To give people power over their own money by providing sophisticated wealth storage, mobile payment, and wealth transfer methods
Pros & Cons
- Realsolid, SuperTramp, Vipah
- Holders of Mincoins
- GitHub Last Updated
- Dec 10, 2017, 6:50 AM GMT +5:30
Mincoin is a cryptocurrency that has emerged from Litecoin, which is in turn a Bitcoin clone. According to the Mincoin website, it attempts to take the best of Bitcoin and Litecoin to give a cryptocurrency that is unbeatable. The supporters of Mincoin say that Mincoin is rarer than Bitcoin because 21 million bitcoins are yet to be produced when compared to the 10 million Mincoins that are yet to be produced.
Mincoin was launched in 2013, at around the same time several other altcoins were also launched. Although Mincoin says that it has not been pre-mined, parsing of blockchain data clearly shows that coins have been pre-mined. The cryptocurrency had large blocks at the time of its launch, and there was hardly any difficulty while launching it. Moreover, these blocks were launched without GUI. This shows that coins have been definitely pre-mined and grabbed by those close to Mincoin.
More than 900,000 coins were mined with a hash rate that was not more than 0.5 MHash. Considering the fact that the reward per block for miners is just 2 Mincoins, the pre-mine must have been enormous.
The people involved in the pre-mine were SuperTramp, Vipah, and RealSolid, who launched a GUI client shortly after the release of the software.
Later, RealSolid rebranded MCXNow, a cryptocurrency exchange service he owned, into Mincoin Exchange. Originally, MCXNow was called Microcash Exchange. This was long before Cryptsy came into the picture and finding an exchange was not at all easy. It was now time for the three founders to make money out of the cryptocurrency.
Since they controlled the only exchange on which Mincoins could be traded and also since they controlled most of the Mincoins mined so far, the three founders of Mincoin, Vipah, SuperTramp, and RealSolid, could easily raise the price of each Mincoin to 0.003BTC. The next thing the community knew was the fall of Mincoin to less than 0.0001 BTC. The three founders could have made anywhere in the range of several hundred to several thousand bitcoins. If this is true, then Mincoin becomes the biggest scam coin in the very history of altcoins.
Eight months after launching it, the founders abandoned Mincoin, as a result of which, its price fell. Experts suspect that the now cheap coins were being hoarded by those close to Mincoin so that they could roll out the second round of the scam. Interestingly, the cryptocurrency was re-launched in February 2014, and the release thread was self-moderated. Experts suspect that the thread was self-moderated to prevent anybody who criticizes Mincoin.
Mincoin turned out to be a scam coin when it was launched in 2013, and there is every chance of it turning into a scam coin after its re-launch in 2014. Although it has a few supporters, many cryptocurrency users, miners, and traders recommend avoiding Mincoin like the plague. In fact, RealSolid does not enjoy a good reputation, and anything associated with RealSolid should be avoided.
Why is Mincoin a Scam Coin
Mincoin-related threads on Bitcoin Talk Forum are rather vague and opinions about Mincoin appear to be mixed. However, I came across two reasons that clearly indicate that Mincoin is a scam coin that has to be avoided.
Early Mining: As many as 936,000 Mincoins were mined in the first three days after the launch of Mincoin. A month later, there were around one million Mincoins in circulation. In other words, 88% of all the Mincoins in circulation were created during the cryptocurrency’s first three days.
Those who support Mincoin argue that introducing so many Mincoins into the market will increase liquidity. While it is true that creating a large number of coins adds liquidity to the market, it is also true that most of the coins mined during the first three days were hoarded by those close to the cryptocurrency. The hoarders expected the price of the cryptocurrency to rise so that they could sell the coins and make a tidy profit.
RealSolid’s Shady History: RealSolid, the creator of Mincoin, has a shady history. He said that he would release Microcash, but did nothing of the kind. His supporters wanted to know when the Microcash project would be launched, and RealSolid told them a cock and bull story of financial constraints and request a donation of 250BTC. Those who believed his story collected 250 BTC and send it to him. RealSolid again promised he would release the project after a week, but again he did nothing of the kind. Weeks rolled into months and nobody heard anything about RealSolid anymore. Any cryptocurrency associated with such a shady character is bound to be a scam.
Features of Mincoin
Mincoin’s blockchain network is based on the Litecoin and Bitcoin source code. It takes around 60 seconds for miners to create a block on the Mincoin blockchain, which is 10 times faster than Bitcoin and two-and-a-half times faster than Litecoin. Up to 10 million Mincoins can be mined, and the last Mincoin is expected to be mined somewhere in August 2023.
Just like Litecoin, Mincoin makes use of the Scrypt proof-of-work algorithm. Since the platform is scheduled to create just 10 million coins and one block in 60 seconds, the coins become rarer than litecoins or bitcoins. In addition, the time taken to process a transaction and to confirm it becomes faster. Since all the coins will be mined in slightly more than 10 years, the entire Mincoin experiment can be observed unlike that of Litecoin and Bitcoin.
When compared to Litecoin, one sees the following differences between Mincoin and Litecoin. First, Mincoin’s block generation time is two-and-a-half times faster than that of Litecoin. Second, the time taken to confirm Mincoin transactions is faster than Litecoin. Third, the difficulties change with every block in case of Mincoin while the difficulties require three-and-a-half days for adjustment in case of Litecoin. And finally, only 10 million Mincoins are scheduled to be created while more than 84 million Litecoins are scheduled to be created.
In spite of these better features, Mincoin simply did not turn out to be a success. Instead, it has been a source of disappointment for the hundreds and thousands of people who trusted its developers and showed an interest in the project.
The following links will give you more information about Mincoin:
David is a forex trader and writer who has spent the last few years giving his opinion and spreading news about oncoming markets and trading tips. Besides from being a trader he is also a lifelong Everton fan and enjoys spending free time watching his beloved team in the premier league.