PROJECT RESTORING HONOR OR PROJECT LINING UP YOUR POCKETS?
As most of us know by now, the original dev of Honorcoin, scammed the miners he had lured to his coin and run away with an undetermined number of Honorcoins. The disappointed miners decided, some of them, that rather than lose it all -or almost- they were going to take over the operation to try and salvage it. "Jarvis" declared himself the new dev and announced the plan to re-launch the coin on June 20th.
Honor is, indeed, a great name. An asset. So, naturally, I looked into it as soon as I knew of the original scam. And, in principle, it looks quite natural, logic and even interesting. The project, that is. But, mind you, this was a shitty coin to begin with, if there ever was one. It was fully designed to con a few greedy miners and run away with their coins... and undetermined amount that could mean from hundreds of thousands to even one million or more, no one really knows.
When I looked into Jarvis' plan for the relaunch, it was quite obvious that the relaunch was being quite hurried. They literally had nothing. That well know scammer, Templar77, had even extended his tentacles there to take further advantage of the conned miners. I uncovered his activities to Jarvis and that put a quick end to the "connetion". For a while, I even considered to buy into the "restoration". But I saw too many problems besides the obvious hurry. I posted the problems and even some ideas that I consider solutions. It's all there so you can visit the thread yourselves and decide.
As it stands, the project pretends not to restore the coin, really -which would be very nice if it were not for all the wrong reasons-, but, rather, to line up the pockets of the miners who mined it and were victims of the previous dev. So those holding hundreds of thousands of Honorcoins, of practically no value right now, will not just maintain the coins in the net iteration of Honorcoin but, actually, would receive double the number of coins they have. So will whoever buys in now for a very few satoshis. And so will even the scammer that defrauded them.
All of this is beyond wrong. It will produce a few (35-40 at most), millonaires in worthless coins that will never be worth anything because it represents an absurd distribution model that has never worked and will never work.
Anyway, like I stated above, I posted profusely in their thread so you can read all the problems I see and also some of the ideas for solutions I volunteered.
Of course, they will continue ahead with their plan while the few satoshis the coin is still worth quickly disappear while they restore, without any changes -only a few and way for the worse- , a coin designed for the sole purpose of scamming them.
You can easily imagine the results.