I've been making some seriously stupid moves lately. If I can keep even one of you from doing this bullshit I'm doing right now, it will be worth it.
Before we get into why DuckDaoDime and Duckstarter are complete shit, I'd like to go back a bit in my own personal crypto history for context.
I remember the beginning of the launchpad craze with Trustswap and a few other companies claiming to solve the problem of the 2017 ICO bullshit run (instead of 'bull run,' see what I did there?). All of these guys with reputations in the space [read: large Twitter followings] said they would keep investors safe from unscrupulous actors.
Then Trustswap proceeds to get hackt, lol.
There were the predictable calls for regulation, but Trustswap ended up fixing its own problem. They somehow froze the fraudulent transaction and forked their coin so investors ended up being made whole. The hack ended up being positive for Trustswap and the launchpad space as it showed that this middleman could correct mistakes in worst case scenarios.
I remember not having enough money to get in on these early launchpads. All of them required you to lock up thousands of dollars of the launchpad token to get allocations for new projects. I sat on the sidelines as project after project came out and got headlines after doing 2X, 5X, 10X, 50X, 100X.
Base Protocol was the project that did it for DuckDaoDime. With Ivan on Tech cheering them on like the paid off faggit influencer he is, DuckDao released Base. It broke all kinds of records and made people overnight millionaires.
Base Protocol was a rebase token that was supposed to peg itself to a 1/1T% of crypto's total market cap. It holds that peg well now, as it sits at #2036 on Coingecko, a forgotten $500K mcap project that did less than $13K volume on the day I wrote this.
See back then (9 months ago), nobody knew how to program pegged tokens or rebase tokens. So when you combine those two ideas, you get a token with volatility like a nuclear explosion. Just a little bit of buy side pressure could multiply your tokens exponentially. Sell at the right time and you could be looking at an easy 500X overnight. And that's just what a few lucky people did.
Key word "few." But of course those few lucky people are what headlines and head cases like Ivan on Tech focused on. They sold the Base fluke, and it was a fluke because it didn't perform its stated goal of being a peg, as a huge victory of some sort. And since DuckDaoDime was the launchpad that launched it, DuckDaoDime experienced a huge surge in interest. The token surged from like $3 to like $100 at its peak.
Well, if I couldn't get in before, I definitely couldn't get in now. $100 token, and they upped the number of tokens you needed in order to get in their exclusive groups. Every launchpad since has followed this model: 1. Market a fluke with upside volatility as a successful launch, 2. get their token price to increase off of that shady marketing which usually included Ivan on Tech or Elliotrades, and 3. create tiers and require you lock up that value in order to receive continued benefits.
Fast forward 9-10 months.
I've made some good decisions and the market has surged, so now I have enough money to get into Duckstarter, the offshoot of DuckDaoDime. I have enough to get the top tier, so I go for it. I'm also doing top tier to get guaranteed allocations in launched projects. Another trick these launchpads use is to guarantee you nothing for your lockup at the lower tiers. Those tiers get lotteries, so you might lock up your tokens for nothing if you don't get picked.
They also make you run a gauntlet of silly social media tasks in order to qualify for your lottery spot. So all of those new projects you see with a gaggle of positive comments on Twitter like 2 hours after the Twitter opens — yeah, those aren't real. They're not bots, though. They come from organic people on these launchpads who are required to Tweet something positive and join Telegram groups in order to qualify for their lottery spot. If you don't Tweet and join, you don't get to participate in the token launch.
So you've got locked tokens, fake marketing, and lotteries. All of that benefits founders, influencers, and launchpads for sure, but investors not so much. And that's the point of all this. Just like fuzzy project tokenomics that try to sound smart, the current crop of launchpads are a useless bureaucracy trying to insert themselves into your profit pipeline. They serve no purpose. Today, projects on those launchpads are just as likely to dump as to pump. You can easily pick tokens up at prices below the launchpad presale price.
You as an investor are the exit liquidity for founders, influencers, and launchpads. The idiot who gets dumped on.
Duckstarter and DuckDaoDime are among the worst offenders in this space. Most of their projects are complete shit. I got fooled into locking my shit up on their platform, so I have 90 days or they slash my stake by a large percentage. The token itself also continues to dump as people get smart and run screaming from the launchpad space.
Bottom line: Stay far, far away from platforms like DuckDaoDime and Duckstarter. The presale game in crypto is played out. Don't get fooled by their secret groups or talk of 100X projects. The secret groups are no better than pump and dump groups. You get invited to similar groups on Telegram every day. The 100X projects are flukes and scams. You're better off going with pads like Unicly that don't require all of that shit. Don't go with anything pumped by clowns like Ivan on Tech or Elliotrades. They are getting paid under the table to promo that shit.
I'm lucky that my past good decisions were so good that even shit like Duckstarter can't fold me, but you might not have my good fortune. These garbage launchpads continue to inflate the cost of participation even after launching failed projects. Stay away and warn others. Share this article if you feel so inclined. We need to push these useless middlemen out of crypto.
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