CAKEPOP DECLINED
This appears to be the IDO contract in which CUB/BUSD LP tokens are locked on BSC.
I have officially decided not to participate in the CAKEPOP IDO. It doesn't end till 9:30 AM West Coast Time so I may get up and make the final decision in the morning, but at this point I'm pretty sure.
The value of waiting is too high considering the circumstances. I want day-one rug-pull insurance for a project like this.
Do nothing
We've raised plenty of liquidity for CAKEPOP already. The opening liquidity pool will have $117,500 in it even at 47% filled. That's already pretty good. If the price starts going up after launch I can buy in at a 10% loss... I'm totally fine with that outcome.
10% loss vs 100% loss
I am at a crossroads of gambling with two scenarios in play:
- Risk 100% of my money to potentially save 10%.
- Risk 10% of my money to potentially save 100%.
I will opt for the insurance, thanks.
The treasury is locked (for now) but the marketing and giveaways are going to be liquid. That's 167M CAKEPOP that could be dumped on the market tomorrow at 9:30. Is it worth waiting to see if that happens? I think yes.
Dumping that many coins would extract at least half of the BUSD from the LP and crash the price of CAKEPOP x4 (75%). At this point that's over $25k, which isn't all that much in the crypto world, but still a pretty nice haul if the entire plan was to do as little work possible just to rugpull.
Conclusion
Even with only 47% of the target currently raised, I'd say this IDO was still a pretty good success from CUB's perspective. $117,500 is a lot of liquidity for a product of this caliber. Even in the worst case scenario CUB was destroyed in this process, benefiting the ecosystem in that deflationary sense.
As I'm not in Telegram and know very little about what's actually going on here, it doesn't really make sense to risk anything when we already have plenty of liquidity to jump in if everything goes well tomorrow and the next day.
It's disappointing not participating in CUB's first IDO, but they can't all be winners. This one was a clear loser in terms of any kind of evidence that work has actually been done. This was confirmed time and time again by the math presented not even making sense and a GEOcities template webpage that wasn't even live by the time the IDO started.
I feel like I'm reading an email from my junk folder when it comes to how CAKEPOP has conducted itself.
I also feel like the extremely short time period in which we were forced to act (24 hours) was also baiting users into acting impulsively. Not a great look.
There's no reason to risk any more money than what we've already put in. If this thing actually does have any momentum whatsoever it's going to be obvious.
If these guys are scammers, they are the worst scammers in the world and aren't even trying to sell it. This would be the lowest effort scam I have ever seen. There's always the chance they're just some nerds in a basement who rushed the funding phase.
I guess we'll have a better idea tomorrow eh?
Until then... NO DEAL!
Looking long term, we'll realize that there's no way to stop scams from launching with CUB IDOs. What happens when we've launched ten tokens? Surely at least one will rug. There's no way around it. If this first one was a dud that's just unlucky. That will become more obvious as more roll out over the coming weeks.
We can try to create higher standards for who we allow to use the platform, but for now it was just nice to see everything operate technically correctly from CUBs side of things. We can figure out the requirements and standards later after we have more experience and more idea what we are dealing with here.
This isn't the end.
This is just the beginning.
At the end of the day I hope to be buying into CAKEPOP soon™ at a loss after confirmation that liquidity is coming in from other sources besides CUB. At this point buying from the free market is a better deal than getting in early and hoping it will work out.
Take the insurance; we already have the liquidity.
Posted Using LeoFinance Beta
I put in the minimum, if I get rugged.. I'm rugged. lol
I will laugh at myself and those graphics forever! :)
Posted Using LeoFinance Beta
I hope you win.
Posted Using LeoFinance Beta
At the end of the day the liquidity that you and the other users have provided give this project a shot at greatness. That definitely counts for something.
Posted Using LeoFinance Beta
Sure, but also it's a learning experience and a fairly inexpensive one.
Hopefully, some cub gets burned and a dex is born.
Worse case a lesson was learned. I realize it's a total gamble so I kept it small
Posted Using LeoFinance Beta
@khaleelkazi has a lot more faith in the project than I do so I might have to defer to his judgement when making my final decision. If the IDO gets filled over 100% I might have to FOMO in at the last second.
I'm curiously waiting to see how will you be able to handle fomo and see if you will be jumping in last minute 🙂
Posted Using LeoFinance Beta
I'm with you. I'll throw in the minimum just to make sure I go through the steps so I know what I'm doing the next time. Plus, if a dog meme coin can 1000x, who am I to say a cake sucker can't do a 10x? We ARE still in a bull market after all. Crazy shit happens.
Like I said, I'm going to throw in the minimum and see what happens. I will say I DO feel quite a bit better about it after seeing @khaleelkazi's reply above. It's a learning experience either way and I've got just enough FOMO not to want to stay on the sidelines for Leo's first IDO...YOLO. :-)
Posted Using LeoFinance Beta
Odds of rugpull are near 0. We’ve vetted their contract (actually aided in its launch) so that attack vector is the only one that exists and is quite low.
That said, this is a very internationally focused coin with a focus solely on TG pump groups like KittyCake
Also - their UI is based on KittyCake.app. They’re going for a clone of KittyCake’s 200x launch event.
Also - stay out if you want. I think this IDO has some potential and I’m willing to put some capital in personally to see it through. With all of these things being said, this is a step into the world of DeFi degenerates. Total gamble and speculation, little fundamentals.
At the end of the day, you put this well:
The IDO will definitely finish at 100%. I’m quite confident in people sitting on the sidelines waiting until it’s closer to fully committed. Regardless of everything, the amount of CUB that’s been burned since our launch is about to be doubled from one small IDO. I can’t begin to express my excitement for CUB in the long run ;)
Posted Using LeoFinance Beta
Thanks for this perspective it's very hard to see what's going on with this one and only 24 hours to figure it out.
I forgot to say that if the IDO is close to 100% filled at 9:00 AM I will probably FOMO in at the last second :D
https://cubdefi.com/ roadmap is 404'd, looks like it's going to docs.cubdefi.com/roadmap but maybe should just goto docs.cubdefi.com. ^>^
CertiK should be fired, they failed this audit. LuLz
Am surprised you even considered/are still considering it. I don't have as much technical knowledge as you do, butI can spot bull.... when I see it to some degree of success. Save your money, plenty other IDOs for you to profit coming your way soon
Well...I will wait and see how things play out. I may miss out but it seems much safer to me. After all the safest place would be the pools and kingdoms on the Cub site.
Posted Using LeoFinance Beta
Sitting this out, might regret later. Main point...I’m learning from you guys as you go. Peace
Nawaoo.Noted,I cast and bound the spirit of cake pob declined in Jesus name.it is well with you and your pob.
I'll sit this one out but I also think it was a success regardless of what happens next. Hopefully the other IDOs will be even greater
Posted Using LeoFinance Beta
I too am watching this one from the sidelines. Just too many red flags to me. Hopefully it all goes well though for the sake of CUB.