Cryptocurrency Rimbit Enters Trading with $5m Market Cap

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 cryptocurrencylaunched 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. Thats just wrong… right there!’

This post was published at NewsBTC on February 19, 2015.

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