You get this feeling when you browse web2 socials that it's all about money, and it is in many ways true everywhere, but I'm talking about the paradigm shift that is blockchain and crypto. We are still in the phase where we're moving towards it but a lot of the bad habits and interests are coming along with it.
The masses don't really care much what's behind the curtains as long as they're doing better or feeling like they are and having fun. I was looking into this new socialfi platform, although honestly I didn't look much into it, but I kept seeing things like "backed by coinbase", built on their blockchain base, "backed with millions by VC's", etc.
Let me ask you this, what do you think the intentions of these VC's are? Do you think they care about freedom, censorship resistence and fair value distribution?
Whenever you open your project up to investment to get it going, you give away a big part of it before it even starts. I remember way back before the FTX collapse how some ex Facebook CEO's or whatever were laughing in zoom calls talking about how cheap they got their bag of Solana and had it not been that cheap they wouldn't have gotten in. It just gives you that feeling that these projects use the names behind them as a means to strengthen their reputation at the cost of giving away stake to the project at a cent on the dollar, if not more dollars when it comes to the average joe who'll first get to buy it on exchanges at a large premium. These VC's are similar, they want profit and they want it at all cost, it is after all how they build their reputation and gather more investors themselves.
The masses will naturally follow these first, I'm seeing a lot of the same happening with gamefi too. We have millions of VC funding so we could afford ex-"popular web2 game" devs to build our "something"-verse game that's a reskin of whatever game exists on web2. We're going to make it look so shiny and nice, even spend some of our tokens we printed out of thin air to lure in gamers while we make the real profit and have them market it for us.
I feel like many forgot all the games that came forth in the last bull market and how few of them are still alive, people just don't learn.
The old saying "If you're not paying for a product, you're the product." rings true in some form but in a different way.
Here's it's more like "If you're not earning your fair share of a project, you're just being used".
I personally am not too worried about these socialfi's, most of them will either succumb to censorship in one way or another, the rest will just use their users to benefit early investors.
Don't settle for the crumbs, look for projects that want regular people to be invested long term and build something lasting where the VC's and institutions have to come to you to buy your tokens off your hands, not the other way around.
Look at the ETF for instance, you have giant institutions now buying Bitcoin at 50k a piece. A coin you've had the opportunity to buy from $200-15k from the bottoms a few cycles ago to the recent one. Don't settle for projects that already sell most of their tokens before they're even public to investment firms. I'm not saying don't profit from the cycles there, but don't get married to those positions cause they weren't started fairly and the odds aren't in your favor.
That's the norm right now, everyone just chasing profit and money. There'll be a time that'll change though. Even if they'll do everything in their power to not give you the spotlight, it is inevitable.
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You nailed it, VC has one goal , profit. Now that is fair enough in principal, of course anyone will seek a return on their capital, and a fir model is OK
Where things get naughty is when the next phase of capital inflow is used primarily as exit liquidity for the the early VC's. Often this exit is shrouded in secrecy and not at all obvious to those who believe they are getting in at the "early stages".
A relatively recent example is a company I bought into at "launch" on a smaller London exchange, the Company was called NFT investments and sold for 5p a share. What became apparent immediately after launch was that VC had been granted shares at 0.1p and they were not locked in, they sold on day one and tanked the price. A case book study of how the masses are often farmed by the sophisticated.
However, this behaviour is not without consequences. I wouldn't touch this exchange or anything on it with a 10ft pole in the future ( even though I'm up 83% 3 yrs later, that is dumb luck more than design).
I'll say it again, I like your style and your fair launch philology for HoloZing will pay you back with a loyal and steadfast core following, to say nothing of building your personal reputation for whatever project you may birth in the future.
Good Luck and Happy Hunting !
As much as I like the technology that is blockchain and NFTs, at this point if any product is branding itself using the usual buzzwords I am very skeptical. If that's all the product is, it is likely going to fizzle away with all your and other's money in someone else's pocket. I understand why so many people have jumped to the conclusion that 'NFTs are scams!' and 'keep it away from my games!' Not that I would go that far myself since I at least understand, for the most part, the technology is great. It is the implementations that need to evolve. I look forward to the day where companies and people are building products, like usual, but are using the technology without advertising their product as being that technology. It should be seamless. If I create a website I don't brand it as 'based on Internet technology!' or 'using MongoDB to store your data!'
Sounds like authority bias in there too, if you ask me. People will try any project, especially if they feel like they’re early to the opportunity. Rather than consider any other repercussions, the prospect of “buy low, sell high” entices people to play right into other’s hands. This token might not be the future of finance but it’ll be the future of my finance because it maintains longevity by incentivizing audience building and stake distribution.
Yeah, I mean there's even projects that build their token up by profiting off of trading of other more established coins. So nothing wrong with riding the waves, just something to keep in the back of your mind that 90%+ of these won't be here for longterm, few will and very few of them have a true vision for freedom and things the tech, satoshi and the whole cyberpunk scene stood for.
Interesting analysis. As for banks not liking crypto because it puts their finances at risk. They are the first ones to buy BTC .
As a pokemon fan I am waiting for the presale of the holozing game. I have seen great works here, but hopefully that money they give in rewards will be used in buying the packs by the users.
Since I am in this world I have always dreamed of a pokemon style game tokenized and scalable in time, palworld appeared is a great game, but holozing has a great future.
Many blessings and success with this nice game. Greetings from Colombia, I'm like the shiny hehe as I am the only Colombian active in hive.
Could be that's a reason price has been dropping lately yeah, the nearing of the starter sale. Could also be people anticipating hive to go up, though. Either way these swings are healthy and good opporunities for new users to get in early without feeling like they're buying too high and panic selling or something.
All I'm going to say is money talks and that will never change. What matters is what the people with that money do with it and how they are. A vast majority are only in it for themselves but there are a few of the good that build and create for the betterment of all.
I think this article offers sound investment advice. I remember participating in one of such crypto projects you talked about and it later turned out to be a scam, I guess the said whales dumped everything and that was it. I will keep your advice in mind when next looking for crypto projects to invest in, especially ones that invest in ordinary people longtime. Thanks for writing and have a great day.
Yeah be careful out there.
!PGM
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The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]
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Hoping to see that change soon. !PGM
BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]
5000 PGM IN STAKE = 2x rewards!
Discord
Support the curation account @ pgm-curator with a delegation 10 HP - 50 HP - 100 HP - 500 HP - 1000 HP
Get potential votes from @ pgm-curator by paying in PGM, here is a guide
I'm a bot, if you want a hand ask @ zottone444
I only use facebook to watch funny animal videos.
I think your title summarizes it well. People like money, it's the norm. I don't think it can be easily changed. That is why I think those here on Hive are outside of the norm. Hive isn't a popular blockchain, and our games outside of Splinterlands aren't that well known as well. But people still build and stay here because they believe in the potential of Hive. So I say, let them do their hypes, and pump and dumps. I still think Hive will be able to come out on top in the end.
That's the norm right now, everyone just chasing profit and money. There'll be a time that'll change though.-- I would galdly like to see a world where individuals won't see making profits and excess money as everything, it would surely be an obvious change in the world order.
A discerning approach should always be the go to tactic for individuals in any financial move made . Projects that prioritize long term community involvement and sustainable growth should be shown more attention over short term instant gratification gains.
Ultimately, remaining vigilant and selective in supporting projects that align with the values of decentralization and fairness in the evolving landscape of blockchain and crypto will always come handy.