Newly launched cryptocurrency Rimbit recently entered trading with a whopping $5 million market cap.
As we started investigating into this new altcoin, we came to know that it is a purely premined cryptocurrency launched after being “over-funded” by the Indiegogo Forever Funding pilot program. While the word “premining” itself means scam to most of us, Rimbit developer, using the first name Mark, thinks otherwise.
To him, a cryptocurrency like Rimbit had to be premined so that no extra mining cost could affect its value in the future. As he stated in a supposedly self-published interview, most of the cryptocurrencies out there are at the “mercy of hardware”. “A company can build the ASIC miners and is nearly guaranteed to sell them at any price they wish,” he added. “This then has an effect on the price of that Crypto. High hardware cost and high utility costs create a fake value that recipients of crypto (such as merchants), must wear. Thatطs just wrong… right there!”
In one of his other posts stated back in 2014, Mark was also found promising investors to double-up their funding on an annual basis. The message reads:
“Get your Rimbit Wallet, Buy some Rimbit and get started in the Crypto Currency market while it still new and make profit after profit year after year as your Rimbit increases in value! We will Double your purchase in Rimbit till 22nd August 2014.”
The promises don’t just end with per annum interests. Rimbit has also claimed to have finished its testing phase, following which users will be able to enjoy quicker transactions, while these transactions will be confirmed only by wallets not miners.
Criticism v/s Support
“These are dark times there is no denying, our world has faced no greater threat than it does today” — Some guy from Harry Potter novels.
Our world — the digital currency sector — has indeed faced a series of scams lately. It might be quite okay for someone to treat Rimbit suspiciously. Bitcoin Forum users have already started pointing out the loopholes in the coin, with many among them questioning why the Rimbit developer never discussed cryptocurrency on their discussion platform. Others are simply indicating it to be a Ponzi scheme, promising unachievable double returns.
Supporters meanwhile believe Rimbit to be a cryptocurrency that could even enter the top ten cryptocurrency list someday, possibly due to its anti-mining manifesto.