November 7, 2017

The 2 Person Sweatshirt of Currency

We’re not kidding. Someone actually invented a 2-person sweatshirt, labeling it as a romantic item. When flower petals or soft music won’t do, the solution must be to share a hot outer garment with your significant other, getting to know his or her heat tolerance on an even more personal level.   

Why do we bring this up? Because innovation should be better than the thing it’s attempting to improve upon. And like the sweatshirt, some cryptocurrencies certainly seem to be falling into 2-person sweatshirt mode.

For example, IndaHash, a social media promotion company, is attempting to innovate the concept of currency by creating their own cryptocurrency called indaHash Coin. IndaHash is a company that pays over 300,000 social media influencers in 70 different countries to promote brands relevant to their lifestyle.  

Indahash claims that this currency will allow for quicker payments to influencers and let influencers live out the traditional celebrity fantasy of charging for personal experiences.  

But why would U.S. social media stars abandon one of the best national currencies ever created to buy into a new cryptocurrency? Putting faith in a relatively new company over a nation that since 1776 has always paid its debts?  Not to mention the instability of even established cryptocurrencies like Bitcoin, which has seen more ups and downs than a plane flown by sugar crazed children.  

Even indaHash’s current currency valuation puts it at cents on the U.S. dollar, and that is based off another cryptocurrency called Ethereum because unstable plus unstable equals…stable?

It’s not like we have Venmo to send money to people in no more than 2 days.  But such is innovation. And given ‘social influencers’ are a thing of recent invention, maybe a currency of recent invention is fitting. At least as fitting as a 2-person sweatshirt.  

Sources: 1, 2, 3