Whats the deal with Dash? Why o you call it a scam?
I think people mean the founder(s) own a very large percentage of the coins. How large? I don't know but probably large enough to pump the price by simply holding and not selling. So you combine the following: 1) launch coin in such a way you control a very large amount 2) market coin with funds 3) Speculators don't do much research so when price starts rising they jump in causing more spiking
It's a perfect storm of high coin price, at least until large holders start selling or a better market understanding of the coin's story happens. I admit I haven't spent a lot of time researching DASH but here is an example of what I've found so far.
The first thread to look at:
https://bitcointalk.org/index.php?topic=999886.01. Within the very first hour over 500,000 coins were mined
2. Within 8 hours over 1.5 million coins were mind, which is most of the instamine.
On the matter of the instamine itself, to focus on the amount of the instamine and the subsequent disposition of the coins is to ignore a whole host of extremely deceptive and arguably fraudulent practices that surrounded it:
3. That Evan misled people into thinking that the launch would not happen for days (and specifically "definitely" not in "hours"), then it happened in a few hours, late at night in the US and during the early morning hours in Europe. Considering the >500K coins mined in the very first hour alone, the effect of this "ambush" was enormous.
4. That the stated reason for delaying the launch for days was to do more testing and fix bugs. Yet when the coin was lunched it still had a "serious error." ...
There are of course two sides to every story, but even the coin founder seems to agree there was something unfair about the launch:
https://bitcointalk.org/index.php?topic=559932.0The first 24 hours of the coins existence keep causing us problems, an "airdrop" could be a solution to this.
...
Vote!
Sorry, this was a terrible idea.