Helium A Prime Example Of Web 3 Stupidity

25 comments-0 reblogs
avatar of @chekohler
LeoFinance Badge
10 months ago - 3 minutes read

Every shitcoiner believes you can slap a product on blockchain and it automatically makes it valuable, these tokens held on a glorified excel sheet are normally distributed by some convoluted method that normies don't understand. All with the aim to get the founders to sell enough to realise a gain while normies collect these tokens based on unit bias.

That is the business model, for all shitcoins.

The only difference is the insurance rate and the real world affinity scam they use to sell you on, sure let's tokenise tea cups or some other brainless use case.

Yeah those tokens are stupid but the ones that I hold aren't stupid, we have real-world use cases and because I am not stupid why would I hold something stupid, is often the rationale I get when speaking to these bag holders.

Wtf is helium?

Helium (HNT) is a blockchain network for Internet of Things (IoT) devices. Launched in July 2019, the Helium mainnet allows low-powered wireless devices to communicate with each other and send data across its network of nodes.

Nodes come in the form of so-called Hotspots, which are a combination of a wireless gateway and a blockchain mining device. Users who operate nodes thus mine and earn rewards in Helium’s native cryptocurrency token, HNT.

Helium raised $365M of investment led by a16z encouraging people to speculate on the token they were openly dumping and getting others to set up these hot spots with the idea that they would earn an income in this shitcoin.


So how did this company that raised a 3rd of a billion, plus public investor money do in terms of revenue from their product? Helium's total revenue is $6.5k/month and if you look at their reddit, lol there are still people promoting it, saying it will grow, it will reach increased ROI.

Um why? I can get cheaper data with less pain on my phone so how is this product going to compete with a traditional model of internet access and data transfer?

I'll tell you how? It can't


And it's gone

I don't think you need to be a genius to figure out where the guys who invested 300 million in this project decided to dump now do you? The chart speaks for itself, the token is down 80% plus and with node runners losing their shit about the poor returns Its all going to be about slowly bleeding out your losses and people moving on to the next big hype cycle.

Screenshot 20220727 at 13.33.13.png

Having spent a decade building websites, and apps, and working with plenty of startups, this web 3 thing just makes me cringe, people have no idea what they are talking about conflating ideas that have no basis in reality the only merit they can hold on to is how much money was raised or the token price.

It's a greed and stupidity fest and I for one am enjoying people getting absolutely crushed by their egos.

Humility is in short supply these days in any case, so keep taking shitcoiners for all they've got you VCs

Have your say

What do you good people of HIVE think?

So have at it my Jessies! If you don't have something to comment, "I am a Jessie."

Let's connect

If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase

| Earn Free bitcoin & shop | Earn Free Bitcoin & shop | Claim Free Bitcoin & Shop | | -------- | -------- | -------- | | lightning.jpg | Smiles.jpg| thebitcoincompany.jpg|

Posted Using LeoFinance Beta