The Escobars want Trump impeached! The Escobars utilizing cryptocurrency to crowdfund their efforts to impeach Trump is a new one. Less than a day after wanting to raise $50 million via GoFundMe, Escobar Inc is running an Initial Coin Offering (ICO) for a stablecoin that’s pegged to the US Dollar. What’s the name of the stablecoin you ask? ESCOBAR.
The move is to ensure that centralized platforms aren’t able to further censor fundraising efforts of the Escobar estate. The Escobar estate has pledged to be focused on entirely dethroning Trump. The Escobar Estate hopes that the ESCOBAR will compete directly with Tether (USDT), citing trust issues with the coin.
According to Escobar Inc., $10 million had been raised in 10 hours on GoFundMe before being pulled by the organization.
“Originally, the goal was to raise $50 million just using the GoFundMe platform,” said Escobar Inc’s CEO, Olof Gustafsson. “After raising $10 million in just 10 hours we were shut down by GoFundMe and within 24 hours launched the ESCOBAR stablecoin cryptocurrency to avoid anyone censoring us again. We believe the Trump Administration or President Trump shut us down.”
The ESCOBAR whitepaper details how ESCOBAR will work. ESCOBAR is an ERC-20 token, so its 1 billion ESCOBAR tokens will be issued via the Ethereum blockchain.
The value of the ESCOBARS is to be pegged to the US dollar. Starting in June, per the Whitepaper, 1 token will be redeemable for 1 US dollar.
The estate describes a major pro of ESCOBAR to be that stablecoins have been launched by “unknown companies”. ESCOBAR will be launched by Escobar Inc., their claim being that the organization is not “unknown”.
Any funds raised via the ICO are said to now be split between funding towards impeaching Trump and “developing the ESCOBAR cryptocurrency.”
Roberto Escobar and Escobar Inc earlier last year launched a fork of Bitcoin, called Diet Bitcoin. So this isn’t the first cryptocurrency project from the Escobars.
What do you think? Do you think this will hurt Crypto’s reputation for being used for illicit activities based on the name of the corporation building this stablecoin? Do you think we should embrace rules and regulations to help protect investors? We know how strict the SEC is being with ETFs, what do you think stuff like this will do for the SEC’s decision? Let us know what you think on our Facebook page!