- The April Fools joke by the team at Coinmarketcap has captured the imagination of crypto enthusiasts across the globe.
- As funny as it is, it might not be a bad idea to tokenized the valuable asset.
- Since the first days of panic brought about by the spread of COVID19, tissue paper and hand sanitizer have proven to be very valuable.
Happy April Fools Day! The humor associated with pranking friends and family on this day brings a temporary period of relief during these trying times brought about by the global spread of the Coronavirus. The team at Coinmarketcap has brightened up our trading day by listing Tissue Paper Token (TPT) on its tracking website. The team has gone ahead and given an in-depth analysis supporting the existence of such a token. As hilarious as it sounds, it might not be a bad idea with the current demand of the valuable asset.
Tokenizing Tissue Paper Had Been Suggested by Dr. Doom
Coincidentaly, the concept of tokenizing tissue paper had been suggested mid last month by Professor Nouriel Roubini of NYU who is also known as Dr. Doom for his views on Bitcoin being a scam. Prof. Roubini had observed the global rush to buy toilet paper when news hit that COVID19 was now a pandemic. In a Twitter thread, he explained that with the possibility of individuals running out of incomes and savings, we will need a means of payment with actual value. He explained:
explanation of the run on toilet paper (TP). Soon most folks will run out of income/savings and their credit lines too. So to survive they need to resort to some other means of payment that liquifies some existing useful asset folks already hold. That is where TP comes handy…
His tweet can be found below.
explanation of the run on toilet paper (TP). Soon most folks will run out of income/savings and their credit lines too. So to survive they need to resort to some other means of payment that liquifies some existing useful asset folks already hold. That is where TP comes handy… pic.twitter.com/vLfagGASPQ
— Nouriel Roubini (@Nouriel) March 15, 2020
Coinmarketcap’s Explanation of TPT is Not That Different from Dr. Doom’s
In a blog post the team at CMC explained that TPT has 3 utilities:
- To allow users to purchase toilet paper online and avoid increased exposure to the Coronavirus
- Ensure no more hoarding or grocery store fights for the last set of rolls.
- To ensure the integrity and the fair distribution of toilet paper worldwide thus saving humanity
Prof. Nouriel goes a step further and suggests that a TP token should be fully backed by actual toilet paper. He explains that storing TP might become an issue, therefore paper TP money should be issued to represent what is in stock. This way, virtual TP tokens represent the paper money backed by Tissue Paper. In a sense, his idea reminds one of the gold standard that used to back the USD up until 1971.
Summing it Up
As we enjoy our April’s fools joke courtesy of the team at Coinmarketcap.com, it might be worth taking a second look at the feasibility of such a token. As hilarious as it might sound, it might not be a bad idea given the current situation of demand for the asset brought about by the Coronavirus.
(Feature image courtesy of Russ Ward on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.