To test a few crypto-strategies, I decided to mine Saturncoin despite noticing a number of suspicious flags in the bitcointalk forum.
The first mining method I wanted to test was failover-only mode. My hope was that by setting up a pool before Saturncoin was mineable, cgminer would instantly start mining it as soon as it was possible as long it was higher in priority than my active backup pool. I put three pool addresses into my .conf file. For pool 0 I entered a Dopecoin pool address that would not be active before the launch of Saturncoin. I put the Saturncoin address in the pool 1 spot with the reliable Dogecoin multipool in pool 2. When I fired up cgminer about an hour before Saturncoin launched with “failover-only” : in my .conf file, it began mining Dogecoin.
The Dopecoin and Saturncoin pools were all listed as ‘Enabled’ in cgminer, but they were also listed as ‘Dead’. At the time Saturncoin launched the pool I joined was slow to start mining. I waited patiently and as soon as my pool was up to speed, cgminer automatically switched to the Saturncoin pool. Success!
The second reason I decided to mine this gimmicky coin had to do with trading. Saturncoin was scheduled to immediately be placed on the Crypto Rush exchange from the time it was launched.
Pre-mining also concerned me. Many comments in the forum urged not to pre-mine and according to one person’s calculations, a significant percentage of the coins were unaccounted for. No wallet was available to download prelaunch so I was unable to investigate a number of mining parameters which seemed suspicious to me. Also, there was no information available on the blockchain and the since Saturncoin was pre-arranged to be tradable on an exchange, there were certainly some red flags.
I was able to send the coins directly to the exchange and trade them, but there were too many being traded right away to not be suspicious of pre-mining. It was cool that I could mine and trade my Saturncoins as soon as the launch took place despite the initial lag from my pool.
Overall, the launch and marketing of Saturncoin was more than suspicious and likely a profitable pump and dump for those in the know. It did, however, provide me with a good platform to test out a few crypto-strategies that I am pleased to share on this website.