If you’ve ever browsed on Netflix within the past years, then it’s inevitable that you haven’t at least once stumbled across the show Narcos. It’s a show centered around the story of how Pablo Escobar began his billion-dollar cocaine empire, and how he dealt with his political enemies. Well, his brother has gone into business ventures since his passing and released 2 smartphones to the market under Escobar Inc. Now, they’ve created Escobar cash (ECH), a crypto option that seeks to be the fine line between a physical and digital asset.
As Escobar Inc. CEO Olaf Gustafsson explains in this YouTube video, ECH is a hard fork of Ripple (XRP) and was created due to their disagreements with how the original operates and its founders. While XRP sells at around 1:1 with the US Dollar, ECH wants to be the cheap entry point for cryptocurrency while building on current technology.
What makes ECH very unique is the way that you can have physical prints of the cryptocurrency. This is much like typical variations of cash – and additionally, ECH has its own application that interacts with these bills. The whitepaper indicates that 51% of all ECH will be printed as cash tokens.
Each cash token comes with a sticker at the back of the bill. Users have to scratch away the sticker and scan the QR code with the application in order to retrieve the amount. Until the QR code is scratched away, the bill can be used as currency in the same way cash transactions are held. An e-book printed by the company further delves into how most cryptocurrency advisers stow their tokens in a physical wallet and compare this technique to their own cash. Anyone can go to the Escobar Inc Shop website to buy the bills as soon as possible, with larger denominations of notes coming in limited quantities.
Believable enough, right? Nope.
To begin with, the company history is shady. They’ve had a history of sending over a reskinned Galaxy Fold or a “refurbished” gold iPhone 11 with their branding at a fraction of the price to influencers. They even hosted risque commercials with models, highlighting a flashy lifestyle. When these gain traction, consumers proceed to their online shop to buy – only to be ghosted in their transaction. Why this has been allowed to happen twice is a question many of us want answers to.
As for this whole cryptocurrency business, MrWhoseTheBoss goes into detail in his YouTube video claiming that the application itself is unreliable. He was given some bills by the Escobar company itself but even these failed to register in the application.
MrWhoseTheBoss ripping the bill
It will also be difficult to believe the authenticity of the bills, as you won’t really know if they’re real or not until you scan the QR code. Taking off the sticker could lead to non-acceptance at trades and retail stores though. The bills can easily be ripped and very likely aren’t resistant to liquid damage.
To add insult to injury, this cryptocurrency is currently not being traded on any platform right now. While the roadmap indicates that the team behind ECH is working to get these in the online markets, it’s one thing to try and entirely another thing to do.
Escobar Cash, Crypto, or whatever they call it – ECH is not the place to be spending your hard-earned money. Catch up on the latest news at Unchain!