NVC: The biggest ongoing scam in cryptocoin history

[msweb]

People who are aware of creations like the 'New World Order' and are able to see bigger pictures are probably already aware of what I'm going to tell you here. Everyone else should take the time to read this. This should be an easy to understand explanation for unaware people. If you have some corrections, just let me know about. Feel free to leave other thoughts in here too.

They have planned it through and through. NVC is the highest 'valued' altcoin for a long time now.

Novacoin is based on ppc. It uses proof of work and proof of stake instead of PoW only (initial thread 114712). There was a premine of 210,000+ coins (143828). 110'000 of that premined coins were 'destroyed' (sent to an address that can't be generated with any private key) by BTC-E (more details about that later). The other 100k+ coins that were premined are probably still in existence.

The premining shocked a lot of people away from it (what's a good sign) and created less competition to the people who where willing to mine it (probably the creator themselves, some insiders and a little bit of others who didn't/don't understand why premining is bad). This was the first 'bad-news' for NVC right after the release.

The NVC creators gave 110k of their premined coins to BTC-E to get listed there (probably for a lifetime). Of course you want your altcoin getting listed on the biggest altcoin exchange as soon as possible and as long as possible, especially if you have a lot of the already existing coins and will get more out of mining than others because of the PoS reward system that is included. People got informed about that and BTC-E decided to destroy all the received bribe money after a huge revolt from the community (144158), but never have removed the trading pair nvc/btc on their exchange. Nothing ever got public what has happen to the other 100k premined coins. So they were probably still in the hands of the creators. Smells wrong, right?

The BTC-E story was the second 'bad-news' for NVC and not a lot of the still miners were willing to support that scam further on. A lot of traders have sold their holded NVCs (to the 'still believers'). The above named mining'-insiders' were able to mine even more coins. At that point they have a very high percentage of all coins. It's very likely that it was above 90%. With that it's easy to drive the prize up slowly over time (by simple market manipulation through pumps/dumps, give-away's and so on) and not actually have to give away a high percentage of the holding coins. The slowly increasing prize became interesting for other miners who are looking to mine the coin that gives them the most rewards in a short-term. They mine it and probably sell the mined coins as soon as possible. And who is buying them? Right, the same gays again. These miners don't really care that they are helping securing a network of a coin no one really want to see 'succeed', they are just looking to make as much money as possible.

As already mentioned: The proof of stake implementation makes sure that the miners who have already mined more than others get higher rewards on their further generated blocks. I don't think I have to tell who is going to get the most coins out of mining in the case of nvc.. Of course it's about the same guys again and again.

As time goes by and bitcoin became more and more a topic for none-geeks through mainstream news and simply 'mouth-to-mouth propaganda', more and more people also got interested in altcoins. Most of them are not willing to do their research and simply buy what they think is 'hot'. NVC seems to be very hot then it's the most 'valued' and 'stable' altcoin of em all. The big holders can take most of the investment back if they do it 'right'.

So what we have now is an altcoin called novacoin that has the highest rate of all altcoins and has a very secure network (probably the most secure one of all the altcoins out there). But it's also a coin that is 'controlled' by a small amount of people. Newbies will fall for that coin and the process will start over and over again. The nvc powers in place will not give up their position without a fight. Sounds familiar? It is of course not driving satoshi's idea of decentralization further on. You can call NVC being the NWO of the cryptocoins. I also like to call it 'No Value Coin'.

So if that still isn't looking like a very well planned scam for you, then I really can't help you.

[1715103940]

1715103940

[1715103940]

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[Armchair Miner]

You can say pretty much everything you said about nvc also about bitcoin

-- huge premine
-- hundreds of thousands of coins destroyed
-- highest value coin
-- very secure network
-- it is good for the coin to be listed on an exchange
-- many people mistrust it
-- many people buy it because they think it is 'hot'
-- a coin 'controlled' by a small amount of people
-- the coin powers in place will not give up their position without a fight

So, once again, what is your point, really?

[litecoin_messiah]

BTC-E is the biggest ongoing scam in the cryptocoin history, Novacoin is just a part of there scam.


They force users to pay 0.5 Litecoin for each withdrawal of Litecoins while taking advantage of there status of being a popular litecoin exchange.

Then they charge 150x less (0.1ftc 0.001btc etc) for alt coin withdrawals.

This scam is gone too far, they dump the litecoins at a lower value stunting the growth of it and they know most the users end up giving the litecoin back to them while withdrawing so they have endless power.


They could manipulate any market they like, they have premined feathercoins being pumped and dumped too.


Stay away from them, i heard they stole tons of bitcoins in the past too but i can't comment any further on that.

[GSnak]

Long post is long.

[bybitcoin]

I am agree about the critics towards NVC, it is a weird shady coin..
But why do you always suppose premined is bad?! Yes it is bad for shit-head selfish pump-dumping miners who prefer it to start from zero, so they can mine a huge bunch of it at the easy starting points after launch and then when the price goes up, dump it to profit a lot (pyramid game) and that kills the coin and leaves a huge loss for other people who invested later.. a lot of examples are available, you know.
Once again, of course not premined is better than premined in general, but do you expect a group of highly skilled developers sit and create a new innovative coin (copycat coins are total shit no matter premined or not premined and excluded from my argument) without any profit or return for their work, so the coin get released to the prey of the above-mentioned type of miners who are ready there at the gate to receive, pump-dump and then kill it??!
If it is a new innovative promising coin, a small percentage of premined to be used to pay the developers+ further developments and bounties is fair and also may guarantee the future growth and progress of the coin economy.

[litecoin_messiah]

I am agree about the critics towards NVC, it is a weird shady coin..
But why do you always suppose premined is bad?! Yes it is bad for shit-head selfish pump-dumping miners who prefer it to start from zero, so they can mine a huge bunch of it at the easy starting points after launch and then when the price goes up, dump it to profit a lot (pyramid game) and that kills the coin and leaves a huge loss for other people who invested later.. a lot of examples are available, you know.
Once again, of course not premined is better than premined in general, but do you expect a group of highly skilled developers sit and create a new innovative coin (copycat coins are total shit no matter premined or not premined and excluded from my argument) without any profit or return for their work, so the coin get released to the prey of the above-mentioned type of miners who are ready there at the gate to receive, pump-dump and then kill it??!
If it is a new innovative promising coin, a small percentage of premined to be used to pay the developers+ further developments and bounties is fair and also may guarantee the future growth and progress of the coin economy.

Premining is bad because someone who has so much control over the economy can fuck it up instantly and they did nothing to deserve it.

[Armchair Miner]

I have an impression you really didn't read what you quoted.

I am agree about the critics towards NVC, it is a weird shady coin..
But why do you always suppose premined is bad?! Yes it is bad for shit-head selfish pump-dumping miners who prefer it to start from zero, so they can mine a huge bunch of it at the easy starting points after launch and then when the price goes up, dump it to profit a lot (pyramid game) and that kills the coin and leaves a huge loss for other people who invested later.. a lot of examples are available, you know.
Once again, of course not premined is better than premined in general, but do you expect a group of highly skilled developers sit and create a new innovative coin (copycat coins are total shit no matter premined or not premined and excluded from my argument) without any profit or return for their work, so the coin get released to the prey of the above-mentioned type of miners who are ready there at the gate to receive, pump-dump and then kill it??!
If it is a new innovative promising coin, a small percentage of premined to be used to pay the developers+ further developments and bounties is fair and also may guarantee the future growth and progress of the coin economy.

Premining is bad because someone who has so much control over the economy can fuck it up instantly and they did nothing to deserve it.

[markm]

The original post failed to mention that the interest rate on stake was jacked way the heck up into ponzi type interest rates kind of range a while back, to give the insiders insane amounts of interest on their huge holdings, and of course that is planned to be lowered back down once they have used it to magnify their own holdings so others going forward won't be getting such rates.

Basically they just screw around with it any way they please just like used to happen with SolidCoin.

-MarkM-

[bybitcoin]

I am agree about the critics towards NVC, it is a weird shady coin..
But why do you always suppose premined is bad?! Yes it is bad for shit-head selfish pump-dumping miners who prefer it to start from zero, so they can mine a huge bunch of it at the easy starting points after launch and then when the price goes up, dump it to profit a lot (pyramid game) and that kills the coin and leaves a huge loss for other people who invested later.. a lot of examples are available, you know.
Once again, of course not premined is better than premined in general, but do you expect a group of highly skilled developers sit and create a new innovative coin (copycat coins are total shit no matter premined or not premined and excluded from my argument) without any profit or return for their work, so the coin get released to the prey of the above-mentioned type of miners who are ready there at the gate to receive, pump-dump and then kill it??!
If it is a new innovative promising coin, a small percentage of premined to be used to pay the developers+ further developments and bounties is fair and also may guarantee the future growth and progress of the coin economy.

Premining is bad because someone who has so much control over the economy can fuck it up instantly and they did nothing to deserve it.

If the coin is a promising with very new features and improvements, and if the % premined is under %1, no, premining is not blindly bad, since creators won't dump apromising coin which may bring them a long-term profit and reputation, for a short term small profit that leaves them bad name..
But of course premining is bad for the average mean-spirited miners who just care about short term bump and dump dirty profit..
I say again: not premined is of course better that premined in general, but sometimes impossible, irrelevant and also not healthy for the coin itself.
One may also make an argument about closed source (for a short initial period after public launch) to prevent copy-cat morons out there to prevent them copying the coin the other way... and just publish open source when things get established with a required level of stablity..
But yes premined is bad for bump-dump miners, I agree with you

[NWO]

Okay, you caught me 

[Wolf Rainer]

Bitcoin was premine too... And there were people having hundreds of thousands of BTC, and in some point (when the price raise) they had to sell it to profit and that BTC become again distributed and decentralized in the world.

MTGOX its the biggets scamer, they control the price of btc and now the LTC to. Look what they made the last month, they said they will add LTC before August to make the price raise a lot (more than 60%), sell it for high price and they dump by don´t giving any news, and then buy it cheap again.

So, yes, all the cryptocurrecies market its a big scam but are the rules in this game, you can`t make free currency and decentralized in a world where there are people with lots of money and can grab the ones they want to manipulate the market.

[digitalindustry]

About  50%  of what the topic info amounted to was pure market mechanism .

" so people didn't mine " this 

and

" that meant they manipulated with giveaways " that.

However inside there , there is a pre-mine / instsmine .

Fact just ends up if you don't like the way this works don't use it , recently found out about the LTC controversy GPU miners being around a lot longer than the " community " knew about

Of course this makes myself ultra interested , having the first GPU era non pre-mined non insta mined currency , that being  Nibble .

[DeathAndTaxes]

Bitcoin was premine too

is a false statement.

[ocminer]

If you don't like it - don't use it...

[msweb]

I never had anything to do with NVC at all. For me it was a 'no no' from the start on.
I'm just trying to list the needed information for those who are not able/willing to do the research.

[foggyb]

Bitcoin was premine too

is a false statement.

+1

[xan_The_Dragon]

Nope BFL is

[AgentME]

Once again, of course not premined is better than premined in general, but do you expect a group of highly skilled developers sit and create a new innovative coin (copycat coins are total shit no matter premined or not premined and excluded from my argument) without any profit or return for their work, so the coin get released to the prey of the above-mentioned type of miners who are ready there at the gate to receive, pump-dump and then kill it??!

Uh, yes I do expect developers to make it without a scam. Namecoin, ppcoin, and primecoin didn't have any premine drama. Some people say bitcoin had "premining", but that's mainly just because it took a long time for anyone to even notice bitcoin after it was released.

[Tranz]

The original post failed to mention that the interest rate on stake was jacked way the heck up into ponzi type interest rates kind of range a while back, to give the insiders insane amounts of interest on their huge holdings, and of course that is planned to be lowered back down once they have used it to magnify their own holdings so others going forward won't be getting such rates.

Basically they just screw around with it any way they please just like used to happen with SolidCoin.

-MarkM-

This right here is by far the worst.

[Lauda]

Bitcoin was premine too

is a false statement.

+1

Yuup, it was just satoshi mining for a while, the problem wasn't him hiding the coin, it was people not jumping in