Without going into more detail, they are using the method described above.
They fork a coin, rename it, make a low effort website - in this case extremely low effort as you can see http://stuiverpaperwallet.ga/ is just copy pasted from https://medium.com/@CrypticCash/paper-wallet-generator-for-cryptic-cash-167287dd9999

They enlist it it to a shitcoin exchange exbitron/xeggex/udon and get a few hundreds or few thousands from gullible miners. Some coins have profited them much more. Their end goal is the same; dump their premine / asic mine until it is not profitable, while at the same time already creating new coins... and then silently leaving the project, with no intention of every actually developing the block chain.

What the fuck am I reading?

Ethereum premine was 72 000 000 coins, done by company that was literally deleted right after giving out the coins, meaning there is no trackrecord of anything. 69million could literally be in dev team pocket. Vitalik personally has 500 000 coins atleast. And officially the dev team had 12 000 000 coins, which can all be seen in genesisblock transaction from explorer.

This is still 61% of entire coin supply - miners have literally mined less coins in all these years, and now they are even burning ETH.

Reminder: RVN mod Seal Clubber is a crypto scammer, and probably more people involved as well.

https://imgur.com/a/IUYYLM4
mirror:
https://ibb.co/SVLLFh2
https://ibb.co/gyZZYm2

========= SCAM COIN ALERT =========
========= SCAM COIN ALERT =========
========= SCAM COIN ALERT =========
========= SCAM COIN ALERT =========
========= SCAM COIN ALERT =========
========= SCAM COIN ALERT =========

These developers do nothing but PoW pump-n-dump schemes.
1. They fork a coin and create a website in 5mins on wordpress
2. enlist it to Exbitron exchange / hivebeewallet and massively dump it
3. Developers disappear
4. Create a new coin

For this current coin they have been mining it with three guys since December.

========= SCAM COIN ALERT =========
========= SCAM COIN ALERT =========
========= SCAM COIN ALERT =========
========= SCAM COIN ALERT =========
========= SCAM COIN ALERT =========
========= SCAM COIN ALERT =========

=== SCAM COIN ALERT ===
=== SCAM COIN ALERT ===
=== SCAM COIN ALERT ===
=== SCAM COIN ALERT ===
=== SCAM COIN ALERT ===

These developers do nothing but PoW pump-n-dump schemes.
1. They fork a coin and create a website in 5mins on wordpress
2. enlist it to Exbitron exchange / hivebeewallet and massively dump it
3. Developers disappear
4. Create a new coin

=== SCAM COIN ALERT ===
=== SCAM COIN ALERT ===
=== SCAM COIN ALERT ===
=== SCAM COIN ALERT ===
=== SCAM COIN ALERT ===

I did, hence I am posting these here.

https://imgur.com/a/IUYYLM4
mirror:
https://ibb.co/SVLLFh2
https://ibb.co/gyZZYm2

Maybe you should at least consult someone with an understanding of statistics before replying with such nonsense.

Hi, unfortunately I cannot satisfy your confirmation. You ought to read up on Bayesian statistics - it is quite simple.
You are harboring crypto scammers; perhaps you are in the crew.

https://en.wikipedia.org/wiki/Bayes'_theorem

2016 block difficulty adjustment was warned about already in March 19th before mainnet launch in 2021, even Doge fixed this in 2014.
The latest wallet release is from 28th of March 2021, from launch day - no bugs fixed this entire time. Think what you like.

============ SCAM COIN ALERT ==============

This is a group of people who fork multiple coins, pretends it to be a better project, joins Exbitron exchange and dumps everything.
Then they stop development.

============ SCAM COIN ALERT ==============

Ravencoin mod Seal Clubber#4158 is a crypto scammer.
 
User ID: 182861110796353536
Username: Seal Clubber#4158
Created: Thu, 19 May 2016 14:24:46 UTC

His most recent scam was Photonic Bitcoin with the nickname Photoshi Nakamoto, where he forked Optical Bitcoin with his friends and promised heavy development, youtube advertisement and such and delivered nothing. Shortly after joining Exbitron-exchange the network was controlled 95% by FPGA party and the coin were autoexchanged into BTC.

His user account was probably used by other people.

 User ID: 846157505846444033
 Username: Photoshi Nakamoto#5052
 Created: Sun, 23 May 2021 22:47:50 UTC

Other people involved in dev team:

 User ID: 828817220137517107
 Username: Kev9#3438
 Created: Tue, 06 Apr 2021 02:23:43 UTC

 User ID: 108660815107768320
 Username: Pharin#5976
 Created: Tue, 27 Oct 2015 20:19:17 UTC

 User ID: 889539725122220032
 Username: Fojo#8677
 Created: Mon, 20 Sep 2021 15:53:17 UTC

 User ID: 159334643777142784
 Username: OhGodAGirl#8787
 Created: Tue, 15 Mar 2016 16:18:59 UTC

https://imgur.com/a/Sf06gW9
mirror:
https://ibb.co/Bnr10jY
https://ibb.co/gyZZYm2

Photonic Bitcoin is part of the three Heavyhash scam projects.

1. OBTC
2. PBTC
3. Kaspanet

The devs filled the OBTC/PBTC chains with FPGA's and mined in zergpool autoexchanging into BTC. OBTC died when 2016 block difficulty got stuck high, with zero development since launch.

Their other side project Photonic Bitcoin is also dead now, as there they kept FPGAs until the price in exbitron hit rock bottom (they have now left), with no development after a week from launch.

Their third project Kaspanet is currently being mined with FPGAs and it will hit exchanges soon, and then it will be dumped to rock bottom.

A fourth project qPoW seems to be underway https://github.com/PoWx-Org/qPoW

I expect it to also join Exbitron, and be entirely dumped.

These people created Heavyhash FPGAs already since 2020 and with the goal of doing a PoW rugpull, by owning the network with much more efficient hardware and dumping all coins.

Kaspanet is part of the three Heavyhash scam projects.

1. OBTC
2. PBTC
3. Kaspanet

The devs filled the OBTC/PBTC chains with FPGA's and mined in zergpool autoexchanging into BTC. OBTC died when 2016 block difficulty got stuck high, with zero development since launch.

Their other side project Photonic Bitcoin is also dead now, as there they kept FPGAs until the price in exbitron hit rock bottom (they have now left), with no development after a week from launch.

Their third project Kaspanet is currently being mined with FPGAs and it will hit exchanges soon, and then it will be dumped to rock bottom.

A fourth project qPoW seems to be underway https://github.com/PoWx-Org/qPoW

I expect it to also join Exbitron, and be entirely dumped.

These people created Heavyhash FPGAs already since 2020 and with the goal of doing a PoW rugpull, by owning the network with much more efficient hardware and dumping all coins.

The devs filled the chain with FPGA's and mined in zergpool OBTC into BTC, and left when 2016 difficulty got stuck high.
Their other side project Photonic Bitcoin is also dieing, as there they kept FPGAs until the price in exbitron hit rock bottom.
Their third project Kaspanet will hit exchanges soon, and then it will be dumped to rock bottom.
A fourth project qPoW seems to be underway https://github.com/PoWx-Org/qPoW

I expect it to also join Exbitron, and be entirely dumped.

These people created Heavyhash FPGA already since 2020 and whole thing has just been a planned rug pull.

"Low power" ASIC mining is meaningless. Network security does not come from hashrate, but from power used to secure the network.