Disclaimer: This is not a paid promotion. All information and data in this segment of ‘Coin Of The Day’ are based on my unbiased personal opinion and experience, it should not be considered professional financial advice. I will not be liable for any errors, omissions, or losses, injuries, or damages arising from this displayed content or use thereof. Take care when investing in these platforms and remember to do your due diligence. Consult a financial adviser before investing into any of these projects. Good luck.
Welcome to another post in the series, ‘Coin of The Day’ where Bitcoin, the king of this market, an intangible asset’s overall market cap can buy the Empire State Building thirty times over.
So without more ado, lets get into the core of this post.
As shown in the video above, the cryptocurrency the mysterious goddess of fortune bestow on our naked brown, blue, grey and green eyes is GameUnits.
GameUnits (UNITS) is a cryptocurrency with a free open source (anyone can use or make repairs to it) that functions as a main digital money for in-gaming purchases. This coin is a fork of Bitcoin. Currently, there is no developers behind this crypto, probably they all abandoned the project or it was just one actor living in his mom’s basement who wants to take his revenge out on the world for some unfortunate past experiences. Ignore the last sentence. I am no shrink.
Anyways, GameUnits was added to CoinMarketCap on January 12, 2017. It was mineable at first using the Scrypt algorithm but has changed over to staking before the nodes (every computer on the network) call it a quit and went totally offline. Basically, GameUnits is dead if it does not have the support of a community.
Do not ask me about promotional or preview video because UNITS have none. Instead, watch this video of the Best Pro Moments in Counter-Strike: Global Offensive. Why? I don’t know. It is that that would make sense to show with this type of cryptocurrency.
Now, lets move on to the features:
Fast transactions
Low transaction fees (0.0001 UNITS)
Block time is 1 minute but the reward is unknown.
With every block the difficulty increases (by what amount?)
Staking interest is 50 percent for the first year and decrease to as little as 2 percent afterwards.
Each transaction need to go through 10 confirmation before being added to the blockchain (compared to 6 confirmation for Bitcoin).
Takes from 8 hours to the end of the universe (not joking) to start receiving interest from holding this coin in your wallet.
Three million was pre-mined before launch (of which a third was allocated to a giveaway and a gambling site each back in the early half of 2017).
The circulating supply is fixed at 3,472,983 UNITS. Yes, fix. No more UNITS will be added to the circulating supply since, as we mentioned above, there is no node to back it up.
Max supply stands at 13 million.
All Time High (ATH)- US$5.38 (0.0065 BTC) on January 13, 2017. This increase in price directly after hitting the exchange is just a regular pump-and-dump action- evident by the huge selling volume and the massive price drop hours later. And wow, 0.0065 BTC! Imagine paying less than $10 for that when now, at the time of this post, it is worth US$50. This just proves that in hindsight that the eccentric shut-in fellow from early last year who has been buying Bitcoin at those ridiculous prices is now a millionaire.
With that set aside, lets get into the critique:
MY CRITIQUE:
WEBSITE AND SOURCE CODE:
Firstly, there is no website. They do not even have a server.
Screenshot of the website
Secondly, its logo is a plain white cyclonic motif with a backdrop of purple. A purple ball smacked dead in the middle of this image. Originally, its logo was a triangle design which would have been okay if they had not changed it to the hurricane one sees now. And guess what. I am seeing a pattern with cryptos using cyclonic imagery as their logo. They usually are scams or the team lack creativity.
As a result of the website not being there, I had to resort to using Bitcointalk to gleam information about UNITS.
Thirdly, they lack a white paper or any valuable goal in mind.
Fourthly, there is no team representation in any form on the internet.
Lastly, the road-map is dull, not time bound and lacks the short notes for each milestone to be implemented on the rings of this massive concentric shape of confusing pictures that appears to be cut out of the cartoon section of a newspaper. It seems the creator loves video games more than life itself or is it just a ploy use to attract gamers everywhere.
For the source code, 11,044 commits were submitted for the entirety of its existence by 364 contributors of which most were done two years ago. The last commit was over a year ago on April 7, 2017 which means this coin has little in the way of development and possibly would not see the light of day again.
SOCIAL AND POPULARITY:
Twitter- Close to 141,000 followers (about an eighth of the number of people following Bitcoin on this platform. Even now, people are following this cryptocurrency for no reason. It might be that they have very good marketing and brand awareness or that most of the followers love video games so much that the mention of the word, “Game” will get them excited. In contrast, the engagement is relatively very low. That account is pretty much inactive with no new post for the past one year.
Facebook- 179 followers with 176 likes. No post of substance is on there.
Reddit- 7 readers. Like the previously mentioned social media, no activity for a year.
Bitcointalk- 37 pages of hopeful investors, now disappointed and crushed because this cryptocurrency has bailed on them.
Telegram- No Official Group.
For YouTube: No official channel.
Other channels- There are only three channels (including Sat Bits) that have anything on GameUnits. The other two are price reporting channels and does not show how fraudulent UNITS is. The engagement by subscribers are low on each channel.
EXCHANGES:
GameUnits is still found (and not traded) on the following exchanges:
Cryptopia (to be removed from this exchange on June 7, 2018 so investors get whatever amount of this coin off there or end up losing all of it)
YoBit (will never remove a coin even if it is going to end the world)
If one takes a look at both exchanges, the daily volume is zero which means that no one is buying or selling it. Now, one knows what can happen when there is no dynamics in the market in regards to a digital asset through this real life example.
CONCLUSION:
All in all, GameUnits is a free to use open source gaming P.O.W. / P.O.S. cryptocurrency operating by the scrypt algorithm. There is no developer or stable community behind it. The price, circulating supply and market cap are locked- never to increase in the short or long term.
Invest or not to invest?
It is as plain as day. No. GameUnits is a bad investment. The risks are too high. The value of this coin over time is decreasing and will continue until YoBit actually removes it (or CoinMarketCap removes YoBit from its listings- either way some form of removing is bound to take place, if not now, later down in the year). There is a possibility that this like many other cryptocurrencies is shady and could collapse under its own weight. The gaming industry does not need to be decentralized or on a blockchain. Video games are okay at where they are at even having their own payment systems in place. Also, that market is saturated. GameCredit, Enjin Coin, First Blood, WAX and even an earlier post, Universe are doing the same thing. Those are just a few of the gaming currencies out there.
My advice to any new investor entering these markets is to avoid this one and others just like it. For anyone who has invested in UNITS, it would be better to sell the coins and invest in better projects which has at least a fighting chance. Do not follow the crowd on Twitter with this one. My two cents.
Thanks for reading this post. Please remember to subscribe for more of this content, possible future giveaways and much more. Hope you guys had a profitable weekend and is looking forward to another productive week.
Until next time, get in on some positions and secure your seat on the Moon Express.
Oh, before I go, the next post is about my conversation with a scam artiste trying to sell me a program. Stick around for it.
Source:
➧ CSGO video from Virre CSGO
➧ CoinMarketCap
➧ Pictures Courtesy Of Pixabay
➧ The Wallet Investor Report On GameUnits
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