Scam Alert: Earthcoin

December 22, 2013


Earthcoin is another one of those crapcoins with some minor tweak that tries to pass itself off as a gamechanger. In this case, a slightly fluctuating block reward, supposedly in accordance with earth’s rotation, is this coin’s ‘killer feature’. Is this really what catches the altcoin scene’s attention now? Gimmicky block reward mechanisms? A 58 page forum thread would make it appear that way.
Earthcoin is being promoted heavily by a lot of sockpuppet accounts with <30 activity rating. This immediately throws up a bunch of red flags, and is always indicative of something shady going on. So, I began to search for a motive. Tucked neatly away in the the main post is this little gem: "Premined 2% for promotions, giveaway, bounties, dev and long term support." With a total of 13,500,000,000 coins, that makes this ‘2%’ premine consist of a whopping 270,000,000 coins. Earthcoin also had superblocks, making it not only massively premined, but instamined as well. What a winner of a coin!
If history has taught us anything, these premined coins are not going to be used for their stated purpose. They are going to be dumped onto anyone who’s foolish enough buy them. There is nothing unique or exciting about Earthcoin. It’s just another pathetic attempt to fleece people of their money.

from CryptoLifeCryptoLife

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