UET - a new ICO launched couple days back basically sums up the maddness that has gripped the crypto ecosystem.

Essentially launched as a joke, UET has raised over 60ETH

source: UET

One look at the home page, tells you that this is not a real token and not meant for investing into. UET tokens can be purchased by investing through ETH on https://uetoken.com/. 1ETH currently gets you 100UET - which translates to abut $265 invested into something that is worthless.

source: UET

Triple your money?

To me, this isnt even the craziest part - for a period of over 2hrs, UET was trading at over $25 a token while peaking at nearly $60. This is utter maddness. At the current price of $7, this essentially translates the investments into UET will instantly triple your money if you can get your hands on some tokens

source: coinmarketcap

To me this is a clear indicator of the fact that the market is flooded with people who will bring crypto down.

I have NOT and will NOT invest a penny into this nonsense