Tuesday DIY Cryptocurrency Marks An Industry Change

May 13, 2018

Bitcoin and Blockchain and the world of cryptocurrency that they represent has become an omnipresent part of the financial conversation over the last twelve years. However, there is a huge potential for upheaval via the little known aspect of creating cryptocurrency from scratch. However, it’s not such a secret thanks to a recent LifeHacker story, “How to Create Your Own Cryptocurrency.”

According to the story:

“[Y]ou can fork an existing blockchain by taking the open-source code found on Github—Litecoin, for example—making a few changes, and launching a new blockchain with a new name (like Garlicoin). Again, this requires you to understand the code so you know what to modify and why.’

If average users can suddenly make their own cryptocurrency, the results would be like citizens freely printing dollar bills in their garage. The market would collapse. This, on top of other news that the second largest cryptocurrency, Ethereum, might have been formed on the basis of an illegal securities trade, is a dark sign. The downside of this revolution is that now bad things are happening in the shadows, and there is no way to pump the brakes. We are more than a little skeptical about the cryptocurrency market right now.

Patrick Roland, May 13, 2018

Comments

One Response to “Tuesday DIY Cryptocurrency Marks An Industry Change”

  1. John Mcafee on May 14th, 2018 3:58 am

    There are over 3,000 cryptocurrencies that have been created from scratch. None has impacted any crypto market except for the market for the newly created currency. If every human on the planet created their own cryptocurrency, it would still have no impact on Bitcoin, Ethereum or any other existing currency. It is not how many cryptocurrencies exist (now well over 20,000), but which currencies are universally adopted and for what purpose.

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