New York Times reporterDavid Segal shows how easy it is to create a fake altcoin. The Idiot Coin plan did not impress any investors, but it does reveal the way crypto developers who scammed them work.
A New York Times reporter created “Idiot Coin” as an experimental altcoin
Exaggerated altcoins abound in the cryptocurrency market. The creators of high-spec tokens guarantee riches to people who invest. However, these cryptocurrencies of unpredictable value lend themselves to investment scams that have left the crypto market in a bad position. A journalist from the prestigious New York Times magazine created Idiot Coin to explain these virtual scams.
Journalist David Segal explains that his goal is to show that he doesn’t need experience to create an overrated altcoin. He even argues that these cryptos are weak, thus the investment dangers are high. In his article titled “Coming to the brink of bankruptcy in the land of crypto,” Segal explains his investigation of hyperbolic cryptocurrencies.
Idiot Coin plan shows the losses of the crypto market
The reporter details that this crypto scheme is not intended to harm . The report explains that at least a dozen advertising cryptocurrencies are launched every day by poorly trained programmers. Segal explains that these investments in new altcoins have yielded irrelevant results as they become useless weeks after their launch. But the programmers who created the token can make a lot of money from their useless projects. When Segal launched Idiot Coin, he consulted several lawyers about creating a floating value asset. Avukadollarsar thinks that cryptocurrency regulators may sue token developers.
According to Segal estimates, these investment losses exceed $1 billion per year. The journalist had to pay around $300 in fees to get past the $21 million Idiot Coin. Segal enlisted the help of Dan Arreola, an entrepreneur who constantly warns of exaggerated cryptocurrency scams. The reporter also paid a website designer to make the token’s website look real. The website is Coinforidiots with some attractive advertisements. com adopted the name. Even Segal went so far in advertising that he signed a TikToker deal to praise Idiot Coin. Segal has attracted more than 300 investors worldwide; some were confused by this propaganda, which revealed that the token is a scam.
The overestimated altcoin experiment succeeded
Segal explains that attendees are disappointed as the token does not promise wealth like its fake equivalents. Undoubtedly, the Idiot Coin project was a success and no one was harmed in this financial experiment. Segal warns investors not to trust these new token ad campaigns that promise you too much wealth.
With this experiment, the journalist shows how easy it is to create a token from scratch, promise a profit, and then disappear with the money. Crypto scams will increase as legal tokens like Bitcoin attract more people to the new financial market. Cryptocoin. com we advise that investors should beware of these exaggerated tokens and report scams so that the crypto market does not lose credibility.