Cryptocurrency ICOs are a convenient method for projects to raise money and create their own native currencies. In a lot of cases, these native tokens are not necessary and could easily be replaced with existing cryptocurrencies. Some enterprising individuals have decided to make tokens to illustrate how ridiculous the ICO market has become. SCAM is a new token which should not be taken seriously but will probably see some degree of investment regardless.
The ScamToken Campaign Is Not Your Average ICO
We have seen some nifty projects tackle the concept of cryptocurrency ICOs in recent weeks. One of the more intriguing tokens was the Useless Ethereum Token, which still managed to collect thousands of dollars worth of Ethereum. There was also the Order of Ethereum, which bridges the gap between cryptocurrency ICOs and religion. Neither of these projects is to be taken seriously, yet both still have attracted ICO investors.
ScamToken is a new project following a similar path. As a satire project, it is not designed to be taken seriously. However, the token’s creator has put in a lot of work so far; the token is verified on Etherscan and the smart contract has been audited as well. On paper, there is nothing holding SCAM back from getting listed on the big exchanges and rising in value to several hundred dollars. Indeed, that is how most ICO projects are created and advertised.
The SCAM ICO is now open for business. Investors can send in their Ethereum contributions to receive a proportionate amount of “the token of the future.” SCAM is an abbreviation of Savings Credit and Money, which will serve as the “cornerstone” of future success. The name was chosen rather cleverly. Projects such as this one will attract some of the dumb money going around in the cryptocurrency ICO scene.
Looking at ScamToken’s website, one can see that its creator is not taking the project seriously whatsoever. It is advertised as the “world’s first 100% pure bullshit ICO.” The opinions regarding that statement will be somewhat divided, though, as there have been some borderline bullshit ICOs in the past. The website looks pretty professional, despite being nothing more than a joke.
It is somewhat disappointing to see that only US$21 worth of Ether has been raised so far. This amount is insufficient to bribe any government officials, according to the website. It also appears that one lucky investor will receive one full Ether after the ICO has concluded. It is good to see such a rewarding giveaway as part of this cryptocurrency ICO, since the project deserves a lot more attention than it is getting right now. It will be interesting to see how much money is collected once the campaign is over.
The white paper for this project is also worth checking out, since it is comedy gold. The creator has certainly done his homework in creating a satirical ICO. As more “joke projects” like this one arise, people may finally realize not every cryptocurrency ICO is worth investing in. There is too much impulsive investing going on without proper research. Investors really need to do their due diligence prior to investing in anything.