Skepticism of Utility Tokens
5 years ago in #blockchain by btcmillennial (63)
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Skepticism of Utility Tokens
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Industry-specific could perhaps work, if they are treated similar to the way STEEM gets treated - as stake (and influence) within the ecosystem. You're right though about the cryptocurrency tokens. There is really only a few tokens that will ever be even remotely accepted as being remotely like a currency - BTC, LTC, DASH, and then the list starts getting sketchy.
Better to design utility tokens so that they have some other utility besides payment.
I think there is a lot of potential in niche-specific utility tokens. However, the market at large is still too new to fully adopt these. It's like a trend that is ahead of the trend too far, So this trend is not accepted and is rejected. Sort of like pets.com. It was a great idea but launched a bit too soon.... A few years later Amazon came out and it took over.
I think a lot of these utility tokens have huge merit and could do really well, just the general public and mass adoption of cryptocurrency has to happen first.
I am not actually too well-versed in crypto, I only know anything about it because of blogging on STEEM. In your example of weed related coins failing - if that hot market cannot succeed with tokens, who can???
Tokens kind of remind me of fake money we had in a town I lived in. You bought it at the Chamber of Commerce and then spent it only with their merchants and supposedly got a discount. Who has time for that?
But as to tokens, I now have 34 (!) of them in my STEEM wallet. 34!!! I had ZERO a couple of months ago. So what are any of them worth? At the moment, steempeak tells me the value of all of them is $11.18. Then I go to steem-engine and the value shows less than $5. Is it worth it for me to find out why? No.
I need to claim tokens, stake them (maybe), or sell them, or ignore them. I use the tags for a few of them and those I will try to figure out soon. The rest I do not have time for, unless they show a lot of value on steem-engine. Then I will look into it maybe if I have the time and even notice.
I completely agree with your point that the top coins are the ones with the best chance to succeed. I use ltc to move money in and out of steem and like it a lot for low fees and speed.
Isn’t crypto just “digital pieces of fluff” anyway? Then was does that make tokens? 😅 For me, at least Steem has real-world applications that I’m interested in.
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@btcmillennial, For sure many Tokens will going to come up which will promise what not but here one point is, we should understand the real use case behind that token. We need more Tokens which focuses towards the practical use case more than just based upon hype.
Unfortunately a lot of these tokens are a pond scheme for people to get rich quick which destroyed credibility would you agree? I have upvoted for visibility
Too many tokens to cover a single need, it is as if the way is opened for the utopia of crypto-money to be snatched from our hands and centralized by those who already dominate the money.
The real riches are resources and minerals such as diamond, gold, etc. Everything else is smoke that the great ones let us play with.
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I do think more people will still fall victim because crypto has been made in such a way that people have to hide themselves to use it