Shibe Coin is a new Cryptocurrency which is imitating the very popular Doge Coin. Doge Coin is based on a meme involving a Shiba Inu sitting on a couch, and members of the Doge Coin community call themselves shibes. Someone looking to make a quick buck decided to make a coin called Shibe Coin, and sadly it has become popular. This once again proves how you can make any Cryptocurrency, and no matter how stupid or unoriginal it is, it will gain a following from people looking to make money. The developer and community of Shibe Coin are completely copying Doge Coin’s language, where things are often prefaced with many, such, wow, and much. This is such an unoriginal coin it hurts me to read about it.
There will be a total of 300 million Shibe Coins, and these will all be mined within the first 5 days after launch. Shibe Coin will then switch to proof of stake (PoS), where you can earn more Shibe Coins simply by having your wallet open. The interest rate will be a relatively high 10% per year. This is copying the model of Black Coin, which is a very successful Cryptocurrency. There have been about a dozen knock offs of Black Coin during the past month alone.
The developer pre-mined 0.5% of all the Shibe Coins, which is 1.5 million. Apparently he is not very good at math, because he asserts in the thread he only pre-mined 750,000, but it clearly says multiple times he pre-mined 0.5%.
The developer also admits to solo mining ‘some’ Shibe Coins very early on. There is very strong evidence that he solo mined over 20 million Shibe Coins, as can be seen with this address: http://shibex.theshibecoin.com/address/Sa5bmQiDwDnVFuhgeFSmQ6RjBSxgFA4aTd To make this even worse, the first 60 blocks were mined before the launch was announced to the public! It is extremely dishonest to lie about that, and he will likely dump them all when the price gets high enough, ruining other investors. It also strongly suggests that Shibe Coin is simply a get rich quick scheme for the developer, when he dumps all of his coins he will earn over $50,000 in Bitcoin.
This is all very worrisome, since this could end up like White Coin and Asia Coin. White Coin and Asia Coin also followed Black Coin’s model of PoW transitioning quickly to PoS, causing price inflation from rampant speculation, and in both cases the developer ended up being a scammer. The developers for White Coin and Asia Coin lied about the premine size and how the premine would be used in both cases, and then abandoned ship when problems arose since they didn’t know how to code.
I urge all Cryptocurrency investors to avoid Shibe Coin like the plague. In the best case scenario, Shibe Coin is like a knockoff Louis Vuitton purse, a cheap and undesirable version of Doge Coin. At the worst it is a scam, and after the developer makes his money we will likely never hear from him again. He might even be the developer of the already failed White Coin or Asia Coin.