Wish I had more time because the amount of shitcoins invading the markets are amazingly increasing. Still. Case in point, GNS.

First of all the whole poinbt of this aberration is not even creating a coin but creating a front to sell a "bot". And what does that "bot" do? Theoretically, it will make you money -for a price, of course- by arbitraging. Confused about that? It works like this: While Bittrex may have, let's say Darkcoin offered at 0.00800. Cryptsy may have buyers offering 0.00805 for DRK. And Mintpal at 0.00803. And Cex-E at 0.00798. So this bot will buy for you the cheapest offered and sell it to the highest bidder automatically. Potentially, hundreds of times a day. Small gains, but no risk and multiplied by hundreds, boom: Money, big money.

Of course you need to have trading accounts on all those exchanges and the margins will only be significant if those accounts are rather significantly funded...

So the guy "Sevith", the "developer" wants to make a shitload of money selling this "bot". And that's why he copy/pasted his way into the new iteration of the utmost shitcoin: GNS.

This "Sevith" has gained, hands down, the title of the dumbest "developer" in crypto history, by miles. Guess what he did, within a couple of days of launch: He dumped 1 million coin, roughly 2/3rds of his entire premine of 7% (yes, you read correctly: 7% premine).

But I could not possibly describe the levels of dumbness exhibited here even remotely as well as his own very words on IRC. Please read them in this post and the one with transcript from IRC below it:

 https://bitcointalk.org/index.php?topic=782154.msg8949904#msg8949904

One really has to see this to actually believe it. Wow!