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The one year anniversary of me designing the Oyster Protocol is coming up. In that time I have had in-depth constructive conversations about the utility and operation of the protocol with around three, three people. Stefan, Automyr and Rebel. The last two are devs who work for me.
Do you know how unbelievably disastrous this is? Do you know why the token sale raised only $75k? Because I didn’t hype Oyster into a part of this mindless crypto-bubble. I focused on the substance/utility and 99% of people glossed over it.
Yes, the b-word you’ve all been dreading: bubble. Do you know when financial bubbles form? When everyone is impatiently greedy at the same time and follows the next person. When no one focuses on utility and only on their own short-term greed and how their cousin made money, bubbles form and always pop.
Are you kids too young to remember the dot-com bubble? Would you like me to rename Oyster to pets.com? Pets.com had millions of dollars in revenue, was a household name in the US, and 2 years after their IPO they declared bankruptcy. Why did this happen? Because greedy investors of the IPO were only thinking about making short term gains and didn’t focus on the real utility of the business model.
So why are you here, a ‘part’ of the ‘Oyster Community’? Is it because you remortgaged your house, bought ETH, diversified into alts, and consider yourself a genius? You bought PRL at 80 cents, then the price goes to 60 cents and you think you have a right to complain? You consider green candles as entitlement, and red candles as injustice?
I and the team make no allusions, implicit or otherwise, to the promise of profit or a price increase. What you are promised is the utility that I have defined in the white papers. That is it. If I and the team fail in delivering the promised utility, you have every right of complain. If we deliver the utility to you, you have no right to complain even if PRL gets crushed to 5 cents.
If you understand how the storage-peg works then good for you, you realize that current price shocks are ephemeral and that the price of PRL will eventually become bubble-resistant and associated with the fair-market value of storage.
Do you know how unbelievably disastrous this is? Do you know why the token sale raised only $75k? Because I didn’t hype Oyster into a part of this mindless crypto-bubble. I focused on the substance/utility and 99% of people glossed over it.
Yes, the b-word you’ve all been dreading: bubble. Do you know when financial bubbles form? When everyone is impatiently greedy at the same time and follows the next person. When no one focuses on utility and only on their own short-term greed and how their cousin made money, bubbles form and always pop.
Are you kids too young to remember the dot-com bubble? Would you like me to rename Oyster to pets.com? Pets.com had millions of dollars in revenue, was a household name in the US, and 2 years after their IPO they declared bankruptcy. Why did this happen? Because greedy investors of the IPO were only thinking about making short term gains and didn’t focus on the real utility of the business model.
So why are you here, a ‘part’ of the ‘Oyster Community’? Is it because you remortgaged your house, bought ETH, diversified into alts, and consider yourself a genius? You bought PRL at 80 cents, then the price goes to 60 cents and you think you have a right to complain? You consider green candles as entitlement, and red candles as injustice?
I and the team make no allusions, implicit or otherwise, to the promise of profit or a price increase. What you are promised is the utility that I have defined in the white papers. That is it. If I and the team fail in delivering the promised utility, you have every right of complain. If we deliver the utility to you, you have no right to complain even if PRL gets crushed to 5 cents.
If you understand how the storage-peg works then good for you, you realize that current price shocks are ephemeral and that the price of PRL will eventually become bubble-resistant and associated with the fair-market value of storage.
He brings up some good points. For some people who are invested in a specific coin, are you invested for the short to mid-term gains regardless of what kind of tech the coin brings or are you invested long-term because you believe in the utility of the coin.