I think my biggest problem with this coin isn't that the dev doesn't know what he's doing, but that he's a liar. I know it's already been covered, but a week before he released it he was asking for help with basic issues and had this to say:
Hi, I just created a Litecoin clone because I'm going to give a lecture about Cryptocoins to a group of people in a couple of days and I wanted to use my own coin to explain the topic and some technical aspects of it, so I won't release this coin to the public, this was just a personal challenge and an attempt to facilitate the topic for others, but I have a problem:
Elaborate story - obviously he created a Litecoin clone to try to make a quick buck and everything he said above was a lie. With all of the coins out there, what makes this one stand out? Dishonest, unskilled dev with a "me too!" meme theme and 120,000,000 coin premine that launched without a Windows wallet? This one is a loser and isn't even trying to disguise itself! Sorry but this guy is going to have to start moving mountains for Grumpycoin to redeem itself in my eyes. Just one man's opinion, though.
Premine: 0.24 % (For bounties and giveaways) - 1% 500.000.000 ; 0.24%: 120.000.000 Everything looks very good. Add Kimoto and is just super
Any coin can add the Kimoto Gravity Well but if there's one that can't it's probably this one. The dev couldn't even figure out how to create a Windows wallet. 0.24% certainly isn't too bad at all for a premine but "For bounties and giveaways" is pretty misleading considering the dev still has about 98% of the premined coins. The premine is minimal enough these days that I won't even make a big deal about it but the point is that there isn't a single redeeming quality here. The best thing about this coin is that the dev is trying to figure out how to integrate the Kimoto Gravity Well which should take 30 minutes at most. I hate to single out Grumpycoin because there are far worse coins out there but it really irritates me that the dev is a blatant liar.
I'm not telling you what to do but I wouldn't put all of my eggs in one basket. If it ever even makes it to an exchange (I believe it will - why not?), the second this thing hits the dev is going to unload 100,000,000+ of these things that were premined. If he's been mining at all as well, he will probably unload double that. It will be a race to see which deposits are confirmed first and the ones bringing up the rear will get screwed. I'm probably not telling you something you don't already know but there is nothing about this coin, community, dev, or launch to set it apart from the 25 new coins that are released every single day and that means its future is bleak after everybody dumps. Unless you are friends with the dishonest dev or just really love the logo so much you couldn't resist it I can't understand why anybody started mining this in the first place. Considering this has been out for over a month I would be a little nervous if I was holding a big bag of these things. I'm surprised nobody finds it pathetic that the dev specifically claimed they would never release the coin they were working on to the public and then he releases it a few days later. There's no taking that back. So roll your eyes all day long but you better hope your deposit hits before the dev's deposit. I understand none of this is welcome here and I'm done raining on the parade I'm just trying to inject a little common sense into some of this stuff before the entire altcoin market is gone. I think we're about 5 more pump and dump meme coins away from sticking a fork in it, which is sad.
I've already spoken with the Dev about making the premine wallet public and for all to see.
Things are slow, but he has admitted that he has been juggling this around work, and has asked for our help.
I see where you are coming from regarding his earlier posts, but who knows - maybe at the time he wasn't going to release it. Then thought why the fuck not. Lets be honest, this may not have a lot going for it just yet, but there are a fair few of us here willing to make it work. So why not.