Well at least it's crashing straight into the ground where it belongs. So sick of these PoW+PoS scams where the devs lie about the premine. The bottom line is the guy premined 6% of all PoW coins...which means at launch he also receives ALL of the PoS...which just leads to a loop of compound interest. The premine probably put him at 40%+ by the time he first started selling. Clueless suckers. Same scam over and over and over. He'll probably release his next one tomorrow (if it isn't already out). Man are people around here gullible, greedy losers.
Quick solution so that you don't get mad at these "scam coins" and "lying devs" - don't mine coins that you don't like, and keep track of devs. If there really is a "lying dev", don't mine the coins he releases. Investigate the premine blocks and verify for yourself they are the correct amount.
There's really no reason to be upset if you don't mine what you consider to be "scam coins".
There's a certain amount of risk that lots of miners toe the line on these days, with tons of new coins and new algos flooding the space, that the next coin they mine will leave them holding the bag instead of making a profit, and if you don't want to toe that line, stick to the established, "safe" coins.
actually his reason is to crash the coin, so he can buy low (any one falling for that, is a bit stupid ).
A coin his a scam, you say it and you move along, there is no reason to repeat the same argument (without any real argument beside: "I know I am right", must be the same dude as scam_exposer...)
When I want to expose a scam, I usually do it at start not 2 months later when the premine is, no matter what, totally diluted in all the coin which have been produced. We go a jackpot at 90M others at 45M etc... people mining it to death as Atomrigs etc... so 300M might n%, but at that level, it doesn't really matter. That guys know it perfectly... any scammer would have dumped it long ago... )