The rudely-named Shitcoin is the brain child of Jacob Martin, an unemployed 26-year-old from California. Frustrated by stagnating investments, Jacob had his first foray into the world of cryptocurrency in early 2021. After some initial profits, however, he began to encounter an increasing number of ‘pump and dumps’ – causing him to lose most of his gains. It was during development work on the infamously-named CumRocket when Jacob first got the idea of creating his own coin about 6 months ago, and since then has put in the arduous work of creating a cryptocurrency that he hopes will take the world by storm,
“Fundamentally Shitcoin goes against everything that’s the financial status-quo. It’s hope for the common investor, untying them from the unfairness of banking and stock investment. It even goes against the big cryptocurrencies in the world today too. Shitcoin is not just a crypto – it’s idea.”
Sourcing a team ranging from a genius coder to a talented graphic designer, Jacob spent the latter half of 2021 aligning everything ready for the launch of Shitcoin,
“I didn’t want to launch Shitcoin until we were ready. I didn’t want a copy-paste cryptocurrency. It would’ve been easy to copy a contract and just change a couple of things, but my coder did a fantastic job of creating a unique contract specifically for Shitcoin.”
Jacob isn’t wrong in his assessment, and that goes for far more than just the code. Looking at the website www.shitcoin69.com, the website is fresh and unique, with excellent graphics on it. This desire to create something new from scratch is evident when you compare Shitcoin to similar marketcap coins; it’s hard to find anything remotely similar.
One problem that investors commonly face is that the coin they are investing in promises to become a leading form of currency in a certain sector of business, although this rarely ends up happening. Jacob’s view on this demonstrates just how frustrated he became in his earlier investments,
“Most game-changing inventions are useful because they solve a problem. The problem isn’t created to give use to the invention. But most cryptocurrencies that come out pretend to have some use-case when in reality they either do nothing, or the ‘problem’ they are solving doesn’t really exist. Why pretend to do that?”
This gave Jacob food for thought. He wanted a coin that was original, yet did not pretend to be anything it was not. Since most new, low marketcap cryptocurrencies are called ‘shitcoins’ due to their lack of application in the real world, this eventually led Jacob to the concept of Shitcoin.
Modelling the tokenomics on those of Bitcoin, Shitcoin is an ironic swipe at a lot of the more serious cryptocurrencies, including the gold standard of crypto itself,
“What use does Bitcoin actually have for an investor apart from any increases in value? You get zero rewards for holding it. With Shitcoin, you get currently between two and five percent in rewards every two months from staking Shitcoin in the ‘Degen Shit Farm.’ This incentivises our investors to hold it rather than sell in order to make profits. “
Another difference that makes Shitcoin stand out from the crowd is the willingness of Jacob to identify himself as the creator,
“Most cryptocurrency creators are anonymous – nobody knows their faces, their real names, where they’re from. Or even if they appear to, they’re often just paid actors. So when developers with bad intentions hide behind anonymity, there’s nobody to be held accountable. It’s one of the things I hate about crypto. As the creator of Shitcoin I have nothing to hide.”
This rare honesty to put himself out there gives the project more credibility and gains the trust of investors, according to Jacob himself. Although he does quip about one downside to this,
“Some Shitcoin investors have made memes about me using my face. Some are less kind than others, but at the end of the day I don’t mind because it’s all just light-hearted fun.”
One unexpected place where Jacob does have his face in the name of Shitcoin is on Pornhub. He has an AMA (ask me anything) video with investors uploaded to Pornhub, as opposed to YouTube,
“Like most good ideas one of the team mentioned it as a joke, and it just snowballed from there. I want Shitcoin to do things differently; to be unique. With this innocent crypto AMA that has no place on an adult site like Pornhub, you think ‘wtf is this?’ It’s kind of ironic, just like the coin itself.”
That’s not the only thing related to Shitcoin on Pornhub. They also recently started advertising on Pornhub.
Jacob would not disclose what Shitcoin’s next marketing stunt will be, insisting he prefers to play his cards close to his chest, but that we should be ‘expecting something else unexpected.’
Looking to the near future, Shitcoin has other big plans besides marketing. They are currently developing an NFT sketch pad, where users are able to draw and mint their own NFTs, to either keep, or sell on Shitcoin’s upcoming trading website,
“Shitcoin is just getting started. I believe the NFT sketch pad will be massive for us and give new investors yet another reason to join the project. Bitcoin had better watch out – there’s a new kid on the block.”
With this sarcastic approach and his online pseudonym of Shit-Toshi (a pun of Bitcoin creator’s Satoshi) coupled with the name of Shitcoin, you could be forgiven for thinking it’s all just one elaborate prank; however Jacob is deadly serious about the potential of Shitcoin,
“People in the crypto-related world often talk of ‘lambos’ and ‘going to the moon’ when in reality it’s all hype without substance. I’m not making any promises to anyone, but with Shitcoin the potential from here is infinite.”
Following the explosion of meme coins in the past year, 2022 is poised to be a year of exponential growth for the alt-coin market. 2021 made many crypto millionaires and there are many more investors joining in the hope of becoming one of them. With far stranger things having happened, you wouldn’t bet against this year producing a few Shitcoin millionaires either.