
Useless Ethereum Token ICO raises over $5,000 in the first twelve hours - uetokenceo
https://twitter.com/uetoken/status/882419191587889152
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e79
It has already surpassed $10,000. What started off as a joke very well could
make the creator hundreds of thousands of dollars. Don't believe me? These
tokens are now trading publicly on exchanges. They're no longer useless, as
you can trade them! You could say their project failed as a result :)

If this makes zero sense to you, this kind of stuff is happening because there
is such an excess of Ether in the market. Some of it is managed by real
investors, as cryptocurrency has become a popular part of a balanced
portfolio. Some of it is managed by young non-investors that threw money into
ETH or BTC a few years ago.

It's pretty ridiculous IMO. But that isn't stopping it from happening. People
have already made an unthinkable amount of money.

I would hope the economy eventually matures, and I too worry about a bubble
because of some of the extremely high expectations people have. The "hodl" and
"to the moon" mentality that is popular will have some refusing to cash out of
their investments until it's too late.

Most don't understand the technology as well. I've spoken with investors who
claim to be "all in" on Ethereum but can't tell you what the Ethereum
Foundation is or how proof of stake works. As an investor, I would hope to
have a strong understanding of where the future of my investment is headed.
Not the case for many.

We're seeing some pretty interesting stuff going on. I wasn't in tech during
the dot com bubble, but I've been told by others that were that this kind of
mania seems very familiar.

------
sharemywin
I remember when Mosaic came out. I was in a computer lab at college. I
remember thinking this is stupid. Microsoft gives away a free text editor that
does RTF that's pretty much the same thing as this HTML garbage. if you want a
file from a server just FTP it. And it takes forever to load.

The more invested you are in the last paradigm the harder it is to see the
next paradigm shift. Just like me using the word paradigm instead of
disruption.

When creativity and entrepreneurship are locked up in one system they find
away around it.

As for investors they work with power laws. 1 20,000x return makes a lot of
stupid investments look good.

[http://money.cnn.com/2012/08/20/technology/facebook-peter-
th...](http://money.cnn.com/2012/08/20/technology/facebook-peter-
thiel/index.html)

------
afeezaziz
I am still amazed by this 'bubble'. I hope that more people to wise up and
stop investing in stupid venture but actually invest in real business or
ecosystem.

~~~
Rainymood
When does something stop being optimism/innovation and starts being a bubble?
Or can we only say this in hindsight?

I'm pretty sure there were some people who thought smartphones or Uber were
bubbles. Or are they? And if so, when will they pop? What if they don't pop?

~~~
afeezaziz
Anyone can invest in ICO but only accredited investors can invest in
Uber/Apple/Oppo.

Average Joe's money should be allocated efficiently to finance a real venture
rather than into a money game or a ponzi scheme.

