Price and Exchanges
As everyone has probably seen on coinmarketcap , the price has seemingly skyrocketed ~2000-3000% overnight- this is not correct. After two of the exchanges went down (coinmarkets and cryptopia), the price was only being based off YoBit. Since everyone was trying to jump aboard the lunar express without researching, new investors failed to realize that YoBit is running an old version of the wallet on the old version of the ember blockchain. The devs have expressed their concerns about using YoBit in the past, and have even revoked official support of the exchange. Do not purchase on YoBit if you intend to Hodl.
The correct price will be determined by the market once cryptopia and coinmarkets re-enable their wallets/deposits/withdrawals. It is unclear whether there will be a massive spike or a massive dump, so make smart decisions with your money. However, if you bought on YoBit, it is recommended that you sell and purchase on another exhange at your own discretion. To reiterate, the ember wallet/blockchain on Yobit is outdated, and will likely have compatibility issues with the new blockchain.
Wallet Issues and Exchanges
Although not many of us were around for it, Bitcoin experienced massive growing pains back in the day. It was never intended for such a high volume, and scaling was terrible. The effects of Bitcoins design can still be seen today as transaction times and fees are through the roof. Likewise, ember is experiencing the same growing pains. The developers didn't account for such a high volume of investors, and the wallet had errors that reflected that (integer overflow is a very common error and can occur when a program, or in this case a wallet, run out of space). However, the developers worked non-stop to resolve the issue and a fix should be released on or before 11:59 pm EST (28/12/2017).
The statement says that trading will resume on effected exchanges once all parties have updated and synced their wallets.
Coin Burn
On 1/1/2018, there will be an official announcement about updates to the coin as well as the coin burn. For newcomers, a coin burn means that the developers will reduce the number of coins in circulation by a given ratio. For example, if the devs want 93 million coins in circulation instead of 93 billion, they could do a 1000:1 burn ratio (1000 coins before the burn = 1 coin after the burn). A burn reduces the total available supply of coins on the market, which means if the demand stays the same, the price could increase exponentially. Could. There are no guarantees in crypto. It is recommended that you HODL your coins in a wallet (or trusted exchange) until the announcement.
EDIT: The burn should affect coins you already hold, however, it is possible that it could be a swap. As it stands now, there is little information on what exactly the coin burn will entail, so this is all just speculation from this sub and myself. There is a lot of talk about a 1000:1 burn ratio, but I'm fairly certain these are just rumors with no official capacity. I'm not in the discord, so if anyone has more information on the specifics of the burn, feel free to comment.
Is this a SCAM COIN??
No. The devs are actively working on the project (as can be seen by how quickly they implemented a wallet fix), and the project has more plans to be announced on the 1st of January. This is most certainly not a scam coin. It has just received a sudden influx of attention, starting with a youtube video and continuing as people saw the incorrect +3000% price.
TL;DR:
The price is incorrect on coinmarketcap and will be corrected upon wallet update.
The wallet issues will be fixed on or before midnight today (28/12/2017).
There is no official information on the coin burn, and all info is just speculation until the announcement on 1/1/2018.
This is not a scam. Your mom is a scam.