The video in question is made by an English guy with a YouTube channel called Keith's Crypto Trades. Keith is showing his subscribers how easy it is to create a token. (1 feel safe assuming the aforementioned English guy's name is, in fact, Keith'.)
As seems to be the case with such things, the name of the token contains an extreme profanity (for many the most extreme profanity) so, for those of you inclined to be offended by such things, I can only apologise.
However, the process you'll witness as this 1l-minute video unfolds demonstrates just how easy it is to Create a token, the complete absence of any kind of backing such tokens have... and just how quickly rampant speculation can bestow significant value upon them. Therefore, it's worth your looking past the shock factor and focusing on the meat of the video (if it makes it any more palatable, the creator of this particular token is pledging to donate tokens to charity via a smart contract which, at the most recent price, were valued at $500,000 over ten years).
Click the link below to watch the video:
ICREATEDA TOKEN
A few weeks later, that same token had a 'market cap' of $6.2 million. I placed 'market cap' in inverted commas because even though it's technically 'worth that much (there I go again), just try selling any meaningful amount of this particular 'asset (enough already) and you'll discover its real 'worth' (ugh!) in a hurry.
In fact, as Fig 1 shows, a few weeks after the initial excitement had waned, Keith's little token was sliding into rightul irelevance.
MooncUSS)
May 10 May 17
Nothing a tweet from Elon Musk couldn't rectify, but let's save that angle for another day.
So, now you know how simple it is to create a token and for that token to have value ascribed toit. You also know how there is likely nothing but air behind the value of notjust that token, but many more like it. And yet, tokens play a critical role in the on- and off-ramp functionality of crypto world."
This is a good, if long, newsletter summary of the crypto economy.
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.resistance.money/research/williams2021.pdf&ved=2ahUKEwjfy9iSwN77AhWED1kFHd50Br44ChAWegQIDxAB&usg=AOvVaw0nicDWrnftH87A9pqooFTZ
Key part for this discussion.
"
The video in question is made by an English guy with a YouTube channel called Keith's Crypto Trades. Keith is showing his subscribers how easy it is to create a token. (1 feel safe assuming the aforementioned English guy's name is, in fact, Keith'.)
As seems to be the case with such things, the name of the token contains an extreme profanity (for many the most extreme profanity) so, for those of you inclined to be offended by such things, I can only apologise.
However, the process you'll witness as this 1l-minute video unfolds demonstrates just how easy it is to Create a token, the complete absence of any kind of backing such tokens have... and just how quickly rampant speculation can bestow significant value upon them. Therefore, it's worth your looking past the shock factor and focusing on the meat of the video (if it makes it any more palatable, the creator of this particular token is pledging to donate tokens to charity via a smart contract which, at the most recent price, were valued at $500,000 over ten years).
Click the link below to watch the video:
ICREATEDA TOKEN
A few weeks later, that same token had a 'market cap' of $6.2 million. I placed 'market cap' in inverted commas because even though it's technically 'worth that much (there I go again), just try selling any meaningful amount of this particular 'asset (enough already) and you'll discover its real 'worth' (ugh!) in a hurry.
In fact, as Fig 1 shows, a few weeks after the initial excitement had waned, Keith's little token was sliding into rightul irelevance.
MooncUSS)
May 10 May 17
Nothing a tweet from Elon Musk couldn't rectify, but let's save that angle for another day.
So, now you know how simple it is to create a token and for that token to have value ascribed toit. You also know how there is likely nothing but air behind the value of notjust that token, but many more like it. And yet, tokens play a critical role in the on- and off-ramp functionality of crypto world."