Please be careful about investing in speculation tokens fueled by hype. This seems to be particularly rampant in the SmartBCH community, no doubt because of the exciting possibilities offered by SEP20 tokens.
Yesterday, it came to my attention on Twitter that someone had created a "DAO" token. It was promoted without a white paper, without reference to a contract etc.
Today I learned that indeed, this is not a real Decentralized Autonomous Organization, but a token created "for fun":
"I will share the story of how DAO token on smartBCH was created. Basically, Jihan said something about BCH and DAO. And then a guy created a token called DAO for fun and gave them away to all group members, and it went out of control." - Cindy Wang
Source: twitter.com/crypto_cindy/status/1465709268779212809
I can only recommend not to gamble away hard-earned BCH on non-serious tokens.
I do look forward to real DAOs on SmartBCH in the future, but speculation tokens have a real potential to do reputational damage to BCH.
Do you remember the original DAO story? It wasn't good. Much money was lost. I would not like to see a repeat of something similar, and with speculation token, such losses for investors can happen easily.
Just be careful out there. If it looks too good to be true, it usually is.
Comments
Thank you for the heads up. I was wondering about that token after someone promoted that token in a Telegram group.
Investments should be done after research, and with disposable money
Lot of people especially new comers trapped by speculations of speedy profit. This trap becomes source of lose latterly. Best advice from you that be careful , make good investigate, consult with any senior before investment.
Not just money was lost... more important things. The Ethereum chain was split, the unstoppable computer was stopped.
It also delivered clarity on how highly "investors" value crypto ideals.