Infinite Coin is "resurrecting from the ashes", but the real intention is to sell mining machines?

Text | Kyle

"Bitcoin is gold, Litecoin is silver, and Infinite is copper." This saying, which is only known to the old cryptocurrency community, has recently been popular on a well-known domestic forum. After a long period of silence, Infinite Coin (IFC) has once again entered the cryptocurrency community's field of vision.

As an old currency launched in 2013, when IFC was at its craziest, its price increased by 17,500% in 5 days, and it entered the top ten of the global digital currency market value rankings at that time. However, after several rounds of bull and bear cycles, almost all 90.6 billion Infinite Coins were mined, and the IFC network computing power dropped sharply after losing the block reward. With the departure of the foreign founding team, it gradually lost its voice.

In 2017, IFC was listed by CCTV as a pyramid scheme organization and became an "official certified" copycat coin. On March 21, Feixiaohao data showed that the price of IFC was 0.000271 yuan. At a time when new coins are emerging in an endless stream, old coins are in urgent need of self-help.

Following the contact information left by the poster, Fengchao Finance joined the "Infinite Coin (IFC) Basic Development Group". The administrator told Fengchao Finance that Infinite Coin is currently operated by the Chinese community. In the group announcement, the group administrator frequently posted content related to IFC mining machines, including mining machine setting tutorials, miner subsidy instructions, etc. The group owner said that increasing the number of miners is the kingly way to development.

In this regard, an insider of a well-known mining pool said that it is almost impossible to make back the investment by mining unlimited coins nowadays. "It is only a matter of time before the currency without technical team support and technological innovation is eliminated. The role that mining can play is minimal."

An old currency that has been on the forum for more than 5 years is back

"What is the purpose of unlimited coins?" Looking at the posts flooding the forum, netizen "paddy" raised the question.

In recent days, discussions about Infinite Coin have become lively on the well-known blockchain forum Babbitt, and the posters are loyal believers of this currency.

"Hold Infinite Coin, you will surpass any dealer in the world." Someone shouted the classic slogan, "Bitcoin gold, Litecoin silver, Infinite Copper", comparing Infinite Coin with Bitcoin and Litecoin, and the intention of "shouting" was obvious.

The Babbitt forum has been flooded with unlimited coins recently

The aggressive promotion made some newcomers in the cryptocurrency circle think that this is a newly launched currency. User "ock" posted a question, "Is Infinity Coin a new currency?"

Later, some old coin people came out to popularize it, saying, "It's an old coin. I played it in 2013. I don't know why it's out now."

Public information shows that InfiniteCoin was born on June 5, 2013 by several American hackers. It uses the Scrypt PoW algorithm and generates a block every 30 seconds. The block reward is halved every 86,400 blocks.

In August 2013, Infinite Coin reached its peak and entered the top ten of the global digital currency market value rankings at that time. A year later, a total of 90.6 billion Infinite Coins were almost all mined. Without the block reward, the computing power of the Infinite Coin network dropped sharply. As the development team left, it gradually lost its voice in the bull-bear cycle.

Miners left, developers left, and Infinite Coin could no longer keep up with the times. But in December 2017, when the last bull market was booming, the Infinite Coin Chinese Community was established under the slogan of "revival". Despite this, in the cryptocurrency circle where new coins emerged one after another, Infinite Coin did not stir up much waves at that time. Now in the bear market, the Chinese community has re-emerged by posting and swiping the screen.

Some investors questioned this, saying, "They are all trolls who want to trick you. It's a dead coin that is not listed on any mainstream exchange, but they say you can achieve financial freedom if you hold it."

But whether it is doubt or curiosity, this old currency, which has been almost forgotten for more than five years, is now active again.

Fuxing Road Community launched the "One Person One Mining Machine Plan"

As the old coin is fading, the community hopes to save Infinite Coin by "purchasing mining machines for mining".

Following the contact information left by the post-blogging user, Fengchao Finance joined a QQ group called "Infinite Coin (IFC) Basic Development Group" and found that the group owner and several administrators were quite active, expressing their belief in Infinite Coin from time to time and encouraging group members to build Infinite Coin together. The group was created on June 6, 2018 and has more than 2,000 members.

The group leader "Qi Ma Kan Chang Kong" (hereinafter referred to as "Qi Ma") said that the most important thing at present is to build a good infrastructure for unlimited coins first and ignore everything else.

After inquiring, Fengchao Finance learned that the "infrastructure" mentioned by Ma Qi refers to the purchase of mining machines to mine Infinite Coin. "Unlike mining BTC, all Infinite Coins have been mined so far, and there are no block rewards. But Infinite Coin has pioneered the internal circulation mining model. As long as there is a transfer on the entire network, miners can get the transfer fee."

At present, the 24-hour transaction volume of Infinite Coin is 720,000 yuan, which means that the commission income that miners can earn from mining is not considerable. In this regard, Ma Qi emphasized that the early stage is to contribute to the community, "increasing the number of miners can expand consensus."

In July last year, Ma Qi launched the "One Person, One Mining Machine Plan" to encourage supporters to buy mining machines, and he himself was the seller of the mining machines.

From the group announcement, we can see that the price of the Infinite Coin mining machine is 700 yuan including shipping. After purchase, 100 yuan can be refunded after the machine is turned on for one week. In addition, the community mining fund has a 3-year mining electricity subsidy of 1,000 IFC per week. Calculated based on the real-time price, the weekly subsidy is approximately 0.268 yuan.

IFC mining machine pictures in the group album

According to Ma Qi, the silent mining machine currently on sale is made by him by hand, with low power consumption and 19 decibels of noise. According to the statistics in the group, the mining machine sales have reached the fourth batch, with a total of 30 places. More than 10 group members have signed up to buy and paid the advance.

The administrator often encourages other members to buy, "For those who are truly willing to support infrastructure, there is no need to worry about how much the subsidy is. Isn't it only 600 yuan to buy a mining machine?" He is looking forward to the price of the currency returning to its historical high.

“It is almost impossible to recover the investment by mining unlimited coins”

It is still unknown whether the path to reviving Infinite Coin through mining is feasible, but it is obvious that mining Infinite Coin will almost never pay back the investment.

An insider of a well-known mining pool stated that generally speaking, the price of mining machines is positively correlated with the price of currencies, and the price of mining machines is generally determined by a static payback period.

At present, the price of Infinite Coin is 0.000271 yuan, and the price of the mining machine is 600 yuan, which is 2.21 million times the price of Infinite Coin. In comparison, the current price of Bitcoin is 27,000 yuan, and the price of Antminer S15 is 7,630 yuan, which is 0.28 times the price of Bitcoin.

The person pointed out that all the infinite coins have been mined. Since there is no block reward and the transaction fee of altcoins is generally low, it is almost impossible to make a profit by mining infinite coins. He believes that it is only a matter of time before the currency without technical team support and technological innovation is eliminated, and there will be fewer and fewer miners, and the role they can play will be minimal.

This means that the idea of ​​relying on mining to save InfiniteCoin is not realistic.

Now when you log in to the official website of the Infinite Coin China Community, the first thing that comes into view is the announcement of server crowdfunding. The community hopes that users will donate IFC to maintain the operation of the website server. "If the website generates income, dividends can be distributed according to the donation ratio."

In the Infinite Coin Weekly Report, the latest update was in August 2018. According to members of the Infinite Coin group, there are currently only a few developers providing technical support for Infinite Coin.

IFC weekly report update stopped in August last year

On the other hand, there are many old coins that are as old as Infinite Coin. The old coins that once topped the digital currency market value rankings have been left behind in the market changes.

Futurecoin, which ranked third in market value in 2014, has now fallen to more than 100th place. According to data from Feixiaohao, Futurecoin's 24-hour trading volume was 22.5 million yuan, with a turnover rate of 12%; Quarkcoin, which ranked sixth in market value in 2013, has fallen to more than 400th place, with a 24-hour trading volume of only 600,000 yuan and a turnover rate of 5%.

Nowadays, with new forces constantly joining the cryptocurrency circle, these old currencies are rarely mentioned. With the loss of community power, they may eventually disappear in the long river of history.

As for the "resurrection" of Infinite Coin, even if we do not speculate maliciously and attribute the sale of mining machines to firm belief, it can be predicted that this is just a tiny counterattack of Infinite Coin after its decline from glory.

The old coin is getting old, and a long sigh is uttered.