Probably I'm now an investor in some project called Glitchr.finance. I learned about this project several weeks ago I don't remember from where (a Twitter post, or a Telegram post, or some other post). I went to check their Telegram group and rather accidentally became a winner in a contest they held then. So I should receive from Glitchr a small penny for free, but at the moment all their free pennies are "locked" till the end of November.
As far as I can understand, Glitchr.finance is about NFT and e-sports betting. Not a very novel idea, I should say. However, NFT is a hot topic today, so the project may well go through if it manages to ride the hype wave. The project details are in their whitepaper and Medium posts.
The project has a "farming" token $DIE and a "farmable" token $RETRY, the former is already featured at Coingecko. Last Sunday (Nov. 15) the guys had a pre-sale of their $DIE and raised about 750 ETH in about an hour. As far as I could see, the pre-sale price of $DIE was 0.33 ETH, right after pre-sale it pumped a bit, but today (Nov. 18) it's about 0.12 ETH.
I watched the pre-sale in their Telegram group. Even if I gather all my tolerance, I'd say that they had there a whole shitpile of idiot inwastors plus quite a few "speculators" interested only to dump their holdings as quickly as possible right after the sale.
For me this thing is an amazing example of a typical crypto-project's "ICO" and its typical "investors".
Glitchr.finance is not a scam (at least, not a simple rug pull). The guys run their pre-sale on Lid which is supposed to guard investors against rug pulls. They even locked the airdropped tokens at Team.finance.
On the other hand, the idea of the project doesn't look very original. Besides, at the moment it simply doesn't work -- farming will start at the end of November, and only the guys know when they will launch their NFT minting and esports betting into production.
The guys are definitely falling behind with marketing: a Telegram group, a couple of Medium posts and Coingecko can hardly be called marketing and are definitely not enough to ride on a hype wave successfully. However, the guys say that they're working on more marketing and that they deliberately avoid going into any Twitter-Telegram-Youtube-etc. shilling.
At the same time, the guys priced their $DIE quite high, at 0.33 ETH or about $150 per token. Even with 8000 of total emission, 150 bucks per token looks kinda too much for a yet-non-functional yet-another NFT project. It was clear that it would dump, at least temporarily.
However, the "investors" were ready to buy at that price. Well, it might be wise to secure some position at pre-sale and to add some more later, possibly at a better price. "Dollar-cost averaging", as they call it.
But some of those "investors" are so dumbhead as to expect a token of a half-working project to reach the Moon right after pre-sale. Or at least, three days after the pre-sale. "You can't have your investors to wait [for profits] for so many days!", one said exactly three days after the pre-sale. Holy shit... The post-pre-sale days in the Telegram group were really full of teh inwastors drama.
Anyway, I will keep watching Glitchr, mainly because I expect to get my free penny from them. Maybe that penny will become my first cryptofarming investment.
Posted Using LeoFinance Beta
