FUD of the Week: From “Fudder” to Supporter, a Case-Study!

Community Apr 2, 2022

Sometimes, the only thing you need is a bit of fundamental knowledge to see the light. Luckily for everyone, there is always someone available.

There was a recent event at Concave’s Discord Server in which a miner (community member) came out with a long post of what we consider to be… the FUD!

Well, our contributors and community members are family and so, soon enough, a back and forth ensued in which Community DogeX tried to clarify some of the misconceptions the miner was brought to light.

This week’s article is all about that event, a perfect case study to show that sometimes FUDding is done by simply “not knowing enough”, and fundamental knowledge is enough to turn some Fudders into supporters.

Let’s take a look!

The Rug that Didn’t Happen: So Much Effort, So Little Reward?

“There was a huge build-up, I got really involved and worked hard to get roles, and then it felt like everything rugged and we paid money upfront, have waited over a month, the market has completely collapsed” – Miner, 2022

So, the first piece of FUD was actually a pretty common one – the most common argument throughout the cryptoverse: It’s all an elaborate “rug”.

DogeX addressed this concern by understanding that the hype was bigger than anticipated, and so the critical mass working was such that an incredible amount of work was done and structure, and people fed on that enthusiasm and increased their expectations sky-high.

Along the way, the official protocol launch date was kind off “side-railed” by people and they forgot about it… and then it happened…

…the crypto markets started to “Bear” their way down the charts and the project had its launch date adjusting, but still – it was Q1.

The team was always focused on the long term, and it came to a shock to some people that what they thought was an Ohm fork (it isn’t and we’re talking about it further ahead in this post) wasn’t just “pumping” for a quick dump after launch like some of the other protocols that preceded it.

Finally, the miner was assured of something some forgot about – the Treasury didn’t lose any money, and it actually grew thanks to Concave’s management tactics.

Treasury can be seen in these links:

- Spoon.fyi

- Concave Official Site

Concave and OHM: Different Sides… of a Different Coin!

“You all said it was about OHM, then abandoned that when OHm took a beating and it's generally left a lot of people with the idea that this is not a serious project and we've basically lost our capital and will just have to get out as quick as possible.” – Miner, 2022

We are an adaptive Builder Coop, and although we aren’t an Ohm subDAO, we know some of the things Ohm did were valuable – and we took these ideas.

However, we know and it’s apparent that Ohm had its shortcomings, and those are weaknesses we DIDN’T bring over as we coded them out and opted for a multi-USP approach.

We stand by some of the ideas from Olympus, we still do. However, we work in a different way, and I think people are just starting to see it this way as the project releases and more “Alfa” is communicated.

SEO is DEAD: A Beaten Analogy

“If that's even a vague thought for me, it will be more so for the wider DEFI audience. Andre Cronje has quit. The 'Sestaverse' imploded, ohm lives in a homeless shelter. The hype is gone - the goodwill has been burnt and many many people have just disengaged and are now just waiting to exit.” – Miner, 2022

We live in a world where the next big thing (Crypto and DeFi) is conquering its space and becoming increasingly mainstream.

Well, we actually have a parallel experience to draw from – when the Internet was still growing and becoming mainstream and systems were being fine-tuned.

When Google Launched its Panda, Hummingbird and Penguin algorithms, Search Engine Optimizers everyone screamed SEO IS DEAD!

But, behold! SEO is still done today!

As stated previously, we are not depending on collapsing narratives of other ecosystems, founders, or developers.

CNV will be a cash flow asset that pays out non-native tokens to stakers. We aim to bring the greatest possible advantage to our CNV holders in the long term. Having our runway secured, there is no reason into thinking that are depending on any hype.

“Is DEFI dead? Is this project dead before even launching? Is there any market for this outside of whatever I-missed-WL hype bubble we have left in here?” – Miner, 2022.

This time, DogeX reminded the Miner that Concave is in no way a fork project, as it has its own code and is unique at its core.

The team is loyal, dedicated, and developing new features, systems and processes that accommodate every market state.

Reading the documentation on our policy blog is really good to clear up these kinds of arguments.

Link: Policy Blog

Popularity Isn’t Proof-of-Success: Value Is!

“I'm not very well and I'm tired so that probably came out meaner and angrier than is necessary - I hope this goes well, I really do, I have a lot of money invested. One of the problems with 'The Troll Pit' was that it created a totalitarian mindset in the community, and everything had to be bottled up. This is what happens when you can't take my cryptos off me anymore They're genuine concerns, but stated with frustration that has built over months. I realise I may be 'Fudding' my own bag here with these concerns, but really, this is an incredibly difficult time to be launching a DEFI project, so it has to be incredibly strong to even stand a chance. What makes us better than all these other previously-massively-popular failing projects?” – Miner, 2022.

Now, one really important thing to note is that, yes… other, more popular projects failed.

However, there is a key thing we need to underline here:

- Popularity isn’t the key to success, Value is!

When you add value to the market, when you do the work better, when it’s cheaper, when it saves or makes you money, when the value is there… THAT’s when projects have room to succeed.

To top it all off, our community never censors and we’re not like other crypto communities that control speech.

We live a WAGMI existence here, and everyone has freedom of speech. We are not a pump and dump group, we are not trying to prop up our bags and we are not worried about short-term results.

We are a solid, multi-USP project whose team and investors are highly committed to building something for the long run.

Our community is different and free to say good things and bad things alike.

The Concave Builder Co-Op: Ethics & Morals

“I wasn't going to post this as I truly had disengaged, but someone i really trust who's also a member and investor here urged me to say this. He said that he's been talking with the project team around the place and that they're really decent people with honestly good intentions. Somehow in my mind, after all the games, and challenges and 'psyops' I'd genuinely got the idea that we were all just being treated like rats in a maze, jumping through hoops with a team who were basically laughing at us and using our money to do whatever they've been doing for the last month and a bit. There are hype-men keeping things going a little, but I basically completely cut off emotionally and in terms of real support for the project. But my friend tells me I'm wrong and that the team is genuine, caring, decent, hard-working people who actually do want the best for all of us in the community and really are building to try to make something great.” – Miner, 2022.

We get it, we actually do, we had a whitelist process that required a lot of effort if you really wanted to maximize your allocation, but we wanted invested people… people who weren’t in this to pump and dump but to aid us in building a protocol that will establish itself as an authority in the crypto sphere.

People who interacted with the contributors found out firsthand mostly discovered we are guys with strong morals and ethics, and we really care.

That’s why we are very transparent and disclose treasury, team payouts and every piece of info you need to have to make informed decisions.

We hope this case-study dropped a light on some of the arguments you see around the most, and if you have any doubts just let us know.

Contributors are all around you, just reach out, we’re always eager to help!