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EXCLUSIVE: InfiniteCoin Loses Developer as Chinese Scoop Up Currency

Saturday 23rd, May 2015 / 23:39
EXCLUSIVE: InfiniteCoin Loses Developer as Chinese Scoop Up Currency

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Infinity is a very attractive concept, and for the Chinese there’s apparently no limit to how much they’ll pay to acquire the volatile cryptocurrency of the same name. Volume on the Chinese exchange Jubi has been “off the charts” accounting for nearly 90% of the currency’s recent volume.

The coin has increased in price over 1,400 percent during the past 2 weeks, jumping from $282,000 in market capitalization on May 10th, to over $4,000,000 on May 20th. These types of spectacular increases are reminiscent of the Glory Days of old when BTC skyrocketed to $1200 per coin during the winter of 2013.

But as we all know, everything that goes up must come down, and InfiniteCoin is no exception dropping 15% over the past few hours after it was revealed the currency’s lead developer might be knocking on heaven’s door.

The official post on the InfiniteCoin forum reads:

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Infinitecoin (IFC) was created in June 2013, and is a script proof-of-work cryptocurrency. IFC is a global alternative currency to fiat. IFC is a peer-to-peer (P2P) version of electronic cash that allows online payments to be sent directly from one party to another without going through a financial institution.

How will the markets react to the fact the Chinese darling has lost its captain? Will we see an unlimited crash? Log in below using your favorite social network and weigh in on the discussion.

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