Tokens backed by a Commodity/FIAT

[HammadAli]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

[joseyphil82]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

Erc20 is the king of scamming tool for scammers, its easier to build tokens using erc20 blockchain and only very few existing tokens are good, most of them are scam projects, i can't blame ethereum for this though it will be better if eth can abandon scam projects just like tron does

[Coin_trader]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

We obviously didn't need a worthless token. I believe that you are pertaining to Security Token on tokens that backed with commodity/assets/fiat and utility token is backed by nothing, Just pure faith on the project success.  I believe in the future of security token. Many companies are starting to tokenized there shares since it's more transparent and has a fast transaction feature compared to the traditional way. I believe you are already suffocated on many scam projects that selling tokens with a whitepaper that created for the day. Just wait once ST market was already finalized.

[puremage111]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

Well, if it is backed by FIAT/commodity, its value will always be tied, which is similar to all the Stablecoins
It really depends how you want the token to work
If you want its value to be stable and not fluctuate, you can backed with anything that is fairly stable (Gold, Fiat)
If you want its value to be dynamic, don't back it with anything. Lets market discover its fair price

[livingfree]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.

Before this is possible, they spend more with marketing, bounties, airdrops, etc. But now I don't think that this is still possible today, majority is now aware of these scammers and isn't willing to invest anymore. You might still see some bounty participants but there's no guarantee with their efforts.

My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

For the stable coins, it really should be backed by fiat.

[Pearls Before Swine]

Erc20 is the king of scamming tool for scammers, its easier to build tokens using erc20 blockchain and only very few existing tokens are good, most of them are scam projects

Are there actually any tokens worth owning?  I have to admit that I don't really follow the goings on in the ICO space, but it seems like every other scam accusation here pertains to some project promoting some sort of token that's supposed to change the world.  Have any of these projects really done anything useful?

Do we need tokens?  No.  But platforms like ETH and Neo have the potential to be very useful if the right project devs would use them, if they could come up with ideas that have real world value instead of trying to solve problems that cannot be solved with blockchain technology.

[HammadAli]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

Well, if it is backed by FIAT/commodity, its value will always be tied, which is similar to all the Stablecoins
It really depends how you want the token to work
If you want its value to be stable and not fluctuate, you can backed with anything that is fairly stable (Gold, Fiat)
If you want its value to be dynamic, don't back it with anything. Lets market discover its fair price

Stable tokens can be backed by FIAT. But others can be backed by any commodity like Silver or any other thing (By the way there are many gold backed scams like KBC and Au).
Why i am saying for sticking to the concept of backing?
Because it will create the worth of a token otherwise it is just a scam if no development goes on as it is in many cases.

[HammadAli]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.

Before this is possible, they spend more with marketing, bounties, airdrops, etc. But now I don't think that this is still possible today, majority is now aware of these scammers and isn't willing to invest anymore. You might still see some bounty participants but there's no guarantee with their efforts.

My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

For the stable coins, it really should be backed by fiat.

My whole thinking is bringing fairness to crypto. Otherwise it is almost impossible to attract new traders or investors. This fairness will help crypto to get believe of people who just went through those scams.

[Coin_trader]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

Erc20 is the king of scamming tool for scammers, its easier to build tokens using erc20 blockchain and only very few existing tokens are good, most of them are scam projects, i can't blame ethereum for this though it will be better if eth can abandon scam projects just like tron does

Tron itself is a scam project. Justin only bagging your money and hyping his token to maintain the hype price. But soon it will be bitconnect v2.0.  lol

[3DBrushes]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

Yes we need tokens for real projects or with a real use case. We don't tokens which are just used in ICOs to raise money and later to speculate on exchanges.
ERC20 is a very good platform for creating tokens. Unfortunately it is only used in a bad way. It will cost way more than $30 to create these type of tokens.

[Willitivity]

We actually need some tokens but not in thousands of them. It's getting out of hand already. In 2017 ICO boom,so many tokens entered the market decentralising one thing or the other, alot were grossly unnecessary and today they have died out. Tokens should be backed by real solid projects with good FIAT backbone.

[watergold]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

Well, if it is backed by FIAT/commodity, its value will always be tied, which is similar to all the Stablecoins
It really depends how you want the token to work
If you want its value to be stable and not fluctuate, you can backed with anything that is fairly stable (Gold, Fiat)
If you want its value to be dynamic, don't back it with anything. Lets market discover its fair price

Stable tokens can be backed by FIAT. But others can be backed by any commodity like Silver or any other thing (By the way there are many gold backed scams like KBC and Au).
Why i am saying for sticking to the concept of backing?
Because it will create the worth of a token otherwise it is just a scam if no development goes on as it is in many cases.

It is true that support in tokens is important and to maintain the stability of the price of tokens if there is no support then other people will think again this will be a fraud, to be honest I prefer by FIAT and GOLD because many projects supported by both are developing, but I am not trust again with projects that like to raise bonuses for buyers.

[HammadAli]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

Yes we need tokens for real projects or with a real use case. We don't tokens which are just used in ICOs to raise money and later to speculate on exchanges.
ERC20 is a very good platform for creating tokens. Unfortunately it is only used in a bad way. It will cost way more than $30 to create these type of tokens.

There are several gigs on Fiverr who make ERC 20 token for a small amount of money. Here is an example.
He is making it for 25$.
https://www.fiverr.com/blockchainguru/create-your-erc20-token-on-ethereum-blockchain?context_referrer=search_gigs&source=top-bar&ref_ctx_id=34a69322-cdbf-40a4-98e6-b9f51a1be52f&pckg_id=1&pos=1&context_type=auto&funnel=657f18cb-30b9-4ede-a7f7-139b402768ed&seller_online=true

[Onuohakk]

This is a very disturbing issue facing the cryptosphere ''scam project''. Some project will just create token without any future plan of the coin whereby scamming investors.
I think many projects are losing the main idea why blockchain is created.

[3DBrushes]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

Yes we need tokens for real projects or with a real use case. We don't tokens which are just used in ICOs to raise money and later to speculate on exchanges.
ERC20 is a very good platform for creating tokens. Unfortunately it is only used in a bad way. It will cost way more than $30 to create these type of tokens.

There are several gigs on Fiverr who make ERC 20 token for a small amount of money. Here is an example.
He is making it for 25$.
https://www.fiverr.com/blockchainguru/create-your-erc20-token-on-ethereum-blockchain?context_referrer=search_gigs&source=top-bar&ref_ctx_id=34a69322-cdbf-40a4-98e6-b9f51a1be52f&pckg_id=1&pos=1&context_type=auto&funnel=657f18cb-30b9-4ede-a7f7-139b402768ed&seller_online=true

I know you can create an ABC token ERC20 for less than $30. Even I can create one like that. What I was trying to say is, we don't really need these type of tokens. We need a real working token which should not be used just for sending and receiving. For example: A small game on Blockchain with tokens being used.

[Nadziratel]

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

Of course, this is true for SCAM projects. Otherwise, real projects can have serious expenses. Advertising, staff and development expenses. Even the money spent just for advertising is serious. These are not things to be taken lightly. But SCAM projects, even if they make promises, I don't think they have made any serious spending. Maybe a good bounty listing in here ...

[ardentvolcanoes]

This is a very disturbing issue facing the cryptosphere ''scam project''. Some project will just create token without any future plan of the coin whereby scamming investors.
I think many projects are losing the main idea why blockchain is created.

They are just riding with how the market being appreciated, scammers are good hiding behind those good projects people are being robbed
when new projects is being introduced without real usage in the long run. We do have existing projects that we can use and explore why
need of new one that we aren't who's working at the back. Developments are slow since there's a lots of options which worries the entire
community.

[Vitamin_52]

Before you buy any token, read the company's product, if they have nothing and it is not worth investing. And in General such projects that have just appeared it is better to pass by

[Rodeo02]

This is a very disturbing issue facing the cryptosphere ''scam project''. Some project will just create token without any future plan of the coin whereby scamming investors.
I think many projects are losing the main idea why blockchain is created.

The reasons is they see that there are many investors in crypto currency ,that was the target to accumulate money from them . Since they see many project has been successfull and raised more money in ICO . They dicided to make thier own token also and make an ICO with Fake roadmap whitepaper to make it looks like legitimate.

[Furryball]

Leave useless tokens as they are, bear market will always kill them one by one and leave the good ones, we don't need to worry about useless tokens, scammers are still taking advantage of newbies and i will never be a victim because i am not ready to invest money in new projects