This was posted on reddit by ginger_beer_m
It's quite funny, so I felt like sharing on this forum.
"The USDcoin is a hybrid Proof-of-Work + Proof-of-Stake scheme. The PoW part applies only to small wallet holders where ordinary users can submit work to receive their share of the coins. They don't get much for this though, just a tiny percent of the total coin in circulation -- despite mining on expensive ASIC equipments with large hashrates. The special part is, for whales with large holding of more than a few billion USDcoins, the coin then switches to a PoS scheme where the more coins you have, the more the network will reward you. Suckers who enter the game late will be at a severe disadvantage here.
Just like doge, the USDcoin is inflationary but more surprisingly, the developers can create even more coins on demand. The coin has a poor distribution with top 5% addresses hold 50% of all coins (damn, I wish i was just joking. Was quite surprised when I googled it). It is totally not decentralized and the price is managed by some exclusive groups consisting mostly of the devs' friends and families (in collaboration with the exchanges, also owned by the devs). For some unknown reason, the coin has pictures of the developer's dead ancestors on it. I very much prefer pictures of cute Shiba inus. I wonder what sort of demographic they were initially targeting ... probably old dudes who like history.
All in all, I'm quite concerned about this USDcoin. A lot of its attributes look rather scammy to me, or at least characteristic of a quick P&D coin. Everything about this coin seems like it's designed to make the devs and his inner group of people richer. Supposedly the devs premined a large percentage of the coin as well. Worse, I heard that the devs are quite prone to violence and have doxxed people and gotten into physical fights with competing coin developers, such as IraqCoin and AfghanCoin. Things are occasionally tense with YuanCoin too, which is doing well in China, and we know that Chinese whales hold 50% of volume of trades of Doge ! They are not the group to piss off. All these behaviours are very unshibe-like
I suggest staying away from USDcoin and keep on using doge. To the Moon !"
Source:
http://www.reddit.com/r/dogecoin/comments/29dqqs/shibes_i_must_alert_you_of_a_new_coin_in_town/
