Don't feed the FUD...
1) Everyone that does their homework should be well aware that Spreadcoin was openly developed as a new and updated version of a Darkcoin branch, that itself was basically a customized adaptation of the Litecoin fork, which itself was an adaptation of a Bitcoin fork... No one ever said Spreadcoin was re-inventing the wheel from scratch. Simply put, Darkcoin has been a great improvement over the Litecoin fork of the Bitcoin base it started from, and we believe Spreadcoin could prove to be a great improvement over the Darkcoin fork it started from. Same great stealth, but a little different philosophy and implementation. Arguably a great "bloodline" all the same.
And the rest? Nonsense...
2) The Spreadcoin developer whilst trying maintaining his privacy has been nothing but open and on-time with what he has promised to date.
3) Peer reviews of his code and statements (located in previous posts in this thread) appear to demonstrate a high level of programming proficiency.
4) Pools. The developer never claimed that pools were not possible. What is clearly stated in the
"White Paper", under the paragraph "Pool Prevention" is that code was put in place where any miner in a pool can broadcast directly to the network that it has found a block before the pool can transmit that information to the network so that it can report the same block. This makes it relatively easy for the reward for that block to go directly to the miner rather than the pool. Since this is the case, it makes it extremely difficult to trust that all of the miners in a given pool are actually sharing the block rewards with the pool instead of submitting the blocks directly to the network and keeping the rewards for themselves.
5) Stop for a second and take a serious look at all the accounts so suddenly making up all the negative FUD. 99% of them are brand new "sockpuppet" accounts. The other 1% might be older accounts, but if you search out their names (currently disabled here on BCT, but still searchable with Google) it is clear that FUDing is all they ever do regardless of whatever Altcoin thread they happen to be posting in at any given time. Almost like its their job... Oh. Wait a sec... Maybe it IS their job!
Simple logic...
This is not by any means coincidental, but clearly shows an obvious and coordinated intent to rattle the uninformed and shake the loose hands in an attempt to either inflict damage on a competitor, or much more likely, so that they may accumulate at something lower than the current price.
The ONLY way that it works is if you buy into the BS and panic sell your coins for less than current market value. Pay attention to the order books. Because the majority of us are either holding or accumulating, overall volume is relatively low. This means that if one or more of these FUDders has accumulated a fair amount of SPR, they can simply coordinate with each other or individually short sell to themselves in order to artificially drive down the price and scare the uninformed or skittish investors into dumping.
Don't focus so much on the last price, but instead on the depth in BTC value of the low ball trades and sell orders. A real correction will generally start gradually and then ramp up to look like a flood of sell orders equaling a LARGE amount in BTC. Not just a BTC or two worth of low ball trades usually pushing the price down just low enough to trigger stop loss autobots and loose hands... Don't be fooled into taking the bait. Keep in mind that to manipulate the market like this, they must put a portion of their holdings at risk on the market short selling enough to push the price down. At this point, usually one of two things happen. People either panic and start selling into the manipulators buy orders at this artificially low price, having the effect of pushing it even lower, giving the "bad guys" the cheap coins they were after in the first place and allowing them to accomplish their goal, OR, they simply buy up all of the manipulators low ball sell orders until the "bad guys" eventually run out of the funds they had allotted to manipulate the price, making them lose those funds to the market at a loss.
Remember that we are in the Wild Wild West of unregulated trading. It is both an exhilarating and sometimes scary place to be with all of the responsibility of your success or failure falling squarely upon your own shoulders, with very little or no chance of recovery from a bad decision. This also means that there are no regulations or legal consequences forcing people to toe the moral line. Unethical people can and will use FUD and anything else they can think of to con you into dumping your holdings so they can quietly accumulate during your fall and profit (at your loss) on the price recovery or bounce. Don't make snap judgements based on what other people broadcast in these forums or on twitter. Take the time to reference back through the threads and DYOR (do your own research) before making trading decisions. And if you do not understand what is being talked about or what a given subject means in the overall scheme of things, please ask. This is one of the friendliest and supportive Altcoin communities I have experienced to date, and there are lots of "old timers" that will be happy to answer HONEST inquiries if you'll give them the chance.
Happy Trading!
