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.
i'll explain this to you, it's got nothing to do with being premine, nothing at all,
what it has to do with is the work ethic of the past devs total failed at getting adoption of the coin, they totally failed at reaching out to people and find ways to get the coin adopted into websites merchant sites etc, which is technically at cost to people. to get the coins expansion and create the facilities to trade in some cases in other cases it takes goodwill, adoption is the main reason this coin is no where near the price you'd expect it to be, thats due to past failing, therefore i'm keeping this totally honest, has potential for many reasons, however, has to be adopted and built around otherwise the price won't get better and increase, thats the problem. and it has to be solved.
i have suggested ways to solve it or going to have to wait till i can find and muster up the correct amount of cash to solve myself. the is two ways, and i'm technically working on it. but if i am going to use my own cash i'm going to have to split the amount of money i spend in half one half buying the coin the other half spending money to put it onto exchanges, because no donations come in for this growth, i'll have to do it myself. which is difficult but not impossible. thats the truth.
they have a-lot of good words but no action, i mean thats useless in reality, so i've done a-lot of work, but i keep finding out the are some costs to some things, and not being the original man who set up the coin who failed you all. it's obviously going to take some time, but at least you won't get pumped and dumped scammed again while i'm around.
however the signs are here, we must be making some kind of progress because we are getting added to mining pool websites which is a good sign of progress. so since this approach and technique of marketing and awareness has taken place, the coins improved slightly.