Nobody Needs Another LasseCash Post from Me, Right?
I was thinking about writing a post reviewing the first two months since LasseCash migrated to MAGI. But nobody really needs that, right?
It could be a follow-up to my earlier post, "Five Reasons Why LasseCash is Trash." But that was already a little too BuzzFeed for my taste.
Maybe something more along the lines of "LasseCash Migrated to Slowly Die." Although anyone seeing that title would probably just say, "I already knew that!" and move on to something more interesting.
"I'm sure you have already noticed Magi is all broken down and not really able to use it. Yeah you've swapped some lassecash for satoshis, so on the basic level, it works. However it is not functional at all. I tried doing some trades on Magi Hive-HBD (and the other way round) and in comparison to internal market you loose over 5%. H-E diesel pools are cheaper."
-@jocieprosza Source
Still, I suppose I could dig a little deeper than what the average Hive user already inherently knows.
For example, everyone already knows that MAGI LasseCash remains at least as centralized under @lasseehlers as it was before the migration. And that's without counting @angeloextreme, an account I suspect is his sockpuppet, supposedly used "for testing." I guess when your platform's participation statistics are already embarrassingly poor, having another account around to help generate activity is just standard economic troubleshooting.
I could also examine the striking similarities between LasseCash's new tokenomics and those of HEX and PulseChain, the controversial cryptocurrency projects created by Richard Heart, who was arrested in Turkey last month.
So, yeah. @lasseehlers taking inspiration from a professional email scammer turned cryptocurrency scammer has failed as badly as any reasonable person would expect it to.
Perhaps I could discuss how MAGI LasseCash has experienced substantial minting activity without any corresponding growth in actual users. Apparently, creating more tokens is considerably easier than creating a reason for people to want them.
Then there's the LASSECASH liquidity pool.
There are some shallow liquidity pools on Hive-Engine, but LasseCash's MAGI pool appears determined to make all the Hive-Engine shallow pools look great by comparison. At the time I checked, it contained approximately 142.6 HBD in reserves, with @lasseehlers supplying roughly 73% of the liquidity.
And the advertised APY? An impressive 152.3%. That makes sense since Magi LasseCash is based on two crypto scams and most government financial agencies warn that an astronomically high APY is a warning sign for a possible scam. How could a vanity Magi project based on crypto pump and dump scams not have a huge APY?
Of course, that Magi LasseCash 152.3% APY comes from newly issued LASSECASH rather than trading fees. Nothing says sustainable economics quite like rewarding people with more tokens for providing liquidity to a token that barely has a market. That's why Magi LasseCash's brother tokens HEX and PLS are down 99.9% from their all-time high.
And then there's LASSEMEDIA, supposedly the social-media component that rewards organic content creation.
During its first two months, the platform managed a grand total of 11 original posts. Nine were published by @lasseehlers himself. Throw in the replies and votes, and a remarkably large proportion of the platform's social activity revolves around the same person who created it.
So the elaborate, crypto-scam-inspired pumponomics of MAGI LasseCash, supposedly designed to reward independent content creators, appears to have accomplished something rather different: constructing an increasingly complicated economic system around a social-media platform that almost nobody is using.
It's almost impressive.
I suppose I could write an entire article examining the token concentration, the lack of independent participation, the shallow liquidity, the inflationary incentives, and the apparent inability to attract an audience after the migration.
But would any of that actually tell Hive users something they don't already know? LasseCash has been failing since before Hive forked from Steem.
After all, nobody really needs another post explaining that a centralized vanity project remains centralized after migrating to a different second layer protocol.
Especially when decentralization would require something the migration itself cannot accomplish: a community that exists independently of its founder who won't destroy the owner keys after he assured everyone he would.
And perhaps that's the real problem with Magi LasseCash.
You can migrate the tokens. You can rewrite the smart contracts. You can reinvent increasingly elaborate reward mechanisms and advertise spectacular APYs.
But you can't manufacture genuine community participation simply by screaming that the Earth is flat and minting more tokens.
So maybe I won't write that two-month review after all.
It seems Magi LasseCash is already doing a perfectly adequate job of writing its own obituary.
One block at a time.
