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Hut 8 Mining Stock: A Risky Play on Crypto Mining

September 24. 2021. 7 mins read

Investors should only invest in what they understand. If you invest in something you don’t fully comprehend, that’s more akin to speculating. Most people dabbling in cryptocurrency haven’t a clue about the intrinsic value of what they’re buying. For evidence of that, look no further than Dogecoin (DOGE), a cryptocurrency that started off as a joke, and one that now has a market cap of $27.6 billion. Not convinced? How about Shiba Inu Coin (SHIB) which describes itself as follows:

Shiba Inu (SHIB) is a token that aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion.

So, one cryptocurrency that started out as a joke now has another cryptocurrency mimicking it run by people who think that cutting up a pizza into one million slices means you can feed one million people. If you think that sounds stupid, just read their elevator pitch:

Just nod your head and pretend to understand – Credit: Shiba Token

The white paper is something you’d expect to read in The Onion. It starts with proposing “a cryptocurrency that’s 100% run by its community,” and closes with “our roadmap will remain top secret to ensure our continued advantage in this highly competitive space.”

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