I've just sent AKW private message asking for update on this. Somehow I doubt he'll answer. He hasn't been online since December. I doubt it that he has started any legal action - no proof was ever shown.
If I'm wrong about this, I apologize in advance to AKW...

Interesting thing is that AKW hasn't been around for quite a while now...

Any updates?

Can you please add me to the beta?

Is there a key to which the Dev is distributing the wallets? I sent him 2 PMs but no response.

Actually, you even don't have to rent them. You can run stratum proxies on different IPs and let 50 Mh/s through each of the proxies to the Minerals pool to different accounts and it would appear the hashes are comming from different IPs and different users when actually they are from one giant farm. Admitedly, this coin made it a little bit harder to mine with 1 Gh/s but far from impossible. And whales will always be whales with a lot of resources at their disposal. The only question is are they interested in this coin. And they could be, just because most of the people believe they aren't...

Somebody said there are no whales on this coin since hour 10. Probably there are, they're just well camouflaged...

How could it be checked if somebody has more than one account? You even don't have to confirm your email address to signup. And even if you did, there are tons of disposable email services (more so, opening an email account on, for example, gmail is also not a trouble - you can easily have tens of emails). Blocking by IP address also can't prevent people with multiple accounts if they're mining with rented rigs... The system is easily abusable. Somebody correct me if I'm wrong...

Although the whole operation seems a bit shady since the developer doesn't want to address legitimate concerns and state his opinions over direct questions, would you anyway, please, elaborate your conclusion for the rest of us who don't see it?

Couldn't agree more. But the risk assessment is much easier when you have information available and what would be the point of withholding information?

A few points to the dev that he could address:

• Do you acknowledge that by deleting workers from pools with only one hour announcement beforehand, besides cutting the big whales which was the purpose, you also damaged a number of small miners which were within the rules but had multiple rigs set to multiple workers?
• Will you offer any compensation to damaged parties (those whose workers you cut but were below 50 Mh/s)? You'll have 1% of all the coins and this shouldn't be big deal and looking at the pool logs shouldn't make it too dificult to see who to compensate.
• The big whales are going around this limit by opening multiple accounts, renting rigs, etc. How are you planning (if at all) to stop this?
• When are the coins going to get of the pool? Do you offer any guarantee or damage compensation if your pool gets hacked and all the coins disappear?
• People are concerned that this could be another Wecoin. Again, you control all of the coins and have failed to deliver the promise that it will be possible to withdraw the coins from the pools to exchange (i.e. trusted party) on launch but not trade them until POW is over. If relinquishing control of coins which don't belong to you to trusted third party is not possible, you could come with some other solution like putting some sizeable amount of BTC into trusted escrow and if you fail to deliver your promises, that BTC will be distributed according to balances on your pools (which should be made public - also, then the public could decide if the distribution is fair and should they continue supporting this coin). The amount of BTC put in escrow is up for you to decide and then up to people to decide is it enough.

Thank you! Every day the lesson is learned...

Yes, but others who got the announcement on time could have pointed the rest of their rigs to somewhere else, while his was sitting idle... And not everyone's hashrate was cut like his, so his one worker earning hasn't jump that much. If it wasn't so, and as you're saying it's all the same than what's the point of cutting anything?

The pool wasn't dead, it was rejecting shares from deleted workers. How do you configure failover to help you in that situation?

Same here. If the pool had shown up as dead it wouldn't be such an issue.

Although the devs also stated that any changes will be announced well ahead and one hour is not well ahead. He says he did it because the community demanded it, but what about the part of the community that was sleeping? They couldn't demand it to left it as is until they wake up. Some compensation to the damaged parties should be made. The dev will have 1% of the coin anyway, so it shouldn't be the problem.

It's nice to see that the dev cares, but you can't haste unannounced solutions to problems because they generate more problems and one hour ahead can hardly be called announcement.

Imagine Facebook now announces it will be deleting all accounts with more than 5 photo albums in one hour... That wouldn't be so cool.

Dude, read very slowly what I wrote, try to understand, take a few deep breaths and then reply.

I wasn't the one having an advantage, but now I have a disadvantage. Big whales with massive hashpower will get around this limit anyway. And many people with few smaller rigs were sleeping and wasted their anyway tiny hashrate because the rigs were configured to different workers and there's such thing as time zones, you know...

The idea was OK, although can be circumvented. But the 1 hour notice is way too short! I was well under the hashing limit speed and had different did pointed to different workers and while you did this, Europe (including me) was sleeping. You should have noted at least 8 hours in advance to be fair. Or cut the big ones by hand...

Sent 0.49 BTC from 1NN4NzcREpy94Y9k4qK1BNZx4sTwsnJAVN for 7 shares

TxID eb3fe68fc982a2d247b9f6d1d9e9da3ba68be0ed8f5e3f4d4ab3a06dcf295e3a

Unknown amount of BTC, because it's unknown how much of the IPO were fake numbers to draw in more investor. But the other part of the story is that the author mined a ton of MAX by proxy mining through WeCoin premine pool with other people's hardware (and probably single handedly destroyed any value of MAX by dumping massive amounts for few days). Pretty genious scam I would say. It would be almost better than Stackcoin should the identity of the authot not had been revealed. But what bemuses me is that it went away quietly - noone even had a chat with the scamer (AFAIK).

So, does the story with WeCoin from https://bitcointalk.org/index.php?topic=502337.0 has any epilogoue?

I know this was geniuos scam and the autor loaded himself with BTC by IPO and MAX by proxy mining but his identity was revealed. He posted some nonsense explanation in the original thread and closed the thread and that's end of the story? No reactions by anyone who was scammed?

Just for the fun of it, another: