Hi there! I go by Ziggles, I am fairly new here, but I've been around and interested and involved in Cryptocurrency since Bitcoin was just an idea on paper. In this series, I go to https://coinmarketcap.com/all/views/all/ and roll the dice depending on how many coins we have on the market today, I then dive into its history, technologies and supposed intentions and give my own personal review and invite you any readers to give me your take. Today there are 1339 different coins to choose from, so lets roll a 1339 sided die.
Looks like our first coin will be #1190.... Giving Us....
netBit (NBIT)
The Brief Sad History of netBit
netBit was born November 09, 2016, 10:10:00 AM EST, surprisingly without a website to speak of. The Developer
(https://github.com/NetBit-official) asked for translations and proof of work managed to get on 3 markets of which only 2 remain active:
https://yobit.net/en/trade/NBIT/BTC
https://www.coinexchange.io/market/NBIT/BTC
There is a Window's Wallet / Miner here, if one wanted to mine this nearly extinct coin:
https://github.com/NetBit-official/Netbit-windows a litecoin clone ([scrypt] POW/POS)
Promptly after laying the absolute minimum framework to get the coins to market the developer disappeared.
The End.
My review:
Our first alt coin shares a common theme with many, many alt coins that are launched. They developer offers promises of a framework they have no intention of building and there is always a huge warning sign involved, in the case of this coin it was premining. This is the case where a developer builds the coin, usually using another coins open source content and changes the bare minimum of the code to sell it to markets, before offering it to the public however the developer dips his hand in the honey pot so to speak. How much dipping in this case?
** 840k of the coin were premined with a 50 coin max per discovered block reward. **
** Over half the coins were already in the developer's pocket **
The second the developer got this coin to market and tricked a few people into mining it up to some small value on a market he cashed out completely bombing the coins budding value and proceeded to vanish happily collecting cash or BTC. Likely to do the exact same thing again.
If you are ever considering on getting in on the ground floor of a new type of Cryptocurrency and want to avoid ending up in this situation as the early adopters in this case have always be sure of 2 things.
- The developer is not acting under an alias and can be reached directly.
- The coin is not premined. If you get in on the ground floor of a coin (day 1) start mining and see you're starting on block 40,000 just get out and never look back.
So concludes my first jump into netBit(NBIT), somehow still on the market, it is a prime example of a common scam pulled by unscrupulous developers, but good to be aware of.
Thanks for your time, if you like this sort of thing, please feel free to follow me I'll be making a series out of it. If you have any questions or want to add anything to my review please comment below!
Very interested in this series!!
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