Article By William Suberg
European cryptocurrency exchange HitBTC has taken altcoin hype to the next level by adding Useless Ethereum Token (UET).
Orders are already live for the token whose only promise is that it has no promise, one UET trading for 0.0185 ETH ($4.95) at press time.
Since the token debuted July 3, 364.3 UET has sold on HitBTC, while purchase orders amount to 9.658 ETH - over $2,000.
Although intended as a tongue-in-cheek move, the HitBTC told Cointelegraph, the fact that the UET/ETH trading pair is generating real value is a bizarre side effect.
The exchange is the first to list “the world's first 100% honest Ethereum ICO,” as UET describes itself.
The ‘asset’s’ crowdsale may now be officially open, but developers remain realistic in their publicity.
“Unlike with every other token sale on the market, I can guarantee here and now that the value of UET will not (in fact, can not) reduce during or after the ICO,” creator wrote on the project’s website.
“Since these tokens aren't worth anything to start with, there's nowhere to go but up!”
The plethora of Ethereum-based ICOs and accompanying tokens, which continue to generate billions of dollars, have frequently caused commentators and investors alike to wonder what tangible value the underlying projects represent.