The concepts behind altcoins are getting weirder all the time. Yesterday we talked about PyramidsCoin, a new altcoin that uses a ‘Great Pyramid‘ theme. Today Roman Coin is launching. This new crypto is all about Ancient Rome.
What any of this has to do with with the modern world we live in is anybody’s guess. It most likely has more to do with the large number of X11 PoW/PoS hybrids that have been created in recent weeks, some of which have seen rapid success with large ‘pump’n’dumps‘. Let’s face it, altcoin creators are generally not the most creative types on Earth. They’re all doing pretty much exactly the same thing. Since miners don’t want to mine anymore, they set short mining periods followed by wallet ‘staking‘ and trading. Since this basic formula has already worked a few times, it’s going to keep getting used until it’s done to death.
Who’s to blame for this new glut of X11 PoW/PoS coins? Everybody who keeps mining and buying them. In any event, the coin ‘Devs‘ need to make it look like their coin is somehow different than the other ones coming out the same day so now they’re using wackier themes to accomplish the task.
Tell Us More, This Is So Amazing!
Okay, you asked. Roman Coin has based block rewards on significant dates in the history of Ancient Rome. In a more modern twist, they’ve also solicited ‘IPO‘ money in order to pay a bounty for a multi-pool. So far the IPO has encountered limited success with slightly over .54 BTC collected at the time of this writing.
IPOs are a double-edged sword. Sure, they can help the coin ‘Dev‘ gain money, but they also have been used in enough scams that they turn off some community members. For a small take like this, it could hurt overall participation. It’s also possible more people will invest as launch time gets closer. After all, the crowd at BitCoinTalk is very optimistic, even in the face of overwhelmingly bad odds.
One top of the IPO, there’s a 2% pre-mine, which could also put a damper on people’s enthusiasm for ROM.
Here are the coin specs:
- PoW Algorithm: X11
- PoW + PoS
- Total coins: 100,000,000
- Symbol: ROM
- PoS interest : First week 20%, second week 30%, third week 40%, yearly 10%
- 1 day min. stake, 30 days full stake
- 20 second block target
- Confirmations to fully verify transaction: 6 = 2 minutes
With a 2% Pre-mine, and 3% sold during the IPO phase, early adopters will need to be concerned about potential dumping from the ‘Dev‘ team. Lately many of these new altcoins have found a home on an exchange and rapidly created ‘faux’ volume that sees their price sky-rocket. After the initial pump, euphoria tends to diminish and the whole thing goes ‘BOOM!’ If you’re playing the Launch game, you need to get out as soon as you can. If you don’t, you might just be left behind when the crash comes.
It seems likely that Roman Coin will appeal to the market it was created for. That will be primarily miners and speculators who have gone nuts over the X11 PoW/PoS hybrid and show up for every launch, hoping that lightning will strike again and again.
As always, we’ll be watching!
- Excited
- Fascinated
- Amused
- Bored
- Sad
- Angry
