BTC City is to Bitcoin, What Jupiter, Florida is to Jupiter
In Frank Baum's adaptation of The Wizard of Oz, audiences were treated to the first feature-length film using the brilliance of Technicolor. This gave viewers the expectation that vivid colors portrayed in the story would be represented in the film, and they were not left disappointed. From the fields of vibrant red poppies, to the bold yellow brick road leading to the intriguing Emerald City. When hearing the term Emerald City, in a story so reliant on the use of color, one would be safe to assume a vivacious green skyline would be upcoming, and they were correct. It would have been misleading and bizarre to name this city "Emerald", and then have it glow in some pale shade of orange. There's a lot in a name, and much could be presumed from a descriptive name like Emerald City, just as much could be presumed from a place called BTC City. Seems safe to assume that BTC City is a place focused on the application of Bitcoin, well, don't assume too much, because what you get is truly a horse of a different color.
The video gives an air of a futuristic community to be built within the framework of modern blockchain-based living, designed in an Elon Musk-ian fashion. However, the shopping center featured in this promotional video is not new, and it was not built on the underpinnings of Bitcoin and blockchain technology. This location is already a well-established city center in Ljubljana (Slovenia's capital), which began it's construction nearly a decade before the existence of Bitcoin. In fact, the "BTC" in BTC City is an acronym for a goods and transport company, which started in 1954. First named, Centralna skladišča, which was then renamed, Javna skladišča...and then renamed again as CenterBlagovno Transportni, and one more time to its current name: Blagovno Trgovinski Center.
Let's pull back the curtain, and see who the great and powerful head behind this prank of misconception is. Miha Artnak is actually an artist, with a knack for trolling, by way of his art. Artnak utilized a "news article", meant to look as though its source was The Guardian, one of the UK's most highly circulated publications, to create the tale. However, in noticing the detail in the URL, total-slovenia-news.com points out:
Artnak has successfully persuaded the public in the past, with his satyrical prank, that a painting composed of dove droppings was sold to a large Chinese bank for 5,000 Ether (ETH), which was valued at about €1.2M, at the time. Artnak had this to say when asked why he decided to concoct the "false" story, in an interview with siol.net:
Despite the unmasking of these two stories, to which Artnak was reportedly very happy to fess up, a company is piggy-backing on his roos. A company called Eligma, plans to create an "AI-driven and blockchain-based cognitive commerce platform", in the BTC City. The video below expresses the lofty goals of Eligma, and their ICO:
It is well known that multiple ICO's have failed, due to lack of investment or failed proof of concept, yet Eligma began pre-sale on its ICO on March 20, and claims to have already received contributions of 12,310.73 ETH; which is still shy of its target of 22,900 ETH. They claim that they'll be able to offer customers in BTC CIty, "a “one-place”, from where they can shop in all the online stores anywhere in the world, check the value of items in their household and learn the best time to sell them. Eligma will offer users a completely decentralized universal loyalty program and help transform every household into a business."...so long as you're using ELI tokens. While capitalizing on the misconception of the name, BTC City, make no mistake that there does not appear to be any plan to implement the use of Bitcoin in this shopping center of the future. So the need to capitalize on the misleading nomenclature, rings of a lack confidence in their own proof of concept, or they could be making the most of an conveniently pre-marketed opportunity. We'll have to wait and see, but we're not holding out much hope that this will see the light of day.