to ask someone to explain cryptocurrency to me?

[mancmummy1414]

In simple terms!

I’ve just had an MLM seller (I hate MLM with a passion but that’s another thread) try to get me to sell ‘masscoin’ she’s not the only one on my Facebook selling it either.

Tried googling but all I got was a load of technical jargon. I presume it’s similar to bitcoin but I don’t understand that either. So thought I would consult you wise mumsnetters!

I’m aware the MLM side of it will be a massive scam, but is the currency itself legit?

Someone sent me this paper written by the US Department of Commerce csrc.nist.gov/CSRC/media/Publications/nistir/8202/draft/documents/nistir8202-draft.pdf

Apparently there were concerns about people investing willy nilly and the papaer was drawn up to try and explain crytocurrency in user friendly terms. I haven’t read it yet as I only received it yesterday, but hope it helps!

I can create a new cryptocurrency in about 10 minutes. It will be as valid, and as hard to mine as Bitcoin, but completely worthless because nobody is interested in it.

Masscoin is also a completely valid cryptocurrency - it's hard to mine and follows all the rules. The owners are trying to make people want it by promoting it through MLM. Then its value will go up and they'll make lots of (real) money.

Please don't buy any, you'll almost certainly lose everything you invest. If you really want a super-risky investment then buy bitcoins or ethereum - or Dogecoin - you're still likely to lose most of your money but at least you won't be supporting MLM.

Thanks both - to be clear I was never going to purchase any, especially from an MLM, just wanted to know a bit more about them as the whole thing baffles me!