Altcoin miners no longer have to think long-term. With PoW/PoS coins having such a short mining life, they can mine for a short period then dump on the exchanges for instant wealth.
Even by short-term PoS standards, though, the days of mining SummerCoin were few indeed.
There will only be 10,000 blocks of SummerCoin mined, then the currency will move to the P.o.S period and stake ‘up to 10% daily.’
After the initial botched launch, SummerCoin was re-launched on April 28 2014 at 18:00 GMT. That means this whole coin - which definitely appears to bear the ‘Made In China‘ stamp on it - will have been mined for only 48 hours or so before staking.
50 Million of these coins will have been mined into existence sometime today. After that, those lucky enough to have mined them will begin to wait for the stake.
After this limited run - SummerCoin - which doesn’t even have a logo - will be put through the normal pump and dump paces. First a few exchanges (which never publish listing requirements and don’t seem to have any) will accept the coin. Next, the drive to vote it onto Mintpal for the big pump and unceremonious dump will happen next.
Will The Dev Team Get A New Logo Will All That Newbie Loot?
Most likely the pump and dump will instill a bit of value in the cryptocurrency so some money can be spread around to and fro and someone will ante up a roundish logo. At that point it’s off to the Coin Market websites to add an air of legitimacy and to show the sky high and inflated ‘market cap‘ that has miraculously been manufactured from thin air.
After that, interest will wane. A new coin will appear. A fresher launch will catch the wandering eyes of miners and speculators alike. And the beat will go on to the tune of the same old drummer. SummerCoin will give way to FallCoin, which will yield to WinterCoin. Finally, SpringCoin will arrive, warming the hearts of those who have almost lost faith in altcoins. After that, perhaps a SummerCoin re-launch for bagholders will make the whole thing come full circle!
At least that’s the way it looks from here!
In any event, if you plan on cashing in - and getting out fast - on the alternative cryptocurrencies latest and greatest X11 PoW/PoS hybrid, you better act fast! Supplies are limited and time is running out!
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