Firstly:
"Participants are marked based on their community contributions and involvement" Still waiting for this to be true.
Like many who are here I've been a long time follower of acala and karura projects and I took the time to sign up to their newsletter a few months ago and received the invite for the build funding. Following this I did KYC straight away and have since been waiting for an opportunity to invest in what I think is a promising token. Following todays events I'm actually happy that I didn't send my bitcoin to the project and I think I'll be choosing to bond a lot less to there crowdloan based on the events. So what happened?
- Queue it the system they used for the funding had lots of bugs and allowed people to game the system for better slots in what was advertised as an equal opportunity. Personally I think this was handled dreadfully and they could have easily taken steps to make it fairer or just not ran it at all publicly. Also following this there post has made it sound like it was done well and people are happy about it, tell the 200 plus people in discord upset and frustrated after waiting 2 weeks for this.
- They were only accepting bitcoin and not dot, which they claimed as 'logistical reasons' time and time again, personally I think something fishy went down here but who knows. We also won't probably ever find out what those reasons were.
- You get a better than expected return on initial investment for waiting, like really good. Each dot that was sent priced by bitcoin returns you back 100 aca which they priced at 0.016 dot, so you effectively make 60% based on the returns at the start of the market if you were to sell. Now they also send you 1 KAR as a 'gift' which I presume is worth at least 200 of whatever currency you use. All of this just seems too good to be true and I think investors will be critical of this on receiving their tokens and the price will reflect as there's no terms and conditions set on these tokens unlike the crowdloan equivalent.
- Money talks and everyone else takes the bus. The acala team love representing themselfs as a community and talk about being community first but there lack of safeguards that were easily implementable leave me thinking in this case they didn't care about you, I or anyone else who believes and supports there project enough to be active in there community.
Honestly I've watched the podcast and beta'd there products and I'm starting to feel like there might be better projects to bond my tokens for out there, that care more about the people using the product than getting money behind it. I'll probably still grab some tokens, but I've lost a lot of faith today.
edit:
Proof that multipe tabs worked for some:
There's a lot more, just to far to scroll, maybe others can post the screenshots that were posted.
edit 2:
Good explanation of what went wrong with the voting process:
Queue-It waiting room was quite an experience, mainly due to very unfair lottery based selection. People could get multiple places in the queue by opening the website in multiple browsers and devices, thus increasing the chances of an account to be selected in comparison to a uniform distribution based selection. Quite contrary to see teams building decentralized products, and yet allow sybil attacks in the community participation process. And, do not forget the invitation code fiasco for event registration.
edit 3:
Both Discord and telegram are fairly toxic with people who got in taking the time to post things such as "Wasting even more time? Didn’t you want to leave some seconds ago?" and "everyone could cheat with multiple tabs, didn't even need some bot just common knowledge everyone had the same chances in that regard." It's quite nasty to see people lucky enough to invest belittling others.
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