Humaniq Breakout?

Hey guys - TenaciousJ here.

This is my first foray into the bitcoin pub, so greetings to everyone.

I picked up some Humaniq yesterday, and wanted to get the communities feedback on my analysis of what appears to be a coming breakout.

HMQBTC - BITTREX Breakout Pattern

https://humaniq.com/

Humaniq Whitepaper

Humaniq essentially wants to leverage the cryptocurrency investment market to provide sources of liquidity in developing regions that are underserved by traditional institutions. They’re using blockchain tech and biometrics to provide cheap, accessible, transactional banking to unbanked regions of the world based on a coin that is not dependent on access to bitcoin, since bitcoin is a scarce and relatively complex currency to deal with, and there is a fear that using bitcoin would hinder the broad adoption that is required to serve large regions in a sustainable manner because of its difficult and expensive mining process and high transaction fees.

Humaniq’s solution is to use a ‘proof-of-face’ cryptocurrency that is limited to a set number of coins per person, rather than the traditional proof-of-work minting process, which would facilitate broad adoption and prevent consolidation among a few holders before that adoption can really seat itself in the daily transactions of the regions.

I really like the idea behind the project, bringing access to decentralized finance to those who don’t have access to traditional banking institutions, either because they don’t have local banks, reliable transportation, or because they don’t have the resources to pay the fees that banks normally charge is a fantastic concept. I think this is the crux of why blockchain technology is such a powerful impetus for global change.

It’s also a massive potential marketplace of 2.5 billion people that are currently unbanked.

There are other projects working toward similar goals, with considerable success, but the need is massive with lots of room for other groups to fill the gaps.

Thoughts?

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What would help OP is some context as to why and what before you post a link.

We don’t know what we’re getting into!

I’d heard of it. Basically, they say they want to give people in the 3rd World a chance to transfer funds without being part of a banking system: “Bank the unbanked.”

https://blog.humaniq.co

Gone down constantly since ICO. Long MACD shows crossing at about the same point as post-ICO. I don’t know anything about it, but it could well go up from here.

https://www.coinigy.com/s/i/59a6aff2717d9/

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Sorry about that, I should have posted more details about the project. I was just looking at it from a strictly objective technical analysis perspective rather than fundamentals.

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I read the whitepaper (https://humaniq.com/pdf/humaniq_wp_english.pdf)

I don’t like it. As @JDOG said their saying is to “Bank the unbanked”, but that’s exactly what BTC is for. They do cover that in their whitepaper, but the reasoning’s to defend it are weak in my opinion. I think they have to worry about more that just BTC. LTC has a higher coin count and is faster and is already established so they will also be competing with that as well.

Another issue is that there will be ZERO anonymity due to the fact that they will be using facial recognition instead of public/private keys… which I also don’t think will be doable.

AND… for all this to work out they have to get these unbanked people using their platform and the solution for that is to promote it using local crypto evangelists… well I believe that will take years and years for that to be effective.

They bring up all these problems and their solutions to them, but they are all handcuffed on adoption of the currency… which is and always has been the same problem for BTC, LTC and the whole crypto currency scene. I think they are impatient and just need to wait for this new wave of technology to be adopted by the common people.

TL;DR

Not needed. Use BTC or LTC.

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It’s OK. It’s not something I want to invest in either

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The problem with BTC and LTC is the mining and network requirement, and how limiting that is to developing regions in both costs of production, infrastructure, and complexity of use. Simplifying that is essential for adoption in areas that don’t have any interest in investing in cryptocurrency for the long-term, but would find it immensely useful for handling daily transactions such as micro loans and purchases, in which regard BTC and LTC are both relatively expensive. Maybe they’re not expensive to developed nations with existing financial institutions readily available and money to access them with, but in regions that don’t even have banks, how are they going to purchase, mine, use bitcoin? They need a different system to start with, until such time as their economies grow to a degree that they can support the infrastructure required for adopting more complex currencies. Enter Humaniq. It’s a relatively elegant solution to a complex problem in my view, and would lead to further adoption of cryptocurrency globally.

As for anonymity, I sincerely doubt that entire regions that don’t have access to banks at all will care if the currency they finally get access to is anonymous or not. Banks are not anonymous, no traditional finance is.

I see your point that it will take a long time to adopt, but most things worth doing take time. Just look at IOTA, it’s viability timeline is many years into the future, if ever, yet its still attracted $2.3 billion in capital.

That’s it for the elevator pitch… lol. Right now, I’m looking at the coin from a technical perspective, for market swings, etc. but if I do end up holding onto the investment for a long time to see the gains I expect the project to produce, I’m ok with that, which is ultimately what’s important I guess.

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Yeah it seems to be following the traditional (if there is such a thing) ICO exchange release pattern. How long the accumulation period is remains unclear, but it seems to be in a pretty confined channel at the moment. The longer that remains the case, the stronger the breakout is likely to be.

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You don’t need to mine BTC or LTC to use them. Lighting network on LTC will handle micro payments with no issues. I do understand what you’re saying though… if they get in on the ground level that will at least have some of these new tokens.

What about the issue of the unbanked being able to invest in the ICO? Seems to me all the “rich” “banked” people will gobble up all these tokens and then the unbanked will be in the same position if they just when with LTC or BTC to begin with. I bet you need BTC, ETH, and or LTC to invest in the ICO… which the unbanked won’t have so they are left out and all the rich fat cats once again control the fate of the unbanked.

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I don’t think the tokens investors buy are the same as the currency used for transactions, at least that is my understanding. The tokens are to provide funds to be used to build out the infrastructure required for the transactional currency which is separately minted and limited by the number of users on the platform, and the number of coins an individual can mint themselves is also limited to promote broad adoption and work to avoid consolidation by a few. At least that’s the bird’s eye view from my once over of the whitepaper.

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