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  • Neucoin [NEU]- Mining Revoked!
    posted 21/02/2016 21:01:23 by TheRoot

    (Post from tempus)

    In fact it's bad tech and it's the worst eco-system I've ever seen.

    Just as a reminder:

    Initial supply was 3 billion.

    They sold to the community: 100 Million.

    And then there is a inflation rate of 100% per year of 3 billion which means that they're staking millions every day without any chance to distribute it. Our of market-perspective they stake 100% every few weeks. Now they're complaining that PoW would bring pressure on the price but what does that mean? Without PoW but full PoS: Even less for those who support the Blockchain but more for them, right? And what will they do with all the Millions they stake everyday? They can't do anything with that! This project is totally fucked up since it's start.

    You should read the posts around end of september and early october, when they went live and you'll see: A lot of calculations and analyzing and it was all predicted.

    Just two examples of my own posts:

    A little bit math about this idea:

    "To optimize for growth and adoption, a large share of the foundations’ endowment will be given to consumers in exchange for engaging with, trying out, and referring friends to NeuCoin. Another large block will be awarded to companies that help NeuCoin grow its user base and become more useful: game publishers and content providers that accept microtransactions with NeuCoin tokens, exchanges, wallets, consumer mining services, payment processors, remittance services, discounted group shopping services, marketing and distribution partners and other key services to NeuCoin users. Finally, some will be sold, with proceeds used by the foundations to increase the value of NeuCoin through consumer marketing, utility development, and core coin development."


    to read more: https://bitcointalk.org/index.php?topic=944933.msg12556706#msg12556706

    Or take a look at this one with two calculations (from rizzlarolla and myself) about inflation and distribution:


    Really, I've never seen a project like this, so badly designed and the last months they've shown that they are totally incompetent. A lot of technical issues, a complete lack of transparency and honesty etc. and now the next step of this weirdness is that they want to go full PoS to avoid pressure on the price. Truth is: There is nothing they can do. It's a totally fucked up eco-system, the worst distribution-model I've ever seen and if they would sell just the coins they stake in one day the price would go down to 1 sat. But they stake that everyday and since months now.

    Edit: A post about the question if the ICO was legit:

    One question is: Was the ICO really sold to the public and was it really a legit launch?

    The problem is, if you look at the distribution:

    Top 10.......2,967,553,562.06368923 NEU   96.72 %
    Top 100.....3,062,105,550.67083359 NEU   99.8 %
    Top 1000...3,068,146,816.34814405 NEU   100 %

    Where are the 100 Mio sold in the ICO? It's not in Top100-1000. There are only about 6 Mio Coins. That's the staking of 20 hours.