Nyancoin: The Nyancat powered coin
I think for today I might as well talk about Nyancoin, let's talk about the meme that started it all as well. Nyancat or Poptart cat as it is known to some is an 8-bit animation of a cat with the body of a pop target and is shown to be flying through space. And even though there were many similar memes and pictures in the past, this one was the most well-received by YouTubers.
It was created by prguitarman for LOL comics on April 2nd, 2011 and a few days later on the 5th one YouTuber posted a video of Nyancat set to "Nyanyanyanyanya" which is a Japanese Vocaloid song by Daniwell_P. Little did he know that this video of his would receive over a million hits in a short time.
I am sure there is more information about the meme but I think this much is enough for now since we are going to be more focused on the coin.
Let's fast-forward a few years...Nyancoin was unveiled by the development team on Bitcointalk forums by its development crew in the year 2014 and became the second meme coin. The first being Dogecoin of course. Now the coin runs on scrypt algorithm with a total supply of 337 million coins. Of course, I hadn't heard about this coin yet so I don't much about what transpired around that time.
What I do know is that a lot of people mined the coin and its value was quite good but that didn't stop it from being anything more than a pump and dump coin for big whales. With the whole drama with cryptsy and people's accounts getting frozen, the withdrawals not working...a lot of people who had huge amounts of Nyan held by the exchange lost interest in it and the coin saw it's untimely demise.
Coinaday picked up the coin a few years later and began the process of reviving it. He could have made a new coin but instead, he chose to focus on an already developed tech. He and a few others updated the coin, fixed some security issues and began to polish it up.
I was introduced to the coin sometime in 2015 or 2016, I can't recall very well (With so many things going on I wonder why I haven't forgotten everything at all :P). I got interested and started doing my research on it...what I found at first wasn't very eye catching.
The coin had a low market cap and the daily trade volume didn't even reach a 100 dollars. I began to doubt the coin but I still wanted to learn more and decided to poke around on its subreddit. I began to ask questions, got to know the community involved with and finally came to a decision.
The people behind this coin weren't out to make a profit but rather trying to improve their tech without worrying about time. They believed in it and continued to work hard for its sake to ensure that the coin rose at a natural pace without the involvement of whales.
I started investing into the coin not because I wanted to look for short-term profits or long-term...we are all in it whenever it comes to a coin but for me, this coin was more like something that I had come to appreciate. Coinaday also made several posts on the subreddit warning people about the risks involved with investing into Nyancoin instead of overhyping it.
IMHO this is a coin that is underpriced but that is really not a bad thing because instead of increasing in value rapidly and then just disappearing...I can tell that this coin will at least stick around and keep going up. So, folks, Nyancoin is an investment I would never regret. :)
You've got the Midas touch.
You're a natural.
Hey everyone; I'm the coinaday referred to in the post. I'm mostly on Reddit but also trying Steemit out sometimes. Jybrael / kyrios pointed this out to me and so I wanted to note a few slight corrections.
Withdrawal from Cryptsy worked for NYAN up to almost the very end if not the end (with a glitch or two) because they had enough NYAN. So not everyone got stuck on there.
It wasn't a couple years later I started with it (and actually before the Cryptsy going down part); it was just about exactly a year after it was created. It was created in January 2014; I got started with it January 2015.
Also, I definitely did get in with the idea of making a profit; it's just that making a profit was secondary to learning, having fun, and sticking to certain core principles (like being honest). And you're right that it was about not being focused on doing it quickly. But I understand the point you're making there that it wasn't the primary reason.
Also, in that spirit, I would caution that it is possible for the coin to go away (although I think we have a solid core so that it won't happen; it is possible that it would), and certainly possible that it won't go up (although I do think it is likely to since the price seems relatively low). See also my risks post: https://www.reddit.com/r/nyancoins/comments/6iqo4v/overview_of_major_risks_in_buying_nyancoins/ The concept of that page is to be like the risks disclosure in a 10k (annual report mandated for publicly traded companies in the US). It's the third version of that; I try to do one every year or half year or so.
If anyone has any questions, feel free to ask here (although I'm not on too often), or even better, come on over to /r/nyancoins and introduce yourself and ask away!
@coinaday, thank you for correcting and clearing out a few things. Well what I meant with not being profit driven is the fact that people that have invested into the coin aren't in it for short term goals.
this is a joke, right?
Why would it be a joke?
good article
Thank you very much :)
nice another article from you. Maybe i can ask something about this coin? Thanks
Sure thing just ask me anytime and I will answer the questions bro. If there is something I don't know, I will be sure to guide you in the right direction. :)
You're a natural.