[WATCHLIST] Leocoin & LeoxChange


#1

New coin unveiled to the world which is already somewhat in competition with BTC. Leocoin already boasts a marketbase of over 117,000 vendors who accept the coin. It targets SME (Small and Medium-sized Enterprises). This is the first time I have seen a major news outlet (CNBC) cover a crypto with such in-depth coverage. LeoxChange opens April 2nd.

Another example of how you develop the business model before you create the coin.

http://www.cnbc.com/id/102533747

Edit: Apparently now this is turning out to be another pyramid scheme.

http://www.coindesk.com/bitcoin-alternative-leocoin-pyramid/


#2

Scrypt-Jane. Really? Between that and ZiftrCoin, where do these ‘experts’ get that choosing obscure algos that have no history of security are a good thing for their fledgling coins?


#3

I liked the one comment from Andersson: “We have too many altcoins already” or something to that effect. I think the entire industry has been screaming this louder and louder over the past year.


#4

My question would be: Please list the 110,000+ businesses that will accept your scrypt-jane minable coin please so I can see if there’s actually anything I’d want to buy with it other than honey and pepper sauces.


#5

Is this not becoming a recurring theme in crypto? First it was GAW with their 100,000 vendor marketplace, then ZRC talks about their large marketplace (discount), now we have another coin making similar claims. I guess, from the way the article read, these are all going to be SME based entities.


#6

I think it is another bullshit coin.
I first came across it a while back, when they issued a press release. Apparently they are world leaders !


#7

LOL And where have we heard that one before as well? What is wrong with this industry?


#8

LEOcoin is a British innovation and has the potential to fundamentally change the way the world thinks about currencies …

Do they think we are all asleep ?
edit: I have worked for people like this before. Some scammers have convinced some rich dudes that they have something new and exciting and only they will have access as long as the price is right.


#9

Many of them pick algos with lots of hash power so that their networks will be built up stronger. They also though run the risk of someone doing a 51% attack at the start because they are vulnerable to bad actors.
It is weird deal for sure.


#10

Thanks or sharing. Here the link to their website

Makes you wonder why they don’t use SHA-256.


#11

Supply control. The more miners you have mining it, the less control you have over the coins, as well as the market pricing. When blocks are very small, and you can only mine with CPU/GPU, you won’t see a flood of coins coming to market at any given time. Moreover, it stretches out the mining period to potentially a lengthy number of years, depending on the block size and the total number of coins being minted.

Basically put, GPU mining rigs are very expensive to operate, and if the blocksize is small, you probably are not going to be able to mine effectively. I have seen 3 Euros per coin price out there. That’s all well and good, but if you have 5 coins per block and solving a block takes too long, you may end up spending more money for electricity (especially in England) than you get value from mining the coins. This is a perfect scenario for them, especially if there is ANY premine, because rarity and slow coin growth equates to value and price appreciation over time, pending there is enough demand and use for the coin.

:smiley:


#12

Interesting. Looked at the website and the so called web explorer and their info page about Nfactor and it says on there that the coin started off with a Nfactor of 4 on Sun, 15 Jun 2014.

I stopped looking more into it though. I hate when a site doesn’t even get the common terminology of crypto right. To me that’s like calling a Flush I have 5 cards in one color in poker.

Supply control. The more miners you have mining it, the less control you have over the coins, as well as the market pricing. When blocks are very small, and you can only mine with CPU/GPU, you won’t see a flood of coins coming to market at any given time. Moreover, it stretches out the mining period to potentially a lengthy number of years, depending on the block size and the total number of coins being minted.

In other words crap…


#13

They need to have infrastructure in place to make this work, and that means POS (Point of Sale) plugins for vendors and businesses to utilize to facilitate usage of the coin. I am thinking they have not gotten that far in the process, which makes you correct, it will be another crap coin.


#14

Well, most Entrepreneurs I know (and who have had contact with cryptocurrencies) use BTC. So those claims on their homepage already puts me off. I’m sick of all the meaningless teasers and website headings people are coming up with these days. It’s all the same, another clone of coin X, we want to be better than BTC, we will do this and that blabla blup blabla.

If you want to take on BTC then put 4 Billion Dollar on the table and we can take it from there or show true innovation which I can’t spot in this coin.


#15

Maybe we should ask ViK his opinion? Lulz.


#16

Appears that this is looking more and more like a Garza-type venture: many promises and claims, no substance.

http://www.coindesk.com/bitcoin-alternative-leocoin-pyramid/