Bitcoin Forum

Hi everyone

I'm here, because I wanted to make some things clear.
Some of you guys keep on saying that Faircoin is a scam, because it was premined...

I'm here to tell you that's not true :-)
Ok, Faircoin had no POW period, and all 50.000.000 coins were generated in one time.
The DEV team kept only 250,000 coins for bounties (only 0,5%!!!)
All the other coins were distributed between 49,750 addresses.
Everyone  who wanted a share in those 49,750,000 coins could just subscribe for a certain period, and when the 49,750 adresses were reached, the distribution began.

So 49,750,000 coins, distributed over 49,750 wallets, that makes 1000 faircoins for each wallet.

To beat the bots, each user had prove himself humam by solving 2 different captchas.
This method was not revealed ahead of time to make it harder to bypass the checks.
Now, if we take a closer look at the current situation, we see that the top 10 wallets own 16% of all the coins, the richest has 3,04%
If you compare these numbers to Blackcoin (a coin I also invested in) you see that the top 10 wallets own 18% and the richest 3,09%.
ALMOST IDENTICAL AND VERY REASONABLE NUMBERS!

Now, if you look here http://fac.blockx.info/richlist/ (http://fac.blockx.info/richlist/) and take a look at the "get more stats" section, you will notice that there are 14,726  wallets containing at least one coin. That means that at least 35,024 people sold their Faircoins after they received them, only to hand them over to stronger hands!

Also notice that only 3 wallets acumulated more than 1,000,000 coins, and only 75 wallets containing more than 100,000 coins!
Most wallets contain between 1000 and 10,000 coins (13,140 out of 14,726).

I'm giving you guys this information, because many of you are using the word scam without knowing the facts.
Transparancy is very important, so thats what I would like to give you here.

I want to end this article with this:

I was one of the early BC investors, and I'm very happy I'm still holding most of my coins, even when all these ppl were saying Blackcoin was a scam.
The only coins that I sold, were used to buy my self (early) in to Faircoin...

Don't make the same mistake that many other ppl did by selling their Blackcoins cheap to Trolls...
Faircoin offers you a second chance, don't miss out on this one...

Regards

Good post,

I just want to say that it's hard to say that 35,024 people sold their share... since we can only track addresses.

But it's still very interesting how those addresses are spread and the activity of the community suggest that a lot of people are involved... which I believe is a great thing :)

or their crying noise  :D

I agree - What I do see however is a general unwillingness to sell in any large amount - the sell walls are genuine in this coin, manipulation undetectable to my eye - its a pure buy/sell orderbook reflecting the fact that this coin could and probably should be worth at least twice what it is now, and if we take Blackcoins recent pump as a positive sign for investment back into Alts then maybe quadruple what it is now.

Just buy them up and hold them - it's a great little investment for anyone, from the 0.1 bitcoin crowd to the 10 BTC big boys - get involved and get behind a straight as a die, no nonsense coin :)

it was a POHW.. prove of human work!

Other coins you just setup the miner press start and forget.. you dont need to do more
And those with IPO you just buy.. well not me ...but some do and it's just that click and bought...no work.

This one however requried you to enter something on a web page deal with captcha and THEN WAIT 1 hour. And after that complete it and start a new slice.

If one coin was distributed through work than it was this one.

For about 3 days you had to remember every 1 hour to do that procedure again.. I was really glad when it was over.

And if you consider that you didn't know in forward if it will be just a shitcoin that dies right after distribution or maybe even a scam and you get nothing at all... You risked to do that work for nothing..

About those that programmed script to gather more coins.. I don't care.

About the possibility that the dev misused  it and gets rich...

I honestly think there isn't any coin out there where the dev did not do anything to ensure he will make a nice profit.

Why launch a coin if it's not for the aim to make you profit? The idialistic times are over.

I don't say it's good I just say thats most likely the reality of any coin we have today.

I am surprised that this coin get's value.  I saw it as a coin that will be worth nothing in a very short time. I guess that multipool will create the value base required. Not sure what I shall think about this: In essence it puts down the values of other coins to create gain of the one coin. Not the nicest way to create value.

I didn't sell my coins. I have writtem them off right from the start in my mind and forgot that I have them till I read about that pool and some complain posts about that coin.

See if we can test the 3k barrier this weekend.
Not much resistance, so we might get there soon!

Very well said +1 :)

Great post!

Bump

6k easily  ;D  :o