Re: {ANN} Square - POW/Dist Hybrid 5 M Total - Launch 07/01/14 12 PM EST SHARP!
Does anyone realize this about the coin?
The IPO is going to suppress the coin price to 750 satoshi until its all gone.
750 satoshi x 150 coins (block reward) = $0.75 per block (compared to say RAZOR at $50 a block)
It's going to be cheaper to buy into the IPO than to mine. As a matter of fact, you'll likely LOSE money on electricity to mine this coin until the entire IPO is bought.
Mined earnings are contingent on the entire IPO being bought/sold, seems like a scam coin to me.
The IPO is going to suppress the coin price to 750 satoshi until its all gone.
750 satoshi x 150 coins (block reward) = $0.75 per block (compared to say RAZOR at $50 a block)
It's going to be cheaper to buy into the IPO than to mine. As a matter of fact, you'll likely LOSE money on electricity to mine this coin until the entire IPO is bought.
Mined earnings are contingent on the entire IPO being bought/sold, seems like a scam coin to me.
The goal is to have the IPO distributed a few hours after the launch of the coin. This will dry up supply and drive demand. It's a different model, we will see!
That's a big risk and gamble for investors, especially when you have all the cards stacked in your favor. You make BTC, and they have the big potential to get screwed. The coin doesn't offer any innovation, unique features, or anything else to inspire someone to invest long term in the coin. It seems like a short sell, and there is no roadmap, no whitepaper, or anything to show the public what you are doing with the 26 BTC from IPO.
I'm pissed because I was excited for the launch, but didn't read into the structure and do some simple math
26 BTC
