AndrewSup

Sup yo?

[AndrewSup @AndrewSup6]

@elonmusk @heyitsyashu Dude you dumped. You want to have it both ways.

[AndrewSup @AndrewSup6]

@misolcom @CryptoTon618 Xen is good but not perfect. In about a year the gas floor will be revealed to have been about half as much as vanilla mints would predict, due to remint discount. Even XenFTs are at a disadvantage compared to Cointoolers. The xen holder base is currently at its peak quality.

[AndrewSup @AndrewSup6]

The plot thickens

[Misol @misolcom]

The anticipated $XEN burn for $XN on #X1 network reminds me of what happened on the first day $HEX launched back in December 2019. Everyone piled in their $ETH to grab a fixed amount of $HEX. As you would have guessed, Day 1 participants got absolutely rekt as the price proceeded to dump almost 95% after about a month.

It wasn't until months later where a mysterious whale who participated in the ETH ICO (we now know as @TheRealGodWhale) saved the day with a massive buy.

I can't help but feel something similar is about to happen with the upcoming $XEN burn into #X1 network's daily $XN auction. The amount of days are similar (333 vs 365) and both emit a fixed amount of token.

I would argue $XEN to $XN auctions could be even more treacherous since there's so many other ways to obtain $XN:

1. $XEN to $XN daily 333 auctions
2. Burning $XEN for projects (XeNFTs, $DXN, etc)
3. $VMPX to $XN
4. $XONE?
5. $XNM to $XN (miners)
6. Devnet, Fastnet, and Testnet airdrop
7. Google Form Social Media Airdrop
8. Google Form Node Airdrop

#1-#4 required burning of valuable $ETH so the power of bots were limited. #5 heavily favored being the first miner. My last tweet outlined #6 and #7 could be abused by bots.

The trend continues as the recently announced #8 also is suspect. You can earn $XN by creating read-only nodes. This could easily be manipulated by spoofing thousands of nodes, each with a unique IP address, but providing service through forwarding rather than a real read-only node.

I'm a bit heartbroken as I really wanted to find a community and project where the code and members really embodied all first principles of crypto. I have now failed multiple times from $HEX, $MM, and now $XEN.

At this point, I have no choice but to give up trying to find this project. At the same time, I do not want to be known as someone who just complains and #FUDs all the time either.

This leads me only one option.

Next Sunday on January 21st, 2024, I will share a plan that will attempt to salvage the remainder of the $XEN community who want to be part of a purely first principles project where core decisions are made by its holders and not a single person.

It's not going to be easy and the journey will be long. Deep in my heart I know that crypto can solve challenges far greater than just DeFI ponzi schemes and slightly faster layers.

I know I'm not alone and I'm grateful to have met others who are intelligent, wise and skilled enough to take that journey with me.

I hope to meet many more. Let peace be with you.

Misol

[AndrewSup @AndrewSup6]

@simplewaters Your explanation that there is a per-validator limit for delegation does not prevent somebody from running multiple nodes to avoid the limit.

[AndrewSup @AndrewSup6]

@simplewaters Delegating is a vulnerability that allows 51 percent attack to be achieved easier?

[AndrewSup @AndrewSup6]

@simplewaters What stops somebody from making one read-only node and having it pretend to be 100 nodes to earn more read-only-node yield?! This is the kind of thinking that you arrive at when you abandon the adversarial mindset required for crypto security.

[AndrewSup @AndrewSup6]

@rassleagh @fopminui @crazyclipsonly It’s still called a free climb with a rope

[AndrewSup @AndrewSup6]

@mrJackLevin Yes the read-only-nodes earn rewards for PoN. Proof of Nothing.

[AndrewSup @AndrewSup6]

@The_XENsei @misolcom @TreeCityWes @mrJackLevin @RichardHeartWin The VMPX white paper… people bought VMPX for that 3:1 conversion rate. And 1B total target supply of XN. The VMPX token was sold. This let people value VMPX based on the white paper. Now the rules change for the conversion?

[AndrewSup @AndrewSup6]

@Reprobus2 @R3WIREDX Wishing MM the best. GL

[AndrewSup @AndrewSup6]

@OGXenian Blessed are the meek, for they shall inherit the earth. That’s the revolution that will not be televised.

[AndrewSup @AndrewSup6]

@xen_artist @mrJackLevin Xone

[AndrewSup @AndrewSup6]

@simplewaters https://t.co/yBibWvVJSy

[Misol @misolcom]

@techleadhd Thank you XONE whale for sending me XN on Testnet and letting me mint a NFT to show proof of activity for Jack's upcoming airdrop.

[AndrewSup @AndrewSup6]

@mrJackLevin Even an increase of 5 tps would crash the eth prices. Huge disincentive to innovate. Bentley did not invent the Model Y.

[AndrewSup @AndrewSup6]

@udiWertheimer All your inscription are belong to us.

[AndrewSup @AndrewSup6]

@mrJackLevin I guess load balancer is map step, assigning a sequencer, and the bundling within the sequencer is the reduce step. What’s interesting is that map-reduce was originally never designed for real time streaming data (API for reducer processes all data for a given key at once).

[AndrewSup @AndrewSup6]

@VanHelXEN @misolcom It may end up being the first and only bridge that exists in the early days of X1. Only way to offboard value from X1, like XN tokens, X1 Xen, XNM, may end up being to trade them for $Xone on X1, bridging, and then selling $Xone on eth. That could create extreme demand imo

[AndrewSup @AndrewSup6]

Well written! God speed.

[ⓧ Jack Levin ⓧ X1 @mrJackLevin]

We just filed a lawsuit against OKX in federal court today to protect our trademark rights.  The Complaint is attached. https://t.co/Sf4E9wGFSt #X1 #XEN

[AndrewSup @AndrewSup6]

@Tad_ape @grok @okx Hooray!

[AndrewSup @AndrewSup6]

Before my time, must have been an epic moment to be in early hex.

[Misol @misolcom]

On March 14th 2020, I purchased 48 million $HEX at around $.00025 per token. With Big Pay day and interest, it would have been worth at least $33 million at the peak in 2021. I sold for a measly 2.5x and it has perpetually haunted me until I discovered @mrJackLevin and $XEN.

This is my personal story about Richard Heart and HEX: a rollercoaster of emotions and the ultimate lessons that lead me to be a part of the $XEN and #X1 community

I discovered @RichardHeartWin in 2017 when he was a Bitcoin Maximalist. I just started investing in crypto and made all the typical mistakes like getting into cloud mining, buying big 10 altcoins near the top of the bubble, and just being a noob.

There weren't many crypto Youtubers back then so Richard really stood out with his sharp tongue and wit. He would have epic debates with Roger Ver about supporting Bitcoin Maximalism which would serve to be ironic later on with HEX and $PLS #pulsechain.

Nonetheless I ate up everything and when he realized Bitcoin kinda sucked and announced HEX on $ETH, I couldn't have been more excited. It was THE project for me.

I waited patiently for the first estimated launch date in Spring 2019 and then sat through month after month of delays, but then finally it launched at the end of the year.

The first year would be based on an ETH auction for HEX where a fixed number of HEX would be distributed every day and you would get a percentage of the HEX based on your contribution to the ETH pool.

The first day had an incredible amount of people entering and insulted in a fairly high initial price per $HEX. The macro markets started to dip and then the reality of the incredible daily inflation started to set in. This is when something unusual started to happen.

Towards the end of each day, a very large amount of ETH would be deposited which would dramatically diminish how much HEX you would receive. There were speculation of who this person is but after this consistently happened every day for months, it became clear that it could have only been done by Richard Heart himself.

This would be later known as "Recycling" and would mean an incredible amount of $HEX would be centrally controlled by Richard Heart. When questioned, Richard would just say he doesn't know who controls the keys and it was none of your business.

To be fair, the ETH recycling for HEX seemed to be done in a fair and consistent manner every day so I assumed he decided to do this to keep the price from tanking during the first year. Essentially, Richard was acting like a benevolent dictator under quasi fair principles rhetoric.

Most of the crypto community called him a scammer. I personally think he meant well but like the saying going, "The road to hell is paved with good intentions".

Now HEX and #PulseChain suffer from what crypto was trying to solve which was to remove the ability for a centralized figure to have outsized control. It is estimated Richard potentially has control of over 89% percent of all HEX and Pulsechain.

The most alarming sign was when Richard went full bipolar manic on the world with his daily shopping sprees, wearing luggage, and wiggling his butt in front of super cars. While he claimed it was for marketing purposes, it also lead to the idea that money tends to corrupt everyone in time.

Now the SEC is going after over 1 billion in damages. Fortunately, Richard did sell everyone's sacrifice tokens near the top of the market and could decide to clear his name by paying a reduced fine. Otherwise, he would have to live in perpetual exile either on tax haven islands or even enemies of the west like Russia.

So far none of the "main" characters of the last bull market has been able to escape unscathed. The list keeps getting larger from Sam of FTX, Do Kwon of Luna, Kyle Davies and Su Zhu and so on.

We'll find out soon enough about the fate of Richard. Even if he comes out unscathed, the idea that the keys to the HEX and Pulsechain kingdom COULD be out there presents an eternal risk for the projects. We know how children of wealthy parents are never as strong as the ones who built the wealth in the first place.

However, there is one major silver lining. I truly believe that respect should be given to Richard Heart because he is the main inspiration and motivation for Jack to create $XEN last year so maybe heroes do wear #gucci luggage.

In tech, it's not always the best to be first. There's usually a sweet spot after the first two iterations. For social networks, Friendster couldn't scale, Myspace was a UI mess and then Facebook captured the market by learning from their mistakes.

The same is going to be true with Jack and the #X1 ecosystem. Jack has every advantage in the world and he has the brains and heart to pull it off.

Even if Jack going off the deep end and starts wearing cyberpunk luggage, we will know that he can't single handedly cause outsized damage. That helps me sleep well at night.

Ultimately, we are our own biggest enemy. My greed and fear made me fumble some of the most insane bags in 2021. There were many more other than HEX.

This time I'm not screwing it up again.

Ride or die with #X1 ecosystem.

Peace y'all.