This week's Rug in History brings us back to The South Sea Bubble (1720):
The Deets:
The South Sea Company was granted a monopoly to trade with South America and assumed a significant portion of the British national debt in return for shares. The company promised immense profits, leading to feverish speculation and a dramatic increase in share prices.
The Rug Pull:
The company’s management and government insiders sold their shares at inflated prices before the bubble burst. When the truth about the company’s lack of real profits emerged, the stock collapsed, causing massive losses for investors.
The Impact:
Many investors were ruined financially, and confidence in the British financial system was severely damaged. Several politicians and company officials were implicated in the scandal.
The Lesson:
Monopoly is a game best played by children. Everyone cheats.
An in-depth How-To Futarchy
With @MetaDAOProject's Futarchy as a Service (FaaS) right around the corner, there is no better time to learn to trade governance.
We teamed up with @metanallok to break down exactly how $FUTURE users will be able to engage with our governance once the trading goes live on their platform 👀.
This IS a great "How-to" for anyone curious about futarchy.
Future DAO will begin hosting weekly Twitter spaces, which we have dubbed "The CTO Round Table".
Scheduled for 10 am in New York, 3 pm in London and 9 pm in Singapore every Wednesday!
Tune in to learn about:
🔸 Future DAO Updates
🔸 Notable Rugs
🔸 New Community Takeovers
🔸 Who the champions are in Solana and how to become one.
Exciting news!
We’re on the verge of completing our revolutionary takeover dApp. This tool is a game-changer for rugs. No longer will nefarious teams, poor meta-data, lost PMF, or insolvency destroy the value of communities!
But how? Simple, with these 4️⃣ tools: