The road to hell is paved with good intentions, goes the proverb, and perhaps FindYou Coin began with genuine good intentions. But given the amount of disappointed people and the absolute silence of the developer – who created a BitCoinTalk account expressly for the purpose of announcing FindYou Coin – it is unlikely.
We are all fed up with scamers [sic]. We want to see their faces, and some of them behind bars. Let's put a bounty dedicated to those who are willing to conduct an investigation. […] I decided to create this coin with a sole purpose to raise such a bounty as a reward for the deanonymization of certain "developers". I don't care if this coin will gain zero value or even hit an exchange at all, but instead my intention is to create a symbol, a banner for everyone in the community that want those people to be found and brought to legally applicable justice.
What marvelously good intentions here. A way for all to recoup funds from “scam coins.” But what, actually, are we terming a “scam coin” here? After all, RipOff Coin is holding steady at 100+ Satoshi.
The initial posting doesn't make clear exactly what a “scamer” is, or who he's mad at, but the way this coin is set apart from others is the way it is generated. Through a Proof-of-Stake design with zero mining, any open wallet received a faucet like dispense every hour for twenty-one days. It was based on the design of another coin, MiracleCoin, which distributes in the same way and appears to be ongoing.
In the beginning, the enthusiasm for FindYouCoin was high.
Great idea! I'm in, - wrote user spartak_t
Alright! Time to get some coins! - wrote user e1ghtSpace
Oh wow cool! Got into Miracle late, glad I found this one early on [Grin] - wrote user ObscureBean
Curiously, at this point, it's been around twenty-four hours and the developer – though calling them such is rather generous – has not been heard from, despite several people having trouble with the wallet. The coin is now listed on Coin-Swap, an exchange that looks decent in design but apparently does little to vet its listings. According to posts on BitcoinTalk, at some point the coin reached a height of 35 Satoshi. That is believable since just Friday it opened at 15.
It appears that after the initial distribution ended, the market immediately started getting nervous. The coin's speculated value quickly began a downward spiral. Like many of the coins that would be considered “scams,” the developer, whoever and wherever they are, has done nothing to ease tensions or improve the technical issues people are having.
Luckily for all involved, the coin reached a total market capitalization of around .18BTC, which amounts to roughly $68 USD at present market rates. Either the developer thought things would swing up much crazier than that with little tending or he was actually killed, as this post insinuates. Any way you look at it, $68 won't get you too much investigative or hired-killer work anywhere.
What do you think? Is it too easy to create an altcoin? What does it take for an altcoin to succeed? How long before you trust enough to invest? Are we all just deluding ourselves into thinking that another Bitcoin will ever come about? Comment below!
Images from FindYouCoin, Coin-Swap.net and Shutterstock.