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Another pump and dump commences: Isracoin

Discussion in 'Making Money' started by bartosimpsonio, Apr 11, 2014.

  1. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    I'd like to welcome the brand new get rich quick altcoin: http://www.isracoin.org/

    Auroracoin was too aggressive, having 50% premined and held by the coin creators.... Isracoin is only 10% premined, so you know the trick - they will "airdrop" 10% of it to Israeli citizens. Oh and this airdrop commences only 20something days from now, which is quite fast if you ask me, since their domain name was registered a month ago....

    The "Israeli" coin is registered to someone under a fictitious name in New York City. Just like Auroracoin was never registered anywhere close to Iceland.

    How does this "create a coin and get rich" thing work?

    Well, it's simple : the early miners get very very low difficulties. Meaning that you can rake in a ton of the altcoins before everyone gets into it. When everyone rushes to it, you wait for the pump and sell.

    So how do you make this systematic and scale up??? Well, you create a premined coin. Meaning you already own those juicy early coins. You promote the coin, others rush to it, and then when your premined coins are worth a lot, you dump them for Bitcoin or some fiat currency.

    Enter the "Country Coins"

    So, the premined thing was too obvious: anyone could see that it's a get rich quick scheme. How do you premine coins and hold them under a justified pretense? Simple: claim they are meant for some charity, for some country or some good cause. You premine a bunch for this great cause, and let others do the hard work for you. A coin for Iceland was a genius marketing idea, they premined 50% of the coins just to airdrop them for FREE. Oh but the devil is in the details: less than 50% of the premined coins got claimed by an Icelander....meaning the coin creators hold at least 50% of the premined coins which is 25% of the entire Auroracoin market cap. Brilliant, isn't it?

    And there's no scam at all. The premined coins CAN be claimed, but they know they won't be....so the coin creators get rich. I fell for some of it, but caught on fast, so I'm sharing the experience. Be wary of any new altcoins with premined amounts. Also, right now I can only trust Bitcoin, Litecoin and Dogecoin, they have a community behind them and a large number of miners that make scams a lot more difficult.