No, not the US government penny, although that is a pretty crappy coin too. I’m talking about Pennies (CENT), a PoS coin originally released by shakezula. This coin is so hilariously bad that I don’t even know where to start. CENT was originally released on shakezula’s (low traffic) website and only casually mentioned in cryptsy chat for several days until it was actually posted on bitcointalk, meaning it had a sizable premine/instamine associated with it – but that is the least of CENT’s problems.
CENT was originally intended to have a total of 1 billion coins, with 1 coin mined per block, with a modest PoS rate. Yet, if you look on cryptsy, there are trillions upon trillions of CENT for sale. Why is this? Due to an extreme case of developer incompetence, CENT had the most hilariously broken proof of stake (PoS) system ever devised, with an inflation rate putting even the Zimbabwean dollar to shame. This broken PoS system caused a near infinite amount of coins to flood into the market, earning CENT’s place in cryptocurrency history as the most broken and worthless coin ever.
Due to how utterly worthless this coin is, there is no one mining it. No miners = no transactions = dead network. This coin exists literally only exist within the confines of the Cryptsy trading area… And even there, it’s worthless. The buy side is totally empty due to it’s bare minimum price, so if you wanted to offload your CENTs, you’d be placed in the back of a 3300 LTC sell wall. Good luck. The XPM market has a bit more liquidity, but it’s only a matter of time before it bottoms out on that too.
Holders of this coin are among the finest examples of bagholders. Little support and giant sell walls mean you’ll be holding onto it for a very, very long time.