A UK man created Idiot Coin to study the ‘hype coin’ craze. It took a few minutes and $300 to mint 21 million coins that hundreds of people were clamoring to buy. | Currency News | Financial and Business News

0
217

Bitcoin



  • 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!”
  • See more stories on Insider’s business page.

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…

Read full article at markets.businessinsider.com