As Vinny Lingham’s Civic entered a partnership with Dentacoin, eyebrows were raised on the CEO’s decision.
Dentacoin was recently unveiled as the first partner of Civic (CVC), who rolled out their own blockchain-based version of Google and Facebook login authentication. With the Civic Connect app, internet users can securely log in to websites without inputting their personal details. Instead, users make a Civic ID upon initiation, which is then used to gain access to various websites and applications. Dentacoin is now the first to adopt the login verification system within its decentralized dental care network, and both the Dentacoin (DCN) and Civic (CVC) token prices took sudden lurches upwards as the news rolled out.
Notably, Dentacoin had gained a tainted reputation in the past few months. Journalist Meltem Demirors had noted:
“But the realities of this market are pretty interesting: – raising money is still as easy as its ever been – building shit is still as hard as its ever been – any time there’s even a mild market rally, more shitcoins flood the market and consume all value how is this possible?”
She added that every project treats token holders (ie humans) like machines. Tokenomics would have you believe if you put a token in a human, you get out a function. that’s not how people work. no amount of free dentacoin will make me use dentacoin. Demirors’s final thought is that it’s just too early to be able to make reliable predictions about the market. The market is too raw just yet. Her own energy is focused on improving the ecosystem as a whole.
Others on Twitter took note too.
Basically the same announcement – REKT pic.twitter.com/jgd0FXj97Y
— dark pill (@DanDarkPill) December 13, 2018
In order to address these criticisms, Dentacoin noted:
“This is another great step forward towards creating a seamless UX and authentication across all our tools. Leave your username and password in the past, for CivicConnect and Dentacoin are here to take you to the future.”
In January CNBC had addressed Lingham as the “Bitcoin Oracle.” He had said:
“When I look at it from a product standpoint, I think the greater demand is for peer-to-peer cash than digital gold.”
This was one of the worst PR moves by the CEO as it had come back to haunt it many time.