Jimmy Song: Utility tokens are a rent-seeking tool that will eventually fail

Bitcoin core developer Jimmy Song issued a document on Medium yesterday saying that many projects create utility tokens through ICO, which is actually a rent-seeking tool (similar to government taxation), which is not only lacking in practicality. Sex, and may hinder the development of DApp due to the introduction of transaction costs. The person using the token is a token holder who believes that by using the speculative demand that can drive the token. Only speculative demand can maintain the token price, which ultimately makes it a financial scam and fails.