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Episode Transcript
[00:00:00] Good evening ladies and gentlemen, crypto traders worldwide. This is definitely an out of cycle updates. I certainly didn't plan to release it. By the time you hear this, it will be the following day on the Pacific Time zone. If you're international, obviously it's a different situation, but this was necessary. It needed to be put out into spoken word because it's getting worse. And just to put full disclaimer out, I was once an auditor in a past life. So my job at the point was to identify what people were doing wrong based on three things. One, written obvious black letter rules that were either applicable in that organization or on a state level or on a federal level.
[00:00:48] Two, certain best practices that are known, well known, well documented, well described.
[00:00:55] Three, certain nonobvious risky behavior that doesn't attribute to a law, but is still kind of a common sense thing. For example, leaving your front door unlocked. So we take what we see and we write up or speak about what we find. And the intent is that you fix it. Because when you don't fix it, you have created risk. Doesn't necessarily mean that the risk is high all the time. Sometimes it's low. We do expect that you still work actively to resolve things that are reasonably easy to fix. They don't cost a lot of money, they don't take a lot of time. And I'm going to say some things that people are going to disagree take less time than others. Fact is, in full disclosure, I also am a technologist by trade. So I've gone now into actually working technology. I am aware of how to write code in various forms, including some of the code that goes into various cryptocurrencies. And I understand how difficult it is to get it right. That's why so many coins come and go and so many fail is because it's difficult to get it right. But it's also difficult from a business perspective. Full disclosure, I'm also a business owner, so I understand the business challenges inherent to the success of a crypto when you need to now make it a business.
[00:02:19] This is a synergy that is necessary if you want the darn thing to succeed. It's the reason why Ethereum was able to succeed. It's the reason why Bitcoin was able to succeed. It's the reason why Cardano still exists, even though it's worth near nothing. Because these the fundamental difference between those and something, let's say Cardano, Tron Solana amp Ave the difference between those and something like a baby doge or a baby doge, billionaire or Cody or Kuma Inu or some of these other lesser ones, is that the first ones I talked about are behaving like a business. They think like a business, they act like businesses. There are pros and cons to acting like a business. But the number one thing that stands out when you have a coin or a token that acts like a business is that it gives a level of comfort to the investors that their investment is not going to be a sham. And so in order to increase credibility on a wider scale, but also to sustain that credibility, you have to have a certain sense about what is it that you really should be doing in order to act like a business. Once you get to that point, some of these that have been financially successful still to this day don't act like true businesses. When I look at something like Satama, it acts like a business. However, there are things that I am concerned about with them, with their lack of communication. I realize it's not just them. It just seems to be a lot of these so called altcoins and so called meme coins that don't seem to understand communication. And their default response is always, look at our telegram, or did you check discord? And they don't get it.
[00:04:02] Why are you taking all this time setting up a social media profile on Facebook, setting up a social media profile on Twitter, setting up a social media profile on Instagram, setting up profiles and subgroups on Reddit, only to tell people, we're not going to communicate through these forums. That doesn't mean all coins are like this, but the vast majority are. Even when they do communicate through those forums, they'll still point you to the Telegram discord, because in their mind, that's our definitive source for updates and information that they don't understand that they should be broadcasting through all forums. That's one thing Satama at least does very well, is that they broadcast the same information across to their social media as well as to telegram. They don't do a good job of communicating through Reddit, which I've called out. And the information that they do share isn't specific enough, I believe, which I think is a symptom of them not trying to ruin what they're working on and possibly violate some contracts, because I can tell that the guy running it, he's a strong, business minded guy, so I'm not accusing him of anything malicious at all. But I do think there are times when he could have been more specific and he chooses not to. And it causes people to sell out or not buy in. And that is evident by the fact that the coin struggles to sustain growth, that it had exponential growth just recently, and it's now struggled to sustain it. And over the past two and a half days, it has kind of been in a lull. Part of this is because people get expectations. This is human nature. I don't like it, but it's the truth. They get expectations. And when that happens, as a business, you have to manage those expectations by providing information that either excites people or doesn't excite people. But if you just give a.
[00:05:48] Their behavior is going to be, their reaction is going to be causality. This is what I believe a lot of cryptos don't understand. So that brings me fast forward now to Shib.
[00:05:59] The Shib team, specifically with Shibaswap, has been in the middle of a problem. They don't acknowledge it as a problem, but it has been a problem for months. And that is that they're currently trying to revamp the ShibaSwap Web tool, and they're doing it with live updates, so you can see the web interface changing literally as you go in. The problem is that as they're making these changes, they suck at visual management. I want to explain what that is, but let me talk about why this is a problem. When you make these changes live and you don't communicate what you're doing, and you don't tell the users what's going on with what they expect, and you have not managed their expectations, what ends up happening? Your people go on social media and other platforms asking questions.
[00:06:45] They want to know what's happened to their deal. If this was a bank, you would never be okay with the idea that your bank account suddenly went to zero all of a random sudden, and nobody got any answers, you would not be okay with this. You would be storming into that local branch. You would be calling for somebody's head. This is no different. We should not be okay with crypto coins being willing to zero out your balance, at least from what we see, and not telling you why and not telling you what's going on. It turns out most likely, as I said five times now, most likely we're dealing with bad code where they don't understand and they're not willing to listen to this notion of, you just need to update your portal to tell people what's going on. Tell them we are making changes to the site. Put it in red letters at the top. You see this everywhere. We're making changes to the site right now. We are working on your rewards during this update. Your rewards are going to show zero temporarily. Relax, we've got your rewards. They'll be distributed on this date. It's going to take us five days to process it. Now that's visual management you are using. Since you're in the code any freaking way, you're taking the time to put a nice message on the web portal telling them what they need to know so that it averts those inquiries in the first place. The ship team refuses to do this despite multiple people asking, why don't you just do that? Because that saves it. You know, you have problems with this, you've talked about it, you've said you have major issues with this code, has one guy in the corner, whatever the problem is, why don't you just put a nice little message, tells people what they need to know and then we don't have to worry about this and they refuse to do it. So I call this out, and in the previous podcast update, and unfortunately I ran into my Dave Chappelle situation because they didn't listen all the way to the end. Because what I did is I gave three potential scenarios and I said it can only be one of these if you listen to the end of it. You would heard me say chances are the rewards are fine and it's just bad code.
[00:08:54] This unfortunately turned into the Ryoshi team overreacting and freaking out, saying that I'm calling them silent. I did call them silent on one of the updates because they were silent. The social media account, you can go there now, refused to respond to people asking questions. That's silence. I don't know where that got lost. They then said, go telegram deep, deep, deep, and don't understand because they're missing the underlying key message takeaway I'm trying to give them, which is I'm not talking about this one situation. I'm talking about at a macro level, big picture leadership of Ryoshi, leadership of Shib, sit down and say this has been an ongoing problem.
[00:09:42] Can you just add messaging when you're doing this? So people know what's happening. That's all. And it doesn't click to them. It doesn't click to them why it's a value. It doesn't click to them why they should do it. And so what do you get? Let me describe what you get. And this is the problem with ego and the resistance and the refusal to listen to advice, even when free.
[00:10:03] Say you go to Telegram, I said it before, telegram doesn't presist history, at least not well.
[00:10:11] You go to Telegram, it's just a stream of garbage with a bunch of stickers, animated crap and animated gifs and stuff nobody cares about.
[00:10:21] There's a concept of pin messages.
[00:10:24] However, the Pin messages do not answer people's specific question about why is it zero?
[00:10:31] The Ryoshi team can't answer that because the Ryoshi team doesn't work. Shiva swap directly.
[00:10:37] So it's moot to go there. You're not going to get an answer. The Ryoshi team, what they should do, if we're honest, is take the feedback. You know what? You're right. This has been a recurrent problem. There are people asking a question, let's talk to them and see if we can get them to just add that messaging to the site and then we're done. It's free feedback. I normally charge 200 an hour for stuff instead of pushing and saying Telegram, which doesn't answer the question. Now, could I go to discord and do it? Sure. But the problem is, again, the Ryoshi team doesn't work. Shivaswap if I go to Shiba swap Discord, I'm not going to get any answer because I just saw that. So at the end of the day, guys, folks, the big problem and the reason that a lot of these are going to continue to be perceived in the mainstream as scams and not taken seriously even when they are successful, is ego.
[00:11:40] And until we fix that, it's not going to get any better. And that's sad.
