TORUM 2.0 - The Slowest Rug Pull Ever

2TSj...cEUn

14 Jun 2024

251

Negative voice of no reason, that is what I will be in this drama written and created by team Torum.

This is the slowest and weirdest rug pull I have seen so far, they are not stealing our tokens (as they are worth shit anyway) they are highjacking our content.

Deleting everything all the users put their heart and soul (if they have one) in.
So this is a little follow-up rant on my previous post in which I explained what Team Torum could have done.

If you don´t know what Torum is read my previous post:
How to Make Torum Great! Again?

Or take a look yourself: Torum

Say Thank You

Now I will be forever thankful for them creating Torum, making me my first big crypto profit in 2021 5.5K after all fees. And above all creating a platform where I met a few seriously interesting people.

But there is a but, a big BUTT and normally I like big butts I can´t deny but not in this case.

The Team

The team has never been very transparent, working in isolation, not checking in with the community that they started when they brought the platform to life.

Some get involved on a personal note every now and then, but there is no team driving this community. It´s the community driving and it has been like that forever.
It even becomes more clear now that this Torum 2.0 is giving us the first clues.

Imagine

Imagine you are a text platform.
You have OG users showing up every day to create content.
And because you messed up in certain ways, focusing too much on NFTs, avatars, not making good on promises, not having a use case for your utility token, you want to change.
Now you know nobody likes change, your users are not here because they want you to change anything unless it´s truly in their best interest.

So what would you do as a team to change that?
Focus on your core business and improve it from the inside out, let´s call that the hard way.
Or burn everything you have, and go do something totally different, the easy way.
In essence, it´s fight or flight.

Run Loser Run

And yes the Team has excuses, in a matter of fact they are full of it:
https://www.torum.com/post/66693de9cd88f858838add57
But just look at this sentence:

"How can we drastically reduce the cost of creating a content for creators, while ensuring that content quality is up to par?"

And this one:

We simply do not have the financial resources to maintain Torum 1.0 and Torum 2.0 at the same time.

This Is The Vision

This is the big Torum 2.0 end game:

Snapping a photo or record a video is a much more easier way for everyone to create content. Why write 500 words in hours, when you can snap or record yourself with a pseudonymous identity in minutes? Visuals are equally powerful with words, and even more impactful in authenticity with the voice and faces of the creators.

Wow, that is so ehh nothing new I guess.
Why they want that, because in their minds they were fighting a Twitter war, can you believe it?

We lost from Twitter boohoo

You should have known from the start that you would not beat Twitter. Why because you are Facebook meets Twitter meets Reddit, or you were.

There is no strong hook to convince Web3 users to come onboard to Torum when they are already writing on Twitter.

Well, there definitely are many reasons why one prefers TORUM; the fact you don´t see it tells me enough.

Now, every Web3 social app is focusing on text.

I just did a quick Google search and found many Video or non-text social fi apps.
Team Torum expects a huge wave of visual content creators to show up at their doorstep because as they say:

it's like this group of people does not even exist when they are all around us.

Mate, if there was a need there would be millions of platforms, but the need is addressed it does not need a poorly designed buggy web3 solution. Maybe these people actually do not exist or have found their sanctuary already.

It is irrational to think that a Web3 social network can compete with Twitter in the text-based arena.

Which idiot ever told you to compete with X, you can´t so you didn´t. Don´t go use that as an excuse. You did not even stand in the shadow of X, because you are not X. Where The Fluff is your identity?

You are comparing X (views, engagement & fame) vs Torum (connection, community, niche interest / events)

Instead of building another text-based app, why not build a visual-focused social app and coexist with Twitter? Why fight a battle you can never win?

What battle, were you truly thinking you were fighting X, are you that misguided, no wonder you mismanaged this whole project from the start.

So why not mix them up, because we would be late for the bull market???
This is seriously the stupidest excuse ever, you wanna know why?

The Bull Market

The serious bull market takes about 3-4 years. It started in Feb 2023 and will probably run till Nov 2025.
This is what the Torum said:

We even thought about adding the visual content creation to Torum 1.0. But it will require extensive rework of our current backend and drag the development timeline by at least significantly. If we are going to do it this way, it will mean Torum 2.0 will launch after the bull market, missing the entire cycle out.

They want a piece of the bull pie, that sweet piece of pie that includes retail.
Now I said this is stupid and why is that, because retail only comes in for a little while. They are there for a year or less, they make some money lose some more money and they are gone.

If they were visiting your platform it´s to leech incentives and watch the content they do not get on X, YouTube, and Facebook.

These guys are no stable user base they are throwaways.

They are exit liquidity and this sounds like the Team is looking for exactly that. A way to cash out on retail, allowing them to keep their kindergarten open for a bit longer.

Finance is their failure, and like I said in my previous article they could have monetized this platform in so many ways...
What The Hell have They Been Doing?

They have been wishing

I wish Torum achieved product market fit and generated millions of profit like Twitter and Facebook so that we have the resources to opt for either content porting or visual content creation integration.

And then they tell us...

The community is not at fault here, and I admit that the Torum team did make strategic product mistakes that can never be repaired.

Duhh we know you do not have to tell us, we saw that more clearly than Team, and we have been saying it as well.

Sorry We F´ed Up

Torum 1.0 content creation has no value proposition to offer. The reward mechanism is not carefully designed.

So many ways to improve that, we have been fighting leeches from the start and we got used to them. killing leeches is easy. It takes some focus and some redesign but those there only for the incentives are easily picked up by an AI/Machine Learning Bot.

Torum 2.0 comes with a unique value proposition that Web2 social and current Web3 social apps do not offer. To build a Web3 social network, the content creation has to be unique (with digital asset integration), appeal to the Web3 masses, solves an industry pain point and not reliant on financial incentives. Torum 2.0 is the SocialFi that fulfills these criteria.

A very bold statement from a Team that could not even get a simple text platform with low incentives to work. Especially went they then go say things like.

The Team was in over their heads.

Boohoo people do not come to Torum, no of course being a new lander is not appealing at all. I have spoken too many (Did you do that as well Team?)
And they all say the same, front end too complex, too much work to collect 300XTM, no guidance.

On top of that, how should they know you guys even exist I am not incentivized to bring on a new lander.

Why would I suggest they spend their most valuable asset on a platform that will ask a user 6 months to wait till they can monetize the time they invested and that 6 months will make them $15?

You created a complex place, with low to no financial incentive to join, medium quality content on average because great content is not incentivized and you expect people to show up?

It´s not even the engine that is dysfunctional it´s the whole car but instead of fixing it, you are now gonna build a boat so you can sink even faster.
And the only thing you can say is....

I am so sorry boohoo

I am sorry for the drastic actions that we took.
I am positive of Torum 2.0, and am sorry for everything.

Bikini Bottom Line

The team is crying they lost a Twitter war they never started, they are looking for excuses left and right to explain their failures, and instead of doing it better next time....they go and do something totally different with no respect to their OG community.
Good Luck Guys, but I do not see, but I guess that was clear already.