Helium A Prime Example Of Web 3 Stupidity
Every shitcoiner believes you can slap a product on blockchain and it automatically makes it valuable, these tokens held on a glorified excel sheet are normally distributed by some convoluted method that normies don't understand. All with the aim to get the founders to sell enough to realise a gain while normies collect these tokens based on unit bias.
That is the business model, for all shitcoins.
The only difference is the insurance rate and the real world affinity scam they use to sell you on, sure let's tokenise tea cups or some other brainless use case.
Yeah those tokens are stupid but the ones that I hold aren't stupid, we have real-world use cases and because I am not stupid why would I hold something stupid, is often the rationale I get when speaking to these bag holders.
Wtf is helium?
Helium (HNT) is a blockchain network for Internet of Things (IoT) devices. Launched in July 2019, the Helium mainnet allows low-powered wireless devices to communicate with each other and send data across its network of nodes.
Nodes come in the form of so-called Hotspots, which are a combination of a wireless gateway and a blockchain mining device. Users who operate nodes thus mine and earn rewards in Helium’s native cryptocurrency token, HNT.
Helium raised $365M of investment led by a16z encouraging people to speculate on the token they were openly dumping and getting others to set up these hot spots with the idea that they would earn an income in this shitcoin.
So how did this company that raised a 3rd of a billion, plus public investor money do in terms of revenue from their product? Helium's total revenue is $6.5k/month and if you look at their reddit, lol there are still people promoting it, saying it will grow, it will reach increased ROI.
Um why? I can get cheaper data with less pain on my phone so how is this product going to compete with a traditional model of internet access and data transfer?
I'll tell you how? It can't
https://twitter.com/liron/status/1551738599254773765
And it's gone
I don't think you need to be a genius to figure out where the guys who invested 300 million in this project decided to dump now do you? The chart speaks for itself, the token is down 80% plus and with node runners losing their shit about the poor returns Its all going to be about slowly bleeding out your losses and people moving on to the next big hype cycle.
Having spent a decade building websites, and apps, and working with plenty of startups, this web 3 thing just makes me cringe, people have no idea what they are talking about conflating ideas that have no basis in reality the only merit they can hold on to is how much money was raised or the token price.
It's a greed and stupidity fest and I for one am enjoying people getting absolutely crushed by their egos.
Humility is in short supply these days in any case, so keep taking shitcoiners for all they've got you VCs
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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If it has a ton of VC and a legal entity it's not Web 3.0.
LOL then you disqualify all of it, from metamask and ethereum, to uniswap and opensea and all the rest of the shitcoins
And I'm pretty happy with that designation... All of those are far too centralised.
Dear @chekohler , Do you mean that web 3 is just an illusion and a scam?😲
Some have argued that web 3 is a revolutionary development and will bring wealth.
Of course some will argue that it is, because they profit from it or they holding tokens hoping they can earn from it, it's all a scam, there's no reason to tokenise anything
I understand that you argued that through web 3 more people would lose than make money.😅
I am not familiar with English.
I think that at some stage people will wake up to the scams that are out there and look for real projects that are building businesses.
It won't be today but every time these shit projects crash and bun it strengthens the ones with a real use case.
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Lol If the service requires a token to run, then it's already doomed to fail, any friction you add to a service makes you less competitive versus a service that doesn't use one and simply uses the most liquid method of payment
People wont' realise it, they love being told they are smart and remain in an echo chamber, and as others fail and there project doesn't survivorship bias encourages them to double down until they are well and truly overexposed to risk and that's when they get rekt.
I wouldn't say that they require a token to run but a token can be integrated to supplement their business plan.
Splinterlands didn't need SPS for their business to run. It's an unnecessary complication IMO for the sake of creating tokens.
Their product is a card game which could run without any tokens in the system but having DEC as an in game currency supplements the gameplay by allowing for a tradeable asset to run the in game economy.
Some tokens add to a business, some make it unnecessarily complicated.
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SPS was created when they took VC capital, they handed it over to their LPS for next to nothing and created a convoluted method of getting plays to hold and buy it so those VCs could dump into it.
Even if you have a decade of experience building websites. Not all web3 projects are shitcoins. Great things are happening right now that will become for granted soon. :)
Nope, they are all shitcoins, can you name one that has received any critical mass? Can you name one that can outcompete an offering that doesn't tokenise access? No, reality is not the hopium you keep pushing all because you own a few tokens
Ethereum is a good example of mass adoption with smart contracts, NFTs, play to earn, DeFi, and more use cases that we are not aware of.
Ethereum is a good example of how you premine 70% of your tokens and sell it off to venture capital to raise funds and dump it all on retail and keep them coming abck for more with new tokens that are completely useless
If ETH died tomorrow do you think anyone would notice?
So you believe 100% of all crypto projects are pure trash, included Bitcoin? You prefer to keep accumulate fiat and work your way in the normal market?
I think crypto has a bright future and will coexist in the traditional market. Let to be honest, Ethereum is there to stay for the long term and I don't believe it will die.
Ethereum Rolled back chain before and proved its centralized trash. Most fans even admit it’s centralized.
Most of the projects (ERC20) are centralized trash. Just being honest but I see it this way.
I agree a lot of them a pure trash but some will make it.
Can you name one that didn’t have a premine? Besides BTC?
I believe they have some, but not come to my mind right now.
This is what happens since months now…people and investors start looking behind the fancy logo and the „Crypto-stamp“ and begin to see what is really a good project and what is just a nice idea but will never get successful.🤷🏼♂️
Crypto is there to take retail for all they've got and people who fall for it, deserve what's coming. I don't see the point in lecturing anyone, you're all adults, you can deny the truth, that's fine, ignore my warnings thats fine. but I have no sympathy when you lose your shirt
So premined, presale tokenisation is issue that is getting dumped .
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Name one coin that doesn't have a premine apart from bitcoin