The eBTC social experiment
The first time I found out about eBTC, my initial reaction was one of ridicule.... having a namesake BTC in the Ethereum blockchain does not make sense. But then it dawned on me that all currencies, whether they be seashells or the regular cash, derive their value from their utility and the community's perception of how valuable it is.
So eBTC was given out for free, and now it has been given real value by people trading it on Etherdelta, and now Mercatox as well. A lot of folks in the crypto world, especially the non-sophisticated ones, like the concept a lot. They seem to have a point - what's wrong with a token that can enjoy all the benefits of speed, stability, etc. of the Ethereum blockchain?
So to me eBTC is a social experiment. It's like an unknown citizen who suddenly becomes popular because of some incident or what he stands for which the rest of the population are able to identify with, and propel this unknown to become the next president of their country. Never mind if he did not have any formal education, not much work experience.
eBTC will become valuable if the community want to give it value.
Come to think of it, Bitcoin Cash was also "airdropped" to all BTC users when they decided to form the BTC blockchain, and that coin is now worth $358 each! It also just copied BTC. But in the case of eBTC, all the coins that will ever exist have already been "mined" so now its all about just using eBTC for transactions in the crypto world.
Genius idea, so much so that now there are copycats launching eDASH, eLTC, etc. But maybe this experiment will only work for one version of this "e" token.
Good luck to all eBTC holders. I also invested a little since market cap is so small right now and the price of each eBTC is only $0.29 at the moment. Imagine if it becomes of the same value as Bitcoin Cash at least?
What do you think?
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STOPI'm a bit split on this token. On the one hand it has a great community. I've never seen such an active community spring up so quickly around a token. eBTC is only a few days old and already has amazing volume. Ont he other hand, it has a glaring mistake in the code and I;m not sure how to fix it. Luckily only one person is able to exploit that mistake, and has already declared that he will not do it. But that means that we must simply trust the creator to never abuse that feature since there is no way to prove that the key was destroyed.
Ultimately, my gut tells me this coin won't go too far in the long term. In the short term, I'm hoping that it can pump up again because it's neat seeing a community give real value to something so simple.