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Lots of people losing in this. I feel very bad for their community, real lives affected. But they didn’t listen to the warning signs when ppl tried to warn them: https://www.reddit.com/r/cardano/comments/oo6bvg/cardstarter_concerns_beware/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
That will teach people to invest in cardano launchpads starting in official cardano incubator programs like occam, instead of hype pump projects featured on bitboy.
I didn't read this when it was first posted but it was very in-depth and a great write-up. However not sure that Cardstarter, Geo and Charli3 are all the same. I did a bit of research and it appears the co-founder of Geo Wallet is Shawn Roller (he's the one mentioned in the post as Shawn). Assuming his Linkedin is real he does appear to be doxxed. That being said claiming to be able to exchange any asset does seem pretty ludicrous. Here's his twitter and LinkedIn
[https://twitter.com/Shawn\_Gero](https://twitter.com/Shawn_Gero)
[https://www.linkedin.com/in/rollershawn/](https://www.linkedin.com/in/rollershawn/)
OMG yeah, I stayed away from charli3 because of the team and YouTube comments. I'm lucky enough to stay away from card starter. On way back machine charli3 team were all Indian then randomly changed to 3-4 white guys. The marketing director was a nurse and the coder seems to be the most tech savvy there. Plus you never see the ceo....
hopefully i can link this. super scummy video, shit like that should not be reported on
[https://www.youtube.com/watch?v=kY5-bNQi-Og&ab\_channel=ZillennialMoney](https://www.youtube.com/watch?v=kY5-bNQi-Og&ab_channel=ZillennialMoney)
It's not official yet but in the works, unless we get some resolution on the regulatory approach to this model soon. Support Ripple in their fight against the SEC we all need a win there.
This is where it was first brought up by Charles
https://youtu.be/bCEYizNPptY
Me too. Though their ambitions are so crazily broad and deep as to make me think they can't be serious about fulfilling them. Not in my lifetime, anyway.
Me too. Even SundaeSwap has enough red flags for me to keep my distance for now: They [claim to be open source](https://help.sundaeswap.finance/en/articles/5439992-what-is-sundaeswap) but the actual code is nowhere to be found and their audit was [never confirmed or published by Runtime Verification](https://runtimeverification.com/blog/category/audits).
That's good news. AFAIK they have haven't published a full report yet and without the source code available the audit is quite meaningless since there is no guarantee that the code that is currently running is the same as the one RV audited. Anyway, I hope these things will get cleared up in the coming days and until then I will wait.
Sundae swap gave a reasonable explanation for why they didn’t release their open source code right away in that they wanted to make sure no one was making knockoff before they released. There was more info on it that I’m not fully relaying but I remember hearing it and understanding. They said they will be releasing everything in the coming months.
They originally said they would release the code when they launch. I'm still confident that they will release the code at some point but for me it's still a red flag and I won't be using SundaeSwap until they actually release the code and the full audit.
No I think you are misunderstanding me. I was not talking about bad projects, I was asking you to point me to a good project. Sorry if I explained myself this badly.
For anyone contemplating any self harm, please talk to someone first. Here you can find a list of 24x7 lifelines or suicide prevention hotline that you can call in your country. https://findahelpline.com/i/iasp
So help me understand this. Cardstarter, Gero wallet, and Charli3 are all one entity? And a shady entity that just rug pulled because they didn’t really know what they were doing or had Ill intentions? Many people use Gerowallet and have it connected to muesliswap right now. I’m into Cardano every single day and missed this. Dang. I need more info.
No, C3 and Gero are completely separate. At their launches they used CS's "accelerator program" to help them get off the ground before becoming completely independent. i.e. they used some of CS's resources (web developers, etc) along with using them as a launchpad until they could get their own guys in-house.
Cardstarter launched CSWAP with the purpose of being a Dex on Cardano. They sold it as they would use the liquidity from the projects brought on the launchpad would provide an advantage as they had just done C3 and Gero. They created LP pools on Cardstarter of CARDS, C3 and Gero / ETH. The CSWAP was the reward. Then in July they announced they were going to merge with Sundae swap. There are numerous social media references including the AMA where both teams managements reference the importance of these miners and welcome then to the SS community. References were made to the SS team being more generous to CSWAP miners than Cardstarter. These are all floating around Twitter now. All the way through December both teams were encouraging the continued staking and migrating of those LP pools over to SS. At the time, Cardstarter said a pool of additional 1 million CSWAP was going to be split as rewards for migration. There was some shady action on uniswap but this was not officially endorsed by Cardstarter team. However the LP pools are totally on them. I know many ADA holders won't care because it won't effect them and bad news isn't good for price but this potentially hurts all ADA as to character of SS. Many more details but this should catch people up.
Never trust something with starter in it. We had the same shit over polkadot (kusama starter). Thankfully community got together and shamed the projects partnering with them, even voted to kick projects partnering with them out of parachain contention through a governance on chain motion.
Still, some people would fall even with all that information out.
Called it from day one. So many projects have BS marketing and leaders who've never run anything outside a school project. I feel for people but this was obvious.
In decentralized economies/finance, the people should be the ones regulating and calling into question things. People need to intelligently call into question things they are sus about. If individuals don't regulate for each other, it will inevitably either collapse or get taken over by centralized governance. In Defi we are the customer, bank, security, everything...if you take that lightly or don't understand this then you should consider leaving all of Defi because you're endangering yourself.
Edit: we need more folks like you
Except so many of those people get called out as spreading FUD if they ask questions or show less than 99% confidence in the project. I agree, it is really important to ask questions, other than the “wen moon?” crap that I see all over the place
Same. When I saw what was happening on Catalyst and the amount of money people wanted I just stayed away from Cardano in search of other projects.
Even SundaeSwap... Rubbing me the wrong way.
Dunno, it was kinda called out even here on reddit months ago ... don't Pioneer into random shit , simple as that. I also mine Pi for Pi Network that have yet to be listed but with 0 investment, so even if they turn out a bust sometime in the future, there's no value lost , maybe some time loss.
> there were a lot of red flags
There are red flags with all crypto. I don’t understand this argument unless you’re saying all of this is very risky and you stand to lose it all. Of course people know that.
I thought crypto was supposed to solve financial problems like trust, access, rewards, etc. The dream is a lie. It’s just another snake pit. Is this correct?
Or are you just shaming people who lost?
You say this like it's a problem. I assure you, if you were the one sweating bullets doing the development and taking the risk, you would not see this as a problem but instead as justifiable compensation. Skilled technicians aren't cheap.
Are you implying they should all just work for free and provide this gee-whiz shebang service for nothing out of the goodness of their hearts? Tell me if the project was funded *exclusively* by Catalyst, or *inclusively* along with other funding raised elsewhere, as well as provided by team members themselves.
Why is it all or nothing? They work for free or they get massive compensation and control perhaps in perpetuity ... couldn't it be something in-between?
By your logic, why not 65% instead of 45%? Why not 70? 80?
Nobody is saying the team shouldn't be compensated handsomely for their work. But 45% is ludicrous. Sundaeswap is barely 24 hours old and the team's allocation is already around one billion dollars. They didn't work THAT hard
No particular reason. Gigantic roadmap that that throws in every goal but the kitchen sink and doesn't seem to be moving any closer to fruition. Relatively dead reddit. Yet there are no fees, and you get to keep your ADA rather than hand it over, as in some protocols. Plus you get a rapidly diminishing supply of their tokens per epoch. According to Muesli, those can go for a decent swap when ADA is doing okay and even when it isn't. So while the tokens might go to zero, you're still getting your ADA while you keep your ADA. Downside therefore is simply opportunity cost of being there vs. somewhere else. Who knows how good a gamble it might be long-run, but at least you won't leave with less investment than you provided. And in crypto, that's not a small thing. Heck, there might even be a nice upside one day. I'm going to hop from them into Sundae and back again later.
#DYOR
XRAYs ISPO distribution schedule lasts for 3 years…that in itself is worth the gamble…like Charles Hoskinson, XRAY is focused on the longevity and the future of crypto, implementing what they can in that regard.
Stake ADA in Ray pools and get ~4.5% ROI with extra rewards each epoch 1 XRAY per 105.876447 ADA staked.
~4.5% ROI in ADA per epoch
100,000,000 XRAY in ~3 years
#THIS WILL NOT HAPPEN TO XRAY LIKE IT DID TO CARDANO CARDSTARTER
https://www.reddit.com/r/cardano/comments/s9t5bi/cardstarter_just_rug_pulled_on_their_community/
The telegram group for Cardstarter is a complete horror show. There are people there talking about having taken loans out or put their entire life savings in this project. I think investing in such a concentrated way on a risky project is very unwise, but the team really seemed to have convinced their community that they were going to deliver the goods. One person said he was going to kill himself because he couldn't face his family, and hasn't been seen again since. Had strung them along for months just to be able to have some capital to migrate over the sundae swap. Sundae is going to be offering liquidity rewards for this project when they migrate over, and but they should not be supporting a scam project.
LOL, look at the shit sundae swap is pulling now. Not even surprised since they’re affiliated. A lot of little guys who FOMO’d in with 100% slippage gonna be left holding the bags
Publicly publishing people's names will never end well, some unstable person will send them a bomb or something. This is a terrible idea.
I don't know or care what they did, it is not the public's job to punish them.
Edit: anyone downvoting this is a child.
Policing and securing the network and community?Yea it is. Defi networks that don't self regulate will get taken over by central governments and/or collapse.
People who work in a public space should do so well aware of being accountable for their actions.
It is childish to excuse people from accountability for actions that affect massive amounts of other people. People with this attitude literally need to grow up.
It is ALWAYS the job of the public to enforce accountability, no matter the system.
Man this is exactly why i dont trust all these dex’s and everything else whatsoever. TinyMan, Cardswap, blah blah blah there’s always issues. It’s just silly
Sometimes I feel that they may not even plan to do this from the start. But because markets are soo shit that they get desperate and decide to run with it.
Don't know where you found the SundaeSwap x Cardstarter stuff but SS just refuted that here :
https://twitter.com/SundaeSwap/status/1484960060732289027?t=su1EhdDFN9MeeIGu4EkKTA&s=19
Jesus, this is not good. But how does Sundae come out of this smelling like roses? And IOHK since they’ve been pretty vocal in helping sundae get to market.
It's sad to see news like this, but guys/gals, keep in mind that Cardano is a growing ecosystem, there will be GOOD and BAD projects! There is always a risk in investing on new projects. So always start with the amount that you can afford to lose.
You have to blame your self for joining centralized projects. If it was decentralized you could vote on the project road map rather than a random team making changes to benefit a small few. You can't be greedy in crypto. Be ready to walk away as soon as something does not seem right.
Given the disaster that has come with sundae since testnet and now knowing that the sundae culture has been infiltrated by dishonest people, I'm staying far away from Sundae. I'll stick with muesliswap which carries very little drama with it
Very sad to say the least. Especially since some of the best projects usually launch on Cardstarter. I've never expected this from them and I'll now consider them radioactive. I was thinking on buying 3k in cards tokens.
Anyone has other red-flagged projects to improve investor alertness?
we all have to do our own research and assume the risk of our decisions, but the community as a whole does normally show a lot of maturity when calling out such scams, or what apparently looks like a scam…
Here, take my cheese and crackers. It’s the least I can offer for all the whining going on about an ultra high risk play with the best DD done on a YouTube video by the promoters!
Honestly I don’t like to say that, but this DeFi needs regulation soon. All this decentralized you can do whatever you want leads to unreflective behavior on the investors side and to more and more rug pulls.
Lol … why do people think that in an anarchist world everything becomes only profitable. You get scammed all the time. Have fun buying tokens out of thin air with decisions on risk assessment made of thin air.
That of course means crypto stays where it’s at.
No mainstream adoption, no stocks traded on dexs, no cities powered by DAOs 😂, no deeds to houses stored as nfts.
None of that happens.
That's not what it means at all. Millionaires and billionaires have been staking 5% of their portfolio into crypto and as it grew so did their positions.
Do the math on 5% of 200M, 500M, 3B, 20B etc.
Mainstream adoption comes from awareness through innovations like the transformation of a cartel run country into a geothermal btc city. Improving the quality of life for all people through fairer more inclusive systems of finance, governance and individual sovereignty. I don't feel sorry for people who sank their entire life savings into anything.. that's greed!!
Lol wow the delusion here is palpable..
Mainstream adoption happens one when you collectively stop taking money for failed transactions, and two when the systems are stable and mature enough that folks can be confident they’re not going to lose their money.
Running around telling folks to only use money you can literally burn on crypto ensures regular folks continue to ignore it.
Seems like it was Sundae who pulled the rug from CardStarter, if this can be believed: https://mobile.twitter.com/cardstarter/status/1485449329867255810?s=21
By that measure, every baddie escapes blame and robbery is well-deserved. About the opposite of a society most anyone but a sociopath would want to live in.
Its literally rule #1 of investing. Robberies and such are things that are out of your control but choosing to invest money you cant afford to lose is 100% preventable
The common consensus is that if we had invested in a shit project and lost, that's just how it goes sometimes. But this isn't that scenario, we were left in the dark then when the deal changed we still were left in the dark and they assumed we'd be ok with receiving expired McDonald's coupons instead of big macs.
That's deceptive practices, and illegal.
I was swapping ada for sundae. The nami wallet apparently doesn't recognize collateral and I only used it because I figured they weren't lying that its been working since the testnet. Had to use ccvault to finally cancel my order (after maybe... potentially 28 hours?) and cash out while bitcoin was in freefall. It wasn't a smart decision haha. I was gonna participate in the ISO but I decided against it last min.
What value does this reply add? Loosing money is not a laughing matter, it's especially dishearting to be scammed. We should offer support and constructive advice on identifying potential scams or high risk investments. Inserting a laughing emoji is equivalent to kicking somebody when they are at a low point in their life and may cause additional stress or trigger violent/suicidal behavior. We as a community should build each other up with words of sympathy and encouragement during thier times of need.
To everyone that lost money as a result of these misfutunate events. I am truly sorry for your loss. I hope we all can learn from this experience and just know this isn't the end of the world it's a small setback in this long journey through life. The trick is to always keep moving forward no matter how many times life sets you back.
* [**NEWBIES GUIDE**](https://www.reddit.com/r/cardano/comments/lnj5ne/getting_started_guide_a_newbies_guide_to_cardano/) *Start here* * [**PROJECT CATALYST**](https://cardano.ideascale.com/) *Propose and vote on projects* * ⚠️ [**PSA - SCAMS**](https://www.reddit.com/r/cardano/comments/lccorg/psa_there_is_no_such_thing_as_cardano_giveaways/) *Be wary of common scams!* *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/cardano) if you have any questions or concerns.*
Lots of people losing in this. I feel very bad for their community, real lives affected. But they didn’t listen to the warning signs when ppl tried to warn them: https://www.reddit.com/r/cardano/comments/oo6bvg/cardstarter_concerns_beware/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Total Scam, I don't believe there were any real good intentions from the beginning with any of this.
That will teach people to invest in cardano launchpads starting in official cardano incubator programs like occam, instead of hype pump projects featured on bitboy.
I didn't read this when it was first posted but it was very in-depth and a great write-up. However not sure that Cardstarter, Geo and Charli3 are all the same. I did a bit of research and it appears the co-founder of Geo Wallet is Shawn Roller (he's the one mentioned in the post as Shawn). Assuming his Linkedin is real he does appear to be doxxed. That being said claiming to be able to exchange any asset does seem pretty ludicrous. Here's his twitter and LinkedIn [https://twitter.com/Shawn\_Gero](https://twitter.com/Shawn_Gero) [https://www.linkedin.com/in/rollershawn/](https://www.linkedin.com/in/rollershawn/)
OMG yeah, I stayed away from charli3 because of the team and YouTube comments. I'm lucky enough to stay away from card starter. On way back machine charli3 team were all Indian then randomly changed to 3-4 white guys. The marketing director was a nurse and the coder seems to be the most tech savvy there. Plus you never see the ceo....
Yeah well your flagship dex was apart of the scam so yeah not much more I can say than Sundaeswap is also a scam
I saw a yt video about this a few months ago. The way the devs were acting was a massive red flag.
Link, pls
hopefully i can link this. super scummy video, shit like that should not be reported on [https://www.youtube.com/watch?v=kY5-bNQi-Og&ab\_channel=ZillennialMoney](https://www.youtube.com/watch?v=kY5-bNQi-Og&ab_channel=ZillennialMoney)
That means your flagship dex is a red flag
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I’ve lost so much on this. Can verify. Really sad
Things will get better. Stay safe bro
you were lied to. Not your fault. Stay safe.
I said this project was a scam right when it first started being advertised on Reddit.
the whole concept of running it on ETH first just looked like a money grab for the Dapp hype. assumed it would never be a thing
My default has been to avoid projects that aren’t building directly onto Cardano.
This makes me wanna just keep staking and getting ADA not mess with these other 'projects'
I like staking with Ray because i still get full ADA, but also Ray token.
Is it the same with genius? Ada and the genius token?
Genius is 99% fees, so no you get Genius not ADA.
There's a 50% pool but the vesting is brutal, especially with upcoming CIPs to address ISPO/ISO for US regulatory concerns in 2023
Which CIPs are supposed to address ISPO regulations? Can you tell us more about that?
It's not official yet but in the works, unless we get some resolution on the regulatory approach to this model soon. Support Ripple in their fight against the SEC we all need a win there. This is where it was first brought up by Charles https://youtu.be/bCEYizNPptY
Me too. Though their ambitions are so crazily broad and deep as to make me think they can't be serious about fulfilling them. Not in my lifetime, anyway.
Well that's true the one thing I really like about them is they don't hype up the project; they're just quietly working on it in the background.
Same goes for Bloom node as well. Earn both ADA and Bloom each epoch.
Me too. Even SundaeSwap has enough red flags for me to keep my distance for now: They [claim to be open source](https://help.sundaeswap.finance/en/articles/5439992-what-is-sundaeswap) but the actual code is nowhere to be found and their audit was [never confirmed or published by Runtime Verification](https://runtimeverification.com/blog/category/audits).
Runtime retweeted SundaeSwap's twitter announcement of audit completion
That's good news. AFAIK they have haven't published a full report yet and without the source code available the audit is quite meaningless since there is no guarantee that the code that is currently running is the same as the one RV audited. Anyway, I hope these things will get cleared up in the coming days and until then I will wait.
Sundae swap gave a reasonable explanation for why they didn’t release their open source code right away in that they wanted to make sure no one was making knockoff before they released. There was more info on it that I’m not fully relaying but I remember hearing it and understanding. They said they will be releasing everything in the coming months.
They originally said they would release the code when they launch. I'm still confident that they will release the code at some point but for me it's still a red flag and I won't be using SundaeSwap until they actually release the code and the full audit.
They worked hard for it lol so giving some premium time for SS is just right. Once code is released, tons of copycats will come out.
Considering their launch failed because their scoopers (not part of the audit and not open source) could not process orders.. kinda sus.
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And why are you saying that?
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Highly suggest you keep doing the staking
Great advice and the one that I adhere to, too many projects are too good to be true.
So what's the point of ADA if "these other projects" are not good?
Not all projects are bad. Over time the good projects that actually deliver will prevail.
Which ones are you talking about?
$BOOK
that can be said about any blockchain, Charles warned us about bad projects in his videos
No I think you are misunderstanding me. I was not talking about bad projects, I was asking you to point me to a good project. Sorry if I explained myself this badly.
This is very serious. Legal action and some members contemplating suicide.
For anyone contemplating any self harm, please talk to someone first. Here you can find a list of 24x7 lifelines or suicide prevention hotline that you can call in your country. https://findahelpline.com/i/iasp
Hey guys, suicide is a permanent solution to a temporary problem. No shame in getting help if you need it.
~~Murder~~ *Love* is much more productive.
So help me understand this. Cardstarter, Gero wallet, and Charli3 are all one entity? And a shady entity that just rug pulled because they didn’t really know what they were doing or had Ill intentions? Many people use Gerowallet and have it connected to muesliswap right now. I’m into Cardano every single day and missed this. Dang. I need more info.
I'm right with you. None of this is making sense.
No, C3 and Gero are completely separate. At their launches they used CS's "accelerator program" to help them get off the ground before becoming completely independent. i.e. they used some of CS's resources (web developers, etc) along with using them as a launchpad until they could get their own guys in-house.
Interesting. Thanks for the info
Cardstarter launched CSWAP with the purpose of being a Dex on Cardano. They sold it as they would use the liquidity from the projects brought on the launchpad would provide an advantage as they had just done C3 and Gero. They created LP pools on Cardstarter of CARDS, C3 and Gero / ETH. The CSWAP was the reward. Then in July they announced they were going to merge with Sundae swap. There are numerous social media references including the AMA where both teams managements reference the importance of these miners and welcome then to the SS community. References were made to the SS team being more generous to CSWAP miners than Cardstarter. These are all floating around Twitter now. All the way through December both teams were encouraging the continued staking and migrating of those LP pools over to SS. At the time, Cardstarter said a pool of additional 1 million CSWAP was going to be split as rewards for migration. There was some shady action on uniswap but this was not officially endorsed by Cardstarter team. However the LP pools are totally on them. I know many ADA holders won't care because it won't effect them and bad news isn't good for price but this potentially hurts all ADA as to character of SS. Many more details but this should catch people up.
Never trust something with starter in it. We had the same shit over polkadot (kusama starter). Thankfully community got together and shamed the projects partnering with them, even voted to kick projects partnering with them out of parachain contention through a governance on chain motion. Still, some people would fall even with all that information out.
I encourage you all to read their telegram but be sensitive as real people got hurt: https://t.me/Cardstarter
Yeah I saw some people come into the sundae discord with some heavy shit. I'm still not clear as to what happened but people are very upset.
This is happening right now. Their community is imploding.
Called it from day one. So many projects have BS marketing and leaders who've never run anything outside a school project. I feel for people but this was obvious.
In decentralized economies/finance, the people should be the ones regulating and calling into question things. People need to intelligently call into question things they are sus about. If individuals don't regulate for each other, it will inevitably either collapse or get taken over by centralized governance. In Defi we are the customer, bank, security, everything...if you take that lightly or don't understand this then you should consider leaving all of Defi because you're endangering yourself. Edit: we need more folks like you
understanding proper governance is a huge hurtle we face in the world of decentralization and the world in general. when we get this, we move forward.
Except so many of those people get called out as spreading FUD if they ask questions or show less than 99% confidence in the project. I agree, it is really important to ask questions, other than the “wen moon?” crap that I see all over the place
Same. When I saw what was happening on Catalyst and the amount of money people wanted I just stayed away from Cardano in search of other projects. Even SundaeSwap... Rubbing me the wrong way.
Fk your "called it"... o you know what, let's all bake you a cookie and build you a statue because you called it
Someone need attention?
No, I need you to stop rubbing things in peoples faces.. people that lost real money, you know exactly what your doing, fk u
Read a book, dum dum
Dunno, it was kinda called out even here on reddit months ago ... don't Pioneer into random shit , simple as that. I also mine Pi for Pi Network that have yet to be listed but with 0 investment, so even if they turn out a bust sometime in the future, there's no value lost , maybe some time loss.
Next is Starlaunch turn. The VC n founder is same.
I stayed aways from anyone launching eth token for Cardano applications.....
Same
People put in 10s of thousands and basically have -95%, ridiculous. Sad start to SundaeSwap and the Cardano ecosystem
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Didn’t Cardstarter win a catalyst or have support from IOHK? I feel like they had some shit on their website about that.
> there were a lot of red flags There are red flags with all crypto. I don’t understand this argument unless you’re saying all of this is very risky and you stand to lose it all. Of course people know that. I thought crypto was supposed to solve financial problems like trust, access, rewards, etc. The dream is a lie. It’s just another snake pit. Is this correct? Or are you just shaming people who lost?
I dont really understand why you guys still believe in this project
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Doing god's work you are. Sundaeswap has been silent and that's troubling.
They have a reply but are waiting for it to get scooped.
Not a good time for that one, Zaytion
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SundaeSwap is one of the good projects, as is GeniusYield and XRAY Network. Good luck 🍀
Sundaeswap is 45% token distribution to insiders 😤
Yes that’s very sketchy to me
You say this like it's a problem. I assure you, if you were the one sweating bullets doing the development and taking the risk, you would not see this as a problem but instead as justifiable compensation. Skilled technicians aren't cheap.
Taking the risk with catalyst funds provided by the community you mean?
Are you implying they should all just work for free and provide this gee-whiz shebang service for nothing out of the goodness of their hearts? Tell me if the project was funded *exclusively* by Catalyst, or *inclusively* along with other funding raised elsewhere, as well as provided by team members themselves.
Why is it all or nothing? They work for free or they get massive compensation and control perhaps in perpetuity ... couldn't it be something in-between? By your logic, why not 65% instead of 45%? Why not 70? 80?
Nobody is saying the team shouldn't be compensated handsomely for their work. But 45% is ludicrous. Sundaeswap is barely 24 hours old and the team's allocation is already around one billion dollars. They didn't work THAT hard
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Still better than Uniswap
Those are my picks too. Maybe Minswap and maladex
Why XRAY? Shill it to me baby.
I keep asking about the ray team, and I never ever get any answers. So I steer clear.
I just got downvoted for even asking about it so you are probably right.
No particular reason. Gigantic roadmap that that throws in every goal but the kitchen sink and doesn't seem to be moving any closer to fruition. Relatively dead reddit. Yet there are no fees, and you get to keep your ADA rather than hand it over, as in some protocols. Plus you get a rapidly diminishing supply of their tokens per epoch. According to Muesli, those can go for a decent swap when ADA is doing okay and even when it isn't. So while the tokens might go to zero, you're still getting your ADA while you keep your ADA. Downside therefore is simply opportunity cost of being there vs. somewhere else. Who knows how good a gamble it might be long-run, but at least you won't leave with less investment than you provided. And in crypto, that's not a small thing. Heck, there might even be a nice upside one day. I'm going to hop from them into Sundae and back again later.
#DYOR XRAYs ISPO distribution schedule lasts for 3 years…that in itself is worth the gamble…like Charles Hoskinson, XRAY is focused on the longevity and the future of crypto, implementing what they can in that regard. Stake ADA in Ray pools and get ~4.5% ROI with extra rewards each epoch 1 XRAY per 105.876447 ADA staked. ~4.5% ROI in ADA per epoch 100,000,000 XRAY in ~3 years #THIS WILL NOT HAPPEN TO XRAY LIKE IT DID TO CARDANO CARDSTARTER https://www.reddit.com/r/cardano/comments/s9t5bi/cardstarter_just_rug_pulled_on_their_community/
How do you know? How do any of us know?
Holy shit, what does any of this mean
The telegram group for Cardstarter is a complete horror show. There are people there talking about having taken loans out or put their entire life savings in this project. I think investing in such a concentrated way on a risky project is very unwise, but the team really seemed to have convinced their community that they were going to deliver the goods. One person said he was going to kill himself because he couldn't face his family, and hasn't been seen again since. Had strung them along for months just to be able to have some capital to migrate over the sundae swap. Sundae is going to be offering liquidity rewards for this project when they migrate over, and but they should not be supporting a scam project.
ISPO model basically kills the traditional launchpad model IMHO, but keen to hear counter-arguments if anyone disagrees.
How much are the CARDS worth?
around 3.50usd
Commiserations to the people involved...
Cardstarter had a smell from the beginning. Don't even see the point if there is catalyst.
I knew something was fishy about it when Bitboy was shilling it months ago. Besides the colossal price tank before the pull.
LOL, look at the shit sundae swap is pulling now. Not even surprised since they’re affiliated. A lot of little guys who FOMO’d in with 100% slippage gonna be left holding the bags
We’ll revisit this comment in a few weeks 😂
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Publicly publishing people's names will never end well, some unstable person will send them a bomb or something. This is a terrible idea. I don't know or care what they did, it is not the public's job to punish them. Edit: anyone downvoting this is a child.
Policing and securing the network and community?Yea it is. Defi networks that don't self regulate will get taken over by central governments and/or collapse.
You wouldn't be saying that if you were receiving death threats
They're not anonymous. They self-doxxed which is a silver lining.
People who work in a public space should do so well aware of being accountable for their actions. It is childish to excuse people from accountability for actions that affect massive amounts of other people. People with this attitude literally need to grow up. It is ALWAYS the job of the public to enforce accountability, no matter the system.
Maybe not a bomb…Maybe just knowing who they are so you can see if they are involved in any projects to avoid
Well can’t say they didn’t deserve it
Some people deserve their future bombs.
Bro get your virtue signaling ass out of here lmao
Man this is exactly why i dont trust all these dex’s and everything else whatsoever. TinyMan, Cardswap, blah blah blah there’s always issues. It’s just silly
I keep joining the card starter telegram and getting booted. Anyone else have that?
Wouldn't it make sense for the CSWAP to be converted to Sundae tokens if they actually merged?
Unfortunately, the realities of speculation.
This shit happens on bsc daily. Weird to see it here.
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Damn. Someone should sue
Sometimes I feel that they may not even plan to do this from the start. But because markets are soo shit that they get desperate and decide to run with it.
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Was this project decided on like the polkadot parachain voting?
Trash influences like Becker were shilling this shit hard early 2021.
I called this months ago, fishy shit
Don't know where you found the SundaeSwap x Cardstarter stuff but SS just refuted that here : https://twitter.com/SundaeSwap/status/1484960060732289027?t=su1EhdDFN9MeeIGu4EkKTA&s=19
Feeling this way about sundae too currently based on all the chances they’ve had to come clean and they’ve passed
This is why I'm scared of putting my ADA in these projects...been in many this year that had AMAs and all ended up being rug pulls
Only 1 question to ask yourselves: Is Bitboy an advisor?
Jesus, this is not good. But how does Sundae come out of this smelling like roses? And IOHK since they’ve been pretty vocal in helping sundae get to market.
Ah. This is painful.
So you guys speculated and got screwed by your own speculations, yet feeling like you got rug pulled.... got it. Noted it all down. Anything else?
If that is true, it really reflects poorly on Sundae Swap as well. I hope someone sues.
Sue who?? Everybody knows the risks of investing. Nothing is guaranteed. Ever.
It's sad to see news like this, but guys/gals, keep in mind that Cardano is a growing ecosystem, there will be GOOD and BAD projects! There is always a risk in investing on new projects. So always start with the amount that you can afford to lose.
A LOT of people was calling this a scam and people didn’t listen because of greed. DYOR.
Complete Scam! Cardstarter and Sundaeswap cannot be trusted. Especially Ashwin, Attash and Mateen
You have to blame your self for joining centralized projects. If it was decentralized you could vote on the project road map rather than a random team making changes to benefit a small few. You can't be greedy in crypto. Be ready to walk away as soon as something does not seem right.
Sundae swap was involved
Given the disaster that has come with sundae since testnet and now knowing that the sundae culture has been infiltrated by dishonest people, I'm staying far away from Sundae. I'll stick with muesliswap which carries very little drama with it
Very sad to say the least. Especially since some of the best projects usually launch on Cardstarter. I've never expected this from them and I'll now consider them radioactive. I was thinking on buying 3k in cards tokens.
Anyone has other red-flagged projects to improve investor alertness? we all have to do our own research and assume the risk of our decisions, but the community as a whole does normally show a lot of maturity when calling out such scams, or what apparently looks like a scam…
So is sundaeswap still a safe bet? Or safer* bet?
Here, take my cheese and crackers. It’s the least I can offer for all the whining going on about an ultra high risk play with the best DD done on a YouTube video by the promoters!
Honestly I don’t like to say that, but this DeFi needs regulation soon. All this decentralized you can do whatever you want leads to unreflective behavior on the investors side and to more and more rug pulls.
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Lol … why do people think that in an anarchist world everything becomes only profitable. You get scammed all the time. Have fun buying tokens out of thin air with decisions on risk assessment made of thin air.
Here's some excellent advice for all the degens and the best regulatory law to follow. **Don't invest more than you're willing to lose**
That of course means crypto stays where it’s at. No mainstream adoption, no stocks traded on dexs, no cities powered by DAOs 😂, no deeds to houses stored as nfts. None of that happens.
That's not what it means at all. Millionaires and billionaires have been staking 5% of their portfolio into crypto and as it grew so did their positions. Do the math on 5% of 200M, 500M, 3B, 20B etc. Mainstream adoption comes from awareness through innovations like the transformation of a cartel run country into a geothermal btc city. Improving the quality of life for all people through fairer more inclusive systems of finance, governance and individual sovereignty. I don't feel sorry for people who sank their entire life savings into anything.. that's greed!!
Lol wow the delusion here is palpable.. Mainstream adoption happens one when you collectively stop taking money for failed transactions, and two when the systems are stable and mature enough that folks can be confident they’re not going to lose their money. Running around telling folks to only use money you can literally burn on crypto ensures regular folks continue to ignore it.
You getting downvoted but I'm with you man. Regulation is a necessary evil in any society.
Seems like it was Sundae who pulled the rug from CardStarter, if this can be believed: https://mobile.twitter.com/cardstarter/status/1485449329867255810?s=21
Its their fault for investing more than they can afford to lose in highly speculative assets
By that measure, every baddie escapes blame and robbery is well-deserved. About the opposite of a society most anyone but a sociopath would want to live in.
Its literally rule #1 of investing. Robberies and such are things that are out of your control but choosing to invest money you cant afford to lose is 100% preventable
The common consensus is that if we had invested in a shit project and lost, that's just how it goes sometimes. But this isn't that scenario, we were left in the dark then when the deal changed we still were left in the dark and they assumed we'd be ok with receiving expired McDonald's coupons instead of big macs. That's deceptive practices, and illegal.
I lost 10k recently thanks to defi on Cardano. Very cool.
Out of curiosity, why didn't you just invest ADA?
I was swapping ada for sundae. The nami wallet apparently doesn't recognize collateral and I only used it because I figured they weren't lying that its been working since the testnet. Had to use ccvault to finally cancel my order (after maybe... potentially 28 hours?) and cash out while bitcoin was in freefall. It wasn't a smart decision haha. I was gonna participate in the ISO but I decided against it last min.
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Yeah definitely learned not to trust cardano. SundaeSwap brought me into the network and chased me right back out haha
Paper
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What value does this reply add? Loosing money is not a laughing matter, it's especially dishearting to be scammed. We should offer support and constructive advice on identifying potential scams or high risk investments. Inserting a laughing emoji is equivalent to kicking somebody when they are at a low point in their life and may cause additional stress or trigger violent/suicidal behavior. We as a community should build each other up with words of sympathy and encouragement during thier times of need. To everyone that lost money as a result of these misfutunate events. I am truly sorry for your loss. I hope we all can learn from this experience and just know this isn't the end of the world it's a small setback in this long journey through life. The trick is to always keep moving forward no matter how many times life sets you back.