I was just farting around on CMC, browsing through shitcoins that used to hold my attention and by looking closely at Reddcoin and their website (and in particular which exchanges RDD is traded on), I came to learn that StakeCube is
apparently going bust. What caught my attention on their website was this quote from Oleg, who's presumably running the show:
![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FSKgOZlK.png&t=665&c=OXWUkZK0Li6W5w)
The blame is being laid on massive outflows of coins and the illiquidity of their proprietary shitcoin,
SCC. In that long and rambling screed, I don't see blame being placed on anything with lungs and a heartbeat. Now I'm not too sure how many of you are familiar with StakeCube, as their niche was PoS coins, ones with masternodes and the like, and they were damn small. But I'm baffled as to how, as Oleg says, SCC was--or even
could be--used to pay for real-world goods like servers. There ain't a damn shop online or with four walls and a door that accepts obscure shitcoins like that, so am I wrong in assuming that StakeCube created SCC out of thin air and then sold it for another coin (like btc, ltc, or one of the ones you can actually spend) in order to finance their operations?
Is this the reason why most exchanges nowadays have their own proprietary coins. SBF was straight-up scamming, which was separate from the success or failure of FTT and would've been exposed eventually had FTT never existed (in a perfect world at least). I'm not sure what Oleg and StakeCube were doing, but I don't think they were scammers. I'm just baffled that so much was riding on this shitty altcoin, which Oleg had to know was pretty illiquid. Blows my mind.
And finally, this quote just had me slapping my head:
So, everything was just a lie?
No, it was business as usual for everyone, everything announced in the newsletters (roadmap, v3 development, etc.) did happen, and it was never the plan to act like this – on the contrary – everyone in the team worked their ass off, no matter all the FUD coming from the community, in the hope that the crypto market would recover and we would be able to release updates and v3 in time to get back on track.
FUD from the community....uh, OK. It seems very clear to me that whatever fear, uncertainty, or doubt existed was 100% justified. That victim card that keeps getting passed around is looking frayed and tattered.
Curious to hear what you all think.