Introducing RubyCoin - A shitty scamcoin based on a malicious algorithm to make the developers money.
The coin is based on the traderdaddy algorithm. The people using this program are basically bots under its control. The bots are programmed to place swaths of fake RubyCoin sell offers at high prices, and then do a sell-off the moment a large buy order comes in, which continually tanks the price, and hurts all long term holders of the coin that are not using their software to profit and 'break even' on their rubycoin losses. If the developers of this software are willing to program this into their algorithm there's no doubt in my mind it is being abused to make thier users have calculated losses due to buying other unknown shitcoins that the developers are probably selling, pumping the rubycoin price by leveraging their users (and dumping it themselves for a profit), or other complex ways to skim a little bit off the profits of every one of it's users, even if it may look like the users are profiting.
It also encourages you to put at least 1 BTC in order to 'work correctly', which a legitimate algorithm wouldn't need; a true trading algorithm would allow you to make profit selling one coin at a time if that's what you want to do. It only increases my suspicion that they slowly deteriorate their algorithm users' BTC stack until they pull out and do even more damage to the coin when they sell.
Avoid it.
To reinforce my opinion of the developers malicious intentions, within one minute and one post view, I was banned from their subreddit for posting this. http://ift.tt/2hhXyEy
[link] [comments]
Read More
