Escobar’s Bitcoin Fork Seems Aware of Its Own Absurdity but Is It a Laughing Matter for the Crypto-Community?

Opinion

Pablo Escobar. Image Courtesy of Wikipedia

Roberto Escobar, brother of Pablo Escobar (yes, that Pablo Escobar), has launched his own cryptocurrency Diet Bitcoin which promises to be “a faster, lighter alternative to bitcoin.”

You may have already seen the headlines claiming that the younger brother of notorious Columbian drug lord Pablo Escobar has launched his own cryptocurrency. It sounds like a joke, something you’d expect to read on a satirical news page but, incredibly, this isn’t fiction. The younger Escobar brother has indeed launched his own Bitcoin fork ‘Diet bitcoin.’ (There’s probably a joke about coke in there somewhere.)

Diet bitcoin revels in its absurdity

The front page of the whitepaper revels in the insanity of it all reading, “The Future of Cryptocurrency, by Roberto Escobar, Brother of Pablo Escobar.” Roberto is playing on that notoriety to push his new cryptocurrency. It’s so absurd that the more I think about it, the more it makes me laugh, though I’m not sure if that’s a good thing.

As if that wasn’t enough, Escobar claims in his book (Pablo Escobar’s Diet Bitcoin) that Bitcoin wasn’t created by Satoshi Nakamoto but was instead created by the American Government. Escobar says that when the world “wakes up” and realizes this is true, the CIA will sell all their coins thus decimating the value of Bitcoin.

Diet Bitcoin Token Allocation

The first 300,000 of the initial allocation of 1,000,000 Diet bitcoins (DDX) are available now in the first of 2 planned pre-ICO rounds and are currently selling for $2 (temporarily discounted from $50).

The breakdown of the ICO looks like this:

• Pre ICO Round 1 300,000 at $50 ($2 for a limited time)
• Pre ICO Round 2 300,000 at $100
• ICO (1 Round only) 400,000 $1000

The current low price of DDX is a tempting prospect for would-be investors, but if you’re thinking of investing in the coin, you should consider that forking the Bitcoin network isn’t anything revolutionary and, as always, investing in crypto is always a risk. It may seem a steal at the price of $2, but the mantra of ‘if it’s too good to be true…’ would be a wise one to follow until you’ve done your research.

Escobar is confident that his coin will outlast the others, that Bitcoin, Ripple, and Ethereum will eventually become near worthless and that DDX will prosper from their demise, but of course he would say that — they’re his competition.

As always, do your due diligence and evaluate the whitepaper. If you don’t understand the project, or if you don’t trust the company, maybe consider looking for something else to invest in.

Final thoughts

Many people will react to the sale of DDX as a funny story – it does sound like the set-up for a James Bond movie – but if the token does well, the novelty will wear off quickly and people will begin to take it seriously — we’re still talking about money here after all.

Whatever your opinion on the matter, treat DDX as would any other investment. Do your due diligence but perhaps also ask yourself, when the FUD around cryptocurrencies often revolves around the shady characters who misuse it, is Escobar a name we want to be synonymous with the world of digital money?

Michael is an English and Creative writing graduate of Liverpool John Moore’s University, a former editor of several magazines, and a crypto-currency enthusiast. He is mostly interested in crypto-legislation and the potential of decentralized technology to change the world.

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