Garlicoin (GRLC) is one of a handful of meme coins that sprung up at the end of 2017 when the general crypto market surged.
A lot of enthusiasts say coins like this are exactly what give crypto a bad name.
How can they possibly be worth anything – especially in the long-run? Plus, they aren’t easy to mine.
Is this coin really worth the money, time, and effort? Let’s take a look at the history, price, mining process, and public perception so you can decide for yourself.
What is Garlicoin and Who’s Behind It?
Like most memes and their respective coins, GRLC got its start on Reddit after memes about garlic bread broke out.
On Christmas Day in 2017, a Reddit user named DigitalizedOrange announced his plans to develop a community-centric coin to "revolutionize the memecoin market.”
DigitalizedOrange said that if his post got at least 43,000 upvotes, he’d launch the currency. It did, he did, and here we are.
GRLC is billed as “the coin you never thought you needed and probably don’t,” according to its official Reddit account. There isn’t any new technology because GRLC was created as a fork from Litecoin.
Does that sound like a rip-off? Well, GRLC sure isn’t making any promises they have to keep.
The supposed goals behind Garlicoin are to speed up the transaction process, reduce transaction fees, and provide a low barrier to entry.
For the most part, GRLC achieved its goals. In fact, by March of 2018, GC boasted a 40-second block time. We have to give it credit: GRLC functions exactly how it claims to function.
As of March 2018, the developers were trying to get GRLC on different exchanges. So far, it’s available on CoinFalcon, NaneX, and Cryptobridge.
This isn’t DigitalizedOrange’s first venture taking sh*tposting to another level. Before launching GRLC, he pushed memes into normie territory with a print and online magazine and called Meme Insider (a play on Business Insider with a similar layout and format -- but for memes).
So, What’s the Point?
Despite the poor public perception, GRLC doesn’t appear to be going away. In fact, as of August 2018, GRLC was looking for developers – volunteer developers, of course.
That’s actually a major concept behind GRLC. It’s marketed as a way for developers to flex their blockchain skills and learn about building ecosystems. In that respect, GRLC truly serves its intended purpose and is an overall great idea.
After all, who doesn’t want to learn about blockchain development? The technology certainly isn’t going away. Learning how to implement the tech could be very beneficial down the road when companies and other entities need developers with experience to join their teams.
As for miners and traders, well that’s another story.
Garlicoin Price and Market Cap
At the time of writing this, the Garlicoin price is a mere $0.007353 USD with a market cap of just under $100,000 USD, according to CoinMarketCap. When GRLC first launched, its highest value reached about $4 USD and the market cap tapered just under $1 million USD – this was in February of 2018.
It would be easy to write GRLC off as joke designed to make a quick buck – especially if we’re looking at the Garlicoin price and market cap alone. However, the fact that the team is still looking for developers suggests that there’s more at stake here than just money.
This coin isn’t really designed for easy buying, selling, and trading. It’s more for having fun. The only trouble is, there’s a lot of money involved here (which we’ll get to a little later).
Missing Coins and Pumping Controversy?
If you still want to straight up buy Garlicoin for some reason, you’ll need to jump through some hoops (just as you would with any altcoin).
First, you need to get yourself a GRLC wallet which you can download from their GitHub.
Always double check your links before installing any wallet software to avoid installing malicious material.
GRLC released a new wallet in June of 2018 called Garlium V2: their official Electrum-based wallet with development from Ske. This was hailed as a major update from the GRLC team because it was supposed to be much more stable and faster than the original version. It also did away with chain splits.
After you have your Garlium wallet, you can head over to Coinbase or your preferred exchange for purchasing Bitcoin or Ethereum. Purchase the amount you’d like to transfer into GRLC.
Next, head over to an exchange that supports GRLC like CoinFalcon, Nanex, or Cryptobridge. Once you’re there, complete a withdrawal from your Coinbase (or preferred exchange) and deposit it into your wallet at the exchange you’re using to buy Garlicoin (like CoinFalcon etc.).
Always write down and save your pass phrases. Exchanges cannot – ever – recover lost pass phrases. That’s on you.
From there, you can deposit your GRLC into your Garlium wallet or keep it in that exchange. That’s it!
You can also checkout the devoted Garlic Market created by Reddit.
How to Mine Garlicoin
You can mine GRLC if you have a CPU or GPU. These are your only choices because the GRLC network is ASIC-resistant.
GRLC recommends using the GPU method because it’s faster and more efficient. Ironically enough, it’s also a lot more expensive.
You’ll also need to decide if you want to mine solo or with a pool. With solo mining, you get the full share of the block reward since you’re doing all the work. Pool mining, on the other hand, could end up giving you a larger reward since you can mine more efficiently together but you’ll need to split the reward based on who did most of the work.
You have six pools to choose from:
Keep in mind that each pool has its own rules and fees.
If you’re still interested in learning how to mine Garlicoin but have no idea where to start, check out GRLC’s handy guide.
Missing Coins and Pumping Controversy
A lot of people have essentially written off GRLC due to the high potential for abuse.
Although cryptocurrencies are extremely secure for many reasons (such as blockchain in general), the decentralized nature and lack of accountability leaves many gaps for abuse. After all, it’s hard not to look at memecoins and think “who’s profiting from all of this?”
In February 2018 when the market was ripe, at least one user accused the GRLC team of pumping and dumping. For those who aren’t familiar, pumping refers to a coordinated effort to quickly inflate the price of a coin before selling off. Those in on the action make a killing while people out of the loop lose everything.
In most cases, the coordinating efforts for pumping take place in “backroom” Slack or Telegram chats among anywhere from 2k to 200k people.
DigitalizedOrange denied the pumping allegations and claimed the user making them was a troll.
Nevertheless, discrepancies continued.
At one point, 40k GRLC went missing right before an Airdrop. This led users to believe that the theft was part of a broader conspiracy from the GRLC team. GRLC took to Medium to defend themselves and attempt an explanation.
According to GRLC, the funds disappeared and they didn’t know what happened. Some suspected an ASIC was present on the blockchain network which GRLC said was highly unlikely. (GRLC bills itself as ASIC-free.)
GRLC proposed forcing a hard fork to ban the coins but the pool operators decided against it since it was not best for the coin’s overall future.
Needless to say, this probably left a bad taste in some folks’ mouths.
Other Meme Coins
Garlicoin is just one of a handful of memecoins to hit the market in recent years. Let’s take a look at some of the most popular ones.
Believe it or not, quite a few of these meme coins managed to pull some fairly large markets. Dogecoin peaked with a market cap of $60 million USD but even the smaller coins like RonPaulCoin and Sexcoin reached almost $300,000 USD and $1.5 million USD respectively.
Hey, these aren’t all about the lols. In 2014, dogecoin users pooled $30,000 USD to send the Jamaican bobsled team to the Olympics in Sochi. Which, if you think about it, is a heartwarming real-life meme in itself.
Is Garlicoin Worth the Risk?
If you’re a developer interested in learning more about blockchain and what’s behind the crypto scenes, it can’t hurt to get in touch with the team at GRLC for their volunteer opportunities.
If you’re looking to make money trading, go somewhere else because this certainly isn’t it. And you shouldn’t expect it to be because the developers have clearly stated in their description that you don’t need this coin.
Unfortunately, it’s probably too late for all the kids who jumped on the garlic bandwagon in early 2018. The rest of us, however, can feel confident avoiding these memecoins.
That is unless you’re really that interested in the novelty.