The coin is a commiserative coin created by Jonny (BigTimeSpaghetti) to commemorate the fall of MtGox.com and its effect on us all. MtGox, the “Bitcoin exchange” that is currently in bankruptcy caused by the loss of millions, has brought back the need to be careful of where you keep your Bitcoins. Mark Karpeles and his shady history did not make them people think twice about trusting their bitcoins to MtGox. Now we have exchanges proving their solvency and working to be more transparent to assure people that they will not lose their bitcoins. The Goxxed coin brings a bit of solidarity to the MtGox disaster.
Both coins are a limited run of 500 and come with certificates of authenticity. The coins details are very nice and have art we would all recognize like the iconic facepalm and Mark Karpeles smirking disdain on the other side. The date 0f 2/25/2014 is from the day MtGox officially died. There are limited edition numbered coins. While they hold no Bitcoin value (much like Mark Karpeles) they do have the value of commemorating that moment when Bitcoins focus shifted to security and trust as MtGox fell. Jonny has also sends a signed, numbered, laminated certificate of authenticity with each one.
[dropcap size=small]I[/dropcap] asked Jonny about how and why he came up with the idea. He had some interesting things to say.
I lost some Bitcoin with MtGox like so many people. I do not blame MtGox though I blame myself. I should have taken more responsibility with my Bitcoin; I had a friend who lost much more than I did.
What was the community reaction when you announced your idea for the Goxxed coin?
It was good; I was happy that people understood it was a commiserative coin not a coin that was poking fun at people who lost their Bitcoins.
Have you ever made a coin before the Goxxed coin?
No, I have had to learn the entire process. I found a good reputable mint and worked closely with them to create the coins. It was a great learning process. Now I have more confidence going forward for making some more coins.
Do you have an artistic background that helped you with the design of the coin?
I have been working on PC games and films for years as an animator. I have also been a teacher. I do painting and animating.
You donate a portion of the sales to Liberty in North Korea charity. Could you tell me about that?
People tend to block out things that do not affect them and in North Korea people are starving and dieing. This charity helps people get out of there. They also help them afterwards as well. It is a good charity and helps so many people and gives hope. That is why I donate 10% of all sales to them.
Did you have any other coin projects in the works?
I do; there is the possibility of a Gold Plated Goxxed coin. I also have another I am working on right now and will announce soon.
[dropcap size=small]T[/dropcap]his coin does a great job of getting to the point of how so many people felt when Mark Karpeles destroyed their trust and lost their coins. It also gives people who have their loss in common a great way to as Jonny says commiserate over their losses.
We should never forget the lessons of MtGox, and that unlike traditional currencies that we are responsible for our Bitcoin and other crypto currencies. We need always to be aware of scams and insecure places to store them. With so many new companies and exchanges popping up do your research before, you put your money in them. Remember to secure your wallets and computers. If you want offline storage, there are many good options like the Hardbit wallet and Trezor or The Bitcoin Armory way to keep them safe. Jonny’s Goxxed coin reminds us of the risk while giving to a charity that helps people. A dual reminder to all. Take care of each other and your Bitcoin.