“Bit Drop,” the major event that was to transform the island of Dominica into a Bitcoin paradise, has been cancelled by organizers.
The event was to take place on March 14. It was to award bitcoin via SMS to approximately 70,000 island residents, along with a party celebrating Bitcoin and educating holders on how to use it.
Organizers had previously stated, “Our goal is to create the world’s largest and highest density Bitcoin community on the planet.”
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The event was reportedly cancelled due to the alleged failure of local hosts to provide promised support. Organizers, including Coinapult, Aspen Assurance, Bitcoin Beauties and College Cryptocurrency Network, say that they have not given up on the project and are looking into ways to make it happen.
Organizers also say that they will be refunding donors. Donations were sought to finance the distribution of bitcoins and production of collateral for the event.
The project sought to distance itself from the now-disgraced Auroracoin, which promised a national cryptocurrency to Icelanders through a series of “airdrops.” In failing to live up to its goals, the coin has lost 99.99% of its value in just under a year.