Exchange Union Coin (XUC), new coin made for trading between exchanges

I understand the technical core concept of this new proposed coin however I'm an absolute neophyte at finance can't even tell if this is a good idea of if it'll fail.

Its ICO is on August the 7th, and it'll start working with some exchanges on December.

What are your opinions?

Here's the whitepaper

PS: I propose we pronounce it suck.

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