🔘 Today, let's talk about the decentralized network #OLNetwork, known as $LIBRA . I've been following this project for a few months, so I feel I've gotten to know it and have the right to my own opinion. Sadly, on the #0L discord, everyone gets muted, so I decided to write here instead
What happened?
🔘 The 0LNetwork had a bug (team's fault), exploited by bad actors.
They drained tokens and sold them through #OTC to the community,
which didn’t know it was buying from dishonest people.
▫️ Did the team inform for 10-20 weeks, so the community wouldn't buy from bad actors? NO!
🔘 Then, the Team decided to get rid of the dishonest actors from their 'decentralized' network.
🔘 I believe that along the way, the plan was also to get rid of the whales in the network (but that's at the end of this article) , and it's just my speculation when I putting all puzzles together.
🔘Next, the team had the brilliant idea to abandon the old network and create a new one (hardfork). From the new network, they'll remove the wallets they want to remove, and the bribed judas validators will vote for whatever the dictator says. Decentralization lol 🗳
🔘 Validators who were honest and disagreed with the Team's idea were thrown out. 11 validators were excluded. I read that there were 23vali before, so about half were thrown out 🤯 For such a network, I loudly say NO
🔴 Is it the fault of the harmed people that the network had a bug? NO!
🔴 Did the harmed people know they were buying from bad actors? NO!
🔴 Did the team warn not to buy from 'dishonest actors'? NO!
🔴 Did the harmed people want to explain with evidence that they were innocent before the Hardfork? YES! Most have screenshots from the OTC purchase conversation + transaction hashes. The team ignored all these messages
🔴 Did the team assure for 2 weeks before the hardfork that those who bought from bad actors are safe? YES (they lied)
🔴 Is the team scared of FUD? YES that's why they announced the hardfork with the start of v7, and are removing from discord anyone who asks or fuds.
🔴 Did the team avoid answering questions from the community before the hardfork? Yes
🔴 Did the team ban/mute everyone who asked questions they didn't want to hear? YES I was muted, and so were many others I know
🔴 I also read comments in a tweet by @ElonTrades how one user (@Rubftw) wrote that they only blocked large wallets to avoid selling pressure.
Actually, it might make sense.
Getting rid of whales, it would be easier to pump the price hmm 🤔
I decided to calculate it:
▫️ They blocked wallets with 3.76B tokens
▫️ Blocked wallets: 436
▫️ Average per wallet = 8.63M tokens
▫️ Average blocked value / 1 wallet = $86K
8.6M tokens x price before the fud (0.01$)
... Math also shows that they removed whales from the network… 🤯
🔘 Some more numbers at the end:
▫️ Number of excluded (cheated) wallets: 436
▫️ Excluded validators: 11
▫️ LIBRA excluded from the new network: 3.76B
▫️ LIBRA removed from circ supply: 1.41B out of 10B = +14%
▫️ Community wallets excluded from the new network: 6
🔘 The price quickly fell -60%. Will I buy tokens? Never in life! ;)
🔴 The team cheated once - they can do it again. They showed their EGO by banning those harmed, and those who ask uncomfortable questions.
🔴 They broke the main principles of decentralization and cheated those who should be most valuable in the project, their own community. It will be very hard to rebuild trust after something like this imho.
🔴Also, remember that the network has not been active for several weeks, so there's no possibility of transferring tokens. There was no new supply. What will happen when transfers are enabled? Will people, seeing this whole situation, still strongly believe in such a deceptive team? No I think, and believe, we will go much lower. I also think that FUD has not yet spread.
🔴 It reminds me Gridnet situation, where the team also behaved very poorly towards the community. After that fiasco, the $GNC token never recovered, and despite having a quite interesting product, their current market cap is $4M. I think the current $60M for Libra is way too much after what they have done. You can read about what the greednet team did here :
⛓ popek1990.hashnode.dev/greednet-todays-post-is-about-how-greed-can-ruin-a-really-cool-tech-project
🔴 In the end, it seems that those who bought from good miners ,
are also affected
🔴 Ambassadors of the project are reportedly affected too
🔴 Would I trust them again? NO!
Discussions/feedback on my twitter:
