Coinye, a semi-defunct cryptocurrency, is worth mentioning solely for its bizarre backstory.
LUMMIS: So the concept of mining bitcoin and its great store of value was something that resonated with me, coming from a mining state.
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Bitcoin–and the cryptocurrency industry as a whole–plunged this year, after a gravity-defying surge in recent years. The price of the digital coin hit nearly $20,000 late last year. And then in early 2018, it began to fall. Though it hit a few plateaus, the price has still tumbled; today it hovers at a little over $3,000.
Its founders have been holding ‘Ask Me Anything’ sessions to reassure potential investors of its legitimacy due to the unregulated nature of cryptocurrencies.
“We are with venture capital [a stock market] list. The venture capital market is currently in very good shape, so we’ll probably follow that route, but we’re looking at both, “says Brooks.
Beyond the clampdown by some governments, what bitcoin really needed to achieve sustained success was overall mainstream acceptance. While some financial institutions announced projects exploring blockchain-based solutions, many others balked.
Chief among them was PayPal, which made Tesla founder and noted cryptocurrency advocate Elon Musk’s first fortune and proved to be a harbinger of today’s mobile payment technologies that have exploded in popularity over the past 10 years.
Some teams have no issue with leveraging the power of social media by paying influencers to promote their coins. With a few heavy hitters on your side, you can spread rumours nearly instantly. If people are talking about your project, you win.
Despite this, Safemoon has a small but fiercely loyal base of fans who continue to hold the token for the long term. This fanbase has kept the price of Safemoon above zero, despite a sudden drop from all-time highs in April and May of 2021.
In early 2009, Nakamoto released Bitcoin to the public, and a group of enthusiastic supporters began exchanging and mining the currency.
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