The intention was to "drive the price up with buy walls"....?
Could someone please describe Insanity Coin a way that is more clear than the OP?
Is this an obvious Ponzi?
If not what is it and why is "the coin" any good?
Thanks
The coin has a single fixed supply, coins are purchased from the supply, all btc raised from selling the coin goes in to the orderbook at poloniex to buy the sell orders placed. All coins bought back are destroyed, thus depleting the amount in circulation. There were 1,000,000 coins originally.
During the first phase, batches of 100,000 WOLF were sold from the supply at 0.001 raising 100 BTC at a time, that 100 BTC was injected in to the market every sunday to buy up as many sell orders as possible, raising the price and acquiring back as many of the coins as possible for destruction. We did this for 6 weeks, with over 1000 BTC of trading volume each week, and resulting in ~75% buyback and destruction.
We are now on the second phase, where batches of 10,000 WOLF (33 batches in total) are sold from the supply, every time a batch is sold the BTC is placed as a buy wall to solidify the market. Each batch incrementally raises the price of the supply and the buy walls by 0.00002.
This second phase process lifts the price by circa 65% minimum, creates solid buy support in walls totalling 50 btc lifting to 75 btc at the end, and again destroys all WOLF bought back during the process.
At the end of this phase, there should be a minimum price of 0.0015 on market, with no supply left, ~250k coins in circulation, and a large 75 btc buy wall to support the price. At this point the coin moves to the mining phase, which will mint a rather meagre 20k WOLF per annum.
In short, WOLF is a fair democratic coin with no surprises, and really phase two is what every trader / investor hopes for when they join a "pump" or buy a coin hoping the coin will rise. Every purchase strengthens the coin and lifts the price, all dumps are removed from circulation and destroyed so they can't come back to haunt later, and all btc from every coin sold via the supply goes straight back in to reinforce the price on the market.
For this to work all it takes is for people to buy the coin, spread the word/joy, and for roughly 50% of those buying to believe in it, while ever that is the case the coin will rise in value and become rarer. Once this phase is over the same holds, any upward trends will be reinforced with a 75 btc buy wall in addition to the normal traders buy orders.
extra note to those considering buying on marketDo remember that buying on market, even if the price is lower, is false logic. When you buy on the market your BTC is taken out of the economy and you hold WOLF without the btc to back it up. When you buy from the supply, the BTC reinforces the price on market, and the wolf for sale on market gets swallowed up and removed from the economy (destroyed), additionally it encourages others to buy, which exponentially increases the price, volume, supply depletion, and makes your own holdings far more valuable and secure.
A buy from the supply creates a btc buy wall, and a btc buy order, and a wolf coin destruction totalling what you purchase - three times the weight.