There is a big question within the Vendible community as to whether or not this effort has become a rug pull. Does anyone have good info on this? @govendible @ChrisVendible @GovVoi @GovernorHat #algorand #algo
I don’t understand how a project “runs out of funds”. It only makes sense if they had a promised source of funds that wasn’t delivered. Otherwise it’s a rug — the team should be using their own funds, stop taking a salary or whatever it takes to deliver. Basically an ICO with a roadmap with no product.
@KimchiBlock @joemoore_x @govendible @ChrisVendible @GovVoi @GovernorHat There was a time money became tight for Outsyde. I cut the entire team except myself, no salary and personally funded as needed.
@NCLongleaf @KimchiBlock @govendible @ChrisVendible @GovVoi @GovernorHat But did you communicate to your community?
@joemoore_x @NCLongleaf @KimchiBlock @ChrisVendible @GovVoi @GovernorHat We are working our same go-to-market strategy as before. Nothing has changed other than our timelines as we work to secure the funding needed to launch both Trustible and our token as communicated in Discord. Apologies for not being on Twitter as we have reduced staff.
@govendible @joemoore_x @NCLongleaf @KimchiBlock @ChrisVendible @GovVoi @GovernorHat Certainly a product will come before a token, right?
@Coop_Daniels @govendible @joemoore_x @NCLongleaf @KimchiBlock @ChrisVendible @GovVoi I presume so. There wasn’t a token yet. It was supposed to be an incentivized testnet with the testnet tokens converting to mainnet. I doubt people would buy a token now without a working product.
@GovernorHat @govendible @joemoore_x @NCLongleaf @KimchiBlock @ChrisVendible @GovVoi And the product is you trust them to keep your private keys secure?
@Coop_Daniels @govendible @joemoore_x @NCLongleaf @KimchiBlock @ChrisVendible @GovVoi No. It was trustLESS recovery of keys and digital ID (uniqueness) that are kept completely private using ZK proofs.
@GovernorHat @govendible @joemoore_x @NCLongleaf @KimchiBlock @ChrisVendible @GovVoi I thought there whole thing was “First, you have to trust us” In our interview he admitted that it required trust at the beginning
@Coop_Daniels @govendible @joemoore_x @NCLongleaf @KimchiBlock @ChrisVendible @GovVoi You would have to trust their cryptography and coding until fully vetted. But the whole idea was trustlessness through ZK proofs.
My understanding is that the idea is BIG (and I believe that there is a massive need for it.) As someone that has a business in telecommunications the amount of documentation that we need to collect from customers currently is massive and creates unnecessary risks if we can find a way to get verification of ID without the documentation. Now their delivery may have had an initial phase of "trust us" but lets face it, a lack of communication and openness doesn't continue to build that trust. I am not saying that they have done anything wrong or that it is a rug but the fact that their website won't load for me and their communication has been lacking on a major web3 communication channel (X) isn't in their best interests.