PLEXCOIN

[Arsalan Khalil]

Can anyone tell me about plexcoin? I know it is a cryptocurrency but want to know about its merits and demerits, and also want to know is it worth to buy or not?

 

[SellDomains.site]

Do not invest in any Digital Crypto Currency . Only Bitcoin is good to buy but prices are already high . No , Imo

 

[kittu]

Check this
https://www.reddit.com/r/CryptoCurr...xcoin_the_next_cryptocurrency_confirmed_scam/

 

[consumers]

Do not invest in any Digital Crypto Currency . Only Bitcoin is good to buy but prices are already high . No , Imo

I would not say that. I would say don't invest if you don't understand what is going on. For instance, any cryptocurrency depends on the security of the mining. If you don't understand the implications of the specific mining algorithm used. You also need to know when the mining system is sufficiently decentralized. For instance, if it uses the same algorithm as Bitcoin there is a risk that people with Bitcoin mining equipment will do a 51% attack on the weaker coin.

Also, things like Ripple and Ethereum are not cryptocurrencies, they are "fuel" for transactions on a specific platform. The purpose of selling the "fuel" is to fund the developers. If companies charged transactions fees on their platform then they would be subject to all sorts of regulatory requirements so they sell the "fuel" needed to use the platform. The problem is that this falls under regulatory regime of things like the Security and exchange commission. For instance, OpenCoin (Ripple) got fined $750k for business dealings with "Bitcoin Jesus."

Then there is another category of things meant to look like cryptocurrencies. They are things that peg a coin to some asset like gold (one guy even pegged his coin to his domain portfolio). If a coin is pegged to an asset it is not decentralized as someone has to control the assets and it is not a cryptocurrency. It is an investment scheme and is generally illegal unless registered with the SEC. There have been several enforcement actions on schemes of this type.

There is lots of money to be made on these things. The people losing money are the people who come on to something like Namepros and ask if they should buy some questionable coin. Bitcointalk has threads about plexcoin. You really need to fully understand the ecosystem of these things before you start investing/gambling.

As for Bitcoin being "high" I am not sure how you can tell. I though it was high when it broke $20.

Here is a primer for buying these coins:
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[consumers]

I just looked at the Plexcoin site. the first sentence says: "PlexCoin is the next decentralized worldwide cryptocurrency, based on the Ethereum structure." ethereum is not a cryptocurrency, it is fuel for transactions on the Ethereum platform so right there I see a problem without even researching it.

 

[Arsalan Khalil]

I just looked at the Plexcoin site. the first sentence says: "PlexCoin is the next decentralized worldwide cryptocurrency, based on the Ethereum structure." ethereum is not a cryptocurrency, it is fuel for transactions on the Ethereum platform so right there I see a problem without even researching it.

Thanks man. Appreciated

 

[JB Lions]

Feds shut down allegedly fraudulent cryptocurrency offering
https://arstechnica.com/tech-policy...allegedly-fraudulent-cryptocurrency-offering/