Intro
With heavy doses of satire and humor, FUCKtoken (FUCK) has seen a successful launch. An ERC20 from the Ether family of tokens, it was created as a joke but recently showed its “serious face”. A rapidly organized ICO with a hard cap of 400 ETH (close to $75,000) was sold out within hours. Approximately 50% of all tokens were distributed to the brave ones that decided to contribute while the rest of the coins have been kept by the developing team in order to fund the project.
The token is aiming to be used as tipping currency in social media, a form of kudos to those selfless content creators that are making our virtual world a better place, if not better, entertaining the least! Take a look at the roadmap and the white-paper.
Specs
Symbol: FUCK
Decimals: 4
Initial Supply: 70,856,775 FUCKs
Growth rate: 7.0 newly issued FUCKs to Ethereum miners per ETH block mined.
Contract Address: 0xc63e7b1dece63a77ed7e4aeef5efb3b05c81438d
As this is an ERC20 token, the code behind it is nothing special. The smart contract to create the coin can be written in a couple of minutes or even faster by using any of the token creation tools online. Even the “growth rate” lacks interest, one wonders if the token was created as a test or as a joke initially and wasn’t intended to be marketed. The 7 FUCKs per ETH block serve no real purpose as there aren’t any solo Ethereum miners due to the difficulty. As a result, all the newly created FUCKs will be rewarded to those maintaining the mining pools and not to the actual miners.
In this early stage you can trade FUCK only on the exchange, Etherdelta but the team hopes to list the token in all major exchanges. Hopefully the name will not pose any marketing problems;a hurdle faced by many coins when transitioning to mass adoption.
Philosophical deficiencies
It is not the “elaborate smart contract”, nor the groundbreaking idea that give value to the token; it is the philosophy and the community behind it. FUCK was initially distributed via an airdrop to the first few that noticed the unassuming announcement in bitcointalk a humorous post by a user with the nickname Exprand who was most likely fed up by the crazepermeating through the crypto-markets. Following the steps Australian analytic philosopher, Frank Cameron Jackson he brought up his crypto-version of the knowledge argument called “Mary's room”
He noticed that there wasn’t any token that accurately expressed how he felt. To “not give a fuck” about any subject, one assumes that there must be a fuck to be given. For one state (not giving a fuck) to exist, the opposite needs to exists also, being able to give a fuck.
Exprand noticed this philosophical asymmetry and decided to correct our world by creating the FUCKtoken and making it possible for everyone else to make a statement even by abstaining and not giving a single FUCK.
The necessity of the existence of this duality was the driving force behind the creation, think of it as “the required darkness to see the stars” or “the experience of sadness gives meaning to happiness”. One cannot experience one state without the existence of its opposite.
Community matters
The driving force behind the FUCK token is a positive and engaged community. A spillover from the ICONOMI .#trade slack group (unrelated to the official ICONOMI channel, .#trading is not supervised by the ICN team) helped the FUCKtoken family to grow. Thousands of experienced traders and speculators that usually populate the ICONOMI slack gave a boost in popularity and seriousness to the newly founded community by joining and spreading the word. Among the users, volunteers stepped forward to help even further; graphic designers and web developers (check the professional logo made by str4wm4n) community managers and project managers (shwifteey has gone above and beyond, his dedication has had a very positive impact.)
The community is healthy and growing rapidly! The subreddit dedicated to the coin is more than enthusiastic.
Why ICO?
The decision to hold an ICO came when the costs started to mount up. The tip bot development for every social media platform (twitter, slack, reddit, youtube, facebook etc) proved more complicated and costly than initially planned. The promotion costs and exchange listing fees worsened the problem. The ICO was a necessary evil but was structured with humility and moderation, with a small cap and not flamboyant promises and complicated words aiming to create false expectations. It totally reflected the size and notion of this project, it maintained aroma of a community project with discreet goals and reasonable demands.
The progress of the first phase of the tipping bot which will be for Reddit and slack can be seen here .
What does Whale’s Friend think
Whale’s Friend has been watching since the very beginning. Although we did not participate in the ICO, we are observing closely the developments of this micro-cap asset. If the team manages to successfully deploy secure and user-friendly tip bots for social media platforms it could easily grow to sizable and profitable market for all the parties involved. At the time of the writing we don’t view it as investment material but we support the project and the community. We enjoy the subtle joke it makes while we acknowledge that behind the humor the FUCKtokens are promoting Ethereum and virtual currencies to the masses. We understand that such use cases can help bridge the gap between those who are familiar with blockchain assets with those who are not.
We believe there is a long and difficult path to establish a community such as Dogecoin but we are convinced there is enough space to accommodate both.
As always we advise you to join the team’s slack channel in order to obtain more information from the developing team.
Don’t invest more than you can afford to lose and don’t take the rumblings of a mad man online as investment advice. Understand that the above is a personal opinion and was not sponsored or requested in any way. The article was written without the involvement or supervision of the FUCKtoken team.
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If the article excited you, you can give a FUCK at: 0x06C8271aD7e2fFc3D9d2cee8a32Af865E62A05fD