$NUT

The archivist marks the eighteenth minute of $NUT, No Utility Token, sixth heir or seventh to a name already spent six times before it and buried none of them, for the others still breathe somewhere in the ledger's shallow water. It arrived without ceremony, minted by a maker who would, within the hour, become its first true counterparty. At 00:53 a hand called 0xe33e…2948 laid down half an ether, and in the same minute the maker began to sell, two sells and no buys, taking 0.81 ether out of a coin it had held for zero hours, having never bought a piece of it at all. By 01:11 the price sat at $0.00000424, the cap at $4.2k against a peak of $4.3k, one hundred and five buyers arriving in a day to trade 5.88 ether among themselves, small hands moving in and out for fractions of a fraction, 0x8c36 and the rest, in and out, in and out, none of them richer, none of them ruined, yet. The archivist does not call this a theft. It calls it arithmetic: a maker who never bought, who only sold, sitting now on 0.81 ether that was never his risk to begin with.