David Moss & Strongblock Fud v Fomo — 29/11/2020
FUD: The team is going to dump their tokens now that the burn is done. Team & shareholders hold half of the 400k STRONG supply with no lock-up nor vesting mentioned or in place , leaving them free to sell whatever & whenever.
FOMO: Nope. The team has not sold any tokens since launch, when we had millions of tokens we could have sold. Had we locked those tokens up in long-term smart contracts, we would have been unable to do the historic burn. We will only sell any tokens at all — and certainly not all of them — when demand has significantly increased and price has stabilized. We’re in this for the long haul.
FUD: There aren’t any tokens left for rewards after the burn.
FOMO: Rewards will be lower, will be focused primarily on nodes, and will come from a combination of community tokens, node fees, and other sources in a more sustainable manner.
FUD: We are going to run out of rewards now the circulating supply has been reduced, then the team won’t be able to incentivise the nodes.
FOMO: We wouldn’t have reduced the minted supply so drastically if we didn’t have several ways to address rewards for the long term. More on that soon.
FUD: I don’t think that team gives a s** about CoinGecko and CMC. Max supply is not updated meanwhile other projects update it in 1 second after a change.
FOMO: We submitted the updated supply information to CG and CMC immediately after the burn. CG now shows the correct Max supply, yet shows 10m total tokens. We have continued to follow up several times a day. CMC has shown incorrect circulating supply information on us since October and has not responded. This may have something to do with burning a fixed-supply ERC-20 token. We will keep pressing to get CMC and CG updated.
FUD: STRONG V2 Tokenomics only show allocations.
FOMO: Next week we will announce some of the final pieces for our tokenomics. This will address reward systems in which strong utility will result in increased scarcity/deflation and unlock further rewards models for nodes. The burn and reward adjustments made over the past week will lead us into a self-sustaining model of value, which will perpetuate node creation, maintenance and utility.
FUD: The team doesn’t care about wide distribution of STRONG.
FOMO: Unfortunately we have legal restrictions on what we can talk publicly about regarding token distribution. That being said, we very much care about wide adoption of our protocol to reward nodes and extensive distribution of our STRONG governance token, and hope to see this happen very soon.
FUD: Gas fees for claiming in V2 are too high.
FOMO: Testing of reduced gas fees is complete. We’re going to take ALL your unclaimed V2 rewards and move them into V3 mining pools for you. You will not pay ANY gas for this one-time migration.
In testing, we found that the low-gas smart contracts would temporarily stop nodes and node rewards if we don’t migrate nodes at the same time. Given that our mission is to incentivize nodes, we will be implementing this NEXT WEEK when we can do this all at once with ZERO risk of missing node rewards.
FUD: Nodes are not getting approved fast enough.
FOMO: Nodes are the most important part of our protocol. Approving nodes is currently a manual process. This means that staff have to manually review and approve nodes. We usually respond in 2 business days. We’re on holiday for a few days. Once the process is automated, approvals will be faster, but there will still be a short waiting period before rewards can be received.
As we mentioned last week, we’ve also developed a new method for V3 to allow anyone to quickly set up a new node without any technical knowledge, similar to what we built for our Blockchain-as-a-Service platform. Details coming soon.
FUD: For there to be scarcity given the current circulating supply, over 10,000 nodes would have to be on Strongblock.
FOMO: Bad maths. Scarcity has many factors that are clearly not being considered in this kind of FUD. The protocol will need WAY fewer than 10k nodes to be a huge success. Yet why do you think there won’t be 10k nodes?
FUD: Blockchains are going to start rewarding nodes themselves then the purpose of Strongblock will be obsolete.
FOMO: Ethereum 1.0 will NEVER have rewards for full nodes, and it will be around for several more years. Ethereum 2.0 has minimal rewards for nodes, and they can’t be collected until December, 2021 at the earliest. The minimum nodes to get Ethereum 2.0 started is over 16k. Bitcoin will NEVER have rewards for full nodes. Even EOS only rewards the top 50 nodes. That’s 10’s of thousands of perpetually unrewarded nodes. The list goes on and on.
FUD: If it remains 10 STRONG to run a node and the price of STRONG increases then eventually it will be too expensive for the masses to make nodes.
FOMO: More bad maths. Requirements can be adjusted if necessary, and the “masses” can do fractional ownership for rewards. Food for thought: purchasing one Bitcoin has been out of reach for the masses for quite a while. That doesn’t seem to have stopped people from buying Bitcoin or a fraction of a Bitcoin.
FUD: The team are going to continue holding back information from the community because they feel like it’s going to hurt them
FOMO: On the contrary, we have been very transparent, to the point that it has hurt us: when people know exactly what we’re going to do and when we’re going to do it, they buy the rumor and sell the news. That hurts everyone. We don’t publish information while we are still working on solutions to problems, except to say that we are working on them. For new developments, marketing isn’t about leaking everything as soon as we know what we’re going to do. That’s not even tactical, much less strategic. 😉
FUD: People have lost faith in the team and V3 of the contract is going to have issues just like the previous 2 versions did.
FOMO: All software has issues. Each version gets better, and we are rapidly evolving. Our team hasn’t lost faith in the protocol, despite all the extra work they have had to put in to make it better. We’re all excited to keep the protocol growing and its audience expanding.
FUD: The Early Holders pool rewards rate is too high.
FOMO: The EH pool rewards have been lowered. The pool will be folded into the Strong Pool in V3.
FUD: There’s no easy to read/watch material about what Strongblock is and how to use it.
FOMO: We are continually looking for ways to make the protocol — which is pretty easy to use in the first place — even easier to understand and use. More on this soon as the protocol stabilizes.
FUD: Once the gas fee issue is resolved we’ll see a dump of people finally able to sell their rewards because people don’t feel incentivised to hold
FOMO: We are introducing new incentives to hold along with the solution to the gas fee issue. We hope that people will see the potential of the new tokenomics and will even more incentivized to stay!
FUD: Other tokens will be used for rewards and have the same inflationary issues as we’ve already seen
FOMO: We already learned our lesson with inflation. Any new tokens issued will have built in minting, deflation and rebasing components. And the focus of any new tokens will be scarcity and unlocking new levels. Think 1155’s.
FUD: There is still no roadmap because the team still have no clear vision of the future of StrongBlock.
FOMO: On the contrary, we have exactly the same roadmap and same mission as we have always had for the protocol: rewarding nodes. That’s very clear, and hasn’t changed. We’ve barely started on that journey. After some painful and humble learning experiences, we’re back on track with our roadmap. We look forward to bringing our mission of rewarding blockchain nodes to an expanding set of blockchain protocols in the near future.
FUD: Unclaimed rewards will be sent to V3 pools for free but we will still have to pay the high fees to unmine/unsignal of up to $500
FOMO: Unmine and unsignal are not expensive gas contracts, so you are probably talking about transaction fees. ALL transaction fees for mining and unmining between V2 and V3 will be temporarily turned off.