The Death of Burst Coin
Well it appears my good friends that the end has come. I'll write both the facts and the speculations and make sure to denote which is which.
For those that have been following burst coin for the past 12 months or even as short as 60 days we have seen a roller coaster that is typical of a coin that become a true P&D (Pump & Dump). Lets take a look....
A year ago the coin was on a nice expected growth pattern, new members started to flood to flood into a coin that was "green" when compared to typical PoW coins.
Enter Adam Guerbuez and his associate "Focus". There were warning made to the community that were ignored. The hope was for a bright future with an individual that has we hoped had been reformed. His reputation of being known as the "King of Spam" was well known but ignored, after all he was a great promoter. From now on we will call him Flavor Flav, the Hype man of Burst.
Focus is a self proclaimed "Administrative GOD of Burst". Where he teaches pool admin how to "protect themselves" he claims to be able to merge BlockChains and the answer just come to him, from this point forward we shall call him "Neo", why not they both can see the Matrix right?
Quickly Flavor Flav and Neo set to work to acquire as many coins as possible. The started by buying them on exchanges and mining. Quickly they learned to exploit the community by launching assets that are indicative of MLM scams or Ponzis by collecting millions of Burst from community members in exchange for ownership in projects.
Other assets they Raised Capital Against:
FlexCore (Formerly Flex) - 100m Burst
Burst4All - 12m Burst
FlexMark - 15m Burst
BurstNation Radio - 60M Burst
MikeTheMug - 10M? Burst
MTMGaming - 50M Burst
OGBurst - (Sold in BTC EST @ 30BTC)
Stolen Development Funds - 2m Burst
Other Holdings
BurstCasino.com (43%)
Bitsler.com (unknown)
vBurst (100%) - a made up currency that converts to their own holdings
BurstCasino has a GREAT start until it bankrupted because it was paying out the owners DIRECTLY FROM THE BANK ROLL. Over 100million burst were paid out, and after bankrupting instead of paying back in they issued "SnakeEyes" and raised 60M additional capital. Go figure why put money in if you can get more from the community.
Another project was "Burst4All", a mining system that collected 12 MILLION BURST. Initially it paid well but then the project was off loaded to another member who did not properly do the evaluations, they kept the physical hardware, 100TB Miner and the the 12M Burst. All they gave the new owner was a giant pile of pain. The assets below have been rounds off to show the gross collection of coins.
Fast forward to 60 days ago where Burst coin saw a rapid rise in price with no justification, reaching nearly 1000 satoshis and then crashing back down. You ask, Ice, why do you think it's them? Lets ask a better question, Why do they keep 90% of their Burst coins on Polo if they aren't planning on selling? Yes it's speculation but it does add up.
They started their own website, the "official Burst Coin site" which it is NOT. Which now has been flagged by Anti-Virus software serving content from a .ZA domain. They continue to promote their products and complete nothing other than the securing of additional funds.
Enter some very angry people!
DDoSing started against many of the mining pools. Forums.Burst-Team.US as continually down, the Block Explorer is completely corrupted and finally we are seeing an attack on the actual block chain. The report is of 300K Unconfirmed transactions against a blockchain that is only designed to handle 256 transactions per 4 minutes. This number of transactions will fork the entire entire and it will be unrecoverable because it will exceed the max roll back time.
Bittrex.com has already disabled Burst due to block chain instability and I expect other exchange to follow suit.
The block chain is a complete mess, see the below chart.
Good night Burst. Sleep well in your cold dark coffin.
-IceBurst
Added Info by Another SteemIt Member: https://steemit.com/news/@lexicon/burstcoin-network-large-scale-attack
Damn, a lot of scams with that coin. I got into mining Burst back in August, but the network had so many problems that I eventually dropped out before investigating the other aspects of the network. With transaction speeds being rather slow and wallets unreliable, I figured why bother staying. Seemed like a good deal in the beginning, but just could not carry water in the end.
We were working very closely with BURST-TEAM in the beginning when we saw all the issues with the community and Assets being manipulated by social manipulators we decided to take the exit stage left.
We are still working with many of the great people in the Former BURST Community and we are going to put together something to help make all the past BURST Holders Whole!
Sounds positive. Will follow for further updates. Thanks for the heads up! :-)
Are you yourself a holder? I have a small amount... but still I really hate to hear all this.... Are you working on BURST itself or something else?
We are working with Cryptocurrency and Blockchain Tech we are a group of Blockchain Pioneers and Consultants that Train and help Market or Advertise Real Cryptocurrency projects.
Very well written, gave a great insight into what happen in Burst. Upvoted & Resteemed. Great info!
I really appreciate the comment and valued opinion of a trusted member of the SteemIt community
really great written! Still my burst coins are fcked :D what else is there to do, besides crying in the corner now... Do you have any coins yourself?
I do, as a Dev for this coin I cry myself to sleep as my ambitions and motivations are dwindling, you can see in my public wallet I have over seven figures worth of coins. I also have additional wallets that I don't share that are Cold Wallets. My recommendation is if you can get your original investment back out I would say, nothing gained, nothing lost. Lets just call it a learning experience.
what is your take on Burst now?
Great post..
Thanks for share..
Upvoted
Thank you for the upvote, I try to present all my data as factually as possible
ouch, didn't realize there was a connection with Bitsler too!?
ABSOLUTELY. http://www.Bitsler.com is the official gambling site, Adam owns
Bitsler.win, anyone who goes through this link and signs up is automatically under his referral! I just don't want to promote it.Interesting, a few people have been leaving comments on my site www.bitcoingamblingreviews.com saying Bitsler is a scam and I had no idea why.
I don't know for a fact if Bitsler itself is a scam. I do know that the promotion of it is a complete farse by posting videos of the same individual winning over and over, also if you watch the video you will notice that the URL is hidden by blur or over laid with a text graphic to hide it.
I always know this coin was going nowhere, while there are many coin which try hard to combine proof of available resources and turn it into a usable decentralized storage bustcoin was only a proof of wasted resources. Which gaves it zero underlying value.
Interesting. Thanks
Ah... I hoped the Burs will flourish. Their proof of empty space was promising for mining...
It has a very low cost of entry, didn't require any special ASICs or GPUs. It was as much an "every mans" coin as those that are written with M7M algorithms. It's major flaw was lack of development for a two year period.
Hope there will be something similar but of better quality soon.
This is the kind of stuff that makes me nervous about crypto, how do you avoid a dud?
I wish there was an easy answer. I guess if I had to sum it up in a couple short bullets it would be:
That should be a good start.
@dodder007
You avoid a dud simply by not taking on the risk of investing. But if you want to score, you have to shoot ;)
Well it's people like Adam Guerbuez and Focus that cause these problems in cryptocurrencies like BURST and ViralCoin and other projects and communities that they have destroyed in the past. @fyrstikken has had his fair share of dealings with Adam in the past just ask him for his experiences.
He's even been on CTV about being sued for spamming facebook.
As you will notice in that video, i lost a bit of weight due to the stress of my situation back then.
I'll have you all know that i am now fine and my weight has recovered to leviathan levels as intended by nature.
Wow, that's a crazy facist arbitrary fine. The Canadian Judge(s) are way out of their duties to cause harm with this kind of fines.
Burst is looking good now. Lucky I ignored the FUD and bought some when it was cheap.
FUD!
Burst coin is one of my favorite crypto projects. It can't be held responsible for casino cowboys etc.
They can keep posting of Bursts demise though, while it continues to do the exact opposite.
So now BURST will have it's own hall of obituaries which means it will live longer. When BURST will have been proclaimed dead 100 times, it may be as valuable as BTC https://99bitcoins.com/bitcoinobituaries/
say what you will, but i'm showering in investor money right now.