I came across an article the other day with the title “I Made My Own Cryptocurrency In Two Minutes.” I figured this was a clickbait article, but, it worked and I clicked on it. Turns out he was able to create his own crypto in about two minutes. I will link at the bottom to the article if you want to read about it. I was able to copy the writer in under two minutes, myself, so he wasn’t lying.
It does bring up the question of if this makes crypto something that people will move away from? Don’t get me wrong, I am on board with idea and the technology behind crypto, blockchain is here to stay and it’s utility will be mainstreamed and used across the board in every business model of the future, but….
Are shitcoins going to drag down crypto as a viable currency? When you look at the issue and fraud with crypto some of it was with Bitcoin and the larger market cap coins, but, most of the real problem was with pump and dump shitcoins. Tik Toc celebrities, and even real celebrities, pushing something they know nothing about for a few thousand dollars and then having a rug pull take a lot of money from people.
I have written on what I think about these pump and dumps and I will not rehash it here, as this is not what this piece is about. It is about what are the ramifications from these shitcoins. One concern is that it takes legitimacy away from actual coins with utility. How do businesses and governments handle a product that has thousands of shitcoins being lumped in with it? How do you explain to someone that Ehtereum is good, but, Cummies is just for fun? You might say, well that is a ridiculous premise, but the fact that it is a possible question is a problem for crypto in the long run. It gives people in power a way to de-legitimize all crypto.
You can find plenty of solid articles on buying crypto and altcoins. You can avoid the scams without much trouble with a little due diligence, but once again, this is not what this is about. It is the fact that you need articles explaining how to avoid the really bad from the possible OK. This issue is that if anyone can create a crypto, how do you keep value with the real coins.
Finally, I guess it may be no different than buying blue chip stocks from a reputable exchange than from buying penny stocks that trade OTC. People will learn and the product will continue to make the move to the mainstream. I just can’t help thinking we may be shooting ourselves in the foot every time we read an article about the next big opportunity on an altcoin.
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