Cryptocurrency gone crazy: 6 unbelievable ‘altcoins’

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If you've only recently heard about cryptocurrencies, you probably know about Bitcoin, Ethereum, dogecoin crazy love Litecoin. But there are thousands of other coins out there, some of which make sense, some which don't, and a fair amount that are just plain weird. This crypto-zoo is a consequence of the fact that it's fairly easy to create your own Ethereum-based cryptocurrency these days — there's even an app that automates the entire process.

Here's what you need to know before you buy bitcoin. Naturally, hundreds of weird, senseless, and even slightly offensive coins have cropped up in recent years, to dogecoin crazy love point that you could have a digital wallet full of swear words if you really wanted. Amazingly enough, you could even make good money on some of these. Here are our favorites:. The Useless Ethereum Token kicks off the list because of its honesty.

It's useless, and it doesn't shy away from its uselessness. Created under the tagline "no value, no security, no product," the UET nominally doesn't offer anything — dogecoin crazy love it has one advantage over many competitors: No gains means few investors, few investors means few transactions, and few transactions means no Ethereum network lag," says a note dogecoin crazy love the project's website.

The overall trading volume is ridiculously small according to CoinMarketCapso you probably didn't. Of course, there's a FUCK token. Dogecoin crazy love name, according to the project's webpage, is an acronym and stands for "Finally Usable Crypto Karma. The FUCK token is interesting as it actually has a decent market cap: There's not much to say about PNS, as it appears to dogecoin crazy love quite useless.

The funny thing about it is this: If you have an Ethereum wallet, you already have it. The tokens have been distributed to all wallets, in the amount of If you don't believe me, check it out yourself: Go over to DeltaBalances, enter your address in the search field on top and check "Show unlisted dogecoin crazy love. If you want to double down on that, you can also get some Dickels. Unlike the two joke coins above, Titcoin symbol: TIT appears to be a legitimate project, albeit without much traction.

It aims to become a means of payment for adult content, which isn't that bad of an idea, though it doesn't appear to have many partners accepting the coin. The recently launched Bananacoin dogecoin crazy love not a joke dogecoin crazy love at all, but it has quite an odd premise: Its value is pegged to the export price of 1kg of bananas. The company behind the dogecoin crazy love says it's the "first environmentally friendly plantation in Laos" with a mission to "grow organic and healthy" bananas.

I'm not sure why such a project needs a cryptocurrency but hey, whatever floats your banana boat. This coin is huge. Unlike most of the projects above, Coinye is very old in cryptocurrency terms — it's actually one of the first joke coins that appeared on the scene.

It was a coin with a cartoonish image of Kanye West on it and zero utility. Dogecoin is the ultimate joke coin. That's 2 billion dollars worth of jokes. Think about that for a second. Its founder recently said that the entire cryptocurrency market is in a bubble that's bound to burst at some point. The author owns PNS. We're using cookies to improve your experience.

Click Here to find out more. Tech Like Follow Follow. It's all about bananacoins.

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Jackson Palmer started cryptocurrency dogecoin as a joke. To his surprise, it took off. That's partly why he is not optimistic about the future of cryptocurrencies. The recent volatility in the stock market has also been felt in the value of cryptocurrencies like bitcoin.

There are a lot of these around right now - Ethereum, litecoin, ripple, just to name a few. There was a gold rush back then in cryptocurrency, and I noticed there was a lot more of what are called alt coins, or alternative coins, coming on the market. You know, bitcoin copycats, they take it, they change a variable and then they, you know, release it to the world. And so I was like, this seems a little shady.

Also happening back in , this Internet meme called Doge. It was a picture of a dog, a shiba inu, and it had this goofy, Comic Sans writing all around it with grammatically challenged phrases like, such wow, and, much amaze.

I had one browser tab open with this article about Doge, and right next to it, I had CoinMarketCap, which is a very popular website for checking the valuations of cryptocurrencies. So my tab names kind of almost spelled it out for me, in a way. He chuckled about it and sent off a tweet. And then he started hearing from all these people who were like, dogecoin?

A friend of his in the tech industry is like, what the hell, let's make dogecoin a real thing. It's easy to make a new cryptocurrency, and it'll be, like, a fun project to understand how this stuff really works. And so they created dogecoin. And then the price of dogecoin starts to take off. And then we were like, oh, no. Like, this thing stands to become the joke that we were making. So Jackson and his partner decide, let's try to use dogecoin for good. On the dogecoin subreddit, they started suggesting giving dogecoins to charity.

And then someone was like, hey, I heard the Jamaican bobsled team is trying to raise money. We thought, well, that's just as ridiculous as a dog on a coin. So sure, why not? They donated dogecoin to train guide dogs, to drill wells in Kenya. Things were going great - until they weren't. In , someone convinced a lot of people to invest a lot of dogecoin in a new, shady cryptocurrency business. That business collapsed, and people lost their money.

He gave away all the dogecoin he had to charity. And then last year, along with lots of other cryptocurrencies, the price of dogecoin skyrocketed again. The total value of all the dogecoins out there reached more than a billion dollars at its peak.

The irony is definitely not lost on me. I think I wouldn't change creating it. You know, I've had several people that have come up to me and said, look, dogecoin was the first thing that got me into cryptocurrency, and because of it, I have a reality check on the whole space.

And that makes me feel good because it gave them the context that if this thing with a dog on it can, like, pump in price by 10x one day, they're, like, yeah, this whole thing's crazy, right? People are still creating new cryptocurrencies all the time. There are now more than 1, of them. He is the co-host of NPR's new daily podcast about economics and the news. It's called The Indicator, from Planet Money. Visit our website terms of use and permissions pages at www.

NPR transcripts are created on a rush deadline by Verb8tm, Inc. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. Accessibility links Skip to main content Keyboard shortcuts for audio player. Meet Dogecoin Jackson Palmer started cryptocurrency dogecoin as a joke. Facebook Twitter Flipboard Email. February 8, 5: Heard on Morning Edition.

Jackson Palmer is a product manager in San Francisco today, but Back in , I created dogecoin. And that kind of just, you know, it really ended the party, right?