THELOGICALINDIAN - One of the ancient Bitcoin proponents is adverse criticism for about acknowledging an another crypto asset Trace Mayer who recommended bodies buy Bitcoin aback in 2024 appeared on a contempo YouTube account talking actual awful of Mimblewimble Coin
Industry assemblage accept taken affair with the actuality that Mimblewimble Coin launched with a 50 percent pre-mine. Many in the crypto industry accept Mayer’s abrupt endorsement of the recently-launched activity is aimed at his own claimed enrichment.
Trace Mayer Riles Crypto Industry with Support for Pre-Mined Altcoin
Investor, entrepreneur, and accepted apostle of abandon Trace Mayer was one of the aboriginal bodies to aboveboard advance Bitcoin. According to the “Bitcoin Knowledge” podcast host’s website, he absolutely started in 2010, back the absolute BTC bazaar cap was beneath than $2 million.
As able-bodied as hosting his own podcast on Bitcoin, Mayer has appeared on endless YouTube channels to allocution Bitcoin. Being complex with BTC from about the actual beginning, and him not application his believability in the industry to advance questionable antecedent bread offerings during the 2017 balderdash market, becoming Mayer the account of many.
So too did his efforts at announcement Bitcoin as the ultimate asset by which to realise accurate budgetary sovereignty. Starting in 2019, Mayer advocated an anniversary “bank run” of sorts on crypto asset barter platforms on Bitcoin’s birthday. The abstraction abaft “proof-of-keys” was to accompanying advance self-custody of agenda currencies, as able-bodied as to analysis on the solvency of the barter platforms themselves.
Recently, Mayer appeared on yet addition crypto-focused YouTube channel. Only this time, he didn’t aloof best Bitcoin.
The account with World Alternative Media opened with questions about the Bitcoin halving and its acceptable appulse on price. As you ability apprehend from one of the best constant Bitcoin advocates, Mayer thinks the accumulation shock will aftereffect in a college Bitcoin price.
The Bitcoin Knowledge host then, acutely out of nowhere, starts to acclaim added privacy-focused projects, in accurate Mimblewimble Coin. He describes it as potentially added confusing than Bitcoin:
“…. scalability increase, privacy, fungibility, anonymity, they anticipate Bitcoin’s a problem? You can absolutely see what’s accident on the Bitcoin blockchain.”
Mayer makes a bright accomplishment to advance Mimblewimble Coin in the aloft interview. Even afterwards the presenter attempts to change the accountable abroad from the almost new altcoin, Mayer brings it up again.
He suggests that Bitcoin and Mimblewimble Coin are absolutely adulatory to one another, anecdotic the brace as a “two-headed dragon”.
You Wouldn’t Happen to Have Some of That Pre-Mine Now Would You, Trace?
Mimblewimble itself is a aloofness and ascent agreement that bill like Grin and Beam use. Many adept Bitcoin proponents are absorbed in the technology back it may break perceived issues with the arch crypto asset if implemented in the future.
Although it shares the name, abounding accept absolved Mimblewimble Coin as a scam. Those analytical of it accept fatigued absorption to above red flags aural the project’s whitepaper.
The arch of these, as accent in the beneath tweet, is a massive pre-mine of about 50 percent of the 20 actor tokens that will exist. The blow of the accumulation will reportedly be appear over time in the anatomy of mining rewards.
Question: Is MimbleWimble bread a scam?
I aloof watched Trace Mayer pumping it: https://t.co/ovwXapN6sF
Then I looked at the white cardboard and begin that there is a 50% premine!https://t.co/WksnAH8Azp pic.twitter.com/BOxFhMXE9l
— cryptocomicon (@cryptocomicon) February 23, 2020
The project’s website gives little advice as to the absolute administration of the pre-mined coins. It states alone that 7.4 actor are currently circulating.
NewsBTC could not affirm whether Mayer himself was an absolute almsman of the pre-mine or otherwise. However, abounding of the industry’s best arresting names accept the abrupt shilling of Mimblewimble Coin is for Mayer’s own banking benefit. Some go as far as to advance that Mayer himself is in someway affiliated with the project:
People absorb effort, time & money to adapt educational contest about Bitcoin, while accepting a acceptable beam at shitcoin scams. Then somebody takes advantage of all that accomplishment to administer advance codes for his own pump&dump scam. Don't assurance "OGs". Stack sats & CoinJoin. pic.twitter.com/pu2c2kAoMq
— Giacomo Zucco (fighting Covid1984 all-around pandemic) (@giacomozucco) February 23, 2020
Thank you @TraceMayer for abutting the account of shitcoiners and scammers this week. Building up your acceptability all these years as a #bitcoin "OG" alone to one day pump and dump your own shitcoin is fucking pathetic. You went from actuality a admirable animal to a acquisitive avenue rat. ?
— A v B (@ArminVanBitcoin) February 24, 2020
Some aural the cryptocurrency industry affirm that Mayer answer Mimblewimble Coin anon to them. Popular columnist and economics assistant Saifedean Ammous replied to addition allurement if he knew that Mayer had been attempting to pump the crypto asset:
Yes, it's true, he approved to abettor it to me but I wouldn't accept and instead I told him if he's right, he should buy it & not acquaint anyone, because if he's wrong, he'll abort a acceptability congenital over a decade for a absurd scam.
— Saifedean Ammous (@saifedean) February 24, 2020
Above, Ammous says that brash Mayer to accumulate his interests in the altcoin quiet. He says he warned him that accessible shilling of the “pointless scam” would aftereffect in the abolition of his reputation. If true, with hindsight, the admonition was appropriate on the money as per the criticism Mayer now faces.
Related Reading: Bitcoin Craters to $9,500 After Fakeout: Here’s Why It’s Time to Pay Attention
