Chris

P̵u̵s̵h̵i̵n̵g̵ ̵f̵o̵r̵ ̵t̵r̵a̵n̵s̵p̵a̵r̵e̵n̵c̵y̵ ̵&̵ ̵g̵o̵o̵d̵ ̵i̵n̵c̵e̵n̵t̵i̵v̵e̵ ̵d̵e̵s̵i̵g̵n̵

play stupid games, win stupid prizes

[Chris @DeWiPulse]

@richhomiecon @jasonbadeaux Deferring to whatever the market happens to be doing to token price offers a lot less flexibility than setting your own inflation rate

[Patrick McKenzie @patio11]

This is a good article.

On a related note, I suspect that being a Binance US executive for a year or so may have been the best pay package ever in the tech industry.

[Chris @DeWiPulse]

@rdevaul You can't have it both ways. Take your pick:

(1) I was right about your tokenomics on day 1 when you insulted + belittled me and told me I was confusing Xnet with a meme coin

(2) you were right about your tokenmics then & you're misrepresenting them now

[Chris @DeWiPulse]

Question for the ethicists out there:

Is it a rug pull if I get to share in the looting & only other people get screwed?

[Connor Lovely 🎬 @richhomiecon]

10% of $XNET circulating supply gone forever

[Chris @DeWiPulse]

@rdevaul You previously asserted that trying to value tokens today by looking at what fraction of the (initially planned) 24 billion supply they represented was not valid given Xnet's (initially planned) tokenomics.

Now you're changing your tune. What am I missing?

[Chris @DeWiPulse]

@RichhomieconE -at recent prices, wiping 10m tokens from the supply is like a million bucks. There weren't that many wallets holding xnet. Bunch of people have to have been hit for $10k+, right?

[Chris @DeWiPulse]

@RichhomieconE -fwiw, if this was about a few percentage points, I wouldn't be making such a fuss

-largely deferring to amir's comment on the helium stuff, but my problem isn't that 'a centralized decision was made and centralization is always bad'

[Chris @DeWiPulse]

@RichhomieconE @EdBallou Tiny bit. I care b/c I don't like seeing DeWi projects fuck people over

Depin could become something cool or could end up not being much more than a cash grab. Calling this stuff out hopefully nudges the industry towards the former

[Chris @DeWiPulse]

@RichhomieconE @jplat12 The value of the token was always predicated on xnet fixing its token model. No one was forking up to buy a [tiny]/24 billion fraction of the project

Fwiw, previously Rich was very vocal about % of total market cap not being a valid mental model for xnet

[Chris @DeWiPulse]

Reflects badly on the xnet + depin communities that this is being viewed as a positive development rather than a mini rugpull

[Chris @DeWiPulse]

@EdBallou @RichhomieconE If we were dealing with relatively small percentage point swings here, I'd be far more sympathetic

[Chris @DeWiPulse]

@RichhomieconE Holders that weren't following the project closely enough to catch the briefly available bridge shouldn't miss out on a 10x shift from a unilateral/centralized decision to make a massive shift in the tokenomics

[Chris @DeWiPulse]

@jplat12 Yeah, I don't want to be too harsh on them for that since the supply reduction was arguably priced in ahead of time. But I'm baffled by the lack of principles here...so obviously unfair to the holders that didn't bridge in time

[Chris @DeWiPulse]

@rdevaul @FerrieraMel @XNET_Mobile @xnet_fdn Congrats! Can you say anything on whether compensation is concentrated to certain geographies?

[Chris @DeWiPulse]

@rdevaul @FerrieraMel @XNET_Mobile @xnet_fdn Are you getting paid now or is that something that remains contingent on other boxes being checked first?

[Chris @DeWiPulse]

➕️ Jason is right about 'DePIN'

[Jason Badeaux @jasonbadeaux]

@RichhomieconE it’s a terrible name that should die a painful death I will never forgive messari for this one

[Chris @DeWiPulse]

@tushar_jain @RichhomieconE @amirhaleem @helium_mobile Is the issue going through MOBILE rather than HNT? Or are you getting at something else?

[Chris @DeWiPulse]

Final thought:

Imo, early token prices largely reflected the expectation that the project would eventually address/remedy the goofy tokenomics it launched with

[Chris @DeWiPulse]

Shortly after XNET was announced, I asked Rich about the massive dilution from the impending inflation of XNET's token supply.

He insulted and belittled me. He acted like I was an idiot who didn't understand anything but meme coins. 🧵

[ⓧ Richard DeVaul 🚀🇺🇸💪 devaul.sol @rdevaul]

@NikoLeMieux @bigshaan @amirhaleem @jplat12 @RichhomieconE @DeWiPulse @xnet_fdn @XNET_Mobile @DeWiGoSite This is disingenuous - we are migrating from a 24B supply to a 2.4B supply. The natural exchange rate is 10:1. If someone uses our 10:1 bridge tomorrow or a year from now, they will hold the same fraction of ownership they did a month ago. 1:1 is a 10x bonus.

[Chris @DeWiPulse]

Anyhow, Rich now seems to be saying:

"what could passive holders have to complain about!! their share of the total marketcap is unchanged!!"

The pivot, now that the total marketcap framing suits his interests, is frustrating.