Can anyone explain how this coin is a scam? It's called fuckin moby Dick he bites chunks out at a time. That is why it pumped.
It's being called a "scam" because
10 million of the coins were premined already and
there's only 16.6 million coins as total supply.
That's right about a 70% PREMINE.
What makes this issue of huge premines look obvious? Look at the coin's price:
A coin with this low supply wouldn't go from .42 to .03 even with BTC cutting in half. Usually a coin with this low supply would actually be in the $4-$23 range by now.
The only reason it dropped ridiculously low is because they dumped their huge premine. Now it's sitting around .03 and I suppose "hype" without research will get more people to buy. Hell I almost bought some of this coin but didn't understand why it was so cheap.
Someone tried to promote this coin to me in a chat and I thought what? 16 million supply? Why is it .03? That's bizarre.
After seeing this thread it all makes sense.