1/ I’ve decided to stop Swarm. Today I withdrew all the dev fees to my exchange address.
And it was genuinely sad for me to do that. But what was even more depressing was pushing update after update and watching the chart do nothing but go down.
Among people I know, there were a few who had experience with launches and market making (I had none), and every single one of them told me we were basically cooked anyway, but I was kinda biased and didn’t want to accept that.
There were a lot of reasons for the problems:
1. First of all, there was no momentum or attention anymore. By the time we were having these questions, it had already been more than 2 weeks since launch. 99% of coins are already dead at that point, while we were only just getting ready to start buying marketing.
2. The problem is that no KOL is going to participate in a pump & dump on some $0 5min volume lowcap. I also made the decision myself not to pay scammers with botted followers
3. The next thing was distribution. I never controlled supply, neither at launch nor after, because I was burning it. And considering the coin migrated in less than a minute, I obviously have questions, because you can literally see from the chart that the coin was bundled before anyone could even read the thread. I’m not an expert in this and I don’t fully understand everything that was happening on the chart, but I don’t think them unloading their supply was particularly healthy for coin, probably they made more money from this coin than anyone else lol
4. And because the distribution was bad, the coin spent a long time with chart going right and with people holding supply for weeks just waiting for an exit. So pushing it higher again was almost impossible.
Anyway, everyone I talked to told me it didn’t make sense anymore.
So I decided to put together a dev team and had a few calls with ML people I know, but together we couldn’t come up with a single idea that felt worth pursuing to me.
After all that frustration, community members finally gave me a direction, and I spent around 4-5 days building it.
But the reaction was an instant pump&dump, which only convinced me even more that people were just waiting for an opportunity to exit the coin.
That was the point where I decided to finish it. Anyway, it was hard to do. But continuing was even harder when all I could see was backlash coming my way. I mean, I basically didn’t sleep for these 2 weeks, so I’ll probably be AFK on Twitter for a while just to rest.
Most of the deving happened at night in my local timezone and I barely slept, while also having an IRL job that I had to wake up for almost every day.
I’m just tired.
I don’t blame myself.
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