A vast array of new cryptocurrencies have come into being as of late. Not all of these coins will serve any real purpose, with some of them even being considered outright scams. Famous video game streamer Athene is in the process of launching an ICO for a new digital currency without a clear purpose. So far, this idea has received a lot of negative feedback, which shouldn’t surprise anyone right now.
Athene’s ICO Project Receives Backlash
It is not entirely surprising that so many people are interested in cryptocurrency right now. Many of those people see the merit of creating their own digital currencies, as they can raise a lot of money in the process. This is one of the downsides to the ICO industry as a whole. People only see the millions of dollars being raised in the process, regardless of whether or not a particular coin serves any purpose whatsoever.
When popular video game streamers jump on the ICO bandwagon, it is evident something will need to change sooner rather than later. Rather than endorsing an existing cryptocurrency ICO, Athene is creating his own currency as of right now. Although there does not appear to be a purpose to the token, Athene remains confident he can make a lot of money by doing so.
A lot of this new currency’s specifications remain shrouded in mystery for the time being. It seems there will be a supply of 1 billion coins in total, each of which is expected to be valued at US$0.50. That means this new useless currency is expected to have a market capitalization of US$500 million right out of the gate. That’s a very ambitious goal, to say the very least, although stranger things have happened in the world of cryptocurrency.
The more pressing issue a lot of people have with this plan is what the coin will be used for. It appears they will be used for donations and charity, although that is still a pretty vague business plan at best. There is no website containing more information, no whitepaper, nor is there anything giving these coins any value whatsoever. Based upon the limited information we have, Athene plans to issue worthless coins to charities, which can’t be the actual business plan whatsoever.
Indeed, it is a bit unclear whether or not this coin should be taken at all seriously. Even if the answer to this question is positive, it’s becoming increasingly difficult to do exactly that. Athene’s coin serves no obvious purpose, has no apparent value, and there is no clear roadmap to change any of that. This appears to be a pure money grab by a well-known Twitch streamer, which could eventually get him in a lot of trouble. In fact, Twitch should take more severe action against this type of activity, as it will hurt its business in the long as well.
Initial coin offerings come in many different shapes and sizes. Very few of these projects will ultimately succeed, and whatever Athene is doing will not fall into that category whatsoever. Considering he alone controls the coins and considers himself a charity as well, there are a lot of potential issues with this entire concept right now. Rest assured there will be a lot more negative feedback surrounding this particular venture over the coming weeks and months. We can only hope this venture doesn’t become an example for others.