For some reason I have been thinking about letters a lot lately. First there was my post on Friday last week about the alphabet agencies in the US sending down edicts and policies from their perch at the top of the food chain. Some of them were good, some of them bad, and some of them we probably won't realize the impact for several years.
Then yesterday I wrote this post for #threetunetuesday about different bands whose names were a very specific or random combination of letters.
Which finally leads me to today and an equally specific (or random) number of thoughts that have been kicking around my head.
I've mentioned in the past that I threw a bit of money at a presale project called Retik Finance. It was likely more than I should have, but at the time it really seemed like a good idea. I'm still waiting to see what is going to happen with it, but I just realized the other day that if you move the letters around a little bit, the word "rekt" is right there and if that isn't a bad omen, I'm not sure what is.
I've been hanging out in their Telegram server for the last couple of days and I have to admit, the amount of non-information is frustrating. They have some community mods who may or may not work for the company and a development team who is conspicuously clandestine.
Apparently the reasoning has to do with them getting their ducks in a row for regulation and some big exchange listings they have in the works. The funny thing is, COTI went through something similar and they weren't this vague about any of the process.
There was a 333K token contest that recently happened and people are still waiting for the winner to be released. If they at least do that, I might have some renewed hope, but until then, I remain skeptical.
It's sad though the number of people who show up in the Telegram just looking for some sliver of hope. If this thing goes south, I'm out $300 USD. Yeah, it sucks, but I will survive. I have a feeling some of these people probably put their life's savings into Retik and they are just looking for that glimmer of a chance that this isn't going to destroy them.
It's heartbreaking.
It also got me thinking about some more letters. One of our favorite acronyms "FUD". Fear, Uncertainty, and Doubt, I think we are all familiar with those terms. Every now and then a new user will pop into the server only to be met with a warning from one of the mods that their latest post was removed for "FUD" and they have received their first of three warnings.
Hasn't crypto matured enough by now that FUD isn't such a bad thing? Sure, fear is never good, but uncertainty and doubt aren't necessarily the bad things that they used to be. With rugs happening right and left, FTX, big banks failing, isn't it our duty to be a little uncertain and a little doubtful when that shiny new token shows up promising the world?
If you are a legitimate project, you should be ready and willing to answer the tough questions when they are asked, because you know they will be asked. People in crypto dig into tokenomics like a dog trying to find their favorite bone they buried in the yard.
You have to know you are going to be under a big microscope and punishing people for asking those uncomfortable questions or having a little skepticism when you miss or push deadlines is going to come to light.
I'm not talking about Retik specifically either. This applies to any crypto project these days.
Listen, I get it. People show up and ask the same questions over and over. It's frustrating I know, and in that case throwing out that other acronym "DYOR", is more than acceptable, but again, clear apathy towards people who are just looking for answers is downright "sus".
It's fully okay to say you don't know or you don't have the answers yet. I respect that a lot more than being dismissive or scolding people.
I'm not saying we throw FUD out the window. It certainly applies to certain projects. BTC for example has more than proven itself. Anyone expressing FUD about BTC at this point is either kidding themselves or they are butt hurt that they don't at least own a few Satoshi's.
These smaller projects though, don't you think at least a little "UD" is acceptable?
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