Too Long, Didn’t Read; CLAM older than Ethereum (ETH). CLAM just surpassed DOGE price per coin. Big exchange Bittrex, Circle, Poloniex blame CLAM for their problems. CLAM is a proof-of-stake coin, which means CLAMS are like digital miners and secure the network + generate income. CLAM distributed to DOGE, LTC, & BTC hodlers, so CLAM well distributed for free. CLAM supply low (4 million), this can cause illiquidity causing price go high after sellers run out…Insert moon-rocket emoji here.
Back in May of 2019, Poloniex, a United States altcoin exchange, suffered a huge loss across their entire platform due to a flash crash of the CLAM cryptocurrency and uncovered margin calls [4]. Instead of taking responsibility for mishandling users’ funds and downplaying the risk of margin lending, Poloniex’s initial response was to blame the CLAM cryptocurrency for low liquidity. Poloniex had been recently acquired by the US-based cryptocurrency company Circle, who also shifted blame to the previous owners of the site. Circle ended up selling the company to overseas investors to distance themselves from the situation [5]. Circle did end up reimbursing a pittance amount to some users, but many remain uncompensated [6].
Okay, this exchange Poloniex pulled some robin-the-hood level blame-shifting uncovered-margin-calling scam on an obscure coin named CLAM [1]. So WTH is a CLAM? [3] CLAMs were given away to every single crypto wallet that had a balance of Bitcoin, Litecoin, or Dogecoin in 2014 [2] Yes you heard that right, DOGECOIN. So here’s the deal, CLAM has a much lower active supply than ANY of these cryptocurrencies used to forge it (yes, there is less active CLAM than BTC right now). And if any of you were paying attention, not too long ago, apes could buy CLAM cheaper than DOGE—which has a way higher supply. Oh, did I forget to mention CLAM is proof of stake, and users are incentivized to HODL rather than sell? The fundamentals say this coin is going straight to the moon, so better get on before the rocket takes off.
The exchange that has to most liquidity for CLAMs is FreeBitcoins XChange. https://freebitcoins.com/xchange/market/Bitcoin-Clamcoin
[1] – https://coinpaprika.com/coin/clam-clams/
[2] – https://bitcointalk.org/index.php?topic=623147.0
[3] – https://www.youtube.com/watch?v=g6iDZspbRMg&t=652s
[6] – https://www.reddit.com/r/poloniex/comments/gxhzjf/what_happened_to_poloniex_clam_situation/
Additional reading:
