Hackernoon logoWhy So Serious? The New Token Category & The Useless Ethereum Token’s ICO by@allenyhsu

Why So Serious? The New Token Category & The Useless Ethereum Token’s ICO

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Allen Hsu

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I was contemplating whether I should write another professional post about how “disruptive” ICO/tokens sales could be, but decided to write this newer & more fun token trend instead.

** Update: July 2017. Useless Ethereum Token got 5K in 12 hours, and got 13K+ in a day. Not bad for a token that outright states: “You’re going to give some random person on the internet money, and they’re going to take it & buy stuff with it.”

Here are the quotes from the creator to best capture its ICO/tokens & its message:

“The world’s first 100% honest Ethereum ICO. No value, no security, and no product. Just me, spending your money.

“The UET ICO transparently offers investors no value, so there will be no expectation of gains. No gains means few investors, few investors means few transactions, and few transactions means no Ethereum network lag — not to mention no depressing posts on /r/ethtrader about people losing all their savings!”

“This is neither a joke or scam. This is real. You’re literally giving your money to someone on the internet and getting completely useless tokens in return. There are no “whitepapers,” no “products,” and no “experts.” It’s just you, me, your hard-earned Ether, and my shopping list.”

“Q: How do I get a refund for the tokens I bought? A: You’re kidding, right?”

And their logo :)

**For you entertainment & ‘learning’ : https://uetoken.com/

Wait… what?

This ICO may seem like a huge joke. (I LOL in public when i saw this project) #Seriously though- You should take this joker (pun-intended) more seriously.

As more & more ICO and crowsales getting ridiculously funded (easily millions) with very questionable vision+ no demo+ less than admirable whitepaper, more and more token buyers are tired of these scam-like ICOs.

However, this UET so called first 100% honest token became very refreshing to token buyers.

People already expressed interests funding UET just because it’s ‘fun’ and ‘honest’ and some even believe it could even outperform than existing ICOs out there.

What’s next?

Let’s see how UET perform- it may have huge successes or may flop very badly, but it had already inspired new tokens in its direction.

Bc Token creators can already raised millions effectively through ICO with a ‘good’ whitepaper +marketing- what stops people launching new ICOs projects that are “entertaining & honest”?

I’m predicting we will see even more and more people taking advantage of the ICOs and said it in the disclaimer (like UET) that is has: “No value, no security, and no product. Just me, spending your money

People will likely use it raise money to buy new electronics/jewelries, or use it for other all Go-fund-me like scenarios.

#It could be even used for non-profit funding for providing medical treatments to patients in need. eg Watsi

“Transparent’, ‘Entertaining’, ‘Viral’, ‘Go-fund-me-like”, “Non-profit”

Even though this is meant to be more of a ‘fun’ post but gotta something grand in the end, (# it’s July 4th after-all):

I’ll call this ‘new’ potentially increasing token category as “Meme Tokens” for the time being. **(other names I have in mind: joker token/ go-fund-me token/ charity token).

Very interested to how would this potential new category of Tokens (when more projects came out) would affect ICOs & how it’d “change the world”.

To be continued.

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