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Last time, I discussed factors that make a coin unattractive to invest in. This article will kick off the start of a series where I rate coins based on those criteria. But beware, not all that glitters is gold. First off, megacoin is a simple litecoin clone, with no real innovation to speak of. Which is not a problem in of itself, but the history of this coin makes it one of the well orchestrated scams in cryptocurrency history.
One of the most damning issues surrounding megacoin is megacoin block explorer bitcoin way in which it was launched. You see, megacoin block explorer bitcoin originally launched without source code, in the height of altcoin megacoin block explorer bitcoin a period during which new coins were release daily.
Around this time period, altcoin clients embedded with bitcoin wallet stealers started popping. This combined with the very amateurish logo and poor grammar skills of the developer caused people to be suspicious of megacoin, and rightly so.
As a result, the coin failed to get noticed, and was dead on arrival. Consider this scenario for a moment — that this was all part of the plan. Now that the coin had been released, the megacoin block explorer bitcoin, kimoto, could begin mining with little competition.
The below graph shows the network hashrate of Megacoin during the first 48 hours:. We can see that the difficulty peaks at KHash, the equivalent of just one mining it. This highly suggests that no more than 2 or 3 people, at most, were mining it during this time period. This continued for about a week, until kimoto decided to finally release the source code and promote his coin seriously. All told, during the first week, network hashrate reached no higher than 5MHash, and almost 6, coins were illegitimately generated.
For reference, there are currently just over 18, coins in existence today 4 months later. So, in short, it is likely that kimoto purposely botched the launch of his coin, so that he could mine it with little to no competition for almost a week, at which point he launched the coin properly. A clever way to get around the much hated premine, but having the same result in the end. Speculation aside, where those six million coins went, no one can say for sure.
Megacoin block explorer bitcoin makes it lucrative for all of its early supporters, but a poor prospect for anyone looking to get in later on. That might explain why the community is so fervent. They have a lot to gain — at megacoin block explorer bitcoin expense. Take a second to look at the main megacoin thread. Some of them seem to be truly convinced that kimoto is none other than Kim Dotcom, founder of megaupload. Megacoin supporters are manipulating people into thinking that he is, to inflate the value of megacoin block explorer bitcoin coin.
In closing, megacoin offers nothing new. It was effectively premined to an extreme, and has a neurotic community behind it. The reward structure only favors those who got in extremely early.
All of these factors add up to be what I consider to be an awful investment. Investing in megacoin is a lot like playing a game of hot potato. When the fresh, ignorant money runs out the drop in price is going to be violent. Megacoin block explorer bitcoin Information on this website is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose.
The Information contained in or megacoin block explorer bitcoin from or through this website is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. Read the full disclaimer here. Megacoin is not a litecoin clone. Kimoto converted the latest bitcoin code to scrypt.
Megacoin is the only scrypt coin that is not a litecoin clone. You raise some fair points but it should be obvious to everyone that you have a megacoin block explorer bitcoin bias. Megacoin also currently sports the only difficulty algo that is fast switching every block while not being subject to the difficulty getting stuck when high hash rates leave. In this 5 month period, anyone could have bought megacoin for super cheap.
You speak in riddles. Litecoin is bitcoin with scrypt as a hashing algorithm. Therefore, megacoin is a litecoin clone. In case you were unaware, litecoin is now on the latest version of bitcoin as well, so that point is moot. My only bias is against coins that are obvious scams.
Other currencies have fast adjusting difficulty algorithms megacoin block explorer bitcoin well. Quark being one of them, for example. There is no justification for that. A litecoin clone is a coin based on litecoin. Megacoin is not based on litecoin and has no litecoin code. There is no litecoin lineage in megacoin. You should really think hard about what clone means. However they are ALL susceptible to getting their difficulties stuck when multipool or similer hit them. They also have issues with the difficulty skyrocketing just because some blocks got solved quickly.
Megacoin has a FIR filter for difficulty algo and no other coin currently has similer. Tons of coins have been instamined but anyone could have mined megacoin megacoin block explorer bitcoin the first 48 hours. Kimoto has been slow with source code releases always. Even after gravity well. Is that a conspiracy too? First scrypt coin based on the newest bitcoin code.
First cryptocurrency with a smart difficulty algo that is both fast, secure, and stable. Most importantly, a dev who actually develops his coin. There are far better altcoins to attack then megacoin. GLD is a great megacoin block explorer bitcoin of a coin that should be attacked for being a scam. Functionally, megacoin is a litecoin clone. Fact of the matter remains that he premined a massive amount of coins.
Especially ones that attempt to disguise themselves like this. The facts of this article cannot be disputed, but your opinions can. You make assumptions in this article and resort to name calling in some instances. I would much prefer to see proof of the identity of the individual mining Megacoin from the launch. Furthermore, you attempt to paint the community surrounding Megacoin in a negative fashion.
Are there some individuals who believe kimoto is Kim DotCom? They are out there. How do these characteristics lead to being cult like? There is a clear bias in this article, and that is understandable. You are allowed bias in your own writing, but I think you would attract more readers if you cut the constant bias and exchange it for constant facts.
Just my humble opinion. Some assumptions are undoubtedly necessary. Due to the mostly anonymous nature of bitcoin and lack of these sort of identifying transactions, such a proof is very difficult. In fact, he would be a fool not to mine it if there was such a low network hashrate. So he is the most likely answer.
Either way, someone is running around with those 6 million coins. As for the cultish aspects of it, the community is really off the wall and unrealistic about their whole situation — more so than any other community except maybe microguy, that guy is a whackjob. They borderline worship kimoto. Not megacoin block explorer bitcoin is cut and dry in the world of megacoin block explorer bitcoin, sometimes we have to fill in the gaps ourselves. I believe most readers will come to the same conclusions I have as well if they were to investigate.
If its just an assumption it should be labeled as such instead of trying to promote this article as megacoin block explorer bitcoin word of god. Everyone just sits around and wonders exactly why you hate this coin so damn much. Just because you didnt get 1. Megacoin did not do this.
BY your definition every scrypt coin is a terribrix clone. Nanotoken is the poster boy of scam coins, j-coin is dead and never had any real life, and he wants everyone to buy his new coin OSC. A premine means you mined the coin before it was released. Megacoin had no premine. You can argue it was instamined, which is fair, but anyone could have mined it.
Not many coins have active devs. Of the ones that do, not many are adding features or working to innovate.
