The Diary Of An Airdop Hunter

josediccus in #hive-167922 • 2 months ago

Yesterday was a very sad day for airdop hunters and farmers in the Telegram game Catizen. So what happened was that yesterday was Catizen's TGE (token generation event), and it was previously announced that 43% of the one billion coin would be distributed to the community (approximately 25 million players), but after the TGE, it appeared that Catizen had changed the rules of the airdrop.

As a result, the community received 15% rather than 43%. Binance Launchpool received 9%, which the teams counted as part of the airdrop. What I believe happened was that Catizen created massiveFOMO by coaxing Binance to list CATI, and the 9% was the actual incentive given to them, without which Binance might not have listed CATI.

Unfortunately, this last-minute Binance listing announcement drew a lot of other players who came into the game at the last minute and pumped a lot of money into the game.

VC can get Greedy

I believe the VC behind Catizen asked for too much after seeing how successful the game had become and became greedy, resulting in a significant reduction in the 43% promised to the community.

So, in the end, those who played the game without investing any money received almost nothing. While people who spent money will probably get about 2X their investment. This is because CATI premarket is about 0.8$ and it may just be listing around that 0.8 to 1$.

Listing Price

Although CATI may list above $1, if it lists between $3 and $5, it is possible that they will eventually redeem themselves for the small allocation they gave to people. However, it appears unlikely. Many people made significant sacrifices over the course of six months, but it was a waste of time without financial investment.

I thought I was the only one who took the risk of investing between $40 and $45; however, thousands of others did. These people saw the potential profit, and I did as well, but at the end of the day, the greed of the VCs who backed the game, or perhaps the DEVS, has made this airdop less rewarding.

Anything less than a $5 listing would be unprofitable for players who did not invest money. At one dollar, I will most likely double my investment, but I will lose the effort and time I put into the game. I expected this game to be an x20, but it appears that an X2 will be the highest anyone can achieve.

Do I actually regret it?

I don't; everyone else saw massive opportunities and good money, but when a project becomes too successful, they get carried away by the wealth and find it difficult to share with those who made it possible. I invested some Hive into farming this one, and I return back that investment when I sell the token on the listing date (September 20th) since there's actually no profit coming from this one.

You will have massive success and make a lot of money in the airdop space, but most of the time it will be a complete failure and a waste of time. This time, it is one of those situations.

So, the team has promised an extra reward for those who continue the game, but I am done. When DEVS demonstrates an untrustworthy side, what makes you believe an epic fail will work out in the future?

That is an uncalculated risk with a small chance of success.

Try Another Day

Again, it was a good attempt, but it failed completely. I am farming other Airdrops, and I still believe I will see a potential $200 that I can use to purchase Hive before the end of the year, God willing. If not, that is fine; a risk can be rewarding or not, but you will not know unless you try.