AsiaCoin is the latest altcoin to find itself dead in the center of a Shit-Blizzard of their own creation.
Lately incompetent and greedy coin ‘Devs‘ have been made to look foolish by non-working PoS problems as well as two successful double spend attacks.
The ‘Dev’ of AsiaCoin promises to take the cake with his erratic behavior and lousy leadership skills.
The latest nail in the coffin for the AsiaCoin scam came when a user determined there are 300,000,000 extra AsiaCoins in existence. The ‘Dev‘ could only muster this ridiculous excuse as an explanation.
Hey,guys. If we premined the 600 million AC ,we will support the coin price till we sold all 600 Millions AC.But it seems that the first block has a huge amount of AC. We think that it should be a 51% attack in the POW stage by the biggest hashpowers or some bugs in the code was used by some professional coders. However,it isn’t important now. We should focus on the furture of AC.
So we decide to relaunch a new version of asiacoin.Now what you should do is withdraw your coin from the exchanges and stop trading.New version will be released in 24 HRS,it’s a pure POS one and has a new safe block chain.
Of course this makes absolutely no sense. Altcoin Herald currently has several people looking into whether a 51% attack occurred. We’ve also reached out to several exchanges to confirm whether a Double Spend has happened or not. If a double spend did happen, this would be the third successful attack in as many days.
However, it seems much more likely that the simplest explanation is the accurate one. Most likely the AsiaCoin Dev is a crook and planned on creating this huge extra block so he could benefit.
So far the project has been plagued by complaints about the Team Leader, who has shown little regard for investors in his cryptocurrency. The idea that he will unilaterally decide to re-launch the coin will make almost no one happy.
No Trust Should Equal No Trading
Even though the AsiaCoin leader himself told people to stop trading, there are actually BUYERS of this coin on a few of the so-called ‘major exchanges.’ Whether these people are out of the loop, foolish, or thrill seekers is unknown. What is known, though, is they are likely facing a HUGE LOSS if they continue to support an obviously doomed coin created by an erratic scammer.
Time and again altcoin miners and speculators want to bypass the need for credibility and trust and place their hard-earned funds in the hands of people who have done absolutely nothing to merit it!
Right now the coin is in a freefall at MintPal. This is likely to continue as people in the United States wake up and discover the bad news (too late) that happened while they were sawing logs in DreamTime. People who hold altcoins in exchanges overnight have optimistic natures, apparently. Anything can happen in the space of a few hours in the altcoin world. Not only can anything happen, it’s usually a bad thing that does!
We’ll update this post or create a separate one when we learn more about what actually happened with AsiaCoin. There has been mention of hidden code which is now being analyzed and we’ve also checked with the exchanges to see if a Double Spend happened or if the AsiaCoin Dev even contacted them before telling people to halt trading.
This investment must now be considered EXTREMELY HIGH RISK!
This Is A Confirmed Scam
Update! After time passed today, the code that added the Hidden Block was confirmed. What followed was the delisting of AsiaCoin by MintPal, Poloniex, Cryptsy, and Bittrex.
Yes, all is lost. Despite multiple attempts to warn people ALL DAY today, many people kept on buying. Denial and the hatred of losing money keeps bagholders from seeing the light until it’s just too late. No, I didn’t want to buy your ‘cheap AsiaCoins.’ I wanted to SAVE you from a huge loss in an altcoin that literally had NO MERIT at all.
I’ll keep on updating, whether anyone chooses to listen or not. At least that will help me sleep better at night!
Thanks for stopping by and reading. Feel free to sound off about the AsiaCoin scam below.