I know that everyone here is just hoping to get rich. I know everyone here is excited the coin is moving.
But Paccoin has no whitepaper.
There is nothing on its website saying how it works, what its mission statement is, or anything that a real cryptocurrency would have.
I'm not a genius but here are the facts:
Having a whitepaper isn't a guarantee that a coin isn't a scam. However, not having a whitepaper almost always is a guarantee that a coin is a scam. You don't have to take my word on it, just Google coins that had no whitepaper and see where they are today. Meanwhile, check the reverse - how many of the coins listed in the top 100 on coinmarketcap right now have white papers? Every one of them.
I went to paccoin.net today and asked in the comments section under the "New Years" post where the whitepaper is. The comment was deleted by the website and never made it to the page.
Here's the thing about whitepapers - like I said, you're all just trying to get rich. I understand. You don't care about whitepapers. Clearly, otherwise you wouldn't already be invested in this coin. But you aren't banks and businessmen and technology experts. Those people DO care about whitepapers. And what that means is that the price of Paccoin can go up and down somewhat based on your buying and selling trends but none of the price movement has anything to do with the real value of this coin, which is nothing. You can't buy a single thing with Paccoin besides other cryptocurrencies. And that will always be true if no one knows how the coin works, how it's intended to work, or any other vital information about it that would be in a whitepaper.
Because professionals want to see the whitepaper. They absolutely care about it. You're not going to get listed on Binance with no whitepaper. You're not going to market your cryptocurrency to any financial institution without a whitepaper. You're not going anywhere respectable and legitimate without a whitepaper.
You don't create a whitepaper if you don't want to be held liable for anything when your coin crashes/dies. If you create a whitepaper, you have to be honest in what you say lest you become legally liable for misleading investors. So... if your coin is legit, fine, you create a whitepaper telling everyone exactly what it does and how it works. If your coin is a hyper-inflation scam, instead of real value you talk about bonus coin incentives and crap like that in your whitepaper. And if you're worried about losing the crowd that sees through the hyper-inflation scam whitepapers, you just don't create any whitepaper at all.
By having no whitepaper, Paccoin has told you absolutely nothing about the coin. So if it crashes right through the floor you can't accuse them of misleading you at all. Best of luck.
This is a bit of a joke.. So you think having a 10 page white paper makes a coin investable for "banks and professionals" ? Who is the altcoin professionals again? Or are you talking about people with a degree in economics? I happen to be one of those people.
Now I overall agree with your sentiment. But all 5000 altcoins available right now is a scam according to this train of thought. Not a single one is creating any sort of revenue that warrants their market cap. They are all money grabs. Maybe 1% of them will ever really be anything, maybe none of them. Its hard to say right now. But the situation reminds me of the 2000 .com bubble. Any company that mentioned internet in their "whitepaper" had millions thrown after them.
I dont think having a 10 page whitepaper that I could drum up in a 24 hour timespan is much of an indicator of future value. Nor having a 1000$ webpage. For god sakes 99% of all Altcoins invested 10$ in their domain name instead of buying something decent. Its all crap to some degree. Just ride the train while its here. Dont imagine it to be a spaceship.
