With Dan he really had me fooled or maybe he was legit. I go back and forth on it in my mind. Seemed like his dad and him were these Libertarian minded guys who were into tech and my dealings with him go way back to 2013. I mined Protoshares which then ultimately got converted into BitShares and I more looked at him as a guy on the forefront of blockchain governance and game theory and obviously seemed to understand cryptography enough to do these key paring structures.
The fallout with BitShares I never really blamed him for I guess I believed that he wanted to make a free speech social platform that was crypto based when STEEM really hit. When he left Steemit INC I still didn't fully blame him because I figured he saw the limitation with STEEM in the fact that it wasn't a smart contract platform and felt he had to use his implementation for a shot at being potentially #1 or at least overtaking Ethereum.
I still felt like they could have overtaken it with EOS if they would have allocated those resources to it but it ended up unfortunately being another money grab. I was lucky that in 2020 I saw the writing on the wall and when we went up in 2021 I rotated out of it primarily and jumped to DOT actually for a bit and that pumped and I rotated out of that into BNB and CAKE when the DeFi stuff really hit.
In some ways I'm overly invested mentally into crypto to not be a billionaire but maybe that keeps me hungry.
I still believe in the Ethos that it is true freedom and can help with freedom of speech, the unbanked, and all that.
Obviously all of us realize this at this point but the weird thing about it is we would all be stupid rich if we just would have never talked about crypto, not tried to mine, or be involved in other aspects of it, not got involved in the drama and just pounded out hours and just stacked BTC and maybe a couple other things.
Such a weird way for things to play out. It's like the iPhone 1 or the NES still being the most popular devices today.
Some of these chains have been punished for having better tech.
I don't really blame him either. The way I understood it he was trying to build something great, but he also made it so that he wasn't necessarily the lead. I guess that's the problem with decentralized stuff. Then others take it over and make it into something you didn't want, so what else can you do but step away. EOS as an operating system is still really sound. WAX is great, and to some degree STEEM and HIVE have the blueprints of EOSIO in them as well with the staking for transactions and all that. Did you ever read his book "More Equal Animals"? I tried to read it, but I got lost after about the first chapter. My mind just doesn't work like that.
I never read his book.
It's really sad what happened to the EOSIO chains. The tech was really cool and when Telos launched it's EVM it was insanely fast and cheap. All the chains have been fresh bloody meat for the market.
It is really tough to come up with the proper equation that provides the right incentives to build on it but not to over inflate it but to not choke it off from growth.
I feel like one of the biggest issues is that if there was a large capital raise so many people expect that money to be distributed through the community and that they would have a big enough war chest to keep the price from getting crushed.
I get why people feel that way. When it isn't allocated everyone is really pissed.
With something like DOGE people organically took it upon themselves to do something with it and market it because they knew there wasn't some huge foundation money.
Also another thing I think happens is some of these chains expect people to come just build on their chain when there is no funding for them to do so and then it is like if they are going to build on something they aren't going to get paid for by the chain it better be one of the main chains where everyone is or a person would need to have significant control of the supply.
Now there is an oversaturation of chains to build on essentially and it has been hard for anyone to build an app that transcends crypto. Gaming is the obvious thing but no one gets enough funding behind them to build and insane high end game that everyone would just play regardless. Counter Strike or GTA V level game.
I have a pretty big position in WAX compared to most of my other holdings. I really wish that one would come back. It has so much potential. I've been saying for a long time that's a $1 token all day every day, but if the people aren't there, it doesn't matter.
Honestly I feel almost sick to my stomach looking at some of the charts because we know the tech was rock solid. Clearly the EOS and now Vultera deal is another fracture point but if we just look at WAX, Ultra, and Telos and look at the way the price has been pounded out. Gaming, the bridging tech, EVM implementation for Telos. I legit just shake my head because it is really good and the charts are diving so hard.
ICP is a similar thing. The chart just keeps diving and people are really losing it out there. The price action makes me puke'N sick even if I don't have a position in some of the chains but I know there was a community and it was good tech.
When we see some of these projects throwing in the towel and we are supposed to be in a Bull Market. If Alt Season doesn't legitimately happen I can't even imagine the bear market this time around.
I did a ton of brain storming on Real World Assets and some of these DAO taking down real estate or various other assets but the return is too slow with a lot of that.
Then I thought maybe the DAO could purchase hard money lending companies or buy stock portfolios. It's all plausible but no one has fully cracked the code to make a chain or ecosystem be evergreen.
I feel like to totally do it there are so many pieces to the equation and a lot of these projects have been more incentivized to just take the money instead of play the long game. The long game is tough. People have TikTok brain out there and are quickly forgetting about these projects it seems and unless there is a huge marketing campaign and the money for it we aren't seeing the price action.
I have had to play a big time long game with DTube.
I'm with you. I feel the same way with a lot of tokens I am invested in. CHEX is positioned to be a major player in the RWA space, but their token just dropped to the lowest point I have seen it in quite some time. It's freaking depressing. Then you have HIVE which should be a top 100 if not 50 token and it's just blah. VET is another one that should have a much higher value than it does. It has a use case that is actually being implemented right now by major retailers, yet it wallows down in the $.015 to $.02 range. It's definitely vomit inducing!