I’m pretty sure by now we’ve all heard about Bitcoins and how it has been used to complete various online transactions in the past but even so, more and more altcoins are still sprouting somewhere on the internet on a regular basis and one of the recent ones is called Mish Coin.
First things first. Buying coffee, getting that new pair of jeans, purchasing the latest gizmos and gadgets; the one we’re used to using in our day-to-day transactions is under the centralized banking system. With today’s technology where ANYTHING is virtually possible, cryptocurrencies have become a convenient medium of exchange. Contrary to the old school money, this makes use of decentralized control. It’s a subset of digital money and Bitcoin is the first one (and possibly the most popular) made in 2009.
Because it’s decentralized, governments have NO control over them. Although it’s secured because of cryptography, it can still be used for not-so-legal activities thanks to its anonymous nature and the fact that it cannot be manipulated or even verified by any governing body. The exchange rate can easily and swiftly fluctuate because prices are based on the supply and demand.
WHAT ABOUT MISH COIN?
As I have mentioned, it’s fairly new and as of this writing, their website is down for some reason. If I have invested a few thousand dollars in them, I’d probably be peeing in my pants right now. And that ladies and gentlemen, is something you should take note of when planning on jumping on the cryptocurrency craze bandwagon. IT’S HIGHLY RISKY.
Anyway, Mish Coin is still at Stage 1 for now. Called pre-launch, they will be released at the measly cost of $0.10 and they even say you will be given $10k when you sign up (red flag alarm). In Stage 2, it will be launched to the public and the price will balloon to $400. In Stage 3, you’ll make 4,000 times whatever you invested in.
This all looks good on paper. However, keep in mind that there have been several similar cryptocurrencies in the past which were so filled with hype but eventually lost value a few months later. That’s because of the supply and demand which I wrote about earlier. For example, there are currently 12,446,725 Bitcoins in circulation today and in 2013, it reached its highest value ever at $1,242 and in 2015, went back to $210. As of today, the exchange rate is $418,20. So you see, when it fluctuates, it fluctuates widely.
THE PROBLEM WITH MISH COIN
Because there’s no way to verify transactions, Mish Coin could have easily been created by scammers who started selling pre-launch. Then, when they get the money they need, they’ll simply wrap it up and not proceed to Stage 2. After all, if their website (which is one of your means of accessing your ‘investments’) can go down easily, how can you trust that they will ever be listed?
Another thing I should point out is that these cryptocurrencies often list HOW they can be used because if you can’t use them, what’s the point? For other companies, they can be used to avail certain services in specific stores. Unfortunately, Mish Coin failed to include that vital piece of information.
Mish Coin is far from being legit as far as cryptocurrencies go. You just can’t ignore any of the red flags, not when your money could go down the drain faster than you can track. I’m not a big fan of this type of digital currency but if you’re into high risk investments, I suggest you go for a proven company but still remember how much value it can acquire or lose in a matter of days or weeks.