The Dead Token Society; Blogtoken is Dead

Blogtoken is dead

What does it take for a token to be dead?

For me, when researching a token, if its website is not up and running it is a great indicator that the project is dead.

What is the point after all, of having a blogging platform, when the platform is being listed for sale?

Worst, it is not being listed for sale as a small banner (or even an extremely large banner) on the page, the page is just a sale page.

It doesn't seem to stop people from buying the token.

Screenshot 20220623 13.44.48.png

As you can see, there are not many buy orders for this token, but for some reason, there are still buy orders.

I simply cannot figure out why anyone would want to buy a token that has no site, no community, no leader, no... nothing.

Once upon a time, I was happy to buy blogtoken

It was cheap, it paid out daily, and it made my @intuitivewords posts look cool on Pinterest, since the payout looked so large.

It would pay me thousands of blogtoken per post, which was fun to look at, but not worth a whole lot.

Screenshot 20220623 13.47.54.png

I don't think I lost much money.

Especially because the token was so cheap, I don't think I spent more than 10-20 HIVE on it.

The tokenomics were ridiculous, but the token used to pay out just for HODLing it. Not anymore, as I think something happened to the bot that made the payouts, and of course, there is no one to fix the bot.

Screenshot 20220623 13.51.38.png

Or maybe I am not getting my daily blogtoken payout because I am currently unstaking?

I will be unstaking for a while as it takes 60 transactions to fully unstake.

I should feel guilty for having fun looking at this dead token, but I kinda don't.

Instead, I sell the token once a week to a willing buyer. It always seems to be a different buyer.

One of the times, I actually took the time to find and message the buyer of the token to let them know that the token was dead.

They didn't seem to care much, and I felt it was a complete waste of my time.

Should I feel bad for selling my bag?

I don't. And it isn't making me much money anyway.

Although I will state, that I am selling the token for slightly higher than I purchased it.

This is a silly post but the end result is to please pay attention to where you are "investing" your money.

I was investing in looks when I purchased blogtoken, I got what I paid for.

What are the people who are buying it now investing in?

Posted Using LeoFinance Beta



0
0
0.000
11 comments
avatar

Sadly, it seems like the vast majority of Hive-Engine tokens suffer a similar fate. I do remember Blogtoken...

In most cases, I think these tokens are ill-conceived... having nothing to offer aside from "this is a way to earn extra rewards!" With no reason to actually BUY and OWN the token, it sets up a dynamic in which there are 90% sellers and only 10% (or fewer) buyers... and the price goes to zero.

In some cases, I believe the community founders simply discover that running and growing a community is a lot more work than they expected, and when the token price starts declining, they lose interest.

R.I.P. Blogtoken!

=^..^=

0
0
0.000
avatar

Interesting case study, and I think you've nailed quite a few things in your comment - taking on a token project is a considerable responsibility that will will take a lot of time, over a long timescale. Not for the faint hearted.

Posted Using LeoFinance Beta

0
0
0.000
avatar

This is a silly post but the end result is to please pay attention to where you are "investing" your money.

Yep. Do your own research

Posted Using LeoFinance Beta

0
0
0.000
avatar

But, do you remember, it was exciting when Hive-Engine started? We were all getting a little bored ... write, post, comment, check your rewards, yawn. No big car-crash dramas (thinking um ... dtrade (?)) ... then there was Hive-Engine and anyone could create a token, and air drops, and you could buy hundreds/thousands/millions of tokens for half a Hive when it had taken months/years of your life to become a minnow ... everyone could be a whale now!

It was fun while it lasted. Some made it, some were experiments and some were just for fun.

I had a little of that again with the drop in Hive price, I could enjoy dropping a few Hive on something for fun 😍

0
0
0.000
avatar

I do remember, and I do still love new projects rolling out. Especially when they come from the @spinvest group cause you know it means long term wealth.

What fun tokens have you been buying?

0
0
0.000
avatar

Mmm, some SPS (as an investment, I don't play) and CTP as I'm enjoying trying out Listnerds.

0
0
0.000
avatar

It's kind of fun to have a little collection of tokens for posterity. Only to be exceeded by my Discord wallet of largely worthless collection coin and tokens there but fun to have.

Posted Using LeoFinance Beta

0
0
0.000