Bitcoin, titcoin, ponzicoin: jokes and scams fuel a cryptocurrency gold rush

As questionable currencies flourish alongside legitimate ones, investors are advised to think twice before jumping on the latest craze

Early last month, the San Francisco-based software developer Rishab Hegde launched a cryptocurrency he called ponzicoin. Its website described "the world's first legitimate Ponzi scheme" and encouraged people to buy and then "shill this coin heavily to your family and friends like a fucking sociopath".

The FAQs stated that ponzicoin was a joke and a scam with "Equifax-grade security". But none of that stopped people from investing to the point where Hegde closed the cryptocurrency down, saying the joke had "gotten crazy out of hand".