Ok. We all know this is a scam. Only greed makes anyone here to pretend it isn't.
A coin that is using the name one of the wealthiest communities in America and companies behind it can only be a scam.
These people already embraced bitcoin as a tech innovation. They don't need XSV to remind them they can invest in cryptocurrencies and use them!
There is no innovation on this coin. The only difference on this coin is the 8 min block time with a low block reward of 35 coins with a total supply of 35 million coins. That makes 12.5 million coins that were premined. With a 90 block confirmations to mature the coins this makes the perfect combination made to be hard for the miner to dump this coin which is going to speculate the value of this coin to be very high BUT though it is hard for the miner to dump it is not for the premined coins holder!
Now, the scam goes like this:
-There should be at least 5880 blocks mined till the 25th of April. Date that the maildrop was announced.
-Of this 5880 blocks, 205800 coins should be minted through mining.
-There is already alot of speculation around the price but even the price stays around on the 0.02 BTC = $12 USD margin at current market price, that would make those 205800 mined coins be worth $2.469.600 USD. If this would be the case the premined holder would be helding 150 million dollars.
-Now, even if he only dumps the exact same coins that were minted he would be a 2.5 million dollar millionaire!
-And i am only talking on the low speculative price people asking here to cover mining costs. Imagine if it goes 10x that price before the maildrop. This guy would be holding 1.5 billion dollars. Nice scam for a couple of hours of work of cloning a coin and setup a website!
-Well, the conclusion here is that people can shout scam. But even if this is all clear to everyone, the fact is people don't care if this guy is going to become a billionaire as long they get a piece of the pie!!!
-Cold harsh truth in this new old wild west style goldrush to the cryptocurrencies.
Best
Nice analysis. But everyone knows about this, and you forgot the most important thing: Nobody have enough 2.5mil to give him. When he decides to cash out his premined coin instead of mail drop these, this coin is worthless.
We are here for profit, so even it is a scam, when you could earn 1 BTC / day, why not.