I’m the Fool Behind Idiot Coin

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Friends and allies are very important in Cryptoland. I met mine in March when I joined a WhatsApp enthusiast thread in the London suburb of Chingford. Every day, about 200 people called Crypto Crew exchange tips and give advice. They act as a help desk for anyone who is hindered by the amazing architecture and terminology of the crypto universe. When coins rise, they chirp, and when they fall, they ask for patience.

Before the current drop, about once a week, someone from the team said the name of the latest hype coin and said, “Hey, any ideas on this?”

In early May, it was Bonfire. It has recently increased by 700 percent. Several members fainted during the conversation. The skeptics were not far behind.

“Does Bonfire have a use case?” ‘ one member asked.

“Yeah, he’s setting your money on fire,” another joked.

When a hype money is mentioned on the subject, there is a related question: Does anyone know how to buy it? I decided to try.

You might think that visiting Cryptoland, like walking around inside a Swiss watch, is all about glossy surfaces and precision. It’s more like a swamp where not all roads are paved and half the signs are written by lunatics. Websites are mostly slow, inaccurate and confusing. Almost every step requires a pause to watch a YouTube tutorial.

How bad, Cryptoland is overrun with scammers. Some are waiting for a faulty keystroke so that your money can be seized and never returned. Some make similar copies of the apps you need to download, making it easy to get your assets. Some produce counterfeits of the currencies you want to buy. Dozens of coins are called Bitcoin, E.g.

Loss estimates on Cryptoland are hard to come by and range from hundreds of millions of dollars to over $1 billion a year. Harry Denley, director of security at MyCrypto, a cryptocurrency management company, says 30 to 50 people contact him every day, seeking help with a recovery of between $500 and $1.2 million. In almost all cases, there is little he can do.

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