This AsiaCoin fiasco has really brought out the worst in people. AsiaCoin was a complete scam engineered by the coin’s ‘Dev.’ He hid a large pre-mine block in his coin code, and sold the coin to a group of suckers who were following the advice of a pump and dump hit squad.
What’s really sad is how this group of bagholders simply refuses to take their losses. Often you’ll hear of an altcoin trader referring to himself as a ‘risk taker.’ Indeed, placing BTC into alternative cryptocurrencies can be very risky. Most traders know this. Still, they refuse to lose money and want the exact same coin to be foisted back on exchanges so they can get out fast without any loss! In fact, I’m sure many of them are hoping to push the second version of the coin ‘to da moon’ the same way they did the first.
Let’s Hold On For A Second
On the one hand, altcoin exchanges almost have to be operated by fairly smart people. After all, they’re dealing with complex technical and financial issues every day. Are these smart people actually stupid enough to allow the same exact ScamCoin on their exchange?
These altcoin exchanges have created interfaces that give them the feel of stock market exchanges. Imagine a stock on the NYSE being relisted a few days after pulling the biggest scam in history! That’s pretty much the exact equivalent of what’s being proposed now for AsiaCoin. This exact event would never happen with ‘real stock exchanges.’ You know why? Because authorities would be too busy gathering facts and punishing those who committed the crime in the first place to allow a relaunch and relisting. Luckily, there are no laws, regulations, or even minimal standards in altcoins. Lucky, that is, for the scammers - but maybe not so fortunate for those thinking of puttting their hard money at risk by investing in cryptos.
What About The Corrupt Paid Voting Process?
It’s no secret that the ‘high volume‘ (for altcoins) exchanges charge a shakedown fee for listing on their websites. MintPal and Cryptsy rake in tons of free money by allowing people to ‘pay for votes.’ This system means that only pump and dump coins with a high chance of earning trading volume quickly are allowed on their exchanges.
Of course that short-term thinking is extremely flawed.
Communities send in votes by money or visitors every day. Many of these coins are coins with legitimate purposes, communties, and safe code. Instead of listing one of them, are these ‘major exchanges‘ going to actually ‘re-list’ a known ScamCoin?
What possible benefit does this action offer to anyone other than an exclusive group of bagholders, who lost their money because they put their faith in the wrong Dev?
Who are the buyers? Why should a second set of bagholders buy the coin from the first group? What do they get out of the deal? Does the continent of Asia really need this coin to represent it? Those are all questions that will remain unanswered.
I feel genuinely sorry for all the altcoin communities that will have to wait in line while AsiaCoin is allowed back in to the Circle of Trust.
Do you know why the current system is the way it is? It’s because altcoin exchanges need the volume from pump and dumpers. Without it they could barely survive on the meager trading fees they charge. Without pump and dumpers they’d have to create a legit market for ‘honest enough‘ altcoins and the volume would likely remain low. Is this yet another sign that the current altcoin industry is not particularly healthy? We’ll leave that for another post.
Suffice it say, pump and dumpers control the market, so they’re the ones that get to decide which coins live and which ones die.
Riddle Me This
Do ‘Exchange Listings‘ (which currently have NO PUBLISHED requirements) have a ‘grandfather clause‘ that lets you back in because another anonymous Dev rewrites three lines of code? If you’re reading this and you’re a member of a legit (for altcoins) coin, then you should be GETTING MAD when you think of all the time and money you’ve been expending to get votes. AsiaCoin gets to waltz back in and you get to stay outside the lines, like a clubgoer who isn’t cool enough to be invited inside!
Raise your voices in protest and start bitching at these exchanges to introduce fair policies that save investors money. If you don’t, the Golden Goose of altcoins will be killed before it barely hatches an egg.
Lots Of Questions Remain About The Initial Scam
People are in a big rush to forget the AsiaCoin scam. Hardly anyone is looking for information on the ‘Dev.‘ He left a number of footprints that can help trace his location, yet the community of bagholders could care less about bringing him to justice.
All they want is more ‘business as usual.’ To them that’s the mindless pumping of a merit-less altcoin where the only known ‘feature‘ is a ‘rising price.’
Everyone knows that exchanges are being targeted more and more for crimes. They are the ones that hold the largest stashes of cryptos at any time. As they continue to make poor decisions based on being rushed by pumpers, they’re likely setting themselves up for the kinds of problems that Cryptorush.in had.
Remember Cryptorush.in? They disappeared with $500,000 in March. Folks, that wasn’t really that long ago! Those who keep on forgetting history are doomed to repeat it.
Warning! Proceed with extreme caution with any new AsiaCoin offering.
