It's a testnet. I think it's sad that the speculation around cryptocurrency has gotten to be so strong that a testnet project where you can play around with smart contracts, posted to a dev forum, is criticized on the merits of being something dumb to speculate on.
It's not just a testnet though, the creators of the fork are actively encouraging people to get the coin listed on exchanges (while keeping their 25m coin premine in a personal wallet).
See: https://www.reddit.com/r/cheapETH/comments/lkzkso/george_hot...
addendum: I was on the fence about this project before and was willing to give the founders the benefit of the doubt, but after posting the above comment I was banned from the cheapETH discord and given the following explanation: https://i.imgur.com/Sor6TLi.png
The concept is a good idea in theory but the founders here are clearly completely incompetent. Steer well clear imo.
I think the argument is that a lack of any value inhibits (or warps) emergent behavior. When money is completely free, people do things they wouldn't otherwise do. If you're trying to see whether a contract has a bug, you might want to try it on a real testnet. If you want to see how game theory plays out, a cheaper ethereum net (where everyone still has some skin in the game) is more interesting.
This is not a testnet. ICOs pretending to be something they are not. They will latch onto anything to get legitimacy. Taking down whatever these things attach themselves to. Now "Testnet" is going to get confused with thing. What security laws is this crowd sale violating being a centralised project with founders?
I'm one of the people who totally missed the 25M coin patch when getting into the cheapETH community. After we got banned from their discord for discussing this, I wrote this short explainer about the situation last night: https://www.deveth.org/background.html
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[ 2.0 ms ] story [ 58.1 ms ] thread(creator keeps 10% of all coins)
It's a testnet. I think it's sad that the speculation around cryptocurrency has gotten to be so strong that a testnet project where you can play around with smart contracts, posted to a dev forum, is criticized on the merits of being something dumb to speculate on.
No shit! That's kind of the point.
That's not a testnet.
The concept is a good idea in theory but the founders here are clearly completely incompetent. Steer well clear imo.
He’s done more fun things though on his steam
edit:seems he is trying to actively to list this on exchanges, so yeah if he does that he has lost all respect in my eyes
If you want to play with Ethereum tech at low fees and still be secure, check out the EVM (Ethereum virtual machine) part of Avalanche on the C chain.
Conveniently, the devETH fork chose not to limit commenting on this commit. How kind of them! https://github.com/devethorg/go-ethereum/commit/412c38434d8d...