Sirwin
Sirwin
Foto von GEORGE DESIPRIS: https://www.pexels.com/de-de/foto/selektives-foto-von-grey-shark-726478/

DRIP Network — Is an Example of what -not- to do in DeFi

By DeFi Demon - CryptoX0 | Defi Demon | 19 Jul 2023


Forex Shark is regarded as one of the best devs in DeFi. His loyal followers believe he is the answer to all of their finacial worries. They continue to believe this, regardless of his inability to keep his promises.Maybe Forex wants to see the DRIP Network collapse? It would remove the burden of listening to investors constantly asking WEN UTILITY.

The collapse would free him up to move onto another groundbreaking project, which will probably fail like his previous ventures.

Look, I honestly thought Drip was something amazing. I started as a FUDDER, then I converted. I aped into DRIP Network on a good old-fashioned gamble. I knew the risks. After all, anything that promises more than 1% APY is too good to be true. Let alone 1% daily.

Greed overtook my rational thought as I began dreaming about passive income and an easy life.

I eagerly watched as investment increased by 1% daily. I was hooked. The allure of earning more Drip tokens and the possibility of the price exploding was too much to resist.

I got caught up in the hype. I was too blinded by greed to see the warning signs.

At first, I wasn’t too concerned about the downward price movement of DRIP Network. I was convinced that Drip, was the key to breaking out of poverty.

But looking back, I realize how foolish I was to believe the hype.

I fell prey to the manipulative words of Forex Shark. I devoured every piece of content surrounding the subject, from AMAs to YouTube videos to Medium articles. I even went as far as to download Telegram and become an active member of the DRIP “community”.

As the price began to drop, I foolishly believed that it was only temporary and that it would soon recover. Once this magical utility was finally released the price would moon, blasting past the ATHs. Forex kept making empty promises of new utilities and features, and I stupidly continued to believe him, doubling down on my investment by dollar-cost averaging into my position.

After what felt like an eternity of waiting, Forex Shark finally announced the release date for Animal Farm, the sister project to DRIP Network. I remember feeling a glimmer of hope and excitement that maybe this would be the turning point for the project. But boy, was I wrong.

The release date of Animal Farm (AF) was delayed, not once, but twice. When it finally came out, there was no change in the drip price. In fact, the price of DRIP continued to plummet, as people removed funds from Drip to invest in AF. Animal farm failed to bring new capital to the ecosystem. Instead, people just tranferred funds from one site to another. People were understandably upset that Forex had not delivered on his promises, and the disillusionment was palpable.

It was at this point that I started to realise that Forex had no intention of helping DRIP succeed. His promises were empty, and he seemed more interested in his personal gains than the success of the project. Looking back, I should have seen the warning signs earlier and cut my losses, but I was too invested — both financially and emotionally — to see the truth.

Forex is a well-renowned dev with a series of successful projects under him. Well, that’s what people say. In reality, he’s a dev with a series of failed projects. I also believed the Telegram community would be, well, err, a community. One that embraced newcomers. A place where people could openly ask questions about their investment, price movement, and challenging conversations about the project’s future.

I was so, so wrong.

You’re only allowed to shout into the echo chamber. People who get banned become FUDDERs and head to other groups. Even the international Drip groups have begun FUDding in the groups due to Forex’s inability to deliver.

Yet, I carried on ignoring the red flags. I kept on listening to the repetitive AMAs in the hope that something, anything, would actually get released.

What did investors get as a reward for their patience?

Not a lot. Within weeks of Animal Farms’ launch, Forex announced that the platforms would be split and he’d distance himself from the project. The drip network would go from being the heart of the ecosystem to just another side project.

Over this time, Forex became less involved with the DRIP chat and concentrated full force on AF. It was always the same excuse: I am working very hard; a lot is being developed right now; projects are 99% finished, X month will be a BIG month of releases then we’ll release something every month after that. Rinse and repeat.

Those amazing utilities never came. We’ve been hearing the same story for over a year now.

Anyway, let’s look at those groundbreaking “utilities”, shall we?

Drips New UI:

This does not, and has not added any value to DRIP whatsoever. Yes, it looks more professional than the previous UI. But I don’t know anyone who invests in a project for the UI. They invest becasue they want to make money. Thus the impact on the Drip is almost zero.

Guardian of the reservoir:

NFTs as a whole are failing. The market cap has crashed so hard. Most NFT’s are now “worthless”, compared to their purchase price.

I need to figure out where to start with Gurdians of the Reservoir. Someone has created terrible NFTs intending to send profits to the reservoir to hold the project up. On the surface, I suppose the idea is good. But in reality, these NFTs are bloody terrible; nobody outside the community will want to invest. Who in their right mind would want to “invest” almost $500 on this crap?

So no, this is not a utility.

Cross-Chain Functionality:

This is a bridge that may benefit people on other chains and may bring in new investors. But then again, DRIP is already on BSC, which has incredibly cheap gas fees. Plus, any serious investor has multiple wallets & accounts across different networks and chains. So the chances are they’re already on BSC. If they’re already on BSC and interested in Drip, they’re probably already invested in Drip.

Once again, this won’t make a difference to the price.

Drip Drop Draw:

A raffle game with grand expectations. Drip is growing exponentially, and inflation is out of control. Tokens are being minted at an incredible rate. This project is a run away train heading to hell. DDD is meant to slam the brakes on the run away train. Somehow the game theory will save Drip from minting new tokens. I’m waiting to see if it will get released, let alone savew Drip.

If you truly think this can sustain a payout of 1% a day on a million+ dollars in deposits, and over 21 million tokens, you need help. Add to the fact that the only investors interested are those already invested in DRIP.

This is akin to an echo chamber with extra features. They are, in essence, paying their own interest by playing DDD.

Fiat on Ramp

The fiat-on-ramp may bring in extra money into the ecosystem. So far, it has failed to do so. The price has continued to drop.

The Failings of Forex

Forex promises more than he can deliver. Without BB he is nothing. He uses the hype that came from Drip to try and keep people investing. Its all hype and lies about new utilities that will never come.

Where are the scratchies, Piggy Plinko, the lending, and the new layer 2 UI, the hacker game, DDD?

Everything gets announced, then as time passes Forex creates something new and exciting to string investors along. He creates hype, fails to deliver, creates something else, creates hype etc etc.

Over time more and more people are geting pissed off. Even the most hardcore drippers will eventually wave the white flag and say f*ck you, cash out their tokens and move onto other projects.

They will eventually become sick of Forex’s lies, endless excuses and pointless AMAs and become FUDDERs.

No one can take Forex or drip seriously now, especially new investors.

There was the hype for #DripJanuary?!? Then #DripMarch failed. We’re over halfway through the year and we’rve seen no real developments. Are we meant to believe something will come this month and then every month after?

Before you get angry. Can’t you see what is happening here?

After AF was launched, we were meant to get a new product every month. Did that happen? No!

Nothing except the stupid voting system, fiat on-ramp and UI have been released months after that claim. Even though Forex swore he had 4–5 games ready to launch. We’re all getting played by those at the top of the pyramid.

The cycle will carry on as the project heads for the $0.001.

“But then everyone can buy a max wallet”

Yes. Everyone will be able to buy a max wallet for $10. This will cause the project to mint more tokens, reducing the price, leading to bigger buys, reducing the price, causing inflation to lose control, reducing the price even more.

So on, so forth.

Until your bag is worthless.

It’s all a bunch of hype with worthless imaginary coins

These flaws and Forex’s inability to follow through on his word are why I’m stepping away from the Forex ecosystem. I initially did a 180 from FUDDER to an investor. Now I shall complete the 360 and return to FUDDING. After all, Medium pays, DRIP has only lost me money. And don’t say “you just don’t know how to invest, the system works perfectly”. Tell me, how does my investment knowledge, or lack of, stop the price from plummeting over 99%?

I’ve got to the point where I will take whatever money I can. I’ll wait for the tax to decrease on my DOGS tokens. I’ll wait to remove my PIGS tokens from the farm. And, of course, we have DRIP, where my money is locked “earning” 1% daily, minus the continual drop in token price.

Yes, the contract does what it says. But the 1% per day doesn’t beat a 2–3% loss. Even at these tiny prices we’re still losing 1–4% daily.

DRIP is like a fish out of water. Flapping and floppings its way to a slow and painful death. The ‘sideways’ action is a load of nonsense. It only goes down- Showing a tragic tendency of red days, lost hope & money. The tax vault has been filled by suckers literally burning their money, AKA giving others exit liquidity. Yeah, we’ve had a few days of green. But if you zoom out you’ll see the reality of the situation.

And yeah, call me a FUDDER or an asshole in the comments. Complain about how I’ve returned to dissing DRIP or don’t understand the project. Tell me how I don’t understand the contract. Blah,blah. You know, people are allowed to change their minds. They are allowed to complain about being disappointed.

Plus, are you even investing new capital? Or are you taking as much money as possible and running for the hills? If you’re invested, then show me the proof. Sales are FAR exceeding buys.

If you claim the latter. I don’t believe it for a second. Everyone in their right mind are removing funds and investing them elsewhere.

Drip and the Animal Farm are dead to me. I will avoid any future Forex projects. As I don’t see any potential in his projects anymore. I’m curious whether he dumped Rake, BR34 and whatever projects he created before Drip. He’s done the same as he has done with Drip. Animal Farm is the new shiny toy, and Forex has abandoned Drip as he did with Grim, Rage and other projects. Animal Farm will eventually be on the chopping board as he creates another project.

There is a perfect reason why Forex hasn’t doxxed himself.

I advise anyone considering investing in Forex to look elsewhere. There are plenty of better-run projects out there. Don’t waste your time and money on something with little chance of success.

TLDR: I got duped. It’s my fault that I didn’t see through the charade of Forex Shark. I fear hundreds of others have fallen for his tricks too. Honestly, I feel bad for the drippers who still believe this project will recover. Even though they have continually insulted me, it is those drippers who will be left holding worthless tokens DRIP when the price inevitably reaches $0.01. From my observation, many of these people appear to be young, naïve, and possibly more heavily invested than any of us reading this article. The sunk cost falacy is real in these investors. I just hope they followed their advice and only invested what they’re willing to lose.

Which in truth is $0. Nobodies willing to lose any money.

It is these investors who have more to lose. Therefore they defend Drip and Forex.

 

This article was originally published on Medium.com

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Defi Demon
Defi Demon

Defi Demon is a blog that covers all things related to decentralized finance (DeFi). DeFi has rapidly emerged as a transformative force in the world of finance, offering a wide range of decentralized financial applications and services that aim to disrupt traditional finance systems. In Defi Demon, you'll find a wealth of information on various DeFi protocols, including lending and borrowing platforms, decentralized exchanges, stablecoins, and yield farming.

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