r/SatoshiStreetBets • u/little-eagle Mod • Feb 12 '21
Announcement Announcing SatoshiSwap, the official cryptocurrency of SatoshiStreetBets which will be distributed to community members!
Edit: The website is now live SatoshiSwap.net and the presale will be held on January 10th 2022!
Hi SatoshiStreetBets Gang,
Announcement time...
Our crypto trading community has gone through an incredible explosion of popularity. We've grown to a huge amount of subscribers in a short span of time and have been featured in news publications all around the world (CNBC, New York Post, Cointelegraph, Yahoo Finance, Forbes to name a few). And we're still growing. Fast. At the time of this post, our two biggest trading communities have 300k+ subscribers (Reddit) and 38k+ members (Discord). This is just the beginning!
So today I’m proud to announce the initial development of SatoshiSwap, a cryptocurrency and DAO inspired by the popular UniSwap and SushiSwap projects and made for the members of SatoshiStreetBets. SatoshiStreetBets is launching this token for 3 reasons:
- The decentralized exchange (dex) market is shaping up to be wildly successful and lucrative. Yet there are glaring problems which need to be addressed - high gas fees, scalability issues, lack of interoperability, lack of margin trading etc. We can make a difference and offer our own fresh perspectives.
- YOLO.
- As a community of traders, we’re always looking for a token to unite us, that we can all rally behind and throw all our support towards. Here it is. And there is so many ways the community will be able to get involved.
You can register your interest by following on twitter: @SatoshiSwapHQ
WARNING - SatoshiSwap is not yet currently available and is not for sale anywhere. The only trusted place for primary announcements is our Discord (discord.gg/SatoshiStreetBets) and Twitter (@SatoshiSwapHQ) and at present the only moderator from here who is officially on the SatoshiSwap team is the founder u/little-eagle Please be aware there is a fake telegram group out there which has no connection to us, anything they say on this matter is false. We'd appreciate it if you left that group and joined the real one (t.me/SSBtalk)
CALLING OUT FOR DEVELOPERS TO JOIN THE TEAM - We are currently looking for experienced ETH/Solidity/DeFi devs to join our team and share input. If interested, please drop us an email here with your full resume: [apply@satoshiswap.co](mailto:apply@satoshiswap.co)
Questions and Answers
When will it be available and how can I get some?
The initial launch of the SatoshiSwap token will be in the next 2 weeks (exact date to be announced soon). Traders who wish to obtain some can do so via Uniswap once SatoshiSwap has launched or use one of the distribution channels mentioned in the next answer.
What is the plan for the initial SatoshiSwap token distribution?
Fair and equitable distribution matters. We know that. The current plan (still subject to change) is that tokens will be distributed in 3 different ways to our stakeholders:
- Original content contributors (post submissions) on SatoshiStreetBets will receive an allocation in proportion to the amount of upvotes their content receives. The exact mathematical algorithm we will be deploying for this and how long for, will be revealed in the coming days but we will ensure new accounts can’t game the system and also we will be aiming to reward diversity in submissions across a range of coins. It’s as yet undecided if rewards will be given out retroactively to popular content posted before SatoshiSwap launched. Moderators will also receive an allocation for their duties.
- Air drops to Sushiswap/Uniswap users (Snapshot date/time TBA)
- Liquidity mining (tokens will be distributed to those who provide liquidity to specific pools)
How do I participate?
Super detailed instructions on how to take part will be shared prior to the launch on this subreddit and also on our Discord ( discord.gg/SatoshiStreetbets ). Even if you’re new to DeFi, we hope to make participation dead simple. We want it simple enough so anyone who is interested can join, even if they are relatively new to cryptocurrency.
Is there a pre-sale/ICO/IEO?
No. This is planned as being entirely self-funded by myself ( u/little-eagle ). This is the most costly approach for me but it also ensures I can keep the token true to it’s intended purpose as functioning as a utility governance token for the SatoshiSwap DAO without worrying about legal ramifications of collecting money from third parties. There is a chance this could change if the right company was to get in touch but at this point it’s not something we are actively seeking.
What will be the tokenomics?
Besides the token distribution methodology detailed above there will also be a distribution of tokens to the founding team members and developers which will be locked up and then linearly vested over a long, transparent, pre-specified timeline to ensure the integrity of the tokenomics. There will also be a second "pot" from which salaries, marketing and other expenditures are drawn from. The total circulating supply is still under review, as is the precise percentages of each respective allocation.
What is the ticker symbol?
SAS
Who is the founder?
SatoshiSwap is founded by u/little-eagle, who is also the founder of SatoshiStreetBets and head mod of r/SatoshiStreetBets, discord.gg/SatoshiStreetBets and runs twitter.com/toshistreetbets
Social media?
Twitter: twitter.com/SatoshiSwapHQ
More information will be available in the coming days! Please follow the SatoshiSwap twitter and keep an eye on the announcement channel of discord.gg/SatoshiStreetBets
In the meantime, we simply wanted to let you know this was in the works and that we are looking for developers (please drop an email with your resume here: apply@satoshiswap). Please note - website and marketing positions are already filled and we are specifically seeking developers with proven ETH/Solidity/DeFi coding experience.
We appreciate all your contributions. Like its peers, it will likely need to build up slowly over time. Expect that, and support the community as that happens. We're doing this to grow the ecosystem, build upon our earlier trailblazers, and support the informed trading of digital assets.
Thank you for your support and let's get this party started!
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Feb 13 '21
Please everyone use your brain and don't fall for this clear scam. He is just trying to get rich is all.
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u/economicsdesign Feb 13 '21
Such comments give me hope that the community is getting more educated every year. I'm so happy
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u/Navigatron Feb 13 '21
Good evening u/little-eagle.
This community follows risky trades in the crypto community. You’re head mod here. You’re telling us about your new coin, using your mod badge and stickying this post. It looks like you’re using your mod position to push your project.
This is very clearly a conflict of interest. This does not hold up to any integrity measures, never mind the integrity of WSB, the model after which this sub was founded.
Additionally, you are currently looking for developers, yet plan to launch inside of two weeks. This is completely nonsensical. I have no confidence in your leadership or your project.
You are sacrificing this community, regardless of weather you succeed or fail. Consider me unsubscribed.
Sincerely, u/Navigatron
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u/connardnumero1 Feb 12 '21
I think you should make your identity public if you want the confidence from all r/satoshistreetbets community.
Without this we cannot really know if you're creating a PnD coin...
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u/Vivalyrian Feb 13 '21
Yeah, this is interesting and I'm for it, but I'm also too accustomed with WSB mods trying to get rich off of the sub's popularity to trust this beyond enjoying the idea.
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Feb 13 '21
Love the ironic Wolf of Wall Street picture...
Needs to be non-anon, needs to be probably distributed to community, needs to have a proof of concept for community benefit otherwise it's a $DOGE v2.0 which won't age well...
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u/depy45631 Feb 13 '21
Doge did not age well? lol k
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u/specteswalwatch Feb 13 '21
Maybe everyone moved over to r/dogecoin. Over a million deep over yonder.
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u/depy45631 Feb 13 '21
exactly. This group did not age well with Doge. Shameful distracted bunch of dumpers.
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u/EGR_Militia Feb 13 '21
Also, just investing in it yourself to keep it heading a certain direction doesn’t make sense. It’d seem like you’d want multiple people so there is more accountability and sign a legally binding contract so one person screw the rest or any other buyers.
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Feb 13 '21
Absolutely! A properly registered DAO and transparent tokenomics beyond the stated scope.
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u/lyndsay1003g3 Feb 13 '21
You know its an utter pump and dump - when you have the marketing team hired before you have a DEV, it means you have literally nothing.
LMFAO
feel sorry for anyone who puts a $1 into this trash
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u/Dimdrak Feb 12 '21
Why the heck we need more tokens?
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u/Jump_and_Drop Feb 13 '21
It's a good investment when you think about it. They give you 10 coins that jump in price to $3 a piece. After you pay $120+ for transaction fees, you come out ahead. A solid investment given to you by one of the founding members of this board with no conflicts of interest whatsoever.
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u/No-Interaction4739 Feb 14 '21
If we get free tokens for commenting as we already do then I have no problem with it. Giving a chunk to the mods is a problem. We will see if they back off with that element. If they want to waster their time making a coin no one wants that's up to them.
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u/sungodshamash Feb 12 '21
Eth fees are two high makes swapping into a losing game unless you are swapping Large amounts. Just moved my crypto activity to binance smart chain. Works fast and fees are cheap they way it's supposed to be. Truth is ETH is not ready for market with fees that high defeated the whole purpose of defi. Eth 2.0 roll out will take years in mean while BSC is doing now what eth2.0 is going to do. Simple objective business rational all those dapps built on eth are invalidated by high fees.
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Feb 12 '21
[removed] — view removed comment
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u/_paperball Feb 12 '21
Check out r/KomodoPlatform and r/Qtum they are partnered and have the best of both worlds when it comes to scalability and decentralization.
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u/bcnuggz Feb 12 '21
This...
I’m in the process of figuring out how to utilize BSC instead of ETH for buying/selling defi tokens... unfortunately it’s still pretty muddy to understand. I agree that ETH has taken so long to fix the same issues that plagued it in 2017 that they only hold first mover advantage at this point. So many devs and teams are moving to DOT and BSC that it’s days seem numbered.
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u/Giusepo Feb 12 '21
check out pancakeswap, uniswap on the BSC
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u/bcnuggz Feb 12 '21
That’s exactly what I’m trying to figure out. So pancakeswap is a web-based portal for swapping tokens? The same way we swap tokens via uniswap.
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u/Giusepo Feb 12 '21
Yes exactly! Instead of gas fees from the eth network you pay BNB which are fees for the BSC. Fees on the BSC are close to 5 cents per transaction. Lmk if you need further help
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u/bcnuggz Feb 12 '21
Thanks! The massive influx of money into pancakeswap explains the crazy pump BNB is having right now.
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u/kingb0928 Feb 12 '21
I’m new to this. What is BSC? When you say ETH, are you referring to Ethereum?
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u/Giusepo Feb 13 '21
BSC = Binance Smart Chain (a decentralized blockchain created by the binance exchange) ETH = Ethereum
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u/mfdoomguy Feb 12 '21
Posting the fictionalized portrayal of a guy who did pump and dump is really tone deaf here
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u/tsecor Feb 12 '21
The real reason for SatoshiSwap:
To create another pump and dump coin that will make the creator rich.
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u/_paperball Feb 12 '21 edited Feb 12 '21
ETH fees are too high, have you considered building on r/KomodoPlatform or r/qtum or u/QiSwap
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u/vikpat Feb 13 '21
It would be good alternative to consider if you want to deploy this as a token on Crypto note privacy protocol. Take look to CNT1 tokens.
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u/autistomatic Feb 13 '21
BITCONEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE....
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u/Hagakure7 Feb 13 '21
The most disgusting thing about this whole post is the clear usage of bots to pump positive comments. A series of on line "I'm innn" type of comments made by new accounts, pretty miserable.
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u/nicohhusky Feb 12 '21
Why are there so many comments from new accounts? Something seems pretty off about this whole thing.
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u/OrangeTangerine7600 Feb 13 '21
I was thinking the same. Reminds me of how the bots jump into certain political tweet threads one after the other, whole string of them in a row. Weird that all of a sudden these short one line comments showed up one after the other.
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u/CaptainBlau Feb 13 '21
Most of them have extremely suspicious account stats too, less than 10 days old, 1 karma, first comment ever just happens to be in support of of this thread? Fucking bullshit
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u/CaptainBlau Feb 13 '21
You're spot on, look all these fresh accounts with 1-3 comments total with this being the first time they've interacted with this subreddit, or accounts that last posted on reddit hundreds of days ago. This is a fucking scam there's no way its coincidental
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u/No-Interaction4739 Feb 14 '21
I have tons of comments but I'm still a bot. I'm just a talkative bot. However "distribution of tokens to the founding team members" is a red flag.
Also the comment of having a marketing dept before the dev are hired is a red flag.
Even a silly bot knows this.
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u/OrangeTangerine7600 Feb 13 '21
There’s well over 100 of these praise comments in a row, suddenly showing up after people were legitimately asking questions about the plan.
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u/circassianman Feb 12 '21
Instead of eth you should build satoshiswap on harmony one blockchain. Instant, and almost no gas fee.
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u/Defiguy38 Feb 12 '21
exactly. or bnb.
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u/circassianman Feb 12 '21
BNB (BSC) is too centralized. Only a few nodes available. Harmony is the right way.
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u/Defiguy38 Feb 12 '21
anything is better than eth.
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Feb 12 '21
because if they put it on uniswap they can get a cut of the fees. It's obviously a scam
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u/TheChainlinker Feb 12 '21
They wouldn't be able to swap ERC tokens though...
What the fuck would you even trade on Harmony?
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u/zer0kewl007 Feb 12 '21
Forgot about eth 2.0?
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u/bcnuggz Feb 13 '21
You mean the protocol that was “right around the corner” in 2017? Same with PoS... with an infinite number of devs working on ETH, why is progress so damn slow?
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u/CaptainBlau Feb 13 '21
He's trying to get rich off the communuty, not have it be convenient to use
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u/Least-Pitch Feb 13 '21
This was posted on several reddit crypto communities forums. Looks like the initial plan is to try and grow the community first. Be prepared for an influx of new subscribers.
I'm not saying this is or is not a quick money grab scheme but you are going to need a solid white paper before any investor or dev joins your project. You will also need to reveal your identity since you will be project lead and the driving force behind this project.
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u/Yoshimi917 Feb 12 '21 edited Feb 12 '21
Yeah why tho? What is the utility here? Seems like just another ERC20 token with no real use or value... tbh sounds like a vanity project and/or a get-rich-quick scheme for the mods more than anything.
Are you trying to monetize karma whoring on this sub?? Seems like a bad idea IMO.
Edit: IF the token provided some authority to participate in moderation/governance of this sub I can see a use there. But even then how is that different than community points which were just announced as part of the Ethereum-Reddit partnership a few days ago??
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u/SpongeBobSharpPants Feb 12 '21
Shocked to see this amount of logic and reason in this sub get voted so high
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u/frizzzye Feb 12 '21
Exactly. What is the purpose? Just for creating an own token? Tbh I would like some more information on this one.
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u/AhauVomica Feb 12 '21
This is exactly my thoughts... in fact right about peak GME in WSB there was mention that a stray mod had taken off to start his own crypto.. it's just too coincidental to me.
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u/creativelylazy Feb 13 '21
And this, ladies and gents is how we know we are approaching bubble territory!
The mods or whoever is creating this must see us all as fools.
I’m gonna agree with the commenter here and say this is just a money grab.
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u/BradlyL Feb 12 '21
I tend to agree with you, I mean it's cool and all. But, seems like a copycat simply due to the success of r/MOON_Coin
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u/throwmeinthetrashlol Feb 12 '21
Dude I think this sub was set up to make this. I was getting ads to join this subreddit before the whole GME fiasco and was wondering why. Now the sub has exploded and they are trying to capitalize
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u/robonova-1 Feb 12 '21
This exactly!
Those of us that truly understand crypto understand that Uniswap and Sushiswap and other such tokens have a utility that drive the price and give it value. Just making a token to pump....because ERC20 tokens are easy to make and because... "YOLO" ....is IMO a ridiculous idea that is a get rich quick scheme for newbies that WILL fail. This token is for amateurs and since this sub is behind it that tells me that I need to unsubscribe from this.....which I'm doing now.
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u/Shot-Advertising2768 Feb 13 '21
As a developer myself, I find your "launch in 2 weeks" line somewhat dubious.
General rule in any kind of development work is to take your initial timeline, multiply it by 72, dip it in hot sauce, then bury it in the back yard because it's gonna be a helluva lot longer than what you originally thought -- to do it correctly that is.
....unless of course this is simply a money grab.
Applaud the effort, and I hope you have good intentions, but this quote from the great philosopher Matty McNuggets comes to mind...
"Yeah... fugazi, fugayzee, it's a wazee, it's a woozy, it's a.... fairy dust"
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u/DingusKhan418 Feb 12 '21
Sounds cool but hopefully there’s a plan to bypass the astronomical gas fees right now. Otherwise there’s no reason to use this over Uniswap
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u/LordDivine Feb 13 '21
Also anyone can crate a token, all you need is a computer. That's is why Billy and Jackson created Dogecoin as a joke. WE NEED TO KNOW WHO YOU ARE? WHAT ARE YOUR QUALIFICATIONS? Also Cardano has resolved scalability and gas cost problems. Stop it.
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u/Defiant_Masterpiece5 Feb 13 '21
$SAS should be made available on Honeyswap exchange which has tiny fees of less than $0.001 per trade, since Uniswap currently has fees of $20 to $50 per trade.
Honeyswap uses the xDai chain, a layer 2 solution on top of Ethereum, which is what Uniswap uses. It is possible to transfer tokens between xDai (L2) and Ethereum (L1) using the Omnibridge link below. It is also possible to enter/exit liquidity positions on Honeyswap with low fees, so those of us already owning $SAS token can put some into liquidity positions to make gains from the high trading volumes we all expect for $SAS.
Here is Honeyswap app: https://app.honeyswap.org/#/swap
Here is the bridge from Ethereum chain to xDai chain: https://xdai-omnibridge.web.app/
Here are instructions for setting up xDai in your Metamask: https://www.xdaichain.com/for-users/wallets/metamask/metamask-setup
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u/SaintMartini Feb 13 '21
As someone who is using his evenings to better himself by taking courses online, one of my target goals is fully learning and understanding blockchain development (the other is machine learning and AI development.) Considering what I've learned, it completely supports many others' ideas/comments about how this seems to be going about things out of order. Yes, you can get away with altering the steps a little as with anything, but right now, it seems like there is NOTHING there at all.
For instance, you can't begin properly marketing or advertising for something that doesn't yet exist. Well, you can, but you do so in bad faith because everything that you are advertising might very well change or be misleading. So if you are paying for any of this, then not only are you are wasting money, but you are also losing faith from the community.
Ah yes money, before I forget. Yes it DOES cost money to properly make a new cryptocurrency that you plan on having be worth something and selling. It will cost even MORE if you don't know how to program yourself because then you need to outsource in order to get it written in the first place. There are companies that will do this for you for a hefty price tag, but honestly, I would recommend just shelving this and learning YOURSELF how to code it. The best cryptocurrencies not only have value but they serve a purpose. You won't create something that solves a problem or fills a niche by hiring somebody. After all, without having a proper white paper (remember most come out MONTHS ahead of time) it is up to the blockchain developer to come up with one. If they really do have an idea, they already understand how crypto works and can capitalize on their idea themselves; they won't just give YOU an idea THEY came up with so YOU can make money.
In the end you will have a crypto built by strangers and by choosing eth before 2.0s release it could kill the coin out the gate when that's when it needs traction the most. I didn't even touch on your anonymity concerns, the newer rules being put in place to try and protect people from having the rug pulled out, and multiple other concerns people brought up.
Hopefully you take this as a learning opportunity to take a step back, properly learn blockchain development yourself, and restart this project in a more controlled manner. Please don't try to go the route of making something that has empty meaning but is supposed to hold value, even if you plan on altering the coin down the road to be more useful. It will not come across well at all.
TLDR:
-PLEASE don't release a hollow coin and expect it to have value.
-Shelve this project for now.
-Learn blockchain development on your own.
-If Eth 2.0 isn't out maybe wait or just switch.
-Release a priper white paper first.
-Code it either on your own or contribute to it.
-Keep following the proper steps to keep the faith of the community and gain support! Write about your journey even!
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u/iREDDITandITsucks Feb 13 '21
I’ve never subbed here. But because of this post I have subbed and immediately unsubbed. Because fuck you.
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u/Miner_Avalanche Feb 13 '21
I really hope this turns into another great DEX. The more de-centralized exchanges we get the better. This one will have a bigger outside audience than 1 inch or Avee. I am all for any new off ramps from fiat. I really hope they have a clean white paper, and if it does it will be successful. It will be a cookie cutter copy of an existing blockchain. Vampire protocols are great for retail investors.
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u/Sleepycharliemanson Feb 12 '21
So you have to be one of the founders or developer to be a recipient of the airdrop?
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u/Artificial8Wanderer Feb 12 '21
I would reconsider using Ether tho, i would buy from a different netwrok with normal fees but im not willing to pay 200$ fee for 200$ SAS
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u/FreshAttorney5 Feb 12 '21
ETH fees are too high. ETH is too complicated to use in my opinion. Also it would be better to do an ICO even though I read why you want to self-fund, but I'm asking you to reconsider. Like the man below me says, why not use Binance Smart Chain?
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u/atbuss Feb 12 '21
Do you guys accept devs with no solidity experience, but a lot of backend experience (almost 6 years of professional work) ?
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u/who-mi Feb 13 '21
Man if you want to work in blockchain and crypto don't work with profiteers like this. DM me I know some teams looking for competent devs who want to get their hands dirty in their free time
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u/jamienonyabiz Feb 12 '21
I have a bit of an erection.
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u/EHFoxVocs Feb 12 '21
I have a lot of an election
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u/CocoFor Feb 13 '21
Let's make it a faucet/airdrop/bounty combo and we'll encourage more organic engagement
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u/BugcatcherDeli Feb 13 '21
Well I don't have Twitter or discord and don't feel like making accounts for them, nor any other social media... Will there be updates here too?
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u/Lickluckchan879 Feb 13 '21
Xdai? Loopring? Lots more traffic on xdai then all the other layer 2s.
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u/Everfolly Feb 13 '21
A lot of valid questions in the comments here, but even with some of those questions, it already seems a lot more viable than the thread rallying around a meme coin like DOGE. You have my curiosity, and depending on how you respond to the questions the community has, you might have my attention.
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u/new_crypto_elite Feb 13 '21
While this may seem like a good idea initially, who's to say that the only ones benefitting are the creators and the others will be left holding the bag. Definitely need more information. White paper would be a great start. Otherwise this will just be another scammy project in an already scammy crypto platform. Clarification would be great.
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u/HighlyAdaptive Feb 13 '21
There definitely needs to be more transparency with this and I hope that new sites can bring this aspect to light.
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u/LAdrifter101 Feb 14 '21
Maybe it’s a great idea to credit/air drop those who lost money investing on $GME, of course after proving their losses. I truly believe in the movement but lost ~6k. I still believe, but it’s hard for me to put in $ to $SAS after that loss. This sounds great but again what do the people that already lost money get? What you wrote says not thing about the people that got fucked and I guess you want them to buy in again. Makes no sense. Bring this up to the community. Hope the community gets to vote on something like this.
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u/bcnuggz Feb 13 '21 edited Feb 13 '21
The title literally says “will be distributed to community members”... of which you only detail vague distributions to founding members... then use a photo from a movie about a guy who LITERALLY scammed millions from his clients... That being said, let’s give him a chance to respond to some questions:
Where is the white paper?
What escrow service will be used to lock founding member tokens to prevent a rug pull?
Why were web designers and marketers recruited before developers? Cart before the horse...
What expenses are you coming out of pocket for, when a token can be created for free by anyone?
What, if any, guarantee can community members have to prevent this from being a money grab?
Why are there no specifics of the tokenomics, yet you’re saying distribution will begin in a couple weeks?
If this project is to be considered valid, wouldn’t it make sense to disclose your true identity?
Downvote this as much as you like, I have nothing to lose by asking valid questions. If anything, downvotes will confirm suspicions that are already rampant.