So I called a long time friend of mine who is one leg in and one leg out in crypto. Still yet to decide what he wants to do with crypto, but he is those kind of people that invest in crypto periodically, when he get convinced that a project is going to moon, he invest all his time and attention trying to shill the project because he loves the feeling of being an early investor and coming to your face to tell you, I told you so. While we were on the phone today, he started shilling another token to me. I asked him to give me the properties of the token and he literally gave me the properties of a regular coin. It’s a token that can be used as a means of payment, and I was like okay? Nothing new, it’s on the Binance Smart Chain, okay nothing new, it’s fast and when you buy it all you have to do is wait for it to pump and you become a millionaire.
At this point I was losing my patience and couldn’t wait to bash the token, at this moment I didn’t care to know the name of the token, but I haven’t heard anything worth my time or money. He went ahead to talk about how he believes in the token and knows that the token will do great numbers in the future. From my conversation with him, it’s obvious that his belief in the token is greater than his willingness to do his research. He is filled with infatuations about the token, which is not enough to pump the token, token or coin needs real utilities that will sustain it and drive demand, that will cause the pump over time. At this moment, without doing his proper research about the token before investing and shilling the token, he is just gambling and taking a huge risk.
It’s just a matter of time before the hype of that token dies down and he will start seeing the value of the toke depreciate over time because, without utility and building, people are just going to get bored and sell their holdings and move on with their lives, you are just going to be stuck holding your valueless tokens. True utility has helped sustain tokens and coins over time and that is because, with true utilities, people will be given the opportunity to build and this will attract more people into the project and this will create the demand overtime.
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