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The War On Shitcoins Episode 4: DafuqCoin. The war on shitcoin is a series of Crypto.IQ that targets and breaks down cryptocurrencies that are not worth investing in either because they are scams, have serious design flaws, are centralized or, in general, are simply useless copies of other criptovalute. There are thousands of shitcoins who are ruining the markets and Crypto.IQ intends to expose them all. The crypted space needs an exorcism and we are happy to provide it.
In 2014, cryptocurrency miners were anxious to extract any new cryptocurrency, no matter how original it was. The miners had hopes to collect a significant number of coins in the first days of extraction and then to cash in as soon as it was listed. This strategy has often worked, but the great equalizer was Dafuq Coin, which had the official motto "Dafuq I just pulled out?"
To make the miners even more eager to jump on board and pull it out immediately, DafuqCoin had block blocks once a month and was said to be a Scrypt coin, the most popular algorithm for house miners. Also, there were supposedly random and probably very high rewards and bonus multipliers to make it more tempting.
The developer / hacker of DafuqCoin clearly had a sense of humor, with the motto "Dafuq I just extracted", as well as listing the Proof of Dafuq (PoD) algorithm along with PoW.
The reason this is fun, on closer inspection, is that DafuqCoin's mining software had a virus that emptied all unprotected cryptocurrant portfolios on a miner's computer.
Every miner who participated in the launch of this coin obtained Dafuqed.
Bitcointalk users hastened to create mining pools for DafuqCoin as they did with every other cryptocurrency at the time, and this greatly exacerbated the problem. The mining pools that added DafuqCoin were at extreme risk of losing all their cryptocurrencies and most of them added DafuqCoin software without even checking it.
The hacker let the tension build up for a couple of days and then launched it at the stoner party on April 20 – 4/20. The miners immediately noticed that the data mining software was not working properly and a miner commented: "It looks like you are starting dafuqed up perfectly".
DafuqCoin also bifurcated to the fourth block, which could be an absolute record for a cryptocurrency. The miners continued to dig, and they were playing in the Bitcointalk thread, asking the developer to re-launch when he pooped together.
After 18 pages of discussion on Bitcointalk, with miners helping each other to download this software and extracting DafuqCoin, one user actually checked the code and understood that DafuqCoin was a Trojan virus. At this point, DafuqCoin was already present in at least two bags. People sold it for 10 sathi, even though DafuqCoin was a virus and broke in more forks! Actually, any cryptocurrency can get value even in the worst case, apparently.
One of the exchanges that DafuqCoin added, CryptoKK, was the first known victim and obtained a total rekt. Believe it or not, Bittrex also added DafuqCoin, and users complained that their coins were stuck on Bittrex despite the obvious fact that the whole thing was a scam.
In the last pages of the Bitcointalk thread, individual users have reported losses of various cryptocurrencies. The scryptominers, Whitecoin and Marinecoin, the pools have lost all their money and have closed. Exhilaratingly, a week after all this happened, the Ecoinfund exchange posted in the discussion to announce that they had added DafuqCoin to the vote for a potential listing.
Although DafuqCoin was a disaster and left the miners totally thinking that Dafuq had just extracted, he taught an important lesson that miners, pools and exchanges did not have to download any new cryptocurrency portfolio software without checking to bottom of the code.
