ImperiumCoin “Broken,” Mining Halted

Journalist:
November 26, 2014

ImperiumCoin, the “X11-X13” altcoin which solved its first block on September 16th, is having some serious problems. It appears that a recent upgrade has broken the coin somewhat irrevocably. This reporter discovered this, ironically, while looking into the coin at it on Bleutrade this morning. Someone involved with the project posted a link  in the chat box to a post on the ImperiumCoin forums which says simply:

“We regret to say that Imperium coin was bugged/broken on diff. during the upgrade. :( We have run out of funds.”

The post goes on to say that the project is in need of a “serious developer.” Which begs an obvious question: how did this coin ever get off the ground without a “serious developer” in the first place?

Also read: The Sidechains Bitcoin 2.0 Revolution

A Strong Start

On Friday, November 21st, the coin opened on Bluetrade at a price of 799 Satoshis and quickly tanked to just 10. Three days ago, it was comfortably trading at 11 Satoshis.

Three days ago, ImperiumCoin was comfortably trading at 11 Satoshis.

Now?

Today’s high was 3 Satoshis.

There has not been a great deal of response to the bad news with just two retweets and zero forum replies.

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A Sad Ending?

Are we looking at another sad altcoin story? After all, this coin started strong, with positive ambitions. “We want to expand the world of virtual coins and bring it to the attention of the whole world, in the name of human freedom to create his own destiny by breaking all chains. We do not like the ‘Scam Crypto Coins’ and we hate the FUD [fear, uncertainty, and doubt],” reads the About page.

After twelve hours, this reporter has received no response from anyone involved with the coin’s development, which is a troublesome sign at best. It is a sign of abandonment at worst. Initially, I had written them with the intention of potentially helping them out of this jam. Many programmatic problems are a simple matter of misplaced characters in obscure files.

What I wonder is how many people stand to lose how much money and how long it’ll be before serious investors notice this humongous problem. After all, with a coin that does not believe in pre-mining (so they have no reserve IMPC with which to hire a repair developer), and a minimum of two buy orders on Bleutrade, the end could very well be in sight for this coin.

Lightning comes, lightning goes, and so it is the same with many altcoins. Perhaps the real lesson here is that cryptocurrency development is not something to be left in the hands of marketers and racketeers — it is something to be done by serious folks who know what they are doing. Or at least have access to those who do.

What do you think? Is this a death notice for IMPC or will they quickly figure out what’s going on, apologize to miners, and resume business as usual?

Images courtesy of Pixabay and P. H. Madore

Last modified (UTC): November 26, 2014 06:54

Tags: crashscam
P. H. Madore @bitillionaire

P. H. Madore has written for CCN since 2014. Please send breaking news tips or requests for investigation to bitillionaire+phm@gmail.com. He lives in Maine, USA. A single father of four young children, he does not discourage financial donations, provided they do not come with strings attached.