It was supposed to be silver to Bitcoin's gold. The PoW was supposed to be ASIC resistant. It did fairly well when people were GPU mining it. Then they developed ASICs that handled Scrypt. The chinese producing these, would essentially set the cost to near or below break-even after mining profits and use the ASICs before shipping them to customers. They would drive the difficulty up with hardware you paid for, and then dump the coins for even more profit.
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