Hey guys!
I hope you haven't been panic selling like crazy! :)
I'm not going to say anything about the market, we've said it before; the whole thing is still at its infancy stage with plenty of room for growth and a bright future ahead. It has it's ups and downs of course, it's the market.
So, to the point!
As I was checking the market for the hundredth time today (I know I shouldn't be doing this), I noticed this:
As they mention in their launching announcement on bitcointalk.org:
E-coin is a proof-of-stake algorithm based cryptocurrency. This basically means that there is no need for hardware mining, making it cost efficient. It uses a special algorithm called the POS in order to secure the ECN network. It's an interest bearing asset with a return on investment of 120% per year, accomplished through POS minting.
It's experiencing tremendous growth right now as demonstrated in the image above. But can it be trusted???
Its price 12 hours ago was less than $5 a piece. Reaching a market capitalization of roughly 1 bln USD was more than enough to send its price to the moon. Things change rapidly, so its price changed slightly again before I even managed to finish this post.
Worth keeping an eye on, for entertainment purposes at least.
1 billion USD was added to its market capitalization within the past hours, taking it from 38 million USD to approximately 1.1 billion USD. Is there more to come? What the heck is going on there? Some people made money though! In an extremely quick manner to say the least.
However, I can't trust this coin personally. Apart from the fact that their ICO website is currently down, I also noticed that their Official Website as suggested in coinmarketcap is down as well! Furthermore, their launching announcement on bitcointalk.org contained a suspicious link which has been removed. Seriously Strange. Potential Scam right there.
What do you think?
I might be wrong but I'm too suspicious about this!
Disclaimer: Everything mentioned above is my personal, humble point of view. What does that mean? It means you can make of it what you wish. I'm not suggesting anything at all. If you do want my advice though, then ALWAYS invest less than you can afford to lose and NEVER invest more than 10% of your funds in anything. Needless to say, you should always do your own research and trust your own gut feeling.
Thank you for your attention!
I wish you luck and urge you to always do your own research!
