Crypto, StrongBlock & Pyramids || The Nutty Columnist

in LeoFinancelast year (edited)

In case you follow the Crypto Universe news, you may have seen the article about STRONG by StrongBlock at Decrypt (link). This article tells the story of a bunch of ex-Block.One executives (the company that launched EOS), launching the next big thing in DeFi land. The team's goal: "To make DeFi more secure on Ethereum."

Please don't ask me if StrongBlock (link to company website) is indeed the next big thing, or if they can indeed make a more secure DeFi service, and if they have something unique. I'm not the right person to ask. I started sniffling at DeFi a few weeks ago. Have seen the crazy token price increases. Have seen (almost in realtime), the token launch of Uniswap. But I still don't understand much of it.

This post is not about DeFi, but about a passage in the mentioned news article at Decrypt. A passage describing how the tokens are distributed, and in more particular tokens in combination with founders and executives of this new StrongBlock company.


published by Shutterstock / I know I know, a misleading image (source)

They write...

Moss said that StrongBlock doesn’t make any money from the protocol and that there is no corporate treasury; instead, it makes money from its consulting work, as well as from other projects and protocols.

and

There are 10,000,000 STRONG in existence and it’s not possible to mint any more.

2,419,615 STRONG are allocated to StrongBlock’s shareholders and 2,477,702 STRONG are allocated to its founders and team. A third of this STRONG is available upon launch; the protocol will slowly release the rest over the next two years. A further 352,683 STRONG are allocated to its future team.

My head is spinning. First to state the company doesn't take any earnings and has no stake in the chain; Super Cool! And then the information the shareholders and founders pocketing almost 50% of all tokens! Damn!

I really wonder if this Moss guy mentioned this only after he was asked about token distribution.

Moss had to downplay the massive distribution to the shareholders and founders...

“We are not distributing STRONG to shareholders and [the] team. They are held in locked wallets, and allocated based upon demand. There is zero possibility of shareholders and team dumping,” said Moss.

Owwww, ok! So, yea, no massive dump. Cool. But you guys worked all at Block.One. Then a year or two or whatever short time afterwards, you launch this project and give yourself 50% of the tokens for doing so. As quickly as you guys left Block.One, you may leave StrongBlock to start the next project in whatever hype will be next. Pretty standard for others in the industry; Many seem to move with race speed from project to project.

I do wonder why all of this is accepted in the Crypto Universe. I would think shareholders and executives should contribute to receiving ownership. I really wonder what their contributions are to StrongBlock. One must add a hell of a lot to deserve a 50% value cut of a decentralised, community owned chain.


published at Answers in Genesis (source)

The well known pyramid in the fiat world, with the richest people on top and the poorest at the bottom, is becoming higher and higher and thinner and thinner the more we move further into the Crypto Universe.

STAY STRONG


a HIVE original
all images by edje unless stated otherwise

qsounds music & story library | A...K | L...Z |
hive curator for curie

Sort:  

Reading the nutty columnists posts you have sent me. Maybe I will read more stuff too, if you dont mind :)

Please don't ask me if StrongBlock is indeed the next big thing.

So was it? Some time passed from your post, in what directions went the thing? I can not say I know anything about this topic, unfortunately. But I know that the level of engagement in this post has to be changed :)

Honestly, I have no idea about StrongBlock, I didn't follow them after I made the post. When a team takes 50% of the tokens for themselves, I really don't like the project. Though, to give some sort of answer to you, I checked the token at CoinGecko just yet. Seems not to do much. Still a token with a market cap of 10M$ or so. Saw the token price swing a bit over time. I suspect, either they are not in full swing mode with their project, or they are and the market doesn't;t like what they do. That said, many projects having a market cap of a few 10M$ which will get a boost sometime in the future. Such boost could bring a token to a bit more to a lot more, like 100M$ market cap, or even 1B$ market cap. I certainly hope this will not be the case for StrongBlock, since I still don't like what they did.

But I know that the level of engagement in this post has to be changed :)

Thanks for your contribution to this. Yea, for some reason my posts are not really liked by the community. But I don't care. I'll not change what I'm writing and publishing. I noticed I got a bit tired of writing for an audience that looks like a black hole. I have a little more time last week(s), but find it difficult to pick up writing again. Anyway, doesn't matter. More time for other stuff :)

I noticed I got a bit tired of writing for an audience that looks like a black hole

Lack of engagement can be a little bit demotivating, indeed. Or you can get tired after some years, yes I understand. But what I don’t understand is the fact that one of those who probably gave much much much activity around other people and their posts, supporting others behind the scenes, are not getting enough support. Why is that so? People don't have time maybe? (again very relative concept) Don't care? Are not empathetic? Don't understand the topic? Don't want to learn? Or all of it :D

I can say, I still have no deeper (any) knowledge about this StrongBlock, but at least, I could stay away from it as the Nutty Columnist did his research :D Thanks :)

I tend to believe my posts are too difficult! 😂😂😂
In reality: I think my posts getting too little rewards for others to pinpoint me as someone that is worth spending time with, in order to become better themselves.
StrongBlock: Maybe it'll breakout to a tremendous amount of $/unit, but I stay away from it since I don't like the number of tokens (percentage-wise) the team keep for themselves. I suppose you can check in with your husband, to see what he thinks ;)

I think my posts getting too little rewards for others to pinpoint me as someone that is worth spending time with, in order to become better themselves.

🙌 🙌

Asked my husb about StrongBlock, he never checked on them, so will never check either.

Topic closed hehehe
Oh, wait, this is your post (read - you dont have to respond me as I know you are thin with the time. So thanks for all the resplies, indeed 🙌)

😉

 last year (edited)

Just checking STRONG on CoinGecko: https://www.coingecko.com/en/coins/strong

Guess the article on Decrypt yesterday caused more than myself to be in awe about the 50% of tokens pocketed by the founders and shareholders. Moving a bit up and down between 120$ and 240$ last weeks, yesterday the coin pushed itself up to get into a freefall hitting rockbottom at lowest price in history of just 45$ with current price around 80$!

To the STRONG shareholders: You may have your CVs smacked up with Accenture, IBM and more of these high rated companies, but that doesnt help you when trying to scam crypto space!