The 1st April pump for iCoin and the consequences for iCoin.
I will confess myself and 2 others were behind the pump that took place on 1st April, I still think iCoins price is too low and definitely thought the currency convention was going to have a bigger impact.
I think the Currency convention has made it worse for the coins that attended because not one article has been published after the event took place, only leading up to it.
Back to the pump, we were planning to spend 10 btc across all exchanges to help keep the price of iCoin above 2000, we decided to hit Poloniex first and while buying up and then leaving our buy orders at 2000 it didn't take long for the dumping to occur, we got hit with a 27000 iCoin dump in one go and then decided to pull back the price we had established and still more dumping took place until 2 btc had been used up. Throughout that whole period we had a couple of small buy supports which also got eaten up by people dumping out. We would of pressed on with the buying but got scared off because we thought it was the dev dumping out with the premine. Later on we saw it was not the case.
Although I like the iCoin name I believe the team behind it is not capable of growing this coin to where it should be and captainhook and the premine is holding progress back a lot because no one is going to invest time and money into a project that "could" be benefiting the developer and not the community. I didn't think the premine was a problem until our buys got dumped on and it was my first concern at that time.
With all the coins that had a premine it was backed up by devs that were active and had money to spend on keeping the coin relevant.
I think the rest of the team has been honest with everything they have done but my time of buying more iCoin is done for now until I can see more happening for the coin.
I think if you people had stuck with the pump with another 8 btc it would of set a new price for iCoin, 8 btc at 0.00002000 is 400 000 iCoin. 8 btc buy you 4% of total iCoin which is very low price.
The premine is holding the team at ransom, no one will help unless they get some premine themselves and I think it need to be used for big companies which will have big impact on price.
For the dev to have so much premine and do so little work with coin is not good.
If you're going to try and pump up icoin's price, you have to take into account that the mining difficulty has been very low for a long time; 27,000 icn is a drop in the bucket. I've seen a pair of miners with 12 MH/s on icoin for the last 2+ months.... they've got to have 300-500,000 icn.
I definitely agree that the premine (currently ~40% of all coins in circulation) is holding icoin back from success.
Its kind of funny that the goal of the premine is to use for promotion/development, but the best promotion/development would be to destroy all of the premine.
