Getting ’Rugged’ & Responding to Line Goes Up | Affordable Project: Lizard Lab

• NFT News
  • 7 day market: https://cryptoslam.io/ 
  • External/Internal news: 
    • OpenSea is reimbursing users who sold NFTs below market value
    • Frog Nation dies. Miles Deutscher on Twitter: "🧵: What happened with @danielesesta and @0xSifu? In this thread I'll cover: - What went down regarding the @danielesesta @0xSifu scandal - What happened to $TIME, $SPELL and $ICE - My thoughts on the situation - What this means for the crypto market Let's dive in.👇 1/19" / Twitter 
• Affordable project
  • https://lizardlab.io/ 
  • Quick highlight on any past projects: Keep Us Honest Affordable Project Tracker 
  • Go through the AAA valuation checklist

 

Theme:

• The Payday for Failure makes it irrational to succeed

1. https://youtu.be/YQ_xWvX1n9g?t=4117 

Economics of a scam/intended rug pull

“Squid Game”-inspired token? It boomed to $2.8k+ per coin, then plummeted after the developers claimed they were hacked, sold their coins, deleted their socials, and bounced with an estimated $3.3m.

 

Line Goes Up arguments

• Crypto sucks because it’s still controlled by rich and is fragile
  • ETH was funded by Peter Thiel,  even forked when rich were hacked creating ETH classic.
  • Hyper consolidation of wealth by few wallets
• Crypto is an energy drain
• NFTs suck because there are so many scam projects and people are getting ripped off through all kinds of hacks in an unregulated market
• NFT play to earn Axie Infinity is just a digital sweat-shop.
• DAOs are just PM software not the novel industry changing tech they’re being hyped as.
• Ponzi scheme of packaging and reselling vapor similar to the 2008 mortgage backed securities. 
• Social inequity still exists in Crypto and isn’t an equalizer, just same game on a new playing field.
• NFTs want to ownership all the things leading to a dystopia 

 

Counters

• Kernal of truth popcorn of confusion
• Lotta good points, but beware of absolutism whenever you see it.
• Emails suck because of spam and scams
• Computers that were calculators at first took up entire rooms and tons of energy for what a person could do with a pencil. Early tech is inherently inefficient 
• Play to earn is not fun on Axie - agree, but just taking selective tweets as testimony might miss what it’s like to earn money if you have none: https://www.aseanbriefing.com/news/minimum-wages-in-asean-for-2021/ 
• Tech alone doesn’t fix human behavior