Leaving a little room for the "U" and "D"
For some reason I have been thinking about letters a lot lately. First there was my post on Friday last week about the alphabet agencies in the US sending down edicts and policies from their perch at the top of the food chain. Some of them were good, some of them bad, and some of them we probably won't realize the impact for several years.
Then yesterday I wrote this post for #threetunetuesday about different bands whose names were a very specific or random combination of letters.
Which finally leads me to today and an equally specific (or random) number of thoughts that have been kicking around my head.
I've mentioned in the past that I threw a bit of money at a presale project called Retik Finance. It was likely more than I should have, but at the time it really seemed like a good idea. I'm still waiting to see what is going to happen with it, but I just realized the other day that if you move the letters around a little bit, the word "rekt" is right there and if that isn't a bad omen, I'm not sure what is.
I've been hanging out in their Telegram server for the last couple of days and I have to admit, the amount of non-information is frustrating. They have some community mods who may or may not work for the company and a development team who is conspicuously clandestine.
Apparently the reasoning has to do with them getting their ducks in a row for regulation and some big exchange listings they have in the works. The funny thing is, COTI went through something similar and they weren't this vague about any of the process.
There was a 333K token contest that recently happened and people are still waiting for the winner to be released. If they at least do that, I might have some renewed hope, but until then, I remain skeptical.
It's sad though the number of people who show up in the Telegram just looking for some sliver of hope. If this thing goes south, I'm out $300 USD. Yeah, it sucks, but I will survive. I have a feeling some of these people probably put their life's savings into Retik and they are just looking for that glimmer of a chance that this isn't going to destroy them.
It's heartbreaking.
It also got me thinking about some more letters. One of our favorite acronyms "FUD". Fear, Uncertainty, and Doubt, I think we are all familiar with those terms. Every now and then a new user will pop into the server only to be met with a warning from one of the mods that their latest post was removed for "FUD" and they have received their first of three warnings.
Hasn't crypto matured enough by now that FUD isn't such a bad thing? Sure, fear is never good, but uncertainty and doubt aren't necessarily the bad things that they used to be. With rugs happening right and left, FTX, big banks failing, isn't it our duty to be a little uncertain and a little doubtful when that shiny new token shows up promising the world?
If you are a legitimate project, you should be ready and willing to answer the tough questions when they are asked, because you know they will be asked. People in crypto dig into tokenomics like a dog trying to find their favorite bone they buried in the yard.
You have to know you are going to be under a big microscope and punishing people for asking those uncomfortable questions or having a little skepticism when you miss or push deadlines is going to come to light.
I'm not talking about Retik specifically either. This applies to any crypto project these days.
Listen, I get it. People show up and ask the same questions over and over. It's frustrating I know, and in that case throwing out that other acronym "DYOR", is more than acceptable, but again, clear apathy towards people who are just looking for answers is downright "sus".
It's fully okay to say you don't know or you don't have the answers yet. I respect that a lot more than being dismissive or scolding people.
I'm not saying we throw FUD out the window. It certainly applies to certain projects. BTC for example has more than proven itself. Anyone expressing FUD about BTC at this point is either kidding themselves or they are butt hurt that they don't at least own a few Satoshi's.
These smaller projects though, don't you think at least a little "UD" is acceptable?
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Hope it works out for you.
Thanks, me too. I'll be good either way though!
All my "profits" go to BTC for long term savings
That's probably the smarter play! :)
Sounds like really stressing 😵 I have never invested in a pre sale sounds just scary, most crypto project sound like garage startups so I can only imagine the small level of organization and information, one of the reasons I'm scared of going into anything else than BTC and Hive 😅 hope everything clears out for you soon, good luck and try to to think much about it, health is first ✌️
Thanks, I appreciate that. It hasn't been too bad, the lack of current information is just annoying. They did a good job of selling it though.
very interesting , we all believe in some projects and all projects come with their share of scammers and fudders.
the thing is , no one knows which direction it is going to take.
Sometimes i listen to some pro videos about cryptos and you realise , those people are just here to sell a program, a token or a project of their own.
Cryptos is on a road paved with bad intentions and looks like only the scammers made it or makes it... i dont think you lost your 300$ but i think everything slows down because as you see, the market sucks and we hear all types of scenarios.
but hey , we are still here , we are not lazy panda , but we still trying to hold tight.
Yeah, there are a lot of questions right now and not a lot of answers from the team. If you look it up online most people think it is a scam, but then you have pockets of people who still believe and at least part of a team that is keeping the community going. It's going to be interesting to see how it all shakes out.
People think all projects are scams..even btc is a scam for 90% of the planet.
ok then , it will be a scam unless proven to be a great project.
but if you still see a team in there , its good sign.
I am in some projects ...all team is "sick" 😂
Dont we have fun in cryptos !
I've been talking to some people and it seems to be that the team here is involved in some past scams, so it isn't looking too good. I'm just glad I didn't throw more into it.
Dont believe this , they all say this after they say its a scam.
only time will tell and yes if you lose it sucks but it should never stop you to not go into other projects.
FUD is here to stay, which is my DYOR is so important. It sucks to be out any loss, but $300 wouldn't be huge. I never heard much about Retik, I guess things didn't go exactly as planned... It happens, and we've all been there. People really should learn to do away with FUD, but they won't... human nature probably!
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We are still waiting to see what happens with it. You would think if they were going to rug they would have taken the 32m they made already and left. That isn't the case yet though.
FUD has never been a bad thing. People should be scared and very careful when they invest. So many forget the first half of Warren Buffett's famous phrase "Be fearful when others are greedy..." I think in crypto especially, the scammers have always been against the idea of FUD because, of course, they want peoples' money.
Yeah, that is a good point. It just gets such a negative reputation. I saw multiple people banned on telegram today for supposed FUD. Someone argued that I don't know what it means 😃
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Interesting and I hope your 300 USD multiplies... I saw Retik on Twitter and had rekt in my mind. I speedread and that often means you tend to read what you think the word is and Retik was Rekt in my brain!
That attitude of the project owners .... well hmmm where have I seen that response or lack of it closer to home here 🤣
Haha yeah, it does feel really familiar at times! If the project actually does what they promise, I think it could be big, but there are flags that have me feeling like it is going to implode.
Small projects, big dreams/dreamers often fall through the cracks, pay to play always with uncertainty throughout life in many ventures on or off line, big or small.