Utrust is a perfect example of a company that is running a valid operation, as well as a pump and dump pyramid scheme.
After reading their white paper I can summarise with the following:
Here's the problem. What the fuck does the token do?
According to the website the token is used to cancel out transaction fees for using the platform. A % of each transaction is used on every purchase to either BUY UTRUST tokens from the market and burn them, (why? To increase the value of the remaining tokens ofcourse)... OR if you choose to pay purely in UTRUST tokens, they burn a portion of them aswell.
I must ask.. Why? What the fuck? Who thought it was a good idea to produce a cryptocurrency who's sole purpose is to be burned to increase the value of the remainder of that cryptocurrency? This is literally an official pump and dump.
The token holds NO value other than literally to be destroyed to increase the value of the other tokens.
And these fucks then have the gall to come out and say:
"The token actually has a use"
Fuck these guys, at least they included the following in their small print, that makes sure you KNOW you're buying a pump and dump, and the tokens literally have no purpose, backing, or meaning.
The UTK does not grant any direct equity stake nor profit sharing. It
does not represent an ownership right or claim in the UTRUST platform, revenues
or intellectual property, either present or future. Despite UTRUST team’s best efforts
and diligence to bring this project forward, all contributors should be aware that
their contributions are not refundable and accept the inherent risk of project failure
at any stage of development.
