If you are not already invested in bitcoin, avoid the coins that start with S-H-I
Article content
There’s a widely used cryptocurrency term that starts with the letters S, H and I. While it is not shiba inu coin, its meaning does encompass it. I won’t write the term here, because it contains a common profanity, but you can probably guess what it is. (Did I mention it rhymes with bitcoin?)
Advertisement
This advertisement has not loaded yet, but your article continues below.
Article content
The shiba inu coin was created last year, and like most cryptocurrencies, it began as nearly worthless. Now coins in circulation are worth some US$30 billion. Featuring the Japanese dog breed that is its name, shiba inu was branded as a “killer” of doge coin, an earlier cryptocurrency based on a meme of that same canine type. These coins have exploded in value largely because they are funny.
Article content
I do not consider that S-H-I term to be an insult, since I see 90 per cent of cryptocurrencies to be such coins. I personally do find these canine coins humorous and their emblematic dogs cute. But this space is now awash with new investors that take such coins seriously and hitch onto them their fortunes. For many, it will not end well, for when you profit by the hype, you will also lose by the hype. Even social media will tell you that, if you look closely.
Advertisement
This advertisement has not loaded yet, but your article continues below.
Article content
There’s a story I’ve read on Reddit. Someone’s new-investor friend reveals a long-ago bitcoin purchase. That friend now has one whole coin. Excitement abounds — until the friend reveals, “The bitcoin I bought was…
