The world of altcoins is exciting, and full of surprises. Brand new altcoins are now bypassing all known protocols and rushing immediately to market. Around here, we call these FlashCoins. They’re reminiscent of the mobs of people who show up for events, dance around for a few seconds and then quickly disperse, never to be heard from again.
That’s exactly what happens to most of these coins. Saloncoin is no different. The coin ‘Dev‘ could barely muster even the lamest excuse for creating a new X11 PoW/PoS Hybrid. In the ANN Thread, here’s what he says.
- Saloncoin & A coin for changing the world.
- We want to change the way of Internet payment.
- Payment is the basic function for a coin,but the most important is accepted by merchants.
Are you convinced about the long-term marketing plan of this ‘Made in China‘ coin? No? Me neither. There isn’t even the slightest mention of any marketing plan or long-term development efforts. Why would there be? The new protocol is to create FlashCoins using ninja launches that cover up huge premines and instamines. Then these coins are dumped onto the exchanges as fast as possible.
Was This A Fair Launch?
This launch was ‘fair’ in the same sense that Apartheid was a fair system of governance.
The coin stealthily launched with its own ‘official pool.‘ That means the ‘Dev’ and his buddies can instamine at will. After the unnannounced ninja launch, nobody will have time to catch up with them.
Instamine And A 10% Premine
Check out the coin specs: (Badgercoin clone)
- Block time: 30 seconds
- Diff-retarget: every block (Whoa!)
- Nominal stake interest: 2.5% annually
- Total coins: 20 Million Salon，16 Million POW+4 Million POS
- Premine: 10%(Dev, Merchants, Video, BlockExplorer and so on)
Yes, you read that right. 2 million ‘Salons‘ have already been premined and ready for dumping on exchanges. You know, they have to get a ‘block explorer‘ etc? Of course they could have added a Block Explorer easily. They already have the coin daemon running for the official pool. They can load Python Abe or an alternative to provide a Block Explorer. Instead they’ll premine 10% of the total coin supply on top of the instamine they’re doing after their sneaky launch.
Bitcointalk member ‘sammy007‘ spotted the obvious: “BADGERCOIN CLONE WITH 10% PREMINE. HE DIDN’T EVEN CHANGE ADDRESS 1ST LETTER, SCAMCOIN.”
Welcome To The World Of Altcoins
Friends, it’s becoming obvious that things are not well in Altcoin City. Each day a new low is achieved. Every coin is a copy of another coin. Each launch is less fair than the last.
Miners no longer want to mine. They now want ROI in hours. No one thinks long term and almost no one supports a coin for more than a day or so.
In any event, now you know about the newest FlashCoin. It’s named Salon. If you want to get involved, you better hurry. With the current coin specs the mining won’t last long. Or you can skip it and save yourself some time, money, and frustration.