I am exiting Venus Protocol and wanted to share with you all some of my thoughts -
I did not realise I had become a maximalist, in some respects. I had ignored a lot of red flags because the tokenomics are sound, which is to say that the fundamentals are there - but the team is not. My activity log on this forum revealed to me that I have been incredibly complacent with all the bad and ignored my better judgment.
The flags:
- Capped borrow rate for XVS
- Little to no community input in proposals
- Poor explanation of the liquidation process
- Unexplained failure of VIP-6
- Significant supply by Binance in TVL
- Telegram bans
- Content moderators on forums
- The identity of Joselito
XVS had given me a great return (entered at $4), and so I committed to the protocol through the dip. I am fortunate to say that I am still in the green, however I have sacrificed profits around 180k in the honest belief the protocol was here to stay. It has been an expensive lesson - but well earned.
After a series of poor executive decisions I have decided to cut my losses. The team have greatly benefited from the crash, and intend to rinse and repeat. I see now that Venus Protocol has served its purpose and is perhaps set to be decommissioned. The sheer greed of these people astounds me. A few billion dollars wasn’t enough - they want it all. VIP26 is proposed to liquidate you. They are the whales.
Saw this and thought it is a good overview of what happened -
In the future, please beware individuals that exhibit behaviours as demonstrated by:
Ron, CryptoLionel, CHEEZEPLS, NoOneVii, J1mtonic, Cryptobull, CryptoEllis (suspect), Imran Khan (useful idiot) - there were more, they must be long gone by now.
- Don’t follow anyone that chastises you for asking legitimate questions, and demonises you in public for refusing to believe their lies.
- Don’t accept being told to “have faith” and “HODL” without being provided the facts.
- Don’t rely on the integrity of well-known brands such as Binance.
- Don’t rely on fundamentals alone - critically examine the core team.
Some people don’t know how to make money honestly - some people need laws to be honest. And remember, if it’s too good to be true, it probably isn’t.
All the best to you if you decide to stay - perhaps Venus will thrive under new leadership. I’m sure it will! But I can’t rely on the whims of these developers who have unfettered discretion over the protocol. I have a moral obligation to take care of myself and those close to me in the real world. I have moved back to the big caps.
The fact is, there is no video proof that ‘Joselito’ exists. CZ’s silence on BinanceSmartChain speaks volumes, also. The idea of crypto is being usurped by greed - I don’t know what this industry will look like in the future.
Best
JL347