Someone Just Named a Cryptocurrency After Me in Less Than One Hour
(Bloomberg) -- This morning I wrote about how, with decentralized exchanges, it’s trivially simple for someone to create a new coin and get it listed.
See, it used to be in prior crypto booms that if you wanted to create your own coin, you had to do some development work. And then you probably had to pay a fair amount of money for some exchange to actually list the coin, so that it could be traded for money. But in this new world of decentralized exchanges — where the trading happens on a blockchain itself — there’s no gatekeepers and no listing fees. You just create the coin by copying and pasting some code, tweaking a few things and listing it.
Also, on some chains, the trading fees are super low, so you really can just make any old joke coin at a low cost, and then pump it to a network of Instagram and TikTok influencers to make the price go up (in theory).
Anyway, I’m curious about how easy this is, and I’m planning on having someone walk me through how all this is done. But in the meantime, someone just went ahead and made one.
In less than an hour after tweeting about it, someone called Tulpamancer Chaser had created the Stalwart Network coin ($JOE) and listed it on PancakeSwap, a blockchain-based trading platform that runs on the Binance smart chain.
You can go see the listing for it right here, where you can theoretically swap another coin on the chain for the $JOE token.
Not only that, you can pull up a chart of it already on a site called p**coin.app. Though, as you can see, right now it currently trades at $0.00.
Anyway, hopefully the coin stays at $0.00. Neither I nor the developer own any. And the current liquidity in the pool is zero, which would make it hard to trade. But it’s a pretty elegant demonstration of just how easily people are manufacturing new coins into existence.
Back in 2014, I did make my own novelty cryptocurrency with my friend @guan, and back then we had to have our own wallet and mining and everything. Also it only traded on one random exchange that eventually collapsed. The whole project flopped, of course. The kids have it so easy these days.
Update: After this post, the coin soared and briefly had a notional value of over $100,000 (though there was never anywhere near enough liquidity to actually sell that much. And now the coin has completely crashed. An entire market cycle in the span of a few hours.
©2021 Bloomberg L.P.