Billionaires creating Fake Coins?

[tadspoles]

Front page of reddit.com/r/bitcoin about Quark Coin being created by rich folks trying to get listed in the top 5 on coinmarketcap.com.

http://www.reddit.com/r/Bitcoin/comments/1rwfni/shame_on_you_bill_still_you_hate_on_bitcoin_for_2/

I believe Quark Coin and Protoshares were both done this way and may be a new trend in a cheating attempt.   I have not researched Protoshares but a coin doesn't just "appear" in the top 10 without having a history of working its way into that spot without a big time backer pumping it for appearances.

[Bubba]

It's the new wild west. Get rich quick schemes galore!

Before I joined the goldcoin community, and was doing my research, I read that GoldCoin was a scamcoin (see here: http://cryptolife.net/goldcoin-the-scam-that-keeps-on-giving/), but after methodically going through the development thread  (where you can see the coin as it is today taking shape) I realized it was just a bit of GoldCoin bashing. Very effective though, I must say.

This arena is full of people making big statements only to be proved wrong in a matter of months.

I've seen a few "Sorry, I was wrong" videos on YouTube. Most look devastated that they didn't get into bitcoin, but spent their time bashing it, only to wake and find all those friends are now very well off with their 'stupid' bitcoins!

[Alty]

The market has spoken.

Quarkcoin is falling hard and has been pretty much all day.

[Bubba]

And we're about to overtake Anoncoin in terms of market cap. The competition is dropping like flies.

[Bubba]

BBQCoin (the coin you like to eat) is only 4 places above us now. I can smell the burning meat.

[Nightbreed]

Bloody billionaires and their games!

Down with Quark  Down with BBQ. 

[oneinamillion]

People are trying to copy Nova Coin,the Devs there made NVC for one thing,to make BTC,so right now majority of the upcoming alt coins are only master-mind plans to get rick off of Bitcoins

[tadspoles]

Who the [beep] is Nxt?  It just appeared in the top 100...out of thin [beep]ing air.  Anyone else heard of them.  Getting real tired of this bull[beep].

Hey, I'm a billionaire, let me make my own coin, start buying the [beep] out of it, put it in a few magazine and BAM now it's legitimate.  I'm getting real tired of investors not seeing through this bull[beep].

So now it's Protoshares, Quark Coin, and Nxt???  Pretty soon the whole top 40 will be filled with billionaires pet projects.

[Alty]

You're right, this sucks potatoes.

Here is a quote I found on their forum (it explains where this comes from).

I have trouble explaining NXT to my friends/family/workers. How would you guys explain to your friends/family/workers why they should invest in NXT. To my knowledge, all 1 Billion coins are already mined and distributed with founders. 75 Founders so each around 13.333 million each. Why should they invest in a premined coin?

To my knowledge these 75 founders invested their BTC to get a share of the coins from the genesis block. So the coins had a fix price. There is nowhere the prices would go but up because so little people have them. Also, these shareholders host their own NXT giveaways and the coins get distributed.

[tadspoles]

The problem is Cryptsy I suppose, they are letting these types of coins on their exchange.  There should be a filtering system.

[Alty]

They should have a limit now and unless the coin is something really special, i.e it can do instant confirmations, it should not be allowed in.

Too many coins = too much speculation and not enough development.

[akumaburn]

Who the [beep] is Nxt?  It just appeared in the top 100...out of thin [beep]ing air.  Anyone else heard of them.  Getting real tired of this bull[beep].

Hey, I'm a billionaire, let me make my own coin, start buying the [beep] out of it, put it in a few magazine and BAM now it's legitimate.  I'm getting real tired of investors not seeing through this bull[beep].

So now it's Protoshares, Quark Coin, and Nxt???  Pretty soon the whole top 40 will be filled with billionaires pet projects.

They're not even billionaires

They're lying about their total number of coins... or rather the total number of distributed coins.

They've probably kept 90%+ in their own pockets and since there is a very short supply available on the market, they are relatively easy to pump.

Don't pay too much attention to marketcap, it can fluctuate a lot.

Volume, standing buy orders, and standing sell orders are far more important.