If you are a regular Bitcointalk user, you will have noticed there is a massive crusade going on to oust anyone and everyone even remotely involved in digital currencies which fail(ed) to live up to their expectations. Razor (RZR) is on people’s radar now, so let’s see what people have been digging up.
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Razor was originally announced on June 8th of 2014, and developed by a user called RazorTech. While making new user accounts on BitcoinTalk in order to “act” as the coin developer is nothing new, but there have been other warning signs along the way in regards to this coin.
The source code of Razor shows it is a copy and paste job (once again, nothing new) on a 100% pre-mined scam coin called Neutrino. By removing the pre-mine part, Razor could then be labelled as a “no pre-mine” cryptocurrency, making it appear legit.
In order to capitalize on the popularity of anonymity features at the time, RazorTech implemented the Tor network into Razor. After all, RZR had to keep up with their competitors including DRK, CRYPT and CLOAK, to name a few.
Note from the author : Other than DRK, none of the other coins is still relevant at this point as far as I know…
Even though Razor had no pre-mine, the mining schedule was a bit lopsided at best. A lot of new coins were being mined on a daily basis, which lead to massive inflation of RZR on the exchange markets. Miners were making a ton of profit back then, when Scrypt mining was still worth pursuing.
The RZR inflation was getting out of hand pretty quick though, as 200-300 Bitcoin worth of RZR was added on a daily basis (at the exchange rate of 200k-300k Satoshi at that time). Everyone knew this trend couldn’t keep up, and some people even predicted the price crash days in advance.
Some of you might be wondering how the price ever got that high to begin with. The involvement of Bryce Weiner gained the coin a lot more credibility and hype. Especially that hype part is what killed off the traction of Razor at that point in time.
Note from the author : A certain pastebin was posted which allegedly contains statements made by Bryce Weiner under the name CogBurn. You can find that pastebin here: http://pastebin.com/VGyVPHN4
The biggest part in the overall downfall of RZR was the fact they promised on a lot of features which ever actually took place. The development of an SMS gateway that would allow anyone to send people around the world an RZR transaction through a text message never even took place.
Other projects that were announced but never delivered include RZRoad (a platform very similar to OpenBazaar but dealing with Razor transactions) and a brand new anonymity solution which was allegedly being tested and to be released soon. Neither of those ever saw the light of day unfortunately.
Fast forward until today, and the original RZR developer RazorTech has gone awol, Bryce Weiner will not be developing any coins besides UNO and XDQ and Devon Reed officially stated “there are no plans to use Razor in any of our projects”. As a result of everything that could go wrong actually going wrong, the RZR price dropped to 5,000 Satoshi and will most likely drop even further.