10 signs that MaxCoin was the largest altcoin launch in history
It’s the power of celebrity. I’m not sure what else to call it. Max Keiser’s the nasally and bombastic host of the Keiser Report, a financial talk show that airs on Russian state media channel RT. Now, he’s the founder and spokesman for his own cryptocurrency, MaxCoin. And the coin has done spectacularly. Here are 10 signs MaxCoin was the largest altcoin launch in history:
1) Crash city. MaxCoin’s launch had to be delayed a day after the official web site crashed under heavy load.
2) Exchange approved. Within three weeks of its launch, MaxCoin had made it onto the leading cryptocurrency exchanges including Cryptsy. That’s record time, and it certainly wouldn’t have happened if the coin didn’t have Keiser’s name attached to it.
3) Market cap. MaxCoin is already in the Top 20 altcoins in the world in terms of market cap on CoinMarketCap. Investors have dumped more than $5.5 million and counting into MaxCoin. One writer’s calling for MaxCoin to hit a $20 million market cap in the near term.
4) Trading Volume. As of right now, MaxCoin is the fourth-most active altcoin in the world (behind bitcoin, litecoin and dogecoin) in terms of trading volume with more than $2 million in MaxCoins trading hands every 24 hours (again per CoinMarketCap).
5) Coindesk props. Altcoins don’t often get their own story on Coindesk (perhaps the leading crypto news site on the web), but MaxCoin got a long article on Feb. 5. From that piece: “Given his strong stance, Keiser is often criticized as a provocateur. In one notable incident, Keiser called for JPMorgan bankers to be decapitated.” Keiser doesn’t mince words.
6) MaxCoin vendors. You can already buy things with MaxCoins (at least, one company is selling sex toys in exchange for MaxCoins).
7) Televised mining. Not many altcoins can claim to have had their genesis blocks mined on television. Keiser did just that on episode 555 of Keiser Report:
8) Rocketing returns. MaxCoin has had multiple days with triple-digit gains – including one day where the value shot up 176%.
9) The uproar. People either love or hate MaxCoin. And when they hate it, they get vocal. They even take the time to build Hitler rants against the coin:
You know you’re making an impact when you start pissing people off.
10) MaxCoin crazies. The only thing a coin needs to survive is a large and active community. MaxCoin has that in spades. Revolutionaries, anti-bankers, goldbugs and libertarians are rallying behind the coin, and they’re passionate. That’s really all you need, and it’s exactly what most altcoins lack.
My Take on MaxCoin
In the interest of transparency, I do have a very modest position in MaxCoin, and I don’t understand all the criticism of the coin. Anything that brings positive visibility to the space should be applauded. Indeed, I’ve seen numerous posts where individuals who have never owned a cryptocurrency are claiming to have either started mining, or started buying cryptos just so they could get their hands on MaxCoin.
MaxCoin’s success is a function of Keiser’s fanbase. So long as that survives, MaxCoin should, too. For it to be successful long-term, though, it’s going to need ongoing investment. I’d like to see Keiser dumping some of his hard-earned cash into the coin. I’d like to see it used for new and exciting purposes. Kesier could accept it for advertising on his site, he could take it in exchange for his favorite hard assets (gold and silver) or he could start encouraging vendors to accept it in downtown London. In short, if Max puts his money where his mouth is, I’d be a whole lot more optimistic about the coin’s future. For now, it’s definitely a coin to keep an eye on.
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