If there is one thing that crypto can regularly provide it is drama. Today, the controversy (or at least one of them) centers around a token called Few. The token seems to have started when Sam Ratnakar decided to invite a small number of influential people from cryptocurrency to work on an “Experiment”. Each would receive an equal proportion of the tokens and a small proportion would be reserved for liquidity.
Many members of the telegram who received the token seem to have an honest desire to build something. However, the Telegram was also quickly filled with ‘jokes’ about pumping and dumping the token.
https://twitter.com/bluekirbyfi/status/1308533204224110592
Now let’s give all of these people the benefit of the doubt and assume they were working honestly with the goal of building something important. Even still they are doing it in what seems to be an inexplicable manner.
Generally, tokens should be created in order to serve a purpose. You decide on a project, a protocol, something, that in order to function optimally requires a token. What happened instead here seems to be that the token was created, distributed to a list of people with influence in crypto, many of them started “jokingly” shilling it on Twitter, and there was still no reason for the token to exist.
My intuition, and I hope I am wrong, is that the earliest creators and shills of $FEW were not doing it entirely as a joke. I believe many of them were experiencing FOMO (Fear Of Missing Out) and in order to rectify that feeling settled on creating their own token, airdropping it to a small group of influencers, and then “influencing”, so that they too could share in the mania.
Even if it was all a “joke”, where’s the punchline? Is it a meta point that most tokens are worthless? Is it a commentary on the large amounts of wealth that generally accrue to the earliest and most connected in crypto? Is it supposed to be a mockery of the “great team” method of crypto investing? None of those feel convincing to me, and I am left with a sadness about the state of cryptocurrency.
If you would like to subscribe to my free newsletter then please go here.
If you want the posts from this blog delivered to your inbox:
I also have a Discord server that you can join here.
Bennett's Blog 
The base assumption being a pump and dump isn’t a legit “purpose” and the base omission being from who’s perspective. The unending desire for people to overlook the obvious and want to believe in general good intent is a western cultural phenomenon. Even with arguably a couple of actual use cases the very best of crypto is, at the core, a ponzi like scheme. Maybe, this provides the required dopamine injection and subsequent catalyst to initiate human activity. A long history of swindles would certainly seem to support this notion, at any rate, my guess is that those who understand this will perpetuate ever more swindles in the future.
LikeLike