I haven’t written about a blockchain, bitcoin or cryptocurrency teaser pitch for a while, so when the questions started piling up about the “Banker’s Coin” being teased by Barry Cohen in ads for his new Crypto Intelligence newsletter with Curzio Research, well, I thought I should at least try to get some answers for you.
To give you a quick note about my biases, I’m probably what you’d call a “crypto skeptic” — mostly because of concerns about valuation and ownership of the technology, with a side helping of likely government intervention, and took my profits on the vast majority of the speculative positions I had last year… but I do still have some small positions in a few of the bigger tokens (bitcoin, ethereum, etc.)
So what’s the deal today? Frank Curzio is pitching a cryptocurrency-focused newsletter that is helmed by Barry Cohen, who apparently comes from the hedge fund world, and it’s a premium-priced letter — so it’ll cost you $1,5000, with no refunds allowed, to sate your curiosity.
Or, of course, you can hang out here and we’ll see if the Thinkolator can tell us what “The Banker’s Coin” is, and give yourself a chance to think about it a bit before getting out your credit card. There’s a lot you can learn on your own about cryptocurrencies if you wish to make that your next hobby, and it’s always best to try to give yourself at least a little baseline knowledge before you pay someone a big chunk of money to advise you.
Here’s a little taste of the ad to give you a taste of what Cohen is talking about… it’s staged as an “interview” presentation…
“Way back when Bitcoin was first getting its legs, an independent cryptologist from Johns Hopkins was working on a piece of code to include in Bitcoin.
“Remember, Bitcoin is ‘open source.’ Any programmer can see the code and make changes to it.
“That’s simplifying it a bit, but that’s the gist.
“That’s what actually lead to the creation of hundreds of other coins and tokens.
“Ethereum, for example, is also based largely on Bitcoin code.
“So this cryptologist presented this string of code to the early developers of Bitcoin and it was rejected.
“The idea was that it would make Bitcoin too complex… slow things down…
“… that piece of ‘rejected code,’ is poised to make some people very rich.
“And it’s not going to be the people who invest in Bitcoin.
“It’s going to be the people who invest in what I’m calling The Banker’s Coin.”
OK, so that’s the basic idea — “The Banker’s Coin” provides something new that people need in cryptocurrencies, and is an improvement on bitcoin.
Other clues in the ad? This is what we get…
“There are a finite amount of coins, just like Bitcoin.
“The coins are minable, just like Bitcoin.