Cryptocurrency has hit a new low today as Useless Ethereum Token (UET) is by far the fastest-growing coin on the market; probably the most ironic thing ever to happen in the world of digital currency.
The coin, which is clearly advertised as useless, of no value, and only there to earn its creator enough money to buy a new flat-screen television, is currently topping Coinmarketcap’s biggest gainers list. UET is currently trading at $0.14 USD, up 183.59% in 24 hrs. If you think this is sad, it gets worse. Useless Ethereum’s ICO raised over $300,000 – ‘Enough to buy 300 televisions!’
Joke coins, which don’t set out to take themselves seriously, have been seen before. They offer no real-world value, are linked to no industry, have no whitepaper, and usually look funny. And yet Dogecoin (DOGE), a perfect example of what I just described, has a market cap of $795 million USD.
This being said, UET is actually a little different. ICO’s are currently viewed with a fair bit of suspicion, and rightly so. It seems that today, someone can stick the word ‘blockchain’ or ‘ICO’ onto a fundraising campaign, and within one day hundreds of thousands of dollars will be raised (whether this is because of intrinsic value or a self-fulfilling prophecy is another matter). UET is sort of a joke coin, but it does have a purpose; to make a statement. The statement being that people will, in fact, throw money at any ICO without any proof that they will get anything in return.
Which is why the UET ICO “transparently offers investors no value, so there will be no expectation of gains.’ Sounds good so far. So who is the creator, and what will they do to ensure their coin gives investors a return? They reveal their identity only as ‘Some random person on the internet,’ but they offer plenty of reassurance: ‘I learned all about Ethereum smart contracts and solidity over a weekend… most of the smart contract code is copied from GitHub.’ And what can a user do with a UET? Well, it’s a standard ERC20 token, so it can be owned and traded like any other cryptocurrency. ‘Other than that… absolutely nothing,’ continues the UET author, adding ‘Seriously, don’t buy these.”
The icing on the cake is the copyright tags on the bottom of the page, which explicitly state that all rights are reserved, “including the right not to give back your money.”
The reason behind today’s surge isn’t really clear, as there are no new developments or even forum posts. But one thing is certain: Useless Ethereum has certainly done what it intended to do. If people will willingly spend hundreds of thousands of dollars on an ICO that they are explicitly told is basically a scam, what does that say about the cryptocurrency industry as a whole? It’s certainly worth thinking about next time a shiny ICO grabs your attention. For now, though, it’s okay to laugh about how funny this is.
Featured image: Steemit