Mark Lyford emailed us, asking for coverage of this event.
[Note: At times, we will state in this article that Banx’s “price” decreased. That is not entirely accurate. Without an open market, there was no price discovery, so we have no idea what the “true” price of Banx was. When we say the “price decreased” we mean that the new open market price has decreased from the artificial price previously quoted on Banx.io. In reality, Banx Shares never had a true price, because it was never sold on an open market.]
While hyping Banx, creator Mark Lyford attempted to claim a massive marketcap for Banx by multiplying the claimed price of Banx with the total number of Banx. That price was artificially inflated because no market accepted Banx besides Banx.io, which would not permit the sale of Banx below a certain price. Since no one was buying Banx at that price, virtually no sales took place on the marketplace, but the quoted “price” would remain the same. These shenanigans led to them being pulled off of CoinMarketCap.com, thanks in large part to our investigation. Banx.io regularly claimed Banx was worth two to three dollars a piece.
http://coinjournal.net/mark-lyford-opens-banx-sales-quickly-becomes-worthless/
