I took a quick look at this coin, this is what I found:
- dev premined heavily on this. He first premined 2,000,000 coins (first 200 blocks), called it "bounty"
- then insiders heavily mined all the 1000-coin blocks. Said they "should be a day", was finished in just 2-3 hours. This is about another 2,000,000 coins.
- after that (about 2pm 5/15), some limited people may start mining, the 1st 2500 blocks (corresponding to 4 millions coins) are already grabbed by the insiders.
- it was not until 6pm that day, a formal announcement was made about this coin (
https://bitcointalksearch.org/topic/--206377 - there was a pre-announcement thread before, which later becomes the main thread), by that time, 8000+ blocks are gone. This corresponds to an unbelievable 7,000,000 coins.
Guys, does it make any sense to mine a coin like this?? It is complete garbage.
You can check the time stamps in the blockchain broswer yourself!