Review on Jesus Coin by Benaiah A. Akinlade
“Jesus Coin”: The tale of a “Joke Coin“
With the rush of new cryptocurrencies in the world market, it’s only a matter of time before someone took the craze to an extreme. What nobody saw coming except for the inventors, however, was that this extreme would also involve some light blasphemy.
Forbes reports that a new cryptocurrency called "Jesus Coin" has launched and is drawing substantial amounts of investor interest and attention. And yet, the currency itself seems to have been launched as a hoax or as a joke. With the success of a cryptocurrency as off-the-wall as Jesus Coin, is this the latest and surest sign that the whole industry is a massive bubble that is waiting to burst?
According to Forbes, the launch of Jesus Coin was initially intended as satire by a group of friends. However, shortly after the ICO of the coin, investors became legitimately interested in buying up tokens.
The homepage for the coin suggests that "Jesus Coin has been developed as the currency of God's Son.
Unlike morally bereft cryptocurrencies, Jesus Coin has the unique advantage of providing global access to Jesus that's safer and faster than ever before." It's hard to imagine that this and other statements about the cryptocurrency were not written in jest, and yet people subscribed to it.
Jesus Christ is the given founder and CEO of the company, according to the website, with Judas Iscariot and Saint Peter named as trustee and public relations officer. Regardless of the tongue-in-cheek attitude of the currency's website, investors continue to buy coins.
The supposed benefits of Jesus Coin
Forgiveness of Sin– Jesus Coin is negotiating with churches to outsource sin forgiveness.
Fast Transaction Speeds – Record transaction times between you and God’s son
It is Predicted to Achieve $50bn Market Cap
The ICO
Forbes reports that Jesus Coin is fully compliant with the ERC20 ethereum token standard, with one token of ether being equivalent to 12 Jesus Coins (JC) as of the ICO. The total number of JC will be capped at 13 million. The ICO began on September 12 and continues to December 25, another inside reference. Trading will begin two days after, on December 27.
Regardless of the specifics of Jesus Coin, the rise to prominence of a cryptocurrency that was created as a joke suggests that investors may be too eager to invest in any coin that comes along, regardless of its actual merits or value. That is one of the surest signs of a bubble mentality.
The crypto hype has reached the point where even a hoax can raise money
Pros
- Forgiveness of Sin
- Fast Transaction Speeds
- Predicted to Achieve $50bn Market Cap
Cons
- The coin is a big joke
