Gincoin - Shitcoin Review
on Aug 28, 2018
Second day of a low-tier shitcoin.
Low-tier shitcoins are fun to review because it shows just how careful you need to be when exploring shitcoins, there’s so many, and so many are total shit.
Today’s coin is GINcoin.
Let’s dig in…
GINcoin (ticker: GIN)
Wtf is this shit?
This coin was a request from our community of shitheads (also we like gin and tonics).
GINcoin has a market cap of $11M at the time of this writing. That is small, high risk, and in mega shit territory. We also dislike project names that deliberately have ‘coin’ after their name, so cheesy. Really shit logo too.
Anyways, they do have one use-case and it is a cool one. They aim to offer a user friendly masternode turn key solution.
Setting up a masternode is NOT like staking in a wallet. You need to set up a VPS, compile a bunch of shit, and be pretty comfortable with Linux (usually). This educational barrier prohibits a lot of people from reaping the benefits of masternodes.
GINcoin is offering a clean GUI that allows anyone to set up a masternode for coins which are supported on the GINcoin platform. You can submit requests for a coin to be added to their platform. So, anyone can launch a masternode without any programming or Linux knowledge.
Honestly, the UI/UX does look slick. You simply select the coin, say DASH, enter the amount of coins, then boom, turn it on. GINcoin uses Vultr as their cloud service provider which includes hosting user's masternodes (meaning you don’t need to spin up your own VPS). Additionally, the coins are still kept on YOUR wallet, so you are not sending coins to GINcoin and trusting their security. Actually pretty cool shit.
Running a masternode using their service costs about 0.50 cents worth of GIN a day. Not bad…
One GIN masternode requires 1,000 GIN of collateral.
GIN also allows PrivateSend and InstantSend features much like in Dash.
GINcoin has a PoW ASIC resistant consensus algorithm as well as masternode functionality. Both miners and masternodes receive block rewards, split 50/50.
Who tf is behind this shit?
They have a few founders: Emil Muthu, Alexandru Andreescu, Dragos Badea, Alexandru Stanescu.
Emil has 15 years experience in the IT world and has co founded random companies in the past. Nothing too notable, but he has experience nonetheless. One example is ialoc.ro, an online reservation service for restaurants, bars, etc.
Alexandru founded a large (valued at $100M but unconfirmed) telecom company, and was the former CEO. Pretty neat. Also co-founded a data mining and hosting company. This seems relevant.
Dragos is a major blockchain enthusiast and techie who has founded several previous projects.
The second Alexandru has legal experience, particularly with respect to finance and banking. He speaks 5 languages and has worked in 7 countries over the past 12 years.
Anyways, low-tier shitcoin, high risk….they only do one thing (turn key masternodes). We don't really see the need for blockchain here tbh. They could run this like any other business. Additionally, Vultr is an entirely centralized entity and that seems like a weird choice for a blockchain company. Vultr also introduces a big point of failure for all masternodes run through the GIN platform. That said, we would use their service to turn on other masternodes LOL, but hey, at least we are using their service and would need to pay the fee with GIN. Welp, take it as we you will. Let’s see how they do.
Hope you learned some shit.
- Mike and Aaron