JasmyCoin is a cryptocurrency that, in my opinion, is on its way to zero after all. It's already down 96% from its all-time high, which is one of the top critiques people throw at Internet Computer. But unlike Internet Computer, which I believe has the best technology in crypto, with this Jasmy I see absolutely nothing at all of value here. All I see is hype and speculation. I see no real product. I see a team where it's questionable to me whether they're even working on it or not. All I see is an ERC-20 token that has got a bunch of hype, that has a fully diluted market cap of $2 billion, and has produced nothing of tangible value in three years.
I am so tired of seeing people get ripped off on these garbage altcoins, so I review as many as I possibly can to try and help. And this Jasmy pump is so annoying to me, because to me it looks probably manipulated.
How a coin like this gets pumped
You can easily pump a crypto coin like Jasmy if you have some money and then buy a whole bunch at once. If you're an insider and you buy a whole bunch at once, or you pay for some market manipulation and lies, then you can start dumping, dumping, dumping up at the top, and then you can pump it again. To me, this looks like total manipulation and dishonesty, because I see nothing of real value underneath it.
So let's look at what Jasmy says it is, and then let's look at what I think is actually real.
What Jasmy says it is versus what I found
Jasmy says it's a crypto project based on a Tokyo-based Internet of Things provider, Jasmy Corporation. My first thought about this is important context: yes, I actually bought some Jasmy last year, until I did my own research further on it, which I'm now sharing with you. After that, I was disgusted at myself for how easily I got sucked into these fraudulent-feeling narratives, like the idea that Jasmy is "Japan's Bitcoin." That's ridiculous to me. It's 2024, not 2009. Now is not a good time to have your country's version of Bitcoin.
When you look at it, it immediately starts talking about Internet of Things, and then it goes into how Jasmy specializes in buying and selling data. To me, this is a narrative from the last market cycle. And where is the proof of what Jasmy is actually doing? Where are they getting this data? Where are they buying and selling it? The idea of the platform is nice. It's pitched as being built to restore and protect the sovereignty of individual data by combining Internet of Things technology with blockchain technology. So where is that happening? I don't see this happening anywhere. The mission of the Jasmy developers, they say, is to create an environment where users can safely and smoothly use their data. So where is the proof of what Jasmy is saying?
Well, I have news for you. Internet Computer Protocol is doing this for real, and it's been doing it for years. All the data is fully on chain, and it allows you to do things you could never do before, like run AI on chain. You can build applications like OpenChat fully on chain. You have full control over your data. Jasmy, on the other hand, what has it actually done? It has no platform. It has no product. Jasmy decentralizes the workflow with edge computing and storing data on IPFS, the interplanetary file system. The problem is that these IPFS setups often route right back to an Amazon Web Services node or host for the computation. That's ridiculous to me. You're doing nothing at all on chain. Everything's off chain, which to me makes this a pseudo-stock kind of a token.
An ERC-20 token gives you no real ownership
Even let's assume this is the best fantasy-case scenario, that Jasmy actually delivers on whatever it's trying to talk about, which is not very obvious to understand. This is an ERC-20 token on Ethereum. It gives you no ownership through code or through law over anything that Jasmy creates. Your ERC-20 token gives you zero legal, physical, or code-based technical ownership over this. It gives you nothing. Your ERC-20 token is 100% speculative.
I'm saying this repeatedly so you really understand it. Even if Jasmy built a billion-dollar company that had really valuable software that everybody wanted, you own none of it, legally or technically, by holding the ERC-20 token. That means they could do anything they wanted. They could sell the company to somebody else, and you would get nothing holding the ERC-20 token. Do you understand this? Because to me, that is a critical flaw.
Ownership by law or ownership by code, and Jasmy has neither
The only place I think you can actually have ownership based on code is on Internet Computer Protocol. If a project launches a coin on the Network Nervous System and runs every single thing on chain, then you can have ownership by code. Ownership by code means that if you're a token holder and you vote, and the DAO votes to make certain changes, then the DAO executes those changes automatically, because everything's online. Then you have real ownership by code.
Those are the two basic ways to own something. You own by law, which is how stocks work, or, if you want to own on the blockchain, you have to own by code. Jasmy does neither of these. This is the kind of distinction I love walking through with people in the Jerry Banfield Family, because once you see it, you can't unsee it across the whole market.
I went looking for the team and the product
Now, I don't think there's even a real product here. I tried to find videos from the people who are actually listed on their website. When you search for the names of these people, you will struggle to find any videos where they're actually talking about Jasmy, where they have anything real to show. And if you use their website, there is no product on it. There is nothing you can actually use. This coin has been out since 2021, over three years. They have a landing page and an email contact. I could make a landing page like this in an hour or two, and someone could throw an ERC-20 coin together in an hour or two as well.
Because they're based in Japan, if you don't speak Japanese you have to rely on subtitles to even watch any of the videos these people are in. I wonder if some of them even know that they're listed on the Jasmy website.
Where is Kunitake Ando?
For example, all the Jasmy hype people will point out that Kunitake Ando, former president and COO of Sony Corporation, is listed on the management structure. But I could not find one single video of him actually talking about Jasmy. I looked, and I looked hard. Not one video of the first person listed in the management structure. Not one video on YouTube where Kunitake Ando is actually talking about Jasmy. So I see no proof that he's even working on this project. I think it's very possible he doesn't even know he's "working" on this project and they just stuck him on there. To me, this is how fraudulent crypto can be. (If you want to see another coin where a big-name team page didn't hold up, I went through exactly that in my Humanity (H) review of a $6 billion coin with a 404 team page.)
A marketing-and-finance team, in my read
Now, I found a couple of videos from a couple of the other people listed. Let's think about their team. The representative director? I can't find any videos of the first person listed even talking about it. I think I found some videos with two of them. One of these guys is marketing. He does marketing, not engineering or building anything. I imagine he and the CFO are primarily behind this, I would guess. The other guy does finance. So the two people I actually could find videos of, they do marketing and finance.
As marketing and finance people, my gut feeling says the two of them put together Jasmy coin to make money for themselves, that there's no real product, and that they spun this coin up because they saw it would be easy money, and they're kind of surprised it even has any traction left. Then you look further down, and there's a head of software development. Does this guy have any videos? I couldn't be bothered to keep looking. There's also a board director, a security officer, an information officer, and an enterprise architect. So there's a team of people, some of whom you cannot even find doing a single video about Jasmy, and others whose videos are in Japanese with subtitles where you can't really see any real product at all. This project started back in 2020, and it's still questionable to me whether you can even find proof that people are working on it.
Comparing the team to Internet Computer
Compare that to something like Internet Computer. They have the largest research and development team in blockchain, and the market cap is only about three times bigger than Jasmy's. They have hundreds of team members. The founder of Internet Computer, Dominic Williams, is like the Steve Jobs of crypto. You can watch a whole bunch of YouTube videos where he's talking about Internet Computer and the protocol and the constant upgrades they're making. You can watch videos with Jan and many of the other people who appear in the DFINITY research and development. You can see and get to know the people who are actually building this. I could not do that with hours of research on YouTube about Jasmy. You find a couple of videos of people talking about Jasmy and no real evidence that they've even built anything.
If you want to go deeper on how I think through coins like this, I keep these breakdowns going in my Money playlist.
Looking at the coin: holders and concentration
Now let's look at the coin itself. Amazingly, Jasmy actually has more holders than Render, even though Render is on Solana and is valued higher. Jasmy has been around for years, though. When you look at the token holders, the top 100 holders still have about 80% of all the coins, even though this is three years old. To me, that is a bad sign. After three years, this is not decentralizing. There are a hundred people who hold the vast majority of the coins, and some of these are on big exchange wallets, where to me it looks very easy to manipulate the price.
Binance and price manipulation, in my opinion
This is how I think the price gets manipulated. These coins are sitting on Binance, and Binance has been fined billions of dollars for the illegal things they've been doing. I believe Binance actively manipulates the price of crypto tokens through artificially creating sell orders and buy orders. I believe Binance has been instrumental in suppressing the ICP price, because ICP threatens their exchange, their trading, and a bunch of their other coins by moving activity off of Binance and onto decentralized exchanges on ICP. So I imagine there's been price manipulation actively taking place on Binance in order to pump the Jasmy price. I have no proof of that, but it seems pretty logical to me, given that I don't see any real product after three years. Why would the price suddenly 10x for no apparent reason? Based on what? Has anybody who bought this even looked at it? (I broke down how the exchanges themselves profit in my piece on how crypto exchanges like Binance and Coinbase make money.)
What the transfers tell me
Now let's look at the actual transfers, because the transfers can be enlightening too. For the first year or so, this was a token where almost nothing was happening. Then there were a few hundred transfers a day when it peaked and everybody got ripped off on it. For something that has two billion dollars of transfer value, that's not much. You had some kind of market manipulation, somebody was paid to talk about Jasmy or something like that happened, and you suddenly have thousands of people making transactions. But still, on most days, the number of transfers really hasn't gone anywhere. It's a little higher than some of the bear-market bottoms, but the number of transfers per day is pretty low, given how many holders there are and how big the market cap is. There's not a lot happening here, even in terms of the on-chain data like transfers.
And again, what's happening on chain doesn't really matter, because this is a purely speculative token that has no legal or physical ownership over anything that Jasmy even theoretically creates.
Why I think this is a dangerous investment
So to me, this is an extremely high probability of going to zero, and an extremely high probability of being a bad, dangerous investment. I say "bad" in terms of whether you'd make money, because the goal of investing is to make a profit, and I think the odds of this making you a profit long term are very low. Especially after these two probably manipulated price pumps, almost the only thing that's likely to happen from here, in my opinion, is that Jasmy dips and dumps as people figure out that this coin fundamentally has no real value or real utility behind it. To me, it's people gambling and speculating.
This price chart often scares people away too. People have hated on Internet Computer so much for the same kind of price chart, despite Internet Computer's dominance in technology and the huge team they have. Jasmy has a price chart that I think rightfully scares a lot of people away, because when the token released it was way, way higher.
Do your own research across every crypto
I am embarrassed I even bought Jasmy. It shows how important it is to really do your own research, not just into one crypto, but to look at all the different cryptos and compare them. To me, the Internet Computer is the baseline. I think it's the best of what crypto is doing and offering, the best tech and the best team in crypto in terms of size and technological advancement. That's why I'm going to compare every single coin to Internet Computer. And Jasmy, at less than half the market cap of Internet Computer, is in my opinion no way going to do well. This is the same reasoning I walk through with members of the Jerry Banfield Family whenever a new coin starts trending.
Holding myself accountable with a spreadsheet
I'm going to be accountable to you on this. For every cryptocurrency I review, I'll record the exact date I reviewed it, as I've done with these. I'm starting a new spreadsheet. Every single crypto I review, I'll put in. I'll record the price it's at and compare it with the ICP price. Over time, we'll see how my reviews turn out versus all the other cryptos.
So far, you'd actually be up about 2% if you had bought Near and Bitcoin on the exact days I reviewed them and said I thought ICP looked superior. Sure, you'd be up 2% right now, but let's see how this goes over the long term. The cryptos like Jasmy that, in my opinion, absolutely tank compared to ICP are going to make my spreadsheet look amazing over the long term. Thanks for reading this review of Jasmy.