Tokens backed by a Commodity/FIAT

[DeepChipolino]

Perhaps someday, tokens will be used perfectly, bypassing monetary relations. But do not blame the creators of the token platform&tokens, as they created opportunities for a huge number of scammers. It turns out that mankind is not ready for this mentally.

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

You reason selfishly. Before every shittoken dies, many will lose money again. Ultimately, this will scare away new people from crypto and will not lead to anything good.

[jorenpo]

It is true that most of the token turn to scam but there still some token that is useful. Like utrust (UTK), you can use utrust token to buy on an online merchant partnered with it and you will get a discount in you purchase.

[NavI_027]

It depends on every one of us because there are person who are really good when it comes to alts. Sometimes several people are used to pump and dump set ups so we can't blame them if they find tokens more valuable compare to btc. But for me, I don't need it at all to be honest simply because they got only a small chance of growth. I am only interested to btc so far and I think it will go in the long run .

[Innocant]

In the first place of it we dont need a token, The token thus not have value.
On what we need for now is the token that have value or a potential can go to higher prices. We all know their was a lot of new token coming but we cant expect that some of it are scam token or become a shitcoins in a future.

[JCviggen]

you are absolutely right and most likely we do not need 80 percent of the tokens that are currently on this market. no one knows when these tokens will disappear and therefore investing in them is very dangerous

[qiwoman2]

It really depends on the project. Tokens make investing easily accessible by a large group of micro investors, who in traditional investing, would not be able to have the means to invest. Only there is a downside that in the blockchain era, you have many people pretending to open legitimate projects and they pose to solve problems but in effect, they are only creating a whitepaper and a pack of lies to lure innocent investors in. Also, Millennials tend to be impatient and want to go after fast money and making money more easily than their predecessors. So they pray on the psychological makeup of this fast food, fast money generation, which is quite sad really because this naivety is what is causing so many wolves to come into this niche market.

[naska21]

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Speaking of ETH, good tokens  eventually will  push its price up in the same way  QE did it for dollar, that is why we need such tokens. Regrettably bad tokens drive people away from ETH thus undermine its value but unfortunately we cannot avoid them.

[tenakha]

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

Not backing up with any commodity or price does not prove that project is a scam. The project does not need to be backed up by something to be legal. Also, it is almost impossible to apply it to most altcoins. With what you can back up ETH or BTC? It is better to have the expected product than to back it up.

Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions.

If someone can be useful to the market, it does not matter he makes it with $30 or $30 million.

[Aabcde]

In my opinion, coins or tokens do not have to be supported by commodities or FIAT, but in terms of their functions and uses. If it has to be forced, then all coins or tokens will only become stablecoin because the price must follow the commodity or FIAT itself. These developer ideas should indeed be filtered before they launch the project. What will be later, it can be useful or just for mere profit.

[NathanJB]

In my opinion, coins or tokens do not have to be supported by commodities or FIAT, but in terms of their functions and uses. If it has to be forced, then all coins or tokens will only become stablecoin because the price must follow the commodity or FIAT itself. These developer ideas should indeed be filtered before they launch the project. What will be later, it can be useful or just for mere profit.

I agree, it is not necessary for a coin to be backed by particular commodities or fiat or assets. Coins are made with a certain purpose. They are not made just to represent some valuable property. Others are designed that way, so be it. But it is not required that all cryptocurrencies should have such backing. Some coins are used to support certain type of services, or to be used within a certain ecosystem, or to be simply a general payment alternative. The best backing actually is an innovative, practical, and working product.

[Coin-1]

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.

As far as I know, many cryptocurrency exchanges restrict the trading of security tokens. I heard that a year ago Binance announced a partnership with the Malta stock exchange. They wished to establish a new trading platform that meets the enhanced requirements which are compatible with the new KYC and AML policies. In general, security tokens are more strictly regulated by the authorities than utility tokens.

Nowadays people do not trust teams that hide their identities and they do not invest in such fraudulent projects, so in most cases useless tokens do not reach a soft cap and remain worthless.

[Rodeo02]

You reason selfishly. Before every shittoken dies, many will lose money again. Ultimately, this will scare away new people from crypto and will not lead to anything good.

That is the reason why they need to stay away from useless tokens. If they dont want to lose more then selling those token early is the best option to do, before another bear market came.

It is true that most of the token turn to scam but there still some token that is useful. Like utrust (UTK), you can use utrust token to buy on an online merchant partnered with it and you will get a discount in you purchase.

there are many merchant option in my country that you can use BTC than this token.

[DeepChipolino]

You reason selfishly. Before every shittoken dies, many will lose money again. Ultimately, this will scare away new people from crypto and will not lead to anything good.

That is the reason why they need to stay away from useless tokens. If they dont want to lose more then selling those token early is the best option to do, before another bear market came.
...

Those who already have dying altcoins in trapped. I meant new crypto investors. New investors can avoid losses if they are helped in this. It would be nice if there was a system that reduces the number of scam assets on the Ethereum platform.
We really don't need so many tokens, especially when these are poor tokens.

[zabir.brutov]

For sure every token should be based on something, huge investments, working product or business. Those times, when everybody could write a whitepaper and a smart contract to collect several million dollars have passed.

[3DBrushes]

You're sure with only 30 $ if that's true then the average person will become a scamer, I don't think it's that easy, I don't know how they do it either, but if people can make millions with 39 $ then no project will last until now, I mean they don't have to bother thinking about development.

In a certain way it's true.
If you ask me to create a token on ERC-20 platform then I can definately create them for less than $30. Infact it is free (slight amount of ETH is needed) to create one and it isn't that hard in this age. Ofcourse it will be a basic token but it will work as 90% of other tokens.

[JayTrain]

You reason selfishly. Before every shittoken dies, many will lose money again. Ultimately, this will scare away new people from crypto and will not lead to anything good.

That is the reason why they need to stay away from useless tokens. If they dont want to lose more then selling those token early is the best option to do, before another bear market came.
...

Those who already have dying altcoins in trapped. I meant new crypto investors. New investors can avoid losses if they are helped in this. It would be nice if there was a system that reduces the number of scam assets on the Ethereum platform.
We really don't need so many tokens, especially when these are poor tokens.

Yes, many have accumulated a lot of empty coins, but tell me how will the evolution, development of the crypto market go if there are not a huge number of coins, and projects behind them?  I think so - the market will digest all the coins, and only really worthy ones will remain, so now the stage of development of the new market is going

[MCDev]

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

Only stable currencies will receive FIAT support. Most investors will not invest in a stable project, because it is not profitable.

[jrrsparkles]

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 just don't need them anymore,the applications of tokens were rarely found so all of them were he for bump and dump the market depends on the market condition.Backing up with the fiat value will make it more worse and there is no assurance that it won't turn into scam later.

[o48o]

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.

When icos create utility tokens, why would they spend all the money just to back it up by usd instead of using it to actually build something?
I can't see any sense investing into something like that. Do you mean that if i invest into company that creates tokens that i must believe to be backed by something?
Why i wouldn't just invest directly to those commodities then, or just buy usdt if i want tokens backed by fiat?

[ven7net]

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 you are right. It’s very easy for fraudsters to create a useless token and try to capitalize on its promotion. However, as practice shows, thanks to the vigilance of the community, fraudsters are also quickly found and charged with a negative mark on the forum. I think this is a very good trend in identifying and exposing fraudsters. It also allows you to study projects more closely and find exactly those that really have a token or coin binding to a product or service. However, the availability of a product or service also does not guarantee 100% that this project will be successful. Other factors are already influencing here.