Useless token raising over $300,000 in ICO

 

 

Before reading on, take a second to look at the logo, not an attention grabber at first glance, but the second time, could be offensive, or truly hilarious.

Simply amazing. someone, bored for a weekend, pieced together a token over a weekend, as he states (or she, we don’t know)  in plain text on the UET website,

“I learned all about Ethereum smart contracts and Solidity over a weekend so I could launch this ICO. Most of the smart contract contract code is copied from GitHub and Stack Overflow posts, so it should be pretty much right… right?”

But why would anybody do this?  Maybe, to actually raise money or just to prove a point.  People will throw money at nearly anything, even an ICO that has no business plan and no whitepaper, as clearly stated on his website,

 

When the mystery developer of this token launched the ICO last year, within 3 days, it had raised $40,000.  Then, folks all over the forums laughed and even ridiculed that possibly was the developer who put his own money in the token try and gain traction..  but not the case anymore, as of this writing, the completed ICO has raised approximately 310 ETH, valued today at an estimated $351,973.

As much as a surprise the transparency of this token is to the market, the exchanges didn’t take to it like the investors, no exchange except for one, HitBTC, had decided to list the token, as product manager Paul Clarkson stated the reason for listing the token:

“HitBTC is interested in adding new promising cryptocurrencies to its trading instruments. We choose thoroughly all coins we list and there is always a particular reason for listing a specific cryptocurrency. In the case of UET, we ran an experiment and met with success as UET purchase orders have already reached 11.84886277 ETH in 2 days. UET provides food for thought about what will be valuable tomorrow.”

 

Which goes to show that too much transparency maybe isn’t a good thing, with no formal ICO audits done or smart contract experts reviewing the whitepaper of this token (wait, it has no whitepaper!), maybe could have been picked up by the likes of Binance or Kucoin, who knows…

Well.. if anything, maybe this coin will find some use within the Ethereum blockchain, at this point as a useless token, it has done well…

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Credit: Mitch Elbiali, contributor, bitcoin and cryptocurrency enthusiast