It was an average weekend in the world of altcoins. A brief review of the action at BitCoinTalk in the illustrious Alternative Cryptocurrencies sub-forum shows a high level of activity on the rogue meter.
AlterEgoCoin pulled a runner after not even ‘launching‘ after a very uninspired IPO. The scam should have been obvious to all but the most rank newbies. The OP, who had absolutely zero credibility, made a number of outrageous claims about advanced technology that should have set people’s B.S. meters soaring.
His thread captured little attention so it appears the financial loss was minimal, although it’s still another black eye on the world of altcoins. His victims will be less likely to invest time or money in legitimate projects, which cannot be good for the cryptocurrency scene.
WhiteCoin Continues To Lose Altitude
The world famous (or should I say barely known) altcoin known as White Coin has become a household name among the pump and dump crews. They can’t get enough of that PoW/PoS limited mining followed by a distribution phase and exchanges are more than willing to oblige them with quick listings.
Whitecoin is a pump and dump favorite, but is it a ‘great coin?’ By all indications, WhiteCoin is a clone that was created by a dev team with no special knowledge of crypto code. As of now there’s no indication that the wallet can even properly ‘stake.’
Considering that the main feature of the coin doesn’t even work, one must seriously wonder why this coin received as much attention, accolades, and BTC as it did? Is the desire to ‘become rich‘ so powerful that people are willing to overlook all warning signs in order to ‘jump in‘ feet first.
Lesson after powerful lesson is taught to this community week after week and day after day yet it has little impact. Despite losing money on IPOs like StackCoin and EdgeCoin, people still blindly place their trust in the hands of individuals who clearly have not earned it. Despite pump and dumps that happen ALL THE TIME people never question the value of the coin. They should look to their left, then to their right, then realize that they are the bagholder!
Right now a new ‘team’ is working furiously to ‘fix the wallet.’ Whether this will be enough to keep people interested is unknown. The price has dropped substantially meaning many people who were on the fence about WhiteCoin have dumped. That might mean a bottom is being neared. We’ll see.
Blitz Hybrid was shut down by Bittrex.com and several community members have attempted to launch a new version of the coin to try and bail themselves out from the first scam.
The great Richie Lai (rhymes with ‘he don’t play‘) has a system in place to detect scam coins and it pulled the dance card for BLTZ.
Lastly, CornerstoneCoin launched after a slight delay.
Thanks for stopping by and reading this brief overview of sum of the altcoin action that happened this weekend.