It always amused me when a new crypto currency would come out with a new name and logo, each one vying for a shot at the top ten by market cap. A lot of coins have decent branding and a good name--take DASH, for example. Although I have never been a huge fan, I cannot argue that their creativity in designing a logo and a name change was kinda brilliant.
Litecoin, Steem, Ethereum--all have been successful, due in part to good branding. The Steem logo is now what millions of people see when they search google for any given topic. This will only continue to expand as authors and content creators fill the databases.
Enter the ICO. The rush to become the next 'big thing' has caused many development teams to forego the thought and creativity needed to produce something that will truly last. Further, development teams in foreign countries other than the U.S. seem to be a little unclear on the concept. Have you ever tried to imagine what the naming process was like with the various crypto currencies? I have. In my head, it always sounded something like this:
Fa: "So what we call new coin so American buy?"
La: "Hmm. Americans like movie. Like action movie. We call Movie coin."
Fa: "Movie coin good, but American like Terminator, like Rambo. We make Rambo coin!!"
La: "Rambo coin no good. First movie better."
Fa: "Waahh!! We call First Blood coin!!"
Really?
Now don't get me wrong, I'm sure a lot of development was put into First Blood, and there may be some who truly find value in it. They have a nice website, and the overall concept seems feasible...I guess. When I decide which crypto I want to hold, however, I always consider the name, grammar, and spelling. I don't know, maybe I'm in the minority on this issue. Another amusing fictional conversation running through my head goes something like this (in the voice of a samurai warrior):
Mo: "Need name for coin, fast!"
Fo: "American like crypto. We call crypto coin!!"
Mo: "Crypto coin can taken. Need something more crypto."
Fo: "Ahhhh!! Everyone like gain when trade. We call Gain Coin."
Mo: "Gain good, but need more better gain. All like making 2x gain."
Fo: "Wahhh ha! We call 2x coin!"
Mo: "2x good but need more better. We make 10x coin!!"
Fo: "Hmmph. Someone create already."
Mo: "Matrix movie good. Maybe people buy Matrix coin?"
Fo: "Ahhh! Neo computer genius, we name NEO coin!"
Mo: "OMG! Ayy! Good! Wahhhh!! Someone take again."
Fo: "OMG! We could do create OMG coin?"
Mo: "Wahhh someone take too!"
Okay I'm done with the silliness. The point is, by throwing out a name for a coin that seems familiar, people will oftentimes buy, solely based on that familiarity. So the next time you see a coin with the name, "LMAO," please be sure and do your due diligence.