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Another crypto with questionably vague mentions of strangely specific goals.
Belacoin (BELA) is a cryptocurrency derived and inspired in large part from and by Litecoin, but their own whitepaper states that they announced Belacoin "at the height of the cryptocurrency [alleged] bubble. The stated goal of the coin (and, indeed, the tagline of their website) is to "supercharge entrepreneurship," which is at least a strange goal. Their Whitepaper is available, which is good, though it isn't self-hosted, and doesn't contain a lot of fluff; it's mostly just text. Although Editor-in-Chief Aria DiMezzo happened to be downloading a blockchain and mining Vertcoin at the time, Belacoin's website also loaded extremely slowly, due to all the fluff, PHP, and JavaScript. This is more annoying than anything.

In Depth

A number of shady things cause us to be leery of Belacoin, despite its ostensibly professional veneer. Foremost of these is "BelaChess," an Android app that promises to act as a faucet that rewards Belacoin just for playing chess. Editor-in-Chief Aria DiMezzo is an accomplished chess player, and set maximum difficulty repeatedly. According to the software, having lost none of the games that she played, Aria should have earned at least 5 Belacoin from the total amount of play that she did. In fact, Aria received no Belacoin, making it identical to other "faucets" on the Android store. As with most of the cryptocurrencies featured on CryptoCheck, Belacoin is not available on Coinbase, but is available on other exchanges such as Bittrex, and can be easily acquired by using Shapeshift or Changelly from the Coinomi or Jaxx wallets.

Strangely, there isn't anything in their whitepaper about encouraging entrepreneurship. In fact, their whitepaper doesn't really say anything about why they "revitalized" a cryptocurrency... except that leading statement. " the height of the cryptocurrency [alleged] bubble." Cryptocurrency "believers" generally don't refer to the growth of cryptocurrencies as a "bubble," because it technically isn't a bubble. A bubble occurs when artificial factors pump "nothing" into a market, hence the phrase--bubbles are filled with air. Cryptocurrencies have wealth pumped into them and subsist solely from relationships between demand and supply. Our assessment is tentatively that Belacoin came into existence (and then was revived) because people saw the increasing value of cryptocurrencies, decided that holding a few Bitcoin wasn't enough wealth for them, and so created an entire cryptocurrency in order to extract wealth from people. This isn't to say that it seems likely to be a scamcoin, because the "scam" part is already over, but it is unlikely to ever stop being a shitcoin.

It's almost like they took random concepts, glued them onto a dartboard, and then proclaimed whichever they hit to be the purpose of Belacoin. Their website also repeatedly misspells their own currency. It's always a matter of concern when a whitepaper fails to address how it is going to solve the problems that it outlines, but it's an even greater concern when a whitepaper completely fails to identify the problems it is supposed to solve in the first place. Regarding value, its value doesn't change much, even when other cryptocurrencies take off and see 30-60% increases. This is probably because Belacoin is a shitcoin with little prospect for growth.

Investigation Results

Utility: Extremely Low
Stability: Moderate
Coinomi Support: Yes<
Whitepaper Availability: Yes
Management Availability: Excellent
Birth: March 2014
Death: 2015, Revived 2017
Scamcoin Likelihood: Moderate
Shitcoin Likelihood: Extremely High


There is nothing particularly shady about Belacoin these days, although if we had been around in 2014 we would have thrown many red flags on their ICO, primarily for having no stated goals or purpose beyond "We want to get in on this money people are making!" but the coin already exists now. The current team also seems to have nothing to do with the initial launch, but also has not provided any more direction or goals for the cryptocurrency. The faucet they promote on their website does not work (and isn't a particularly good chess program), which is an additional concern since, although they are not directly responsible for it, they do promote it.


We almost went with a D.
Despite the lack of information in its whitepaper and the general directionless of the currency, Belacoin has managed to work its way up to being worth about ten cents in USD, which is moderately impressive for something that is obviously a shitcoin and created primarily for the "Me too!" modern gold rush that people think cryptocurrencies are. So that's something. However, Belacoin is without direction, and has only a very vague and cliched goal, with absolutely nothing mentioned about how Belacoin intends to do a damned thing to "supercharge" entrepreneurship. They need focus, and they don't have it. Because of this undirected wandering through the digital landscape, it is extremely unlikely that BELA will ever go anywhere. It also doesn't help that the faucet they promote doesn't pay out at all, nor that they misspell their own cryptocurrency repeatedly. Consider this one to be at very high risk of vanishing within the next few years. After all, it has vanished before.


Belacoin Whitepaper
Coin Market Cap: Belacoin
Belacoin's Website