The Issue With Utility Tokens

In the world of cryptocurrency, you can really profit from bullshit more than any other industry in the world. If you have a good story, there will be enough people who won't ask a question and throw money at it, I honestly think crypto is eating the market share of everyone who was in any of those brainless MLM schemes trying to get rich.

Now they transitioned to crypto and think the rules have changed and it's laughable how people can make the same mistakes over and over. I think one of the silliest ideas is the idea of the utility coin/token, a token you are forced to buy to access a certain service.

A token of utility

Popular utility token examples are BAT and Chainlink, for example, I don't have time to riddle off the rest of these shitcoins. So let's say with BAT you buy it to create ads or tip other users in BAT, in chainlink you buy it to create oracle connections for smart contracts.

Let me ask you this, if your bank had a coin for fees, would you hold that coin or hope that it goes up or would you buy the bank fees coin when you need to make a transfer and then execute the transfer.

If you had a toll road you had to pass through to get to work, would you buy toll road coin and hope it goes up or would you buy enough so that you can travel freely for a month?

So why does that rational thinking go out the window simply because it has a blockchain?

All you're doing is creating an unnecessary step where money would have served the purpose easily enough. All these projects are designed to do is to create exit liquidity for the founders and leave a circus of a project with the retail bag holders.

At least be honest about your bullshit

Let me end off by saying there is nothing wrong with gambling, there is nothing wrong with rehypothecation, there is nothing wrong with liquidity pools, smart contracts, distributed computing, but they all have no tether to the real world or the economic viability of the asset. It's all gambling and if people were honest about it, I wouldn't have such an issue with it.

Look at Binance for example, one of the most hated names in cryptocurrency, they are open that their coin is a shitcoin on a centralized chain where they run all the validators and set the monetary policy at a whim

They openly state how they re-jink supply and burn it to try and artificially create price pumps for noobs to get rekt on. They are open about the fact that they have AMM and trading bots ripping click traders' faces off.

Yes, it's scummy but they don't pretend to be something they not, sure they just let people who don't bother to read or do research make assumptions and get burned but that's still the choice of the individual.

Play stupid games, win stupid prizes.