You never know if you picked the right ones
Good morning/evening
Whilst chatting in comments with @Hattyhats yesterday, it got me thinking about, if we have invested wisely in the right tokens/projects.It is never easy to know, until we have made some excellent gains I guess. We chatted about things we think are good and hope we made good choices.
For me it is a journey so I do write about all of it, things I did right and things I did wrong, and trust me there have been mistakes along the way. There always will be but to me, the most important thing is to learn from your mistakes, what did you do wrong? How could that have been avoided?
I spoke about my research back then, and how far out I was, I read countless white papers and audits (It takes hours to read audits, white papers and make notes!) Yes in a way that was also a lesson and I now have a spreadsheet of what I believe are the important things to look at when researching. Back then I did not look at the team to that extent or market caps, token unlocks, allocations or pretty much any of the 20 points on the new spreadsheet.
Back then I was very naive, when I look back on this post in a couple of years I do hope I won't be saying the same thing but hindsight is wonderful eh.
This is a copy of that post.
Some of you may well remember that once upon a time in node season we had invested a small amount of money into ProjectX or PXT which then changed to PXT2 then back to PXT (I know, it's hard to keep up with all the name changes).
Just as we were about to take some profits it got rugged! Apparently one of the dev's 'Paolo' ran off with all the money.
After that PXT decided that it would be a good idea to change their name to Hallon and start again. They told all the investors that they would get an amount of their new token based on whether you had taken any profits, how many nodes you had and they did a lovely chart to work all this out.
Eventually we were sent the details of the amount of Hallon tokens allocated too us. It was not a great deal and on our guesstimates of the price the new token would be worth I imagined it would have cost us more in fees to take them out!
As David had been banned from the Hallon discord for changing his name to PXT rugs lol we were getting little to no information, just some snippets on Twitter so every now and then we would go on to the site and click on the claim button. Nothing!
To be fair I was not expecting anything so the only thing that was slightly disappointing was that this would be my first airdrop.
Fast forward to October.........We get a huge message from Hallon. Professor X (probably not his given birth name) explained in great detail how sad and upset he was that PXT had fallen apart after his many hours of working on it. He was determined to make Hallon work and he was investing a huge sum of his own money into the new project. A number of the founding team were also putting 25K into the liquidity pool for the new project and they had raised 910 AVAX for it.
Professor X had made himself need back surgery from sitting in one spot for so many hours working on the new project but has had surgery and is fine now.
Hallon was set for a stealth launch in October and even not all the founders knew about it BUT wait for it...................'Leon' the lead dev has stolen all the money the day before the stealth launch.
Honestly in my opinion I think it is just an elaborate story, 2 different projects and 2 lead dev's stealing all the money! Perhaps professor X should pick his lead dev's more carefully! (That is the more polite version of what i really wanted to say!)
The discord channels have all been shut down and just show this announcement now but I hear the professor is upset at all the messages and comments he has received. People have been threatening him which I don't think is acceptable but there are a lot of angry people who had invested a lot of money. Luckily we didn't but I do feel for the people that did.
Now I know I did not research this project well enough so that is on me, also on the plus side we did not invest too much so the losses were not huge either but it was frustrating and you always feel a bit of a fool when something like this happens. But this is crypto so we have to be careful and sometimes no matter how much you research or think something is great it can still turn out to be either a rug pull or just a failed project. Just look at the WeatherXM miner I have, I had researched that, thought it had amazing potential and even a use case, but for the longest time I did actually think we had been scammed and nothing would come of it, now here we are on mainet so I was right and wrong with that one.
To summarise
This is crypto, mistakes will be made, lessons will be learnt and volatility will shake us up at times but there are gains to be made here too, all we can try to do is invest in the best projects that we can.
This is my first full 4 year cycle in crypto (or technically year 3 as I did not know there even was a cycle in the begining). I still call myself newbie, perhaps after a couple of cycles I might change my name!
As always thank you for reading and feel free to comment.
Image by Gerd Altmann from Pixabay
