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@DJIGlobal I'll start a YouTube channel take off travel around the world, probably through Asia mostly because it's cheaper and film it all for my channel
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Video created by rumors
A statement about the dissolution of Kadena LLC @kadena_io $kda
1. I'll start from the end: the downfall of Kadena LLC brings me no joy. When I recognize a risky situation and try to warn about it, my motivation is to help people avoid the risk, not gloat when they pay for ignoring the signs.
2. Believe it or not, I actually have quite a few friends in the Kadena community. They have fought valiantly to keep this project alive despite poor, abstruse, sometimes downright hostile leadership. I'm sorry for the turn of events and wish them well.
3. Rumors have it that Kadena LLC employees shorted the coin before the announcement, squeezing tens of millions of liquidity from their community one last time. I don't know if these rumors are true, but the fact that they might be outlines an advantage of TradFi over crypto. In TradFi, shorting your own stock before making an announcement that will affect it is a serious criminal offense. You might argue that delegating the power to enforce the relevant law is against the vision of cryptoanarchism taking down the institutions or whatever, but investors don't really care about that. They are concerned that there is nothing to protect their asset from insider trading. They want to know that there is some mechanism in place to ensure that if the project fails, it'll affect all shareholders, and prevent a close circle of developers from having anti-competitive provisions.
4. From an external PoV, Kadena's fall is not a win for Kaspa, but a loss for PoW in general. The reputation of PoW is problematic, and seeing one of the few PoW projects that present themselves as providing novel solutions to scaling PoW go down this way is going to poorly affect this entire section of the crypto industry. Some might migrate whatever Kadena they have left to other PoWs like Kaspa, but I expect many PoW holders to move on from PoW altogether.
5. I hope all of this at least comes to show that I am never out to fud anyone. I speak up against projects that pursue broken paths because that's how they are all destined to end. I don't want people to be exit liquidity for poorly managed projects whose team will eventually have no recourse but to dump.
6. My criticism of Kadena, and every other project I criticized, starts with the tech. But a poor response to criticism usually exposes problematic management. Whenever the official team (or the closest thing available) meets my technical claims with dishonesty, obfuscation, deflection, and personal attacks, I know the project is in a crisis of leadership. This happened with Kadena, when dry mathematical comments about their ability to scale devolved into a multi-year all-out war, where Kadena LLC employees responded to my criticism in any conceivable way except actually addressing it. I'm not saying this to whine about how they treated me, but to emphasize what a strong sign it is that something is wrong at the top.
7. Unfortunately, I recognize the same patterns in Kasplex's conduct, which is why I tried to call them out. This created a backlash, this time from within the Kaspa community, but that was to be expected (though I have to say I did not see the bogus accusations of racism and lack of diligence on this year's bingo card). I don't really care. I'd rather be disliked for pointing out dangerous truths than liked for helping conceal them. I just hope Kasplex won't end the same way Kadena did: bailing, while (allegedly) liquidating the community out of dozens of millions. I'm pretty sure they are en route to failure, and I see little reason to believe they'll have the dignity to go down with the ship if they fail.
8. But this obviously does not end with Kasplex. Hopefully, in light of these circumstances, my warnings about other projects with problematic leadership (of which I can count at least five) will be better heeded.
9. With all that said, I'm truly sorry for anyone who lost money, time, and effort trying to contribute to and revive Kadena. Crypto is a harsh mistress. Believe me, I know.