So many shitcoins. So little time. So many are the same.
It’s easy to drown in the sea of shitcoins, especially trying to keep current with all of them.
Fortunately, most are shit and don’t warrant much of your time, and that is why we are here.
Today’s will be a quick one. (Mostly because it’s July 4th here in the US and we’re trying to get our drink on. Challenge us in beer pong, we dare you. Wanna bet shitcoins? We’re down.)
Anyways, let’s dig in to MonaCoin, which does nothing special in our opinion. Certainly nothing that warranted their epic pump and dump back in December 2017.
MonaCoin (ticker: MONA):
Mid-Tier Shitcoin (probably soon to be low-tier)
Wtf is MonaCoin?
MonaCoin is a fork of LiteCoin with ambitions to be an improved system for peer to peer digital cash. Yes, they are competing with the big boys such as Bitcoin, Litecoin, Monero, etc.
We never quite understood the fascination with MonaCoin. They are known as Japan’s cryptocurrency, but meh. This shit is supposed to be global.
They were born in January of 2014 with their main distinction being that they are ASIC proof and aim to support only GPU/CPU mining. Instead of using SHA-256, they implemented Lyra2RE, which is an ASIC-resistant algorithm, ensuring anyone with a GPU/CPU has a better chance with mining.
They did perform a soft fork at one point to implement SegWit and are integrated with the Lightning Network. So, we will credit them in that they do attempt to keep current with new protocol improvements that enter the space.
In summary, this shitcoin wants to be a faster and cheaper alternative to BTC or LTC with mining that is more accessible to the masses.
Who tf is behind this shit?
This shit launched without a whitepaper by an anonymous creator going by the pseudonym Mr. Watanabe on Japan’s 2chan website...yeah….
Somehow they have curated quite the loyal following and manage to remain in the top 100 coins on Coinmarketcap consistently.
Overall, we do not see how this really competes with the major coins aiming to disrupt the digital cash scene. We think this is a mid-tier shitcoin simply due to the fact that it has done better than other currency competitors, but we think ultimately it will go down to low-tier, or shit-tier shitcoin some day. Oh yeah - they also have a shitty name and logo - that’s the reality of the situation.
Now, time to go drink - yay!
Hope you learned some shit.
- Mike and Aaron