Blitz Hybrid Turns Out To Be IPO Scam - Bagholders Scramble To Cover Losses

Ugly Logo - Ugly Ending

Blitz Hybrid was a faily transparent IPO cash grab, but that didn’t stop many from getting in on the act. BLTZ was birthed in March and showed all the signs of a scam coin from the very beginning. The coin dev produced a horrible looking coin logo and a fantastical tale of investment returns and managed to attract numerous bagholders.

By now the format should be familiar. BLTZ had a seven day mining period as well as an IPO. The launch was delayed on at least one occasion as the dev team sought to illicit more funds from the IPO.

The IPO was a failure, even by scam-coin standards. A look at the IPO address shows a total of .5101 BTC was collected. Despite the low collection rate for the IPO, the team pressed on - banking on the mining pump and dump and the 1% pre-mine to make the coin profitable for themselves.

They were not to be disappointed.

Lots Of Mining Pool Support Helped Facilitate The Pump And Dump

A mind-boggling 23 mining pools assisted with the scam. Whether it was a slow day for launches or not I can’t say, but that is some serious commitment to mining. Large numbers of miners jumped in and the network has rate spiked accordingly. BLTZ found exchanges willing to list them and the miners moved the coins there.

BLTZ was not a PoS coin. After block 10502 was mined, all future mining was to be done for TX fees only. 

Bittrex saw large volume on their exchange. On April 24, 2014 they moved to close trading for BLTZ.

BLTZ market/currency closed.

Our security systems shut down BlitzCoin because we detected a doublespend attack. We are currently investigating and will update this when we have more information

[Update]: Looks like BLTZ has lost all dev and community support. slavo is coming up with an alternative plan. 

Community Member ‘slavo’ To The Rescue

‘To The Moon’ Optimism Was Short-Lived

BLTZ Hybrid is a project that is very near and dear to the heart of BTC community member ‘slavo.’ Slavo apparently had the idea of a community takeover of BLTZ as early as April 3, 2014, long before the delisting. On that day he posted:

You want to dump your coins asap don’t you ?

I don’t. 

I promoted this coin and now the dev is NOT answering my pm’s, and in fact I don’t really care as i was told by the dev himself that if we’re not happy we could totally make this takeover happens.

We are WORKING for that coin.

I’ll make a real announcement when we’ll have a plan setup; to ask the community first.

Why he fell in love with BLTZ is anybody’s guess, but we can assume he purchased and/or mined quite a few of what are now essentially useless coins.

For whatever reason, he appears intent on bringing this useless scam-coin back in a new incarnation. As outlined in his ‘PRE-ANN’ thread, the new project is DBC. That stands for Distro-Blitz Coin.

Now there will be a second, offshoot coin. This time it will be 100% pre-mined and 100% PoS. Basically ‘slavo’ will hit submit and create 102,000,000 of these things at once. What happens after that is anybody’s guess. Although it’s painful to accept losses from a bad coin, it might be even more painful to go to these extremely convoluted ends just to try and recoup losses.

Now the BLTZ bagholders will do their best to recoup their losses - presumably at the hands of a new breed of DBC bagholders who will exchange their fiat into BTC and the BTC into this coin. Whether this idea will take off remains to be seen. We’ll be keeping an eye on developments.

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