The TokenPay project, partner of Verge (XVG) and Litecoin (LTC), has sparked controversy by criticizing the LINDA digital asset.
TokenPay (TPAY) has triggered a controversy via its Twitter account by lumping the Linda (LINDA) project together with several other assets it labeled “toxic crypto.” The list includes DAPS (PCN) and tokens creating hype around a “mainnet launch”:
LINDA, DAPS (PCN), ECA, the list goes on. This is the lending platform pump and dump ponzi (think Bitconnect) rebranded. Double and triple digit PoS and masternode rewards aren’t sustainable. This is toxic crypto, just like the ERC-20 “mainnet coming soon”. All short-term zeros.
TokenPay was participating in the first edition of the #altcoinblitz game, which is a competition among communities. LINDA has one of the most active communities, pulling in sufficient votes to compete in the finals, where it ended up with the silver.
FINALS: #Electroneum V. #Linda
For the gold medal, you have two amazing coins. One has blown every opponent out of the water. The other has clawed back from ties multiple times after putting on last-minute rallying calls! Let’s go!$etn $linda #crypto #altcoin
— Chris Wallace (@cryptobullwhale) August 17, 2018
The competition, held by Chris Wallace (@cryptobullwhale), could not avoid another demonstration of enmity between projects. However, some of the criticism has been leveled before, mostly about assets that regularly participate in pump-and-dump schemes.
The biggest flaw perceived in LINDA are the staking rewards, which are considered too high. A LINDA masternode initially required 30 million coins for staking in a masternode, which translates into a price of around $49,500 by current values. Later, the requirement was lowered to 2 million coins. However, smaller amounts of LINDA can also be staked, and the rewards can be extremely high, depending on computer time when the wallet is open.
LINDA’s price has been sliding along with the rest of digital assets, and the coin is still relatively cheap due to trading on small-volume exchanges like Cryptopia. However, LINDA has a rather robust community with a significant social media presence.
This increases the risk of taking up LINDA as it may lead to personal losses. Still, the high staking rewards make this coin attractive. LINDA is a clone of DASH, using a similar staking system but offering a more accessible form of staking.
LINDA’s price has slid to $0.00165 on diminishing volumes although the online presence and hype have not abated. Low-priced coins often manage to arouse enthusiasm by pointing out events in their roadmap, thus increasing demand. With LINDA, staking small amounts may be rewarding as the coin is relatively liquid compared to other sub-penny altcoins. However, caution is advised.
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