MLK Coin appeared on the altcoin scene today. The coin bears the name of famed U.S. Civil Rights Leader Martin Luther King, Jr.
The ANN thread makes no mention of the utility of the coin, so we can safely assume it has no practical uses.
This altcoin was 10% pre-mined, but likely had an enormous amount instamined. Why do I say this? Because there was no source code or working Window wallet provided at ‘launch.’
Whoa, That’s A Lot Of Malfeasance Already
Yes, if you’re beginning to think this a terrible launch, you’re probably not alone. A 10% premine followed by a huge instamine is like a one two punch. This coin left miners with no chance of getting in.
When a Dev sneaks a launch in that’s this bad, you really have to begin to wonder exactly what he’s thinking.
No miner support means the coin is in for a lonely existence. Even stranger, what exact problem is being solved by this coin? ‘Why?’ do we want or need a Martin Luther King, Jr. cryptocurrency? Certainly the King Foundation, or one of the other official foundations entrusted with preserving the legacy of Dr. King’s work would make a cryptocurrency if they so desired.
Summary Of The Coin’s Potential
What has brought this ‘Dev’ to make this altcoin? We can only guess. Like many altcoin ‘Devs’ he appears to be a man of few words and even fewer deeds.
Here are the specs if you’re still excited:
- Block Time: 2 minutes
- Block Reward: 3.5 coins
- Halving: Yearly
- Algorithm: Scrypt
- Total Coins: 2,000,000 (2M)
- Premine: 10% for marketing disbursement
Yes, only 2 million total coins. There is no Block Explorer, of course, to find out what happened with the instamine.
If these are not enough red flags to make you steer clear, I wish you good luck.
For most people, this launch is simply not good enough to merit serious consideration.
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