Projects, could we stop with those ridiculous contests for allocations?
Let me walk you through the idiocracy of your marketing approach.
You make regular investors, your ‘community’, complete disgraceful tasks and spend hours in order to get an allocation of 500 dollars at the highest price relative to what funds got for nothing (let’s be honest, a lot of them are just shiny names). Do you think real enthusiastic community members will comply with this stupidity? No, they get upset, angry, and they leave you. You are destroying your community.
So what are you getting instead?
You are getting an army of robots or hard-working investors who make multiple accounts and re-sell them at a very high price to those exact enthusiastic community members, who followed your project, but had no time to play your stupid games. The army of robots forgets about your project the minute it is listed.
So ask yourself: why are you doing this?
1) If you wanted to stimulate your community to become educated about your product, then you failed.
2) If you wanted to filter out multiple accounts by this Proof Of Love thing, you failed here as well, since those accounts would just be re-sold at a very high price.
3) If you are trying to build up a company, then you are taking a wrong approach from the start, since you are killing your community.
4) If you just wanted to x5, make your institutional friends happy and raise money for another whitepaper - please leave this space.
Keep in mind that I am not trashing bounty contests or big airdrops. There you get a substantial amount of free tokens for your work.
I am talking about cases where you need to work your ass off to get a laughable allocation. If you gave big allocations for the hard work people did, that would have been fine.
Let me walk you through the idiocracy of your marketing approach.
You make regular investors, your ‘community’, complete disgraceful tasks and spend hours in order to get an allocation of 500 dollars at the highest price relative to what funds got for nothing (let’s be honest, a lot of them are just shiny names). Do you think real enthusiastic community members will comply with this stupidity? No, they get upset, angry, and they leave you. You are destroying your community.
So what are you getting instead?
You are getting an army of robots or hard-working investors who make multiple accounts and re-sell them at a very high price to those exact enthusiastic community members, who followed your project, but had no time to play your stupid games. The army of robots forgets about your project the minute it is listed.
So ask yourself: why are you doing this?
1) If you wanted to stimulate your community to become educated about your product, then you failed.
2) If you wanted to filter out multiple accounts by this Proof Of Love thing, you failed here as well, since those accounts would just be re-sold at a very high price.
3) If you are trying to build up a company, then you are taking a wrong approach from the start, since you are killing your community.
4) If you just wanted to x5, make your institutional friends happy and raise money for another whitepaper - please leave this space.
Keep in mind that I am not trashing bounty contests or big airdrops. There you get a substantial amount of free tokens for your work.
I am talking about cases where you need to work your ass off to get a laughable allocation. If you gave big allocations for the hard work people did, that would have been fine.
Forwarded from Binance Announcements
Binance Acquires Trust Wallet - A Popular Mobile Crypto Wallet
https://support.binance.com/hc/en-us/articles/360010790652
https://support.binance.com/hc/en-us/articles/360010790652
Binance
Binance Acquires Trust Wallet - A Secure Mobile Crypto Wallet
Fellow Binancians,
Binance has completed the acquisition of Trust Wallet, a secure and intuitive mobile wallet. Through this acquisition, Binance aims to provide a better service and to enhance the...
Binance has completed the acquisition of Trust Wallet, a secure and intuitive mobile wallet. Through this acquisition, Binance aims to provide a better service and to enhance the...
Seems like Binance is reading my channel. Stop stealing my gems, CZ 😛
There is a term among VCs - getting Polychain’ed - that is when you are in touch with a project, but then Polychain comes in and scoops up the entire round or two. I guess we should add getting Binance’ed to the terminology, since some people (ehem) almost had a SAFT for this baby… Congrats to Viktor (TechCrunch article: tcrn.ch/2LHZirR)
There is a term among VCs - getting Polychain’ed - that is when you are in touch with a project, but then Polychain comes in and scoops up the entire round or two. I guess we should add getting Binance’ed to the terminology, since some people (ehem) almost had a SAFT for this baby… Congrats to Viktor (TechCrunch article: tcrn.ch/2LHZirR)
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‘When you skipped HOLO and then compare its chart with your portfolio performance…’
© savage Russian cartoons
© savage Russian cartoons
Bull market: everyone is an expert and is the best advisor.
Bear market: the real shit comes out, seeing real intentions of people.
Seems like decentralization, education and community emporwement can only occur in the times of heavy downtrends.
Bear market: the real shit comes out, seeing real intentions of people.
Seems like decentralization, education and community emporwement can only occur in the times of heavy downtrends.
My thoughts on #NEX 🗣
PS: I was too lazy to ask the team, so if I am wrong plz just DM me and I will edit the post later on.
- Security Aspect
NEX token is a security, which legally implies that a holder must be identifiable. At a crowdsale stage, that is done via KYC. When you buy your tokens, you will most likely either have them within the platform oт your NeonExchange account and will not be able to withdraw them to your private NEO wallet, or you will be - but when you would want to transfer them to NeonExchange later on - your KYC will have to match with the wallet you used previously. (otherwise you lose that ‘legal’ trace, so why make it a security then)
- Liquidity Aspect
Switcheo is not allowed to list security tokens, so are not other exchanges, because they are not purely DEXes: there are still legal entities and people behind those exchanges, which are subject to regulations of different jurisdictions. You will probably be able to escrow or OTC your tokens, but it will be quite a hustle dealing with issues like intermediaries and trust.
- Staking Aspect
As far as I understand, I can lock my tokens and choose a period over which those tokens will be locked, which will define my interest rate - those dividends are the exact thing that make NEX a security. But why do I need to stake them? That plays no integral part in the functionality of the system/network like in PoS-based systems, for example, in NuCypher. This simply looks like a staking for the sake of staking = diminishing circulating supply for the sake of artificial token price growth. After all, you don’t lock your shares to receive dividends 🤫
- DEX or…?
Anyway, it was first planned as NEO DEX, but then the path was changed and the scope widened to including tokens of other fabrics - which is good. However, this is no way means that they developed a cutting-edge scalability approach to decentralized exchanges or solved some other architecture issues. For now it is just a hyped ICO. I actually see nothing revolutionary, only promises for now with no code or specifications: neonexchange.org/pdfs/whitepaper_v2.pdf. It also looks hella centralized to me.
- Overall
Yes they are being more fair than other projects. Yes they are making a more community-oriented crowdsale. But apart from that, I am not seeing any substance. Perhaps a lot has been in the works and will be announced later. But don’t just chase hype. For A CEX it is a problem to stick around due to issues of volume and user base. For a DEX, add also architectural issues to that.
Anyway, I would still participate if I had an account because it would be a small bet for me relative to my portfolio size - but if 1K USD is a big part of your holdings, then be careful as you might get stuck for a long time 🦐
PS: I was too lazy to ask the team, so if I am wrong plz just DM me and I will edit the post later on.
- Security Aspect
NEX token is a security, which legally implies that a holder must be identifiable. At a crowdsale stage, that is done via KYC. When you buy your tokens, you will most likely either have them within the platform oт your NeonExchange account and will not be able to withdraw them to your private NEO wallet, or you will be - but when you would want to transfer them to NeonExchange later on - your KYC will have to match with the wallet you used previously. (otherwise you lose that ‘legal’ trace, so why make it a security then)
- Liquidity Aspect
Switcheo is not allowed to list security tokens, so are not other exchanges, because they are not purely DEXes: there are still legal entities and people behind those exchanges, which are subject to regulations of different jurisdictions. You will probably be able to escrow or OTC your tokens, but it will be quite a hustle dealing with issues like intermediaries and trust.
- Staking Aspect
As far as I understand, I can lock my tokens and choose a period over which those tokens will be locked, which will define my interest rate - those dividends are the exact thing that make NEX a security. But why do I need to stake them? That plays no integral part in the functionality of the system/network like in PoS-based systems, for example, in NuCypher. This simply looks like a staking for the sake of staking = diminishing circulating supply for the sake of artificial token price growth. After all, you don’t lock your shares to receive dividends 🤫
- DEX or…?
Anyway, it was first planned as NEO DEX, but then the path was changed and the scope widened to including tokens of other fabrics - which is good. However, this is no way means that they developed a cutting-edge scalability approach to decentralized exchanges or solved some other architecture issues. For now it is just a hyped ICO. I actually see nothing revolutionary, only promises for now with no code or specifications: neonexchange.org/pdfs/whitepaper_v2.pdf. It also looks hella centralized to me.
- Overall
Yes they are being more fair than other projects. Yes they are making a more community-oriented crowdsale. But apart from that, I am not seeing any substance. Perhaps a lot has been in the works and will be announced later. But don’t just chase hype. For A CEX it is a problem to stick around due to issues of volume and user base. For a DEX, add also architectural issues to that.
Anyway, I would still participate if I had an account because it would be a small bet for me relative to my portfolio size - but if 1K USD is a big part of your holdings, then be careful as you might get stuck for a long time 🦐
I love how developers, who were early ETH or BTC adopters, leverage that financial freedom to work on cool innovative ideas, rather than buying lambos and running around throwing cash at strippers (you put cash in their underwear, not throw at them!).
When a human crosses that boundary of being dependent on money to feed himself and to have a roof over his head, he can start thinking about deeper things, forgetting about greed - which is also a test for everyone. And that is one of the cool things I find about the speculative aspect of crypto. It’s a risky tool, given to everybody, which allows one to jump over that social lift which would otherwise be close to impossible. But it’s up to you how you use that advantage once you succeed in the speculative game.
Read, learn, try to get a deeper level of understanding of things. It gets really interesting yet complicated with every word you read. But then you will become a value-capture tool by yourself, and that can be transposed into many different things later on. After all, there is no more profitable investment than investing in yourself.
Most of us came here by first hearing about the crazy ROI, that’s fine. But is that your ultimate goal?
💸 I am here for ROI, I hardly care about substance in this particular space (perhaps you believe in VR more)
💰 I am here for ROI, I hardly care about substance in general (just want lambo and moon)
💡 I came here for ROI, but I am trying to understand and create value as I move on
⚙️ I came here for the tech, but I am now also involved in the ROI game
🛠 I was always here just for the tech, never cared about ROI (Andre, I made this button for you - gonna be 1 vote only I guess)
PS: I like to think I am option 3: 💡
When a human crosses that boundary of being dependent on money to feed himself and to have a roof over his head, he can start thinking about deeper things, forgetting about greed - which is also a test for everyone. And that is one of the cool things I find about the speculative aspect of crypto. It’s a risky tool, given to everybody, which allows one to jump over that social lift which would otherwise be close to impossible. But it’s up to you how you use that advantage once you succeed in the speculative game.
Read, learn, try to get a deeper level of understanding of things. It gets really interesting yet complicated with every word you read. But then you will become a value-capture tool by yourself, and that can be transposed into many different things later on. After all, there is no more profitable investment than investing in yourself.
Most of us came here by first hearing about the crazy ROI, that’s fine. But is that your ultimate goal?
💸 I am here for ROI, I hardly care about substance in this particular space (perhaps you believe in VR more)
💰 I am here for ROI, I hardly care about substance in general (just want lambo and moon)
💡 I came here for ROI, but I am trying to understand and create value as I move on
⚙️ I came here for the tech, but I am now also involved in the ROI game
🛠 I was always here just for the tech, never cared about ROI (Andre, I made this button for you - gonna be 1 vote only I guess)
PS: I like to think I am option 3: 💡
People who capitalize on tech and research now, despite the bear market, will have much more significant long-term outcomes (not just $) when the market recovers. Go read.
I am not really getting the whining around projects fucking people over. Here is my view on it.
If you invest in projects where there is only hype and you see no fundamental advantage of their tech/solution - it is a marketing ploy which you are biting. However, it easily evaporates as soon as a small issue occurs. Thesis: you gambled for x2, and got -2. Suck up your risks, you knew it.
You saw the hype. You thought you could flip. Turned out there was nothing behind them, and your bet did not play out. Now people are calling for smart contracts, trustless execution of sales and etc... but wait, do you not see a fundamental flaw in this?
Investing in ICOs is investing in ideas. It is your belief that the team will carry out what they promise. Therefore, if they can’t even be honest about the sale terms, do you expect them to carry on properly? Nah. Thesis: an investment in an ICO has a huge trust component in it by default.
‘But Ivan, there are DAICOs!’
DAICOs are easily gameable, that is too risky. First of all, voting can be skewed, thus leaving even a good project empty-handed. Secondly, a project might shift its course once they define their go-to-market strategy and find a better fit for the market which was not initially seen - also hard to implement with DAICOs. Lastly, the phrasing of development stages will get very broad to facilitate any delays, then it will cause further suspsicions, you will have to get a third party to verify it… and then again you come to the issue of trusting that third party. I do not think they are the perfect model. I will try to think of a few - please send me suggestions!
Overall: read papers, educate yourself, or you will keep playing PnDs and getting fucked over. Or maybe just go back to lending coins 😏
If you invest in projects where there is only hype and you see no fundamental advantage of their tech/solution - it is a marketing ploy which you are biting. However, it easily evaporates as soon as a small issue occurs. Thesis: you gambled for x2, and got -2. Suck up your risks, you knew it.
You saw the hype. You thought you could flip. Turned out there was nothing behind them, and your bet did not play out. Now people are calling for smart contracts, trustless execution of sales and etc... but wait, do you not see a fundamental flaw in this?
Investing in ICOs is investing in ideas. It is your belief that the team will carry out what they promise. Therefore, if they can’t even be honest about the sale terms, do you expect them to carry on properly? Nah. Thesis: an investment in an ICO has a huge trust component in it by default.
‘But Ivan, there are DAICOs!’
DAICOs are easily gameable, that is too risky. First of all, voting can be skewed, thus leaving even a good project empty-handed. Secondly, a project might shift its course once they define their go-to-market strategy and find a better fit for the market which was not initially seen - also hard to implement with DAICOs. Lastly, the phrasing of development stages will get very broad to facilitate any delays, then it will cause further suspsicions, you will have to get a third party to verify it… and then again you come to the issue of trusting that third party. I do not think they are the perfect model. I will try to think of a few - please send me suggestions!
Overall: read papers, educate yourself, or you will keep playing PnDs and getting fucked over. Or maybe just go back to lending coins 😏
What I think of when I hear smart money and smart investor.
From now on my spirit animal is a lemming 🐒
Thanks to Akanshu for the video
youtu.be/AOOs8MaR1YM
From now on my spirit animal is a lemming 🐒
Thanks to Akanshu for the video
youtu.be/AOOs8MaR1YM
YouTube
lemmings jumping off cliffs
Lemmings jumping of cliffs. Some think its sad but it's part of their nature.
SEC strikes again! This time it’s not crypto, but our boi Elon Mars
PS: for shitposting on twitter and “taking Tesla private” without funds being #SAFU
The settlement, which is still subject to court approval, includes the following:
- Elon will pay a civil penalty of $20 million and give up his role as chairman of the board for at least 3 years
- Tesla will pay a $20 million fine, and appoint two new independent directors to the board
Elon, remember, SEC can’t get you on the moon! That being said… wen moon sir?
PS: for shitposting on twitter and “taking Tesla private” without funds being #SAFU
The settlement, which is still subject to court approval, includes the following:
- Elon will pay a civil penalty of $20 million and give up his role as chairman of the board for at least 3 years
- Tesla will pay a $20 million fine, and appoint two new independent directors to the board
Elon, remember, SEC can’t get you on the moon! That being said… wen moon sir?
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Your portfolio in the last few months
Interesting stuff: blog.bitmex.com/ethereum-holdings-in-the-ico-treasury-accounts. Quote: ICO treasury accounts have a much lower level of exposure to the price of Ethereum than many may have thought.
‘I hired a treasury service to increase my line of credit, which is smart’ (c) ICO
So... Are you done? Did you finish? Is your network dominating the world, making it a better place?
You raised money for a tech project, and instead of building stuff - you are hiring asset managers and diversifying your risks? Excuse me, did you not raise the money for building the product?
Your money must go into events facilitation, hackatons, ecosystem development and hiring developers. I did not contribute to your project for you to be running around buying equity, real estate and making your own VC which has no relevance to your project. Stop with those bullshit arguments about diversifying risks. You raise money, you build the product you promised, you launch it and market it. Otherwise you are a total scam. Period.
So... Are you done? Did you finish? Is your network dominating the world, making it a better place?
You raised money for a tech project, and instead of building stuff - you are hiring asset managers and diversifying your risks? Excuse me, did you not raise the money for building the product?
Your money must go into events facilitation, hackatons, ecosystem development and hiring developers. I did not contribute to your project for you to be running around buying equity, real estate and making your own VC which has no relevance to your project. Stop with those bullshit arguments about diversifying risks. You raise money, you build the product you promised, you launch it and market it. Otherwise you are a total scam. Period.