Bitcoin Confidential, even though has the name "Bitcoin" in it, has not honored the Bitcoin chain and has instead airdropped the SmartCash chain. That is an abuse of the "Bitcoin" brand.
The SmartCash chain has evidently the worst distribution among any altcoin you can think of. The founders made the system with hardcoded addresses that has continually drained 70+% of the inflation. And over 40% of the maximum supply has been mined in less than 2 years. Its current price is down 99.6% from its ATH.
After launching Bitcoin Confidential, the price of SmartCash has tanked yet another 55% within days. There has been many rumours that the founders have been dumping SmartCash and buying Bitcoin Confidential and are exiting from SmartCash to Bitcoin Confidential, the privacy-focused so-called "sister coin". Given the 1:10 airdrop ratio, many were willing to sell at the bid that a few anonymous whales started to offer. Meanwhile the price of SmartCash tanked yet again... and pretty hard.
The SmartCash chain was also hacked a few times and there are rumours that one of the hackers was one of the founders. If true, imagine the level of greed! Taking 70+% of the inflation in hardcoded addresses hasn't been enough for this founder!
Bitcoin Confidential walks in the same footsteps of SmartCash. It has hardcoded addresses or "founders fee" which is 30% of the inflation. Although less than SmartCash, it's still a huge amount and under my judgement, it's basically an ICO backward and if the SEC wisens up, both SmartCash and Bitcoin Confidential can end up getting the "illegal security" label.
This is not financial advice by any means. DYOR.
Wish I had seen this earlier in order to resteem it.
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