42
Initial Findings
In our quest to find great cryptocurrency investments, we come across a very rare Altcoin; probably the rarest of all. 42-coin is a cryptocurrency that has only 42 coins (that’s right) in total mined circulation. At first glance, it sounds ridiculous. But if one steps back from the bizarre originality of the coin, one can see the potential.
Right now at approx $7160.38 per coin, it sounds unrealistic to invest for most. But fortunately, 42-coin is sold much like Bitcoin; in small decimal-based increments. So obtaining this altcoin is not as unrealistic as it appears. Moreover, the long-term growth potential and the crypto safe haven it represents is currently being over looked by investors.
First of all, when crypto had a contraction, everyone was running scared not knowing where to put their crypto so it wouldn’t drop in value. While the majority of cryptocurrencies were free falling, 42-coin was gaining in value. Take a look at the chart below:-
Since the contraction, some investors have taken notice recently that 42-coin may be a safe haven during time of cryptocurrency turbulence. It may also be a place to profit during contractions, for the rarity of the coin and the demand of desperate investors could make the price climb fast. Hence the recent waves in the chart above.
Aside from a cryptocurrency contraction hedge, 42-coin has also been very good for short term or pattern trading. The swings on this coin are massive. It’s best to buy and sell via limit- order to capitalize on short term gains.
How this coin came into existance?
42-coin was introduced in early January of 2014 on bitcointalk.org forum by user named hendo420. His idea was to create a "super rare" coin, with "only 42 coins to be mined".
Denoting the meaning of life, according to Douglas Adams’ The Hitchhiker's Guide to The Galaxy, the number 42 in this case relates to the number used by 1950s American baseball player, Jackie Robinson. In 1997, Major League Baseball universally retired the use of his number 42 shirt number across all major league teams - a first in the history of the sport - driving the price of Robinson memorabilia through the roof.
Its Peak Ever Value
At its peak value 42 was traded at the highest rate at 1900.00 BTC per one coin. At that time (13-Jan-2014), only 0.8 coins were in circulation, meaning this was the first crypto coin to exceed one million US dollars with less than 1 whole coin in circulation.
Changes in Threads
What is remarkable in the history of 42, is that until the spring of 2014 the coin supply was really capped at 42, but on March 17, 2014, the GitHub user sherlockcoin (aka soopy452000) made it unlimited. He was working under KGW implementation and no one noticed this "small change".
Meanwhile, the number of coins was growing, and the price was falling. On May 29, 2014 hendo420 left the project, he explained this by saying that:
“Hippie Tech's constant barrage and the constant price drop put me into a deep depression. My doctor prescribed me some medication that kind of helps but he recommended not to continue the activity that was causing me to be depressed/suicidal… I can’t emotionally continue…”
He handed the coin over to soopy452000, which surrendered after one month of work on the project.
On July 2015, Woodcoin developer, funkshelper when reviewing the code, saw that there was nothing, actually, stopping the coin supply from exceeding the apparently, number of 42. He submitted a pull request in order to fix this bug, but it was not merged in time, also there were no updated clients, so most people couldn’t support the chain with limited cap.
On October 26, 2015 hendo420 come back with promise to revive 42 and “get the total coins back under 42 without jeopardizing anyone's coins”. But after some time, he just closed all 42 threads on bitcointalk.org forum and gone without any explanations…
On June 07, 2016, after more than 7 month of waiting for a revival from hendo420 a new thread of 42-coin was started by another user, Lasergun. After 5 months of voting the community took a decision to return the original idea of limited supply by swapping old coins (84) for new (42) and add Proof-of-Stake as an additional method of transaction confirmation. In addition, the block time was increased from 42 seconds to 7 minutes, as it turned out that fast transactions are not really required in 42. A new blockchain based on Novacoin source code was launched on November 12, 2016.
Bizarre history indeed...
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