Initially meant as a joke, the Jesus Coin is a digital currency promising forgiveness of sin and miracles exclusively to Jesus Coin owners. The ICO closed at 200ETH, confirming that it’s now possible to make money with pretty much every coin, whether it has any value or not.

In the 21st century, there seems to be no need to go to church to make a confession if you feel you have done something wrong. Instead, there is a modern-day alternative: the Jesus Coin, a blockchain-based solution for universal forgiveness of sin. Sounds crazy? Maybe, but nevertheless, the crypto-Christians are on the march.

Forgiveness of sin as a business is no innovation. The Catholic church used to sell letters of indulgence until the practice was outlawed in 1567. The Dominican monk Johan Tetzel had a box to collect the proceeds of these sales, with his famous slogan: “When a coin in the coffer rings, the soul from purgatory springs.”

However, the catholic church goes back roughly 2,000 years in history, preaches the holy bible and has about 1.3 billion members. That’s what I call a track record. How does the Jesus Coin compare to that? A whitepaper and 5,676 Twitter followers. Sorry, not enough credibility, you need more to get me a seat in paradise.

The Jesus Coin promises forgiveness of sin – and if that’s not enough, the coin is also “really funny”

So what exactly is the Jesus C oin, and why would anyone want to buy it?

The official homepage states, “Jesus Coin has been developed as the currency of God’s Son. Unlike morally bereft cryptocurrencies, Jesus Coin has the unique advantage of providing global access to Jesus that’s safer and faster than ever before.”

The Jesus Coin is a utility token, that can be used for forgiveness of sin. The issuing company promises fast transaction speeds, with record transaction times between the user and the holy lord. Further objectives of the Jesus Coin are “decentralizing Jesus,” and “providing miracles exclusively to Jesus Coin owners.”

The website lists Jesus Christ himself as the given founder and CEO of the business, with Saint Peter and Judas Iscariot as public relation officer and trustee. And if that’s not enough to convince you, “Jesus” also promises: “Yes, we are really funny, join us!” – Convinced?

The crypto hype has reached the point where even a hoax can raise money

A Jesus Coin representative told The Daily Beast, “there over 600 cryptocurrencies currently traded. None of them have any intrinsic value. Our point is that if you’re going to trade something with no value whatsoever, at least let’s make it about Jesus. He was a badass, after all.”

Obviously, the Jesus Coin can only be a joke … or maybe not?

As the crypto space has gotten more attention over the last two years, it was just a matter of time until someone takes the craze to an extreme. What is much more surprising though, is the fact that Jesus Coin has attracted quite some investor interest.

The coin is compliant with the ERC20 Ethereum token standard, with 1 ETH being equivalent to 12 Jesus Coins in the initial pricing. The total seed creation was capped at 13 million Jesus Coins. The crowdsale closed last year in December with 200 ETH worth of donations from crypto-Christians. That’s not so bad, considering it was set up as a joke in the first place.

All joking aside, there is also a serious issue with the Jesus Coin: The crypto hype has reached the point that a hoax can raise money. Investor beware! The Jesus Coin shows that some crypto enthusiasts are willing to invest their money into whatever coin that comes along.

With more than 1,000 cryptocurrencies around (compared to 180 paper currencies), the majority of cryptos will fail. And those that don’t even aspire to have any intrinsic value, will certainly be amongst those that fall off the cliff.

Or as the bible puts it: “Dishonest money dwindles away, but whoever gathers money little by little makes it grow.” (Proverbs 13:11).

…And if you seek forgiveness of sin: Confessions in the church are free-of-charge.

 

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