Useless Ethereum Token – The world's first 100% honest Ethereum ICO | Hacker News Reader

Useless Ethereum Token – The world's first 100% honest Ethereum ICO

uetoken.com

9 points65819 comments

I think it's interesting that you get 1 UET (~.01 ETH)for every previous transaction. It's a problem because it encourage to wait until the last minute and try to get as many worthless useless tokens as possible. This is a bad strategy to get a successful ICO because it encourage the marks to wait and have time to think instead of committing as soon as possible.

Also, it's possible to get a side benefit from this, because instead of a big buying transaction you can split it in many small transaction and get additional worthless useless tokens. I'm not sure if this consumes more gas that is discounted. If you split the transaction in N parts the amount of additional gas is O(N) but the additional tokens is O(N^2) (at least initially), so at some point you must get more tokens. (I'd like to read a complete analysis about this, with the actual constants.)

Anyway, just in case: This is not financial advice.

Thanks for taking a close look at the distribution strategy!

You're absolutely right, this strategy does encourage contributors to wait until the end of the crowdsale period, since they'll get more tokens for the same cost. And you're also right about multiple transactions being more fruitful, since the amount of additional tokens isn't dependent upon the contribution amount; a previous version of the contract would have permitted 0 Ether transactions to effectively get free tokens, but I've since changed it to require a contribution of at least 0.01 Ether (three bucks, give or take a few cents) in order to get any tokens above and beyond the contribution amount. In theory, this will encourage many smaller (but not tiny) transactions spread out across the crowdsale.

But at the end of the day, does it really matter? The tokens are useless and you shouldn't buy them. Seriously.

Why would anyone create someone useless and it still enters the coin market

Well you seem to have proven that people are very reluctant to be told what to do. ¯\_(ツ)_/¯

I see your Useless Ethereum Token and raise you something even more useless!

http://ethdirect.io

Useless Ethereum Token CEO here. AMA!

Has anyone actually bought these despite your (evidently constant) nagging to the contrary?

Not yet! But that's because the crowdsale doesn't start until July 4th. I announced the ICO a week early to make sure everyone has a fair chance to make a smart decision with their money and not buy these.

You missed the black and white photos of team members making their best "I am credible" look.

Reply on news.ycombinator.com