In the world of cryptocurrency, you can really profit from bullshit more than any other industry in the world. If you have a good story, there will be enough people who won't ask a question and throw money at it, I honestly think crypto is eating the market share of everyone who was in any of those brainless MLM schemes trying to get rich.
Now they transitioned to crypto and think the rules have changed and it's laughable how people can make the same mistakes over and over. I think one of the silliest ideas is the idea of the utility coin/token, a token you are forced to buy to access a certain service.
A token of utility
Popular utility token examples are BAT and Chainlink, for example, I don't have time to riddle off the rest of these shitcoins. So let's say with BAT you buy it to create ads or tip other users in BAT, in chainlink you buy it to create oracle connections for smart contracts.
Let me ask you this, if your bank had a coin for fees, would you hold that coin or hope that it goes up or would you buy the bank fees coin when you need to make a transfer and then execute the transfer.
If you had a toll road you had to pass through to get to work, would you buy toll road coin and hope it goes up or would you buy enough so that you can travel freely for a month?
So why does that rational thinking go out the window simply because it has a blockchain?
All you're doing is creating an unnecessary step where money would have served the purpose easily enough. All these projects are designed to do is to create exit liquidity for the founders and leave a circus of a project with the retail bag holders.
At least be honest about your bullshit
Let me end off by saying there is nothing wrong with gambling, there is nothing wrong with rehypothecation, there is nothing wrong with liquidity pools, smart contracts, distributed computing, but they all have no tether to the real world or the economic viability of the asset. It's all gambling and if people were honest about it, I wouldn't have such an issue with it.
Look at Binance for example, one of the most hated names in cryptocurrency, they are open that their coin is a shitcoin on a centralized chain where they run all the validators and set the monetary policy at a whim
They openly state how they re-jink supply and burn it to try and artificially create price pumps for noobs to get rekt on. They are open about the fact that they have AMM and trading bots ripping click traders' faces off.
Yes, it's scummy but they don't pretend to be something they not, sure they just let people who don't bother to read or do research make assumptions and get burned but that's still the choice of the individual.
Play stupid games, win stupid prizes.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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More like futility tokens hey..
dude you just killed it, I am so stealing that term, fucking A
Lol! Look forward to reading it on TBM
BAT ha!! Brace doesn't even reward me with BAT tokens anymore. They stopped showing me ads!
I get 1 every so often but it sure has dried up, lol I guess no one wants to buy their shitcoin
I have to agree. I haven't really gotten any ads in a while. I guess the only BAT tokens I earn is when I open a new tab and a ad just happens to be there.
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I thought it was just me! That's great to know I'm not the only one. I actually checked it out last week and didn't find anyone else flagging this. Possibly mixing things up!
The brave ads have gotten less frequent even for those living in the USA. I don’t have anything to advertise really so I don’t think much of it but the utility token is kind of a fraud in a lot of ways. It was good in its inception maybe, for something like brave. But now that crypto is more wide spread I don’t know if it’s got a good use anymore. Just a way to extract money from people.
If I were them I would have scrapped the token all together, just use bitcoin and stable coins then use the income to buy back bat and burn it for a certain time period until its no more and just run with that instead, but hey shitcoiners gotta shitcoin
Your analogy hits straight to the heart.
I guess the problem is the fact that we don't do research and secondly we don'apply common sense
Lol glad you liked it, but yeah we're also economically incentivised to create tokens, creating tokens makes it easier to control your ecosystem and extract value from holders of the token without having to offer them anything in return
But don't you think that liquidity pools have a useful purpose for making it possible to cheaply convert one coin for another ?
Yes I can see the value in a liquidity pool, but you can do that without a token, lightning pools for example allow users to tap into a pool of bitcoin when they need to make transactions
While on the liquid network there are pools for USDT to Bitcoin, without the need to create a 3rd coin to drive incentives. There's a lot of unnecessary tokenisation going on in crypto that no one others to question
Well having more utility is better than not having any utility. Of course I know that this isn't guaranteed to keep up price either and the project can easily just die off. However I think they tend to be better compared to a meme token like Shiba Inu.
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What is the point of having a token for 1 or 2 uses when you could just use money?
While it may not be the best, having a use case means that they want to be part of the developing technology and that itself might have value. So in a way, your gambling on the price a bit.
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Why you wanna scam people bruv?
Scam. People, don't click links you don't know!
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