42Coin: A Digital Currency Worth More Then a Bitcoin
A PROGRAMMER NAMED "HENDO" HAS CREATED THE MOST VALUABLE DIGITAL CURRENCY IN THE WORLD. IT'S CALLED 42COIN, AND ONE OF THEM IS ALREADY WORTH 1,000 BITCOIN, ACCORDING TO CRYPTSY, WHICH ADDED THE DIGITAL CURRENCY TO ITS BOARD YESTERDAY. AS OF THIS WEEK, ONE BITCOIN WAS TRADING AROUND $US900, MEANING ONE 42COIN IS WORTH ABOUT $US900,000. A FULL 42COIN HAS YET TO BE MINED, AND THE PRICES ARE SCALED UP FROM THE FRACTIONS OF 42COIN THAT HAVE BEEN TRANSACTED.
In an interview from his home in central Illinois, Hendo, who describes himself as a programmer and "professional digital miner", explained why the coin is so valuable, although if you don't subscribe to the intrinsic value theory of digital currencies, you're unlikely to be satisfied with his response: Because only 42 full coins will ever be mined, they are among the most scarce coins on the market.
"It's unique - you'll never see a full coin," he said. Indeed, despite being more than a week old, the network has yet to mine a full coin. "It's like seeing a unicorn," he said
While Bitcoin confirmations can take 10 minutes, and Litecoin ones two minutes, 42Coin transactions take 42 seconds. "So speed sets it apart too."But the project is not about money, he said, though admitted to owning some of the fractions of 42Coin that have been created himself, though insists most of it will be used for promotional purposes. it's meant to be a lesson about the digital currency world. As part of the launch, Hendo published a lucid critique of the monopolization problem in Bitcoin. Too often, he told us, new digital currencies are instantly monopolized by powerful mining pools, who then are able to effectively dictate prices to late joiners.
The code for 42Coin, he said, was written in such a way that when powerful mining groups enter the 42Coin mining network, it instantly becomes more difficult to create units of the currency. When these groups leave, it gets easier. The new cryptocurrency is about a week old, and the first full 42C isn't mined yet.
At the moment 0.88 42c is mined. One 42C is worth $853,687 so the market cap of 42 Coin is $752,916. What do you think, will 42Coin be a success? Will it affect the future of all bitcoin mining operation? or will it be a simple forgotten fad in the future?
http://bitcoinhermit.com/42coin-digital-currency-worth-bitcoin/
In an interview from his home in central Illinois, Hendo, who describes himself as a programmer and "professional digital miner", explained why the coin is so valuable, although if you don't subscribe to the intrinsic value theory of digital currencies, you're unlikely to be satisfied with his response: Because only 42 full coins will ever be mined, they are among the most scarce coins on the market.
"It's unique - you'll never see a full coin," he said. Indeed, despite being more than a week old, the network has yet to mine a full coin. "It's like seeing a unicorn," he said
While Bitcoin confirmations can take 10 minutes, and Litecoin ones two minutes, 42Coin transactions take 42 seconds. "So speed sets it apart too."But the project is not about money, he said, though admitted to owning some of the fractions of 42Coin that have been created himself, though insists most of it will be used for promotional purposes. it's meant to be a lesson about the digital currency world. As part of the launch, Hendo published a lucid critique of the monopolization problem in Bitcoin. Too often, he told us, new digital currencies are instantly monopolized by powerful mining pools, who then are able to effectively dictate prices to late joiners.
The code for 42Coin, he said, was written in such a way that when powerful mining groups enter the 42Coin mining network, it instantly becomes more difficult to create units of the currency. When these groups leave, it gets easier. The new cryptocurrency is about a week old, and the first full 42C isn't mined yet.
At the moment 0.88 42c is mined. One 42C is worth $853,687 so the market cap of 42 Coin is $752,916. What do you think, will 42Coin be a success? Will it affect the future of all bitcoin mining operation? or will it be a simple forgotten fad in the future?
http://bitcoinhermit.com/42coin-digital-currency-worth-bitcoin/
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