scharmbeck Has Problems

Now we are in the situation where Scharmbeck is going through issues. I have heard way too many rumors about what is actually happening. Some say that the site is down while evaluating new government rulings. Some say that the site was a scam to begin with. Some say that there were other problems they are currently dealing with. As a result of people not knowing what is actually going on, and the lack of information that is floating around, the prices of stocks in the company have pretty much tanked. People are quickly losing trust, which means that if they are legitimate and end up making up for their problems, there is no telling what is going to happen. If people can not trust the site, they are not going to invest their money or make deposits to trade for fiat. Nor will they supply any needed documents required in order to buy or sell their Worldcoins.

The situation we are seeing right now is sad, because Scharmbeck was a trusted website and had the unique ability to change the way people look at crypto businesses. As some have said, “if we can not trust Scharmbeck, how do we know who we can trust in the future?” With that said, I do believe that holding judgment until we know for sure what is happening is a good idea. There are just far too many things that could have happened. Though, for a business not to be communicating its status with its potential customers or its investors is definitely bad business practice.

Conclusion

Worldcoin is in a state of limbo at this point, where some people are afraid to buy in to them for fear that the entire coin is a scam and will go nowhere, and others are afraid to sell theirs because there is a potential for a massive increase in price depending on what happens with Scharmbeck. It has been going through a little bit of volatility lately, although it appears to be mostly on a downward slope, losing more and more of its value as time goes on (which is understandable, being that the only service that made people really want to keep it has been silent). From an investment point of view, the coin is currently considered as a high risk, high yield investment. You can lose everything you put in to it, or you can make massive amounts of money if things go right. At this point it is just too soon to tell. Let us just hope that Scharmbeck follows through with their business and is able to resurrect things!

Cryptocurrency


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