The Wall Street Journal may not exactly be the kind of company you’d expect to venture into the crypto market. But the big dog surprised the crypto world when it created its own Cryptocurrency – and then destroyed it. Now, the question many people have is this: why did WSJ create and destroy its own Cryptocurrency?
In this documentary, we experiment with a digital currency of our own to understand what drives the market. In 2017, bitcoin was one of the greatest investment manias in recent memory. This year, that boom has turned to bust.
To understand what drives the wild cryptocurrency market—the technology, hype and innovation, combined with the hacking, market manipulation and increased regulations
According to the author, the company conducted the experiment to understand what really drives the crypto market.
“Everyone wants to start their own cryptocurrency – Kodak, Playboy, Venezuela,” begins the Wall Street Journal’s documentary on cryptos. “We therefore decided to start one of our own.”
Not unusual in the cryptocurrency space, the 8.2 billion circulation WSJCoin was conceived to have no real use case and no apparent token mechanics to drive up its inherent value. The coin was minted – but later destroyed – as part of some wider investigative reporting by the US’ leading business daily into the cryptocurrency phenomenon.
Unfortunately, the company destroyed the coin because it didn’t have use case or token mechanics to drive up its value.
Speaking on the panel were remittance service BitPesa CEO Elizabeth Rossiello and former Ripple CTO Stefan Thomas, who both saw considerable potential in a journalism-based crypto asset. “If you lower the cost of moving money around, the entire economy changes … ‘How do I pay for a news article online?’ changes,” Thomas said by way of example. Russolillo teamed up with Japanese developer Makuto Takemiya to use Hyperledger’s Iroha blockchain as the basis for WSJ Coin.
Despite the company’s attempt to understand what drives the market, WSJ had to destroy their coin because it raised ethical questions.
As it stands, the documentary doesn’t provide any substantial insight into Cryptocurrency and its market. It only gives WSJ’s view on cryptos.