Editor’s note: Google has strict policies in terms of certain keywords and heavily penalize articles which contain curse words. Therefore, in this article we are unable to spell out the correct four letter word so we instead use “F#ck Token” in all instances. It is still a bit confusing even with this note but there is nothing we can do here – so please don’t blame us, blame Google.
When anthropologists analyze the year 2017, they likely might paint this as a time of illogical decisions painted by unrequited optimism. The height of this moment in history might be August, 2017 with comparables drawn to Dutch society in February, 1637 and what was known as “Tulip mania.” Never before have standards of truth, free speech, level headed examination of all angles to an issue and equal justice for all been challenged from all directions. Into this hyperbolic abyss comes the crypto currency craze that is gripping investors, many of them middle class. As a cryptocurrency called a “F#ck Token” now has a $3.5 million market cap, what could possibly go wrong?
F#ck Token is the sign of the apocalypse
The “F#ck Token,” first observed by “Sovereign Man Simon Black,” was up 370% in the last 24 hours. The “Initial Coin Offering,” or ICO, is issued in some respects like a company might issue an initial public offering to raise operating capital.
“Welcome to a world where everyone gives a F#CK,” reads a whitepaper explaining the concept. “With F#CK tokens, we present a unique opportunity to express how you really feel.”
The concept behind this cryptocurrency, which is now down around 21% on the day, is to show people you care, as the white paper says:
Show them your appreciation by giving a F#CK. Your friend is sulking about his marital problems? Give him a F#CK or two and watch his smile brighten up. Being cyber-bullied for being a crypto nerd? Send them 10,000 digital, decentralized, middle fingers with F#CK token. Remember, we are here to make the world a better place.
The investors point to a day when F#ck Tokens are given out as tips in a restaurant.
“By tipping F#CKs, you are not only contributing to the F#CK token ecosystem, you are indirectly exposing newcomers to the Ethereum network,” the with paper opined. “Imagine a world where thousands of F#CKs are given every minute.”
If you bought right before the insane rise yesterday and sold right now you have a nice quick gain but not a huge one since a 20% decline takes a lot off of an even a big jump, as most people who took finance 101 know or you can see here.
Although, we would guess that many investors took profits yesterday.
In related news, FINRA has joined the SEC with a new letter out today warning investors about potential ICO scams.
The Tulip Mania spreads to the financial elite
The F#ck Token wasn’t the first crazy cryptocurrency. The DogECoin was a joke based off the popular 2013 Doge Internet meme that pictured a dog with comical sayings appended to the photo. The coin now has a market cap of nearly $232 million.
As Benzinga first noted in an article on the “10 Most Ridiculous Cryptocurrencies,” the DogECoin was quickly followed by the Monacoin, a cat meme. There is a Trumpcoin and a Potcoin as well as an insane coin. Even the “Usless Ethereum Token,” https://uetoken.com/ that was launched to point out the absurdity of cryptocurrencies, has a market cap of $72,000.
With the absurdity mounting, and regulators scrambling, perhaps the most interesting aspect of the story is the acceptance by the financial establishment.
Shortly after calling bitcoin a “fad,” global investment manager VanEck, known for their gold ETFs, jumped on the bitcoin train by filing for an ETF with the Securities and Exchange Commission.
“Bitcoin and other digital currencies are a fad that has attracted the attention of programmers, speculators, and early adaptors," Joe Foster, a portfolio manager for VanEck’s International Investors Gold Fund (INIVX) said in a manager commentary on the topic. "It is my opinion that governments will not allow digital currencies to reach the critical mass needed to challenge the utility of fiat currencies" such as the dollar.
Goldman Sachs has added bitcoin technical analysis to its focus while banks such as Barclays, HSBC, Credit Suisse and UBS are joining in the fun by backing a digital currency project called Utility Settlement Coin.
2017, the year that Tulip Mania gripped the world.