I’ve been researching altcoins a lot lately. For a brief moment I was intrigued by Galactrum, mainly due to their accessible masternode proof-of-stake model, which only requires $0.41 worth of ORE to participate in at current prices.
The basically-nonexistent market cap of $5,603 (down from nearly $4 million) was a huge red flag that should have made me stop looking, but I decided to dig deeper.
I found that it was entirely dead.
I downloaded the wallet and after about 6 hours never managed to sync anything.
I looked for a place to buy some Galactrum. It’s trading at STEX with miniscule volume, but I don’t have a verified account there (that’s a whole different ordeal).
I looked for a place to mine, but my favorite mining pool directory didn’t have the coin listed.
The last Twitter post mentions switching to proof of stake.
The subreddit is almost nonexistant, with 28 members and the newest post more than two years ago.
The website is up and looks reasonable, and would certainly inspire more confidence than Cheesecoin did if the SSL certificate hadn’t expired back in July of this year. They should probably take it down at this point.
I don’t know how or why it died, but I’d guess that something went terribly wrong with the switch to proof of stake. Perhaps the only interest that the coin had was by miners, or even at its peak there may not have been enough exchanges/liquidity for people to get a stake.