I need to address a glaring error on my last post.
@edicted/3speak-larynx-miner-airdrop-tomorrow
The only way SPK Governance tokens can be earned is by staking LARYNX Miner tokens and running SPK Network Peer to Peer infrastructure nodes.
The grammatical error here makes it extremely confusing. There should be a comma before the 'and'. There are two ways to earn SPK, you don't have to do both of these things at the same time to earn SPK. SPK will be the governance token... so it will be pretty damn important in many circumstances. Still, I have to wonder if people are going to go apeshit on the miners and then dump the SPK they mine trying to recover the loss at the beginning.
The ONLY way to actually use LARYNX tokens as miners is to be running a node. I must admit this was a bit shocking to hear, especially considering the dozens of times Dan has made it clear that expecting every participant to run a node is a clear recipe for disaster.
In my last post I would worried that too many people would be stacking miners and get caught up of the passive income of it all. Now it is clear that 90% of users that got this airdrop are going to have no other recourse than to dump it... because again expecting that people are going to do any kind of technical work to stake these things and run a node is... a bit absurd.
Immediately it becomes super obvious that there will be overwhelming demand for nodes to create proxy mining services that allow non-technical users to simply gift their miners to a node-runner and be paid back in a percentage of SPK tokens. Like... if I set up a node and then tell all of you, you can send me your tokens and I'll give you 90% of the SPK tokens they mine back to you, pocketing the other 10%. Seems like a pretty obvious outcome that is bound to happen. I may or may not do the work to actually attempt such a thing.
There must a good reason that I'm not aware of for doing it this way, because I can't really think of a great reason why we wouldn't allow users to stake and mine SPK tokens without running a node. This airdrop has been advertised as a virtual mining token from day one. No one expected to actually have to run hardware in order to mine SPK. Have fun dealing with all that rage coming your way 3SPEAK.
Given this new information, it becomes quite clear that these tokens are going to get dumped into the dirt by the vast majority of users that acquire them (until there is a one-click option for proxy-staking them). I've already bought some tokens on the internal dex they booted up this morning, and I've been in the Discord all day at the "Hive's second birthday"... "party".
Again, false advertising!
They had the nerdiest of the nerds in there talking about the technical complexities of the system. It was glorious. Back to back nerds with zero social skills talking about super niche tech to like 100 people. Amazing! Loved it. I would have fit right in as a speaker there. Even got unmuted at the end (still am unmuted and in the channel actually), but eh no one wants to hear from me anyway. Introverts unite!
So I forgot this airdrop was 1:1 until I picked mine up today. I received 14636.414 LARYNX tokens. However, there is going to be a claim every month for 12 months so... multiply by 12 to get 175,637 over the next year, and that's basically exactly as much Hive as I had in my account on January 6th. Sorted.
I've already been able to buy a few thousand LARYNX for dirt cheap because... there is really no buying pressure or selling pressure and the gap between the order books is massive. Buying for 0.02 (1 hive for 50 larynx) and selling for 0.07. Again, volume is basically non-existent because there is no demand for a token that doesn't do anything yet, and there is no supply for a token that people refuse to dump for nothing.
Best thing to do here is just... wait. Do nothing.
Almost forgot the important bit...
Realistically?
We are getting airdropped 1:1...
If you could increase your Hive stack by 25% for free, you'd do it right?
That's a price of 0.25.
If you could even increase it by 10%, worth it... right?
That's 0.1.
It's yet to be seen if there will be any demand whatsoever by node runners to compete for these tokens... but...
The more LARYNX burned for mining, the more profitable/efficient the mining becomes.
I think that's exactly what they are going for, so perhaps the best thing is to wait for competition to ramp up before selling/'delegating' these things. Not quite sure if I like the idea of centralizing miners on purpose by giving a financial incentive to have a higher percentage... but whatever... I don't even know how much more efficient they will be. Need to wait for these things to be revealed.
All in all this was an extremely anti-climatic event, which I am actually not complaining about... surprisingly enough. How many flashy high-energy pump and dumps have we experienced in our crypto adventures? It's actually kind of nice that I'm able to dominate the dex orderbook with like a couple hundred dollars. Very little activity until more development comes down the line.
I honestly feel like more token launches should be like this. Generating hype and creating speculative pump and dumps with illiquid supplies can only lead to an overall net loss to the network as a whole. Turns out... people don't actually like instability and the hectic rush of an unstable market, losing or gaining massive amounts of wealth depending on fate. Rather, we get a tame and boring token distribution with no premine and no marketing or need to pump the token whatsoever. Just claim your tokens and wait for the next thing.
This very much has the feel of a project that is grassroots in nature and community oriented without the pomp of a traditional VC based launch. Good change of pace IMO.
I have a lot more to say about this. I started writing paragraph after paragraph, and now I realize that these things belong in a new post. This post was just supposed to be more about an update for the airdrop and that's it. Already too long... have to kill it here. In fact I had to cut/paste half of this article just now to get it back to where it needs to be.
Once the next airdrop is claimable the current one will be burned.
There will be one per month. (Not sure if that means April 1 is next.)
Don't lock it (even though locking it does not burn the token at this point). Essentially even though these are farming tokens, they don't do anything yet. They are not worth selling, and not worth buying either unless it's at dirt cheap price.
The prospects of the SPK network are quite exciting, and in my next post I will detail why it's exciting, the potential failures of the system, and what is being done here that isn't being done anywhere else.
