Everyone who knows me knows that I love cheese, so it should be no surprise that I was excited when I learned there was a cryptocurrency called Cheesecoin.
It is an interesting project in that it combines mining and proof of stake, allowing income generation via running a masternode, which is fairly inexpensive to set up, requiring about $128 USD in Cheesecoin to set up.
After looking into it, I can comfortably say that the coin and the project are dead.
I downloaded the wallet, a standard Qt wallet for Windows. It installed easily enough, but after 12 hours, its stalled at “synchronizing with network” and “3 years and 38 weeks behind”. It looks like there’s no (or nearly no) network.
Right after installing the wallet and starting the sync, I found a pool and mined a little. Some crypto wallets won’t let you get receiving keys until they’ve synced the first time, but this one does. I used the Lidonia mining pool, which is one of many pools based on the yiimp open source project. It uses the scrypt algorithm, and I was able to mine a little using my GPU. However, I may never see the payout because the wallet will probably never sync.
Coinmarketcap says that the coin has a market capitalization of about $215,000 and ranks 2,211th with 1,888 watchers. It peaked in April 2021, with a market cap of $1,020,000 and trading at 4.7x its current price.
The website is not great, and the embedded currency converter doesn’t even support the coin.
The Subreddit has 6 members and no posts in the last 5 months.
The last Facebook post was on December 2019.
The Twitter has one post in the last six months, and it’s to mention that the coin was dropped by a mining pool.
The Github has not had any activity in 2 years.
I wanted to like this coin, but there’s nothing to it. There are no practical use cases, no community, and no real market or ecosystem. RIP cheesecoin.