It's only that I am not worried, at all, regarding the distribution.
That doesn't concern me either. What concerns me is a developer claiming to care about the issue of poor distribution and then launching the coin in a manner than ensures poor distribution. I'm not thinking 10 years down the road at the moment because we all know few current coins are going to be relevant in 10 years. Hell, most are dead and forgotten after a month. Even if we are thinking that far down the road, someone who instamined this at launch could be holding an absurd amount of the total coins now and even more so if they consistently stake for the next decade.
All that said, we also DONT have:
1.- A sell off as a consequence of the above, on the contrary, the price has rebounded sharply.
2.- Lack of investors, obviously.
3.- Lack of volume (top dog at Bittrex)
4.- More exchanges (I'm almost sure because the dev has not even bother to contact them).
1. Well, who likely controls the VAST majority of the supply? I managed to mine one 500 coin block at launch, thats it. Just by starting with that, it turned into nearly 2000 coins by the time rewards dropped to 5 coins per block with 24 hour nonstop staking. How many did the devs instamine, and how much did it turn into? It gets even worse if we assume the devs had a GPU miner and knew about the supposed POS 2.0 exploits at launch.
2. A fool and his BTC is soon to be parted, nothing new.
3. Likely much of it is fake.
4. This I don't have any issue with even for a legitimate coin at this stage. Bittrex is fine for now. Cryptsy and Poloniex aren't going to bother picking it up with all the questions and controversy right now.
In consequence, this continues being a very interesting project that can catapult to much higher prices in the near future if:
1.- A website is open.
2.- A white paper and timeline are posted and are reasonably believable.
3.- Other major exchanges are added.
4.- A real-life purpose is aimed and is reasonably possible.
5.- The dev identifies himself and names who else is in his team, if anyone.
At current price, the total market cap, in years to come, is still just above $400k which, in my view, if this project is legitimate, is absurdly low priced at the moment. IF, remaining, for now, a big IF.
Agree on the BIG IF part, but you notice I emphasized BIG as well. I have no problem with a developer wanting to profit off their work, but be straight up about it. Taking actions that throw up all sorts of red flags and make you look disingenuous right from the get go don't paint a picture of a serious developer who aims to stick around long term. You said yourself that this project looks rushed and not ready for primetime. It looks more like the work of a dev who needed a few bucks so cobbled together the latest pump and dump of the week.