The following post will contain critique of the LUX coin, which the developers will likely not be able to properly address if this is correct. I won't bother posting this in the discord or their ANN thread since they will immediately censor it. Any reasonable critique that they can't answer is FUD, apparently.
I'll be assuming you have some familiarity with the basic setup parameters, which are found in their ANN thread here:
https://bitcointalk.org/index.php?topic=2254046.0. Distribution of current coins is seen in the current explorer here:
https://explorer.luxcoin.xyz/richlist.
Nobody has proof that the devs are trying to scam the community, or there wouldn't be any discussion, but there are too many unsolved critical issues for this coin to attract any serious long term investors. The devs owning 98% of the current supply is a huge red flag. Doesn't matter if it's a 1% or 5% or 15% premine of the total supply if they can dump it in a few months before the entire community can even mine 10% of what they own. The entire mining community altogether has barely over 1% of the current circulating supply (which is what matters most when the market sets a price)!
They have been moving their funds around and acting very defensive when being questioned about their ridiculous premine. They can only "promise" that they won't dump it? The only acceptable promise is in code. This is a completely anonymous development team, operating from completely anonymous locations, so why should you trust them?
This coin popped up right after the also anonymous core developer(s) abandoned Signatum. Very convenient that it also handles POS the exact same way that Signatum did, and also uses a new algo to attract miners and build a following that they can then dump onto when the coin starts trading. Safe to assume these projects share developers. At least consider that there will definitely not be any proof that they're not related.
I wouldn't be surprised if they start doing more frequent, larger airdrops next to hand out some scraps to create a zealous fanbase. They next need to build up a dedicated community that will buy in, so they can later dump for maximum profit.
They can potentially clear millions of dollars in a matter of months with this scam. They have such a huge premine that they won't even have to dump half of it to make millions! Of course they will put in the work to make it look legit. However, they won't be able to disprove any of the above, only give you sweet, sweet promises of massive profits for being an early adopter of this coin that does nothing particularly unique. Watch out for a very "generous" upcoming distribution of their premine to gather lots of supporters.
This could also be a legit project and I'm way off here, but there are too many issues with the parameters of the coin to adopt it seriously right now. Problem is that you won't know until it's too late, like Signatum. This sort of con is sophisticated enough that some members STILL think they weren't involved in a big pump n' dump.
Only reason I bothered to write this up is my concern about the wave of increasingly sophisticated scams undermining the legitimacy of the crypto community. Following the altcoin boom, these coins have the problem of developing closed off communities wherein the majority of the members are trapped in a positive feedback loop, congratulating each other on being early adopters about to become rich, feeding on each others' confirmation bias. The value of these unregulated coins is high enough to encourage lots of work put into a scam.
