notes on Flashcoin from a noob

[nandibear]

Me myself I'm not really interested in Flashcoin (Flashcoin.io) but I have a family member who recently received 10,000 Flashcoins.

This member of my family has roughly zero experience with cryptocurrency and the only reason that they referenced the Flashcoins to me in conversation was because they'd heard me mention Bitcoin in the past.

I read on Linkedin Pulse that, you are also welcome to get a free account with 10,000 coins and try it out for yourself (sorry, not available to U.S. residents).

...

FLASH can be redeemed by merchants for goods and services and in the future, it will be possible to redeem FLASH for Bitcoin.

...

Well, I don't know about that part regarding not available to US residents because we're in the United States and my family member got the 10,000 Flashcoins.

I also read elsewhere (Smith + Crown) that FlashCoin is a private blockchain built off a fork of the Litecoin network. It is designed to be a platform for incentive based marketing and app development. Flash, the unit of exchange in the FlashCoin ecosystem, will be used to reward users who participate in marketing promotions.

That makes sense since I've recently read the book Decentralized Applications by Siraj Raval in which he talks about DAPPS (i.e., decentralized apps) and that in order to be successful they need to have an internal currency.

My observation so far regarding Flashcoin is that I don't really know enough about them to even have an observation other than I don't understand how they compuate that 1 Flashcoin is worth approximately $76.00 US dollars (??.??!...?).

Here's the Flashcoin explorer for looking up transactions, addresses and blocks.

If anyone has any experience at all with Flashcoin please consider sharing your thoughts here. Thanks

[Rmcdermott927]

"Flashcoin can be redeemed for goods and services"

Is this true? Where exactly can I use it, and what is the benefit?

[mjglqw]

is flashcoin one of those crypto-currencies that never last a year? looks like it.

[nandibear]

Can anyone reading here help me understand how 10000 (ten thousand) Flash coins recently turned into 10 (ten) Flash coins?
Above is a screenshot of an email that my family member received on December 1, 2016 from noreply@flashcoin.io

The email states:

Congratulations! Along with your Seen.life account you now also have a free account with Flashcoin.io. Our site uses Flashcoin to reward you for helping our site. Your wallet has 10,000 free Flash tokens as our gift to you to spend, share or give away. For now, you can invite friends to visit https://flashcoin.io and get their own wallet, you can share with them.

Best,
The Flashcoin Team

If you look at my original post (1st post in this thread) regarding this subject it was made on December 3, 2016 (just two days after my family member received the email and their 10000 Flash coins).

As I've previously stated my family member had roughly zero experience with cryptocurrency and the only reason that they referenced the Flashcoins to me in conversation was because they'd heard me mention Bitcoin in the past.

Since then (more than a year ago) my family even offered to give me the coins. I refused and told them that I'd hold hold their wallet information (it's a web wallet) and that they will likely want these coins if the prices ever rises (they might finally take cryptocurrency seriously!).

Well, the day finally came last month in January (2018) when those when those 10000 coins were worth about $2300 US dollars on January 8, 2018:
When we checked the address (UeWZK6zmBJGF9yofZVgM7QhBfAQymLFHaQ) again on the Flash coin explorer we noticed that the 10,000 Flash coins are now only 10 Flash coins:

https://explorer.flashcoin.io/address/U ... fAQymLFHaQ
How can this be?

There has not been any sends made from this address.

Also I noticed on their explorer you can change the view to "mFLASH" which does show 10000:
What has happened?

Is the new Flash explorer designed in a method which will show 10000 coins as being 10 Flash coin (i.e., the code at their site will calculate 1000 Flash as being 1 Flash?)

Moreover, is this a scheme which was designed to manipulate the price of the coin?

I've heard of coin burnings but this is not how a coin burn works.

If anyone has any thoughts on what has happened please let me know. Thank you.

Postscript: If anyone believes that my family and I misunderstood the free 10000 (ten thousand) coins please see this September 2, 2016 post at Linkedin which mentions that Flash was giving away 10000 free coins back during this time:

Flashcoin.io Like Gmail for Crypto-Coins
by Chris Kitze
September 2, 2016