This is certainly in describing the slowest USB stick, which I have seen in recent years. With H2testw I identified both a USB 2.0 and a USB 3.0 port the following values:
Letter: 1,70 MByte / s (flop!)
Read: 32.6 Mbyte / s (Top!)
For the price of a little more than EUR 5 one can not expect much, but 1.7 MB / s are easy nowadays too little. The reading speed on the other hand is excellent!
The stick therefore is more suitable for applications that mostly read access it.
That it is also balanced, the Kingston shows "DataTraveler DT101G2 8GB USB flash drive USB 2.0 red" for almost the same price; it reaches 5.7 MB / s write and about 23 MBytes / s read.
