Could Altcoins Mean the End of Cryptocurrency?

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Given the rush of various new alternative coins or altcoins, the market behind cryptocurrencies could soon see a slowing down. Forbes recently reported on a coin that was created known as “Jesus Coin.” This coin brought in a lot of attention and interest, but was essentially launched as a joke. If a coin that was made as a joke can gain that much money so shortly, could this signal the end of the industry, and identify it as a bubble that will soon burst?

According to the same article by Forbes, the coin was initially created as a joke but then investors started to have serious attitudes about the coin. On the website for the coin, the creators proclaim 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.” Given that this seems like a joke, why on earth would it gain any popularity?

The website brags that the coin will reach a market capitalization of around $50 billion while the founder of the company is listed as Jesus Christ himself.

The coin is ironically fully compliant with the ERC20 ethereum token standard, and currently one token of ether equals about 12 Jesus Coins or JC’s. The number of JC that will be created has been capped at 13 million. With the ICO beginning on September 12 and going until December 25th, it will be interesting to see what goes on.

The market of cryptocurrency has had a notoriously sketchy past with its anonymity factor driving criminal actions and federal investigations around the world. With websites centered around human trafficking, drug sales and more, cryptocurrencies have not earned the best reputation. Hopefully the industry can find some sort of legitimization given that the main premise has a lot of use in the world today.

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