$USELESS crypto doesn’t want to be a meme coin anymore
Some people think cryptocurrency is useless—some people think it’s a meme currency, a breeding ground for scammers, and a space for pump-and-dump schemes.
That’s how Useless Crypto came about. But though the $USELESS coin was started as a meme, David Wyly saw real potential. Along with a fully-doxxed team of six, Wyly relaunched the coin, severed ties with the old dev, and fixed a liquidity issue under the old contract.
Now, Wyly has left his role as a Reddit community manager for SafeMoon, along with his full-time job, to work on Useless Crypto full-time. The goal of Useless Crypto is to get more people into cryptocurrency, he says, while remaining as decentralized as possible. That is coming in the form of Useless Crypto token, $USELESS, and an app that will connect to numerous cryptocurrency exchanges.
“What we’re trying to do with our all-for-one Useless app is make it easy for people like your grandmother, or your aunt, or your parent, or whatever, to get into crypto, and to kind of bash down a lot of those barriers, and do it in a way that is fully decentralized, or as decentralized as possible,” he says. “Even though Coinbase or Binance may provide some of that accessibility, it’s all very centralized, and so this is all in the spirit of decentralization, that we’re trying to do this in.”
$USELESS is currently worth $0.0000000063 per token as of writing, with a circulating supply of roughly 708 trillion. The token’s symbol will change from $USELESS to $USE with a version three token upgrade, which was announced in mid-February and, with that upgrade, $USE will reduce its price 1,000,000:1, cutting six zeroes off the token price. It will also migrate to the Harmony network to allow multi-chain bridging to blockchains like ETH, AVAX, SOL, and MATIC, decrease taxes on transactions from 8 percent to 3 percent, and remove swap and liquify for auto-liquidity.
$USELESS has a furnace contract, defined as “a mechanism that keeps the liquidity pool of $USELESS stable. When liquidity is too high or too low, the furnace will perform liquidity raising or liquidity lowering actions.
And then there’s the app. The Useless Crypto app is currently in beta testing and Wyly says he wants Useless Crypto to be sort of the Robinhood for cryptocurrency, though that’s a tough title to take from current leaders, such as Coinbase. Apps like Coinbase have made it easy for people to enter into the crypto space. The app looks like other finance apps and it’s simple to understand. It doesn’t require the use of a wallet, keys, or require people to really get into the cryptocurrency weeds.
One thing that Wyly believes will be different with Useless is the ability to connect to multiple exchanges offering all sorts of cryptocurrencies. Instead of being able to buy what’s available for trading on Coinbase, users would be able to connect to different decentralized exchanges to buy whatever they want. That can be a very profitable endeavor for some, but also a very dangerous game. The crypto world can be full of rug pulls, scams, and risky investments. Giving people full access to those may sound like it could open up a can of worms.
“I’m more of the opinion and the philosophy that having access to something trumps being the gatekeeper for it,” Wyly says.
One way that he thinks that rug pulls can be avoided is through a ranking list in the app. Tokens listed in the rankings would have gone through “preliminary vetting” by the Useless team to make sure “they’re not an obvious scam,” Wyly says.
They can’t tell people what to buy and not to buy, but there can be educational opportunities while allowing people full access, he says. Coinbase and Binance, for example, don’t allow the purchase of SafeMoon right now. When he was first looking into it, Wyly says it took him “days’ to be able to purchase SafeMoon.
Trust is important in a crypto exchange. Wyly says he hopes to earn trust with a fully doxxed team, the creation of an LLC, and things like frequent transparency reports. “I don’t think people should ever just trust us. I think that’s a very scary precedent to set,” he says. “I think you need to set up the system and the processes to be trustworthy, and that’s what we’re trying to do.”
Some look at cryptocurrency as an investment, a store of money, or just something to gamble on. Wyly wants to increase accessibility to different coins, but he also hopes people will look at cryptocurrency for its future utility more than its get-rich-quick opportunities. “Our goal is to increase accessibility into the space and to do it in a way that tempers perhaps some of the scams and rug pulls out there,” he says. “But at the same time, we’re solving a real problem.”
Wyly is among those who believe that everything from books, movies, and music to car titles and registrations can be decentralized on the blockchain. Crypto can change society the same way that smartphones and the internet have changed society in the past 20 years, he says.
”People are focusing so much on price action versus the actual innovation and decentralized finance,” Wyly says. “This is going to change the world. It feels like the internet in like 1995.”