Garlicoin was a cryptocurrency born out of a joke that temporarily had a market cap of nearly $1 million. But who buys a cryptocurrency that is nothing but fresh out of the oven?
Garlicoin is a cryptocurrency that has no other value proposition than being the “new, friendly, decentralized cryptocurrency you’ve never heard of.” Ah, and it’s also “fresh out of the oven” – in case you care for oven-baked garlic. Not garlic-bread by the way, just …Garlic!
If you believe this is a joke, it isn’t – at least not for everybody. In 2018, Garlicoin had a market cap of just under $1 million. “No, I wouldn’t call it a joke,” said a Garlicoin developer when asked about the seriousness of the project.
He adds, “But it was born from a joke, people have invested a lot of time and effort into Garlicoin, to build an easy to use platform for newbies. I think we are almost there, especially with GarlicWallet apps and the browser miner, these greatly lower the barrier for entry.”
The cryptocurrency you never thought you needed and you probably don’t
So what exactly is Galicoin other than fresh out of the oven? It was created in early 2018 by a Reddit poster called “DigitalizedOrange.” It describes itself as “the cryptocurrency you never thought you needed and you probably don’t.”
According to the website, it was “born from the shitposts of Reddit” and “baked with our special ingredient, copy/paste” because the code was copied from Litecoin.
On the 21st of January, the mainnet was made public. Garlicoin says it was formed on “a few simple fundamentals – cheap and fast transactions, low barrier to entry and total focus on the community.” According to the website, “Garlicoin is like the deadbolt for door locks; it’s secure and protects you from crypto-vampires,” and it is also “blazing-fast.”
So does it have any value? Not according to DigitalizedOrgange, who said, “This cryptocurrency was never meant to revolutionize anything, it is completely a joke. I am actually surprised it has any value at all. Reddit is stupid (love you guys).”
Not everyone got the joke
Another Garlicoin co-founder, Reddit user “MIP5,” disagreed with this view, “Well, functionally, no. Garlicoin serves the same purpose as Bitcoin and Litecoin, a decentralized means of exchangeable currency, though the differences between those coins and Garlicoin comes down to our primary focus on community.”
The whole thing became more serious later in 2018 when about 40,000 Garlicoin went missing. One of the developers might have stolen the funds. Not that funny after all.
With a market cap of about $800k, a blockchain project initially meant as a joke can quickly lose its funny side. But then again, who invests in a project like this?
DigitalizedOrange claimed the developers hadn’t earned any money from it as they personally only own half a coin (worth 10 cents). He adds, “Those who are here to make money are free to invest, but remember that Garlicoin is pretty useless.” He has a point. The development team only put out the joke. Whether or not folks buy into it is kind of up to them. But it seems like they finally got the joke. Today, Garlicoin is worth a slim $36k.
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