JADE Protocol — What a fun ride

TL;DR — Crypto is a cult!!

If you get an anonymous mail claiming that you will get 1,000,000,000% interest for your money, what will your first thought? No way its legit, right?

Just another Nigerian Prince scam!!

This is the new norm. In the words of Jade Protocol’s co-founder…

But, even in Crypto terms, what is happening with Jade Protocol is in modest terms CRAZY!!

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Let’s see how the craziness unearthed.

• Started a voting campaign for reducing APY

And, then, suddenly change the APY to 0.

• Opened the official communication channels ( Twitter, Discord, Telegram ) for all FUD ( Allowed till Dec. 31st ). In fact, Moderators warn people for positive comments.

It’s a FUD campaign

And, people working tirelessly on the channels to FUD. It’s a fun show.

Lets go through JADE Protocol facts as a non-believer

1. Even though, it claims to be decentralised, all decisions are taken in a centralised manner.
2. We don’t know the founder, or anyone working on the project. Only known person associated with JADE protocol is https://twitter.com/jonray. But, he himself mentioned that, he is not an insider. He acts as intermediary. But, not part of decision making.
3. Only validation is from RugDoc. But, they validated only the developer. Project itself is considered Not eligible. In their terms…

Having said the above, we are classifying this as Not Eligible as we recommend these kind of projects to pass reputable audits and KYC verifications as there is a risk of governance mishandling. Before investing, we also recommend users to conduct their own due diligence checks.

4. First project from the team, SMARTer has lost its value by a lot. Lot of people consider it as a failure or RUG pull.

Now, lets do the same as a Believer

1. High APY was given for attracting more people and now that is achieved, project is trying to filter out the non-believers who are there only for the short term profit by playing with 0 APY and FUD campaign
2. Treasury amount is mostly not in JADE, but, in BUSD and other stable coins. So, even if the price drops, it can sustain.
3. Decentralised VC Fund is great vision. Think of being a partner of YC.
4. Since JADE is backed by BUSD and not pegged to it, the minimum amount will always be a higher amount.

So, basically, we are believing an anonymous person or a group of anonymous people with our hard earned money. And, the reason?

GREED!!

In term’s of Einstein ( Co-Founder of JADE protocol ),

Whether it is for the short term APY gains, or for the long term 100x or 1000x gains we hope to achieve as being part of Decentralised VC Fund, we are driven by Greed.

And, nothing wrong in that.

Only, for the long term gain, you need to have strong belief in the project. You need to become an army. We see similar believers in other crypto projects. https://www.reddit.com/r/SHIBArmy/

In short, its a CULT :-)

As for me, I incline towards the Believer side as JADE protocol aims to solve issue on real world, and not on some META world.

SmartCoin #JADE