This post is not meant to be an attack for the mere pleasure of attacking someone. It's a cry for help in hope it will become a stimulus. To make things better. To start treating the users like they have few brain cells.
Leo has recently launched a DHF campaign in this post I'd like to tell you why I won't support it, even though it might sound sound.
Leofinance communication issues
Among the things the Team is doing, there are serious problems with communication and keeping the word. I'm not talking about soon™ and don't giving a damn about set deadlines...do you want some examples? Let's head to the following statements
- MultiTokenBridge and its CUB burns are automated and use price averaging not to buy on a peak.
- bHBD is backed by HBD by 1:1.
Both these statements have proven to be false. The nature of facts is not a problem, but lack of communication and truthful statements is dangerous - we only learnt about this things from 3rd parties, which might have used it for a coordinated attack. The half-true gossip is as dangerous as the truth about some fuck-ups.
I used to, at least was trying to, raise awareness about cub burns being not being automated on Threads and only few users reacted. Few months back I noticed the cub burns being not as advertised which was odd. I was quite happy about burns happening at all (as opposed to the times before introduction of MTB), but there was something out of order.
Later on there was a shit storm with Splinterlands in which tmit turned out that bHBD is not backed by HBD in 1:1 ratio
You see this? We wouldn't know if there wasn't a major community member that raised the issue. @khaleelkazi response afterwards during AMA wasn't what I expected and didn't remove the concerns.
In the ideal world, the Leofinance would release a statement in which they would tell us:
- they're working on new version of MTB and until then they have to put away HBD (and where),
- they would use put the HBD into savings and they what they would use the rewards for as dividends out of 200k HBD are significant,
- they would cover major transactions manually for the time being.
Non of this happened
This might sound trivial for some, but lack of this news releases might have created a panic which would affect me as I hold some +45k of CUB. The Leofinance team needs to defuse these bombs before they would go 'boom'.
I know there was a Thread campaign in place, but it doesn't mean you can behave in such manner, there are real money involved. You need to be serious about these things.
I still believe there's room for change as it requires no costs but for change of attitude and approach.
I think it's beyond any dispute and we can all agree there's much to be done with $CUB
Posted Using LeoFinance Alpha
Posted Using LeoFinance Alpha
This was stated several times in several places. Including probably 5+ AMA sessions where these questions were raised.
I'm sorry if you feel that communication isn't good but we literally host a weekly live AMA where people can ask any questions they want.
several of our team members are also hyper-active on Threads. If you tag one of us and ask a question, we almost always reply.
HBD liquidity isn't going to happen overnight. Building a DeFi platform successfully turned out to be very difficult.
Yet both are things that our team has constantly worked on and will succeed at in the long-run. If you don't want to ride out the bear market, that's a different story altogether.
This proposal aims to grow Hive - something that our team has already been successful in doing. We're the #1 active community on-chain. We also onboarded hundreds of non-Hivers to Hive this year, as can be seen by our Monthly Active User metrics.
Sometimes I feel like people focus on a tiny keyhole of information. Open the door and you'll see the bigger picture.
I appreciate your reply, I want to stress out that I do not mean to attack you, I want you to succeed as I am invested in Leosphere.
Let's just agree on the fact that you didn't point out the issues strong and clear enough... For me at least.
Let's move forward and fix it.
Really good point. The leofinance team is always hyping the new stuff, but it’s silent when things don’t work out well
Exactly ny point
Basically every platform that paid interest (new token, referred to as a synthetic) on users staking a token, went bad during the bull (defi, didn't work out that well, because no one found a use case for the synthetic tokens) so they were paying monopoly money to hold your.. insert token here. I had some misgivings going in, but I still went in hard and held too long.
Throughout my career, I've primarily been involved with start-up companies (traditional ones, not crypto-based, and I've assisted with two going public). It's commonplace to see agendas, projects, and products being shelved.
I invested significantly in Cub and was hesitant about Polycub after observing Cub's trajectory. However, this was a learning experience, and such challenges arise on every platform.
Currently, I'm at a loss with my investments in ETH's Fox, POLY, Bunny, and essentially all the synthetics I've purchased.
Khal and a 1000 other teams made defi projects that didn't hold up well over time.
I think evaluating a team's performance is a great part of investing, but you also have to take the market into consideration as well.
Cheers and thanks for the feedback
Don't get me wrong but for me the price doesn't really matter as long as it's not freefalling without any reaction from the devs. What's important, the Leofinance decided to react and decided to provide liquidity for HBD and Hive which I find immensely important and needed for Hive to grow.
Also they introduced a Multi Token Bridge that was to facilitate the exchange between bHBD and HBD and almost every token on BSC. What is more this Bridge was meant to collect funds and earn on arbitrage between different pools and use profits to burn cub
It didn't flip the table, but provided stable economy with an usecase - it was supposed to be all automatic.
However after some announcements that CUB has become deflationary the team switched off the MTB, burns and unpegged bHBD from HBD, used HBD elsewhere and all of this happened in complete silence.
I'm nit complaining about the price as I am not far away from getting even, but I'm complaining about howbthe Leofinance is handling things ane communicating them to users.
Understood, I've missed a lot over the past year, so I wasn't around for the communication or lack of it.