Useless Ethereum Token ICO raises over $5,000 in the first twelve hours

It has already surpassed $10,000. What started off as a joke very well could make the creator hundreds of thousands of dollars. Don't believe me? These tokens are now trading publicly on exchanges. They're no longer useless, as you can trade them! You could say their project failed as a result :)

If this makes zero sense to you, this kind of stuff is happening because there is such an excess of Ether in the market. Some of it is managed by real investors, as cryptocurrency has become a popular part of a balanced portfolio. Some of it is managed by young non-investors that threw money into ETH or BTC a few years ago.

It's pretty ridiculous IMO. But that isn't stopping it from happening. People have already made an unthinkable amount of money.

I would hope the economy eventually matures, and I too worry about a bubble because of some of the extremely high expectations people have. The "hodl" and "to the moon" mentality that is popular will have some refusing to cash out of their investments until it's too late.

Most don't understand the technology as well. I've spoken with investors who claim to be "all in" on Ethereum but can't tell you what the Ethereum Foundation is or how proof of stake works. As an investor, I would hope to have a strong understanding of where the future of my investment is headed. Not the case for many.

We're seeing some pretty interesting stuff going on. I wasn't in tech during the dot com bubble, but I've been told by others that were that this kind of mania seems very familiar.

I remember when Mosaic came out. I was in a computer lab at college. I remember thinking this is stupid. Microsoft gives away a free text editor that does RTF that's pretty much the same thing as this HTML garbage. if you want a file from a server just FTP it. And it takes forever to load.

The more invested you are in the last paradigm the harder it is to see the next paradigm shift. Just like me using the word paradigm instead of disruption.

When creativity and entrepreneurship are locked up in one system they find away around it.

As for investors they work with power laws. 1 20,000x return makes a lot of stupid investments look good.

http://money.cnn.com/2012/08/20/technology/facebook-peter-th...

I am still amazed by this 'bubble'. I hope that more people to wise up and stop investing in stupid venture but actually invest in real business or ecosystem.