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Nasdacoin (NSD) began its sudden rise in the top 100 market, just as the market crash hit last week. From November 14 to November 15, Nasdacoin recorded an increase in growth of 429%, while the rest of the market was bleeding in what turned out to be only the first dive of a fall on two fronts.
Since then the wave has somehow cooled, but NSD remains parked in the market segment of over one hundred and remains in the green for a day when several altcoins have lost 30% of their value in a flash.
But what is Nasdacoin? And how did you avoid the gravitational attraction of too late that caused the rest of the market to collapse?
What is Nasdacoin?
Well, the project's whitepaper looks very similar to another and is summarized as follows:
"Nasdacoin is a virtual, open source and encrypted and decentralized peer-to-peer currency, developed with the scrypt algorithm in the POW / POS Hybrid format, which allows people with an entrepreneurial financial and technological profile and passionate to archive and invest your wealth in a safe currency … "
But digging deeper into the whitepaper immediately rings some alarm bells, particularly when we get to the part where you invest your money in return for a guaranteed daily percentage return.
Another worrying sign is the mention of an affiliate program, in which users receive percentage earnings paid for each new "level" of affiliation they reach.
In addition, the whitepaper reports in detail a "Binary Bonus", which is distributed daily to the most active franchise creators and has an "infinite" payment limit.
In what may be the first of a cryptography project, the "Team" section of the whitepaper contains a photo of the co-founder who appears to be a selfie taken while sitting in his car.
Why Nasdacoin?
We covered the warning signs without being too judicious, but why did the Nasdacoin suddenly explode?
The source of the pump could have something to do with the quotation of the currency on several plants, as announced on the day the pump has Nasdacoin team:
"We came to make history, NSD is available in: CREX24 | BTC-Alpha | MERCATOX.
Of those exchanges, CREX24 managed nearly 90% of the money operations on Monday, processing nearly $ 300,000 of NSD / BTC exchanges. The currency opened the day at the price of $ 2.39, and stood at $ 2.45 at the time of writing.
Even though Bitcoin drops below $ 5,000, and all the major tank-making altcoins, Nasdacoin remains untouched by whatever is fueling the selloff.
According to the Nasdacoin explorer, 25 portfolios hold 72.5% of the funds, while the first fifty addresses are close to 83%.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
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