Blockchain startups are mostly full of
shit. That, and most of them make special arrangements
with various centralized exchanges who help artificially inflate the
prices. For an idiot investor this will seem like an opportunity of
a lifetime. Couple that with fake social media followers and paid posters
on Bitcointalk, Telegram, etc. and the illusion is complete.
And then it gets dumped. Hard. And then everybody talks about
how crypto is scam. And then the bear market happens. It's been going
on for years and this isn't the first one for me so I'd like to think
I know what I'm talking about.
Sure. There are great crypto projects out there. But they get
buried under a pile of shit. Literally. Who is going to take crypto
seriously in the future when bad actors keep doing what they're doing
and worse, keep getting away with it?
Because fuck Patreon
ERC20 tokens are absolutely worthless. Yet they still possess that
one special ability. The ability to raise a lot of funds very
quickly. Even in a bear market, like the one we are in right now, some
startups are selling out their tokens in a matter of minutes. How is that
Hell if I know. But the fact that tokens can be used to raise funds
very effectively cannot be ignored. And with a transparent Smart Contract
powering the token, it makes sense to use these tokens for crowdfunding
purposes. Or how about using them to support your favorite creators?
My point is that there is no reason to use services like Patreon,
who take a cut out of every donation, when a creator can just
own ERC20 token and sell it to their fans.
And it's not about the token
itself, it's about collecting donations while giving something in
return instead of nothing. Because right now, when you support your
favorite creator, you get nothing. Well maybe fresh new
content to entertain you. And an overall good feeling. But that's about it. So following that logic
it actually makes sense to get a random shitcoin in return for supporting
your favorite creator.
Think about it. Long after they are dead, you still have a little
something in your crypto wallet to remember them by. And it might
even be worth something in the future. Sort of like art created by
artists who died hundreds of years ago.
Oh and by the way, SEC, if you're here then know this: YNEF is
not an ICO. Nor is it an investment. I offer no promises of a good
return. YNEF is a donations coin. Think of YNEF like grains of
sand that I am trying to sell in the desert.