shoni.eth
@alexpaden
higher is a narrative ponzi and soft rug pull— full disclosure that i own tokens and hold the most liquidity pool dao tokens (an even bigger scam to use the community to fund the pool, not any owner extracted equity, with full ignorance to the community funding it) soft rug pull: over promise, underdeliver, sell equity to extract value narrative ponzi: value based on storytelling “we’re the next nike” becomes the product with no underlying engine cult of potential
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🎀 sonya (in theory) 🐰
@sonyasupposedly
who do you accuse of executing the rug pull? who are you saying overpromised and underdelivered? from my perspective, insofar as there was a promise, it was always "this is a collective, *you* have to step up and make it happen for anything to happen"
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shoni.eth
@alexpaden
who is promoting it? who is profiting? lastly, who is building on it? seems pretty obvious, and by definition many people are involved in a ponzi/pyramid scheme, actually it's the entire premise. what we're seeing now will definitely be classified as an all new type of scam in the next decade since both and neither definition fits perfectly.
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Catch0x22 (2025 variant)
@catch0x22.eth
DAOs are the OG scam and a big reason why the industry is so cooked tbh mostly kids living in fantasy land
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colfax
@clfx.eth
i have always thought this myself until recently meeting with nouns members in person. hearing about the legitimate real world activations and impact they’ve had has changed my viewpoint a bit on daos. not saying most daos aren’t scams, or that nouns hasn’t had scammy behavior from some, but now believe that there can be actual positive results from dao structure
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shoni.eth
@alexpaden
these aren't my words tbc, a dao doesn't have to be a scam, most daos are a scam though. it's the ability to exit and blame the community for failure instead of accepting responsibility. obviously the biggest shareholder(s) and profiters should have some responsibility. that's how companies function. when you simply drive value up and sell on hype.. it's pretty obviously not going anywhere.
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colfax
@clfx.eth
agreed with basically everything here. daos aside - wrt higher, which aspect do you find to be the most scammy - the party pool or the 'sell on hype' via $higher? cult of potential is poetic btw lol - i'm assuming you would consider the potential to have dried up, no? hence the soft rug pull comment. tbh i always saw the 'we're the next nike' to be hopium from holders. i'm wondering what the correct approach is [if there is one from your perspective] moving forward as a 'headless brand/meme' with the intention of avoiding the narrative ponzi label
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shoni.eth
@alexpaden
the potential never dried up in that it was never materialized-- like you tell me when something goes from legitimate to scam? 1) the party pool is a huge scam the chat is full of people seeking answers / feel misled / no input just decisions from the people who started it (beginning with martin/ight/etc)-- but they don't fund it any despite having sold hundreds of thousands in tokens. 2) aethernet raised hundreds of thousands on hype, no new technology, grifted in AI in a complete joke way (from trying to rebrand text as the universal interface a years old saying from roon on twitter), to initially seeking crowdfunding, to whatever fluke it's turned into now with no development 3) higher itself is literally just the promise of something with once again no effort, no investment, no anything. are you going to bootstrap to nike from shopify? it's not serious. it's too close to saying "i'll be the next openai", raising funds, keeping the funds for myself, then when it all blows up oh well we tried
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