- A New York Times reporter created Idiot Coin to illustrate the craze around so-called hype coins.
- Millions of people wanting to make money have been drawn in by hype coins that hold little intrinsic value or are outright scams.
- Reporter David Segal marketed Idiot Coin to look like an obvious fiasco: “Def NOT going to the moon!”
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In the world of hype coins, developers in the highly speculative end of the cryptocurrency market promise riches to potential investors with appealing-sounding assets that in reality have little intrinsic value or are outright scams. To explain and explore that world, a reporter for the New York Times created Idiot Coin.
“The point was to demonstrate that creating a hype coin doesn’t take expertise and that many are flimsy and dangerous,” reporter David Segal wrote in a feature entitled “Going for Broke in…