The reporter in charge of the operation, Steven Russolillo, was tasked with exploring the options for a new cryptocurrency called WSJCoin. His effort fell short of launching the coin to the public, but he did pay for two beers with it in Japan.
Taunting the Crypto World
The WSJ’s effort appears to be taking a jab at many blockchain/crypto projects out there. The real value of many companies who have issued their own tokens is still a big question for many investors.
After the asset class appeared to be taking off in the final quarter of 2018, millions of people lost a significant portion of their savings. Around the peak of the bubble stage of the crypto boom in December 2017, the total market cap for all cryptos surpassed $800 billion.
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Fast forward to October 2018 and the value of all cryptocurrencies in circulation is now closer to $200 billion. A substantial chunk of the market is missing and nobody knows when will this money return back to the table.
WSJCoin’s Brief History
After taking to Japan, which was the first country in the world to endorse regulation of the crypto industry, Steven Russolillo meets J-pop band “Virtual Currency Girls”. He then proceeds to create the coming with the help of a young blockchain startup and proceeds to pitch it at a couple of conferences.
In case you are interested to know more about the process of creating and killing a cryptocurrency, watch below:
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