So I seeing a completely premined coin that has a large presale that is looking not unlike Paycoin. Wouldn't this also be a target of no proof of stake attack?
I think it sounds like a scam or at least a future failure.
Presale
On April 28, 2015, NeuCoin will commence a sale of 100 million NeuCoin tokens in exchange for Bitcoin. The price will start at 25,000 NeuCoin tokens per Bitcoin (approximately $.01 per NeuCoin) and increase by 1% per day. The presale will end after 60 days or when the 100 million tokens have been sold.
All proceeds from the presale will be held in escrow until the NeuCoin cryptocurrency is launched, expected to happen in July. (If the launch does not occur by September 30, all presale purchases will be refunded). Following launch, all proceeds will be distributed among NeuCoin’s three Isle of Man-based, non-profit foundations - the Code, Growth and Utility Foundations - and will be used, along with cash remaining from NeuCoin’s strategic angel round, to fund core development, consumer marketing and projects that increase the utility of the cryptocurrency.
The initial price of $.01 per NeuCoin is two times the price paid over the past year by NeuCoin’s strategic angel investors (in cash) and NeuCoin’s founding team (in unpaid labor). However, all the NeuCoin sold to angels and retained by the founding team can only be sold or used at the rate of 2%/month during the year after launch, 3%/month during year two, 4%/month during year three, 5%/month during year four, and 6%/month during year five. These re-sale restrictions were put in place to ensure that the founding team and strategic angels are committed to the successful development of NeuCoin over the long term.
The $.01 price equates to a market value of $30 million for the total supply of 3 billion NeuCoins that will exist at launch. However, at a price of $.01, it is worth noting that coinmarketcap.com (the popular digital currency pricing information provider) will initially indicate NeuCoin’s market cap at just $1 million - because the only NeuCoin available for sale at launch will be the 100 million NeuCoins sold in the presale. Moreover, the vast majority of all NeuCoin at launch will be held by NeuCoin’s foundations, which will use their NeuCoin assets to increase the utility and value of the cryptocurrency over time.
Proceeds from the NeuCoin token presale, along with cash remaining from the angel investors, will cover the foundations’ expenses during the year after launch. The foundations’ main objectives for year one are the following:
On April 28, 2015, NeuCoin will commence a sale of 100 million NeuCoin tokens in exchange for Bitcoin. The price will start at 25,000 NeuCoin tokens per Bitcoin (approximately $.01 per NeuCoin) and increase by 1% per day. The presale will end after 60 days or when the 100 million tokens have been sold.
All proceeds from the presale will be held in escrow until the NeuCoin cryptocurrency is launched, expected to happen in July. (If the launch does not occur by September 30, all presale purchases will be refunded). Following launch, all proceeds will be distributed among NeuCoin’s three Isle of Man-based, non-profit foundations - the Code, Growth and Utility Foundations - and will be used, along with cash remaining from NeuCoin’s strategic angel round, to fund core development, consumer marketing and projects that increase the utility of the cryptocurrency.
The initial price of $.01 per NeuCoin is two times the price paid over the past year by NeuCoin’s strategic angel investors (in cash) and NeuCoin’s founding team (in unpaid labor). However, all the NeuCoin sold to angels and retained by the founding team can only be sold or used at the rate of 2%/month during the year after launch, 3%/month during year two, 4%/month during year three, 5%/month during year four, and 6%/month during year five. These re-sale restrictions were put in place to ensure that the founding team and strategic angels are committed to the successful development of NeuCoin over the long term.
The $.01 price equates to a market value of $30 million for the total supply of 3 billion NeuCoins that will exist at launch. However, at a price of $.01, it is worth noting that coinmarketcap.com (the popular digital currency pricing information provider) will initially indicate NeuCoin’s market cap at just $1 million - because the only NeuCoin available for sale at launch will be the 100 million NeuCoins sold in the presale. Moreover, the vast majority of all NeuCoin at launch will be held by NeuCoin’s foundations, which will use their NeuCoin assets to increase the utility and value of the cryptocurrency over time.
Proceeds from the NeuCoin token presale, along with cash remaining from the angel investors, will cover the foundations’ expenses during the year after launch. The foundations’ main objectives for year one are the following:
- One million or more consumers using NeuCoin for online micropayments
- Hundreds of quality content providers accepting NeuCoin micropayments
- Integration with leading exchanges in all major geographic markets to enable easy access to NeuCoin for consumers worldwide
I think it sounds like a scam or at least a future failure.
...
By the time of launch, NeuCoin’s three non-profit foundations will be funded with 2.4 billion NeuCoins and at least $1.5 million (enough fiat currency to cover their first year cash expenditures).
Each year, the foundations’ goal is to sell sufficient NeuCoins through private sales or exchanges to fund the following year’s cash needs. However, when NeuCoin prices rise, the foundations may sell additional coins, with the excess cash obtained kept as a “rainy day” reserve. When prices fall, fewer (or zero) coins will be sold.
By the time of launch, NeuCoin’s three non-profit foundations will be funded with 2.4 billion NeuCoins and at least $1.5 million (enough fiat currency to cover their first year cash expenditures).
Each year, the foundations’ goal is to sell sufficient NeuCoins through private sales or exchanges to fund the following year’s cash needs. However, when NeuCoin prices rise, the foundations may sell additional coins, with the excess cash obtained kept as a “rainy day” reserve. When prices fall, fewer (or zero) coins will be sold.
