Lodicoin, Weakening Peso, & Community Update — 8CHAIN AMA Recap
As part of 8CHAIN’s commitment to sustain and update the community, its CEO (Coach G) & COO (KAM) took part in a live AMA session with TETRIX Network on twitter (https://twitter.com/i/spaces/1dRJZMBYrNoGB?s=20) last September 28, 2022.
Screenshot from the live AMA event last September 28, 2022
Summary of Topics & Questions from the AMA:
1. What happened recently in Web3, especially in PH?
2. Who’s accountable for this (developers, influences, etc.)?
3. What do you think should Lodicoin do after this event?
4. How does the weakening of peso affect crypto and Web3?
5. Sneak peak of upcoming activities
6. The TETRIX Link
8CHAIN’s responses to the topics & questions:
Note: some of the text may have been edited for clarity and grammar.
1.) What happened recently in Web3, especially in PH (Lodicoin)?
“As builders who have stayed in the space for a very long time, we have already seen this approaching. This is not to bring other Filipinos’ hope down; I’m also not saying that I’m against the project. But as someone from the marketing field, I saw a lot of red flags. One of the first things I noticed was the name because there will be a point in time when the term “Lodi” will no longer be in trend, and it can affect the entire branding and image of the company. This, in turn, will give rise to problems in introducing the name to the foreign market. Then, Lodicoin followed it with a different marketing strategy where they have Rob Moya comparing it to something well-established (i.e., Bitcoin), which is a bad practice. Lastly, the value it would give to the people, and many builders were saying that it still did not have an actual value yet to provide to its people. For example, how and where would a person use it if he had the coin? Overall, we can see that Lodicoin was not yet ready for launch. But I’ve also seen that there’s a development because Jason Steele have posts where he’s really trying to build and redeem himself.” — KAM (COO)
“Probably, I’d talk about the term gaslighting. I did a prior research on Lodicoin, and I also heard the CEO’s side on the issue to give a fair chance and hear the sentiments. Firstly, you can’t expect people to do their own due diligence if there is too little information available on the internet about it. Thus, if you’re not properly documenting on the internet, then you can’t expect people to do their due diligence properly. Secondly, the issue of gaslighting irks me a little bit, especially when nobody from the Lodicoin’s side even addressed that they did the market activity an hour before the launch. Upon hearing the side of Lodicoin, they only blamed the people, particularly the Filipinos, who had the market activity after the launch to sell their shares. Lodicoin denied the fact that they did those things, and they are forwarding the blame to Filipinos who just basically followed suit. And finally, I have nothing against the people who are building the Lodicoin. It just so happened that you’re not properly documented on the internet, and the website is a marketing fluff.” — Atty. Sheine
2.) Who’s accountable for this (developers, influences, etc.)?
“When you look at a project, you have to look at the core members because they make all the decision-making. People can sit and point at developers, influencers, marketing, etc., but it all comes down to the core members who agree on what is needed within the space. Whenever things go south, you have to look at the people involved with running the company because they decide on its direction. They agreed upon that and knew what was at stake ahead of time.” — Coach G (CEO)
3.) What do you think should Lodicoin do after this event?
“To remedy this, you have to publish and document yourself properly. You want people to do their own due diligence, but they can only do that if you provide them the right information and not just sway them with personalities. You tried to get influencers because you targeted people who rely on personalities over research.” — Atty. Sheine
“If someone filed a lawsuit against Lodicoin, the authorities would backtrack everything communicated to the community. One of those things is the terms that Lodicoins used, such as ‘buy’ and ‘invest’. It can be a way for the authorities to hold them accountable for what happened. We must be careful about the terms we use, especially if you’re operating in the Philippines because cryptocurrency is not fully regulated here. If you used those terms, SEC would flag you, so try to minimize using those terms to let the people know that you’re not entirely after the money.” — KAM (COO)
4.) How does the weakening of peso affect crypto and Web3?
“With the state of the market, nobody can predict what will happen. But here’s one thing we know: ‘What goes down must come up’, and we know that’s going to happen, especially within the crypto space. One thing that I hope the listeners understand is you’re playing a long-term game here. This is not something you anticipate to change your life within the next two or three months. You need to have this mindset: ‘How will this change my life in the next three to five years?” — Coach G (CEO)
“First, newcomers might harbor FUD (fear, uncertainty, and doubt) because they think it’s a global recession. Every day, they see media outlets posting the regressing value of the peso against the dollar, which might create fear and doubt in the entire space. This, in turn, might cause difficulty in terms of onboarding more people into the space. Second, it would affect the buying power of the people in the Philippines. Previously, it would only cost ₱52,000 to purchase 1000 USDT. Now, it will cost you about ₱58,000 to buy 1000 USDT — more than 10% of its actual value months before.” — KAM (COO)
5.) Sneak peak of upcoming activities
“We hope to be able to transition from closed beta to an open beta really soon. I think we got around 40 people who are currently testing the app. Another thing that we’re trying to do is another IRL event, where people can participate in a fun run to raise a little bit of money, especially for the Typhoon Karding victims. To do something for the community is one of the 8CHAIN’s’ visions, and that fun run is a wonderful opportunity for me to raise a little bit of capital for charity. In that event, we’re also aiming to have 8CHAIN Sports Ambassadors. Hopefully, we’ll be able to go IDO and ICO shortly, but we don’t want to rush it because we want to make sure that we have everything in the right position.” — Coach G (CEO)
“We’re about to launch our open beta app this October for MAX REP — our first chain. Alongside that, we will launch our IRL event this October, but unlike before, it will happen in the morning. We’ll take that opportunity to introduce another way of doing IRL events: a mini fun run where everyone will use the mobile application. After that, we’ll have some breakfast within the area and a meet-up with our MAX REP-partner athletes, such as Jeff Chan, Kib Montalbo, and many more. Probably in November, we will launch our public mobile application, but we’re also trying to be careful not to rush anything. It goes the same way with the 8CHAIN token, which is why we haven’t launched it yet. As for December, nothing is final yet, but we’re planning to hold another fun run event where the participants will use the MAX REP application again. Similar to the fun run mentioned previously, the event in December will also be for a cause.” — KAM (COO)
“We invite everyone to partake in the AMA session “What’s Up with Web3.” It’ll be happening every week starting next month (October). The building is sometimes frustrating, especially if you’re a lone builder or only have a few resources. But with “What’s Up with Web3,” I hope you’ll get some learnings, takeaways, and inspiration to continue. We will give you the spotlight and help you promote your ideas, thoughts, and passion for what you are building.” — Felix
6.) The TETRIX Link
“We’ve already launched “Link.” I demoed it to a mayor in Pampanga, and she loved it! Her influencer sons will be promoting our product, as well. It’s powered and backed by Blockchain. In October and November, we’ll have beta test of our mobile wallet: Pitaka. We already had its alpha test with the core team, and I know this product will help the community access the Web3 space.” — Felix
“I received my link last week, and its packaging is so classy! I’ve been using and testing it on my friends. They are surprised by its convenience because I no longer need to bring numerous business cards. It really gives us the convenience of getting connected with other people.” — KAM (COO)
The AMA session was concluded by announcing the raffle winners
Four (4) lucky participants received 5 USDT and beta tester slots from 8CHAIN, and one (1) lucky winner got a classic Link card worth ₱2,000 from TETRIX. Felix congratulated the winners and concluded the entire AMA session by thanking the community. Finally, the 8CHAIN team expressed their gratitude and encouraged the participants to continue building.
8CHAIN will aim to conduct regular AMA sessions with the community to assure everyone of the project’s mission and vision to #TransformLivesOneChainAtATime
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