Avalore Dump Week 28
"The miners are fake, but the fun is real" Edition
GM fellow AVAX enjoyoors! Another week in the Dorito mines. It feels like there’s not too much happening on the timeline these days—maybe everyone is busy watching Olympic Games? Sorry sorry, THE Olympic Games. Not sure how many times I can make that joke but it still makes me laugh. And it’s my article! You’re stuck here! Let’s do the news.
Hashcash Makes Cash
I’ve never seen this guy before but it’s giving me such great 2021 vibes I just had to include it. Shoutout James Pelton (is he still around?).
Anyway, since my article last week, HashCash really flourished—as of now it has topped around 300k MCap. If we use the standard conversion rates, 300k on AVAX is basically 300M on Solana so this is what the kids call a “runner.” Right now it’s down a bit, but it’s still 3x higher than it was when we spoke last Friday.
Whatever happens from here, this one is a win in my book. It gave the timeline buttons to click and things to post about for over a week which is all we can really ask for at this stage of the game. Hats off to XRPant and Chris for knocking it out of the park here.
There are some fun miner (😏) storylines around this one that you guys should be aware of.
First of all, I’d like to call attention to the fact that these are NOT real miners! We’re mining a fake hCash coin with fake miners here!
Don’t overthink it! We put the pictures in the squares to make more coins so we can put more pictures in squares!
Personally I’ve never found the whole “miner” flavor very appealing (maybe because I’m not a NERRRD) but it’s fun to see this trip people up.
Also it looks like the first copycat (avaxgpu) that I mentioned last week has shut down, and a new fork has been spun up by the same people as “avaxwindcash.” I won’t link the Twitter here, just don’t be a fool!
I wouldn’t usually leak DMs but I will leave you with this. Enjoy:
Tokens Are Not Needed
I’ve had multiple people send me this conversation this week, and it’s a slow week so let’s dive in.
I have bad news for all drama enjoyoors, but I actually agree with everyone in this screenshot!
Voh is correct that most things don’t need a speculative asset, Kevin is correct that most people learn this the hard way by holding that asset to zero, and Whisky is correct that AVAX holders are learning this right now!
If I may doompost for a bit, it’s important to remember that all these crypto tokens are BS—they’re a way for companies to print money out of thin air. AvaLabs has the opportunity to send red fairy dust (that they invented) to an exchange and cash out money to an actual, real life bank account to pay expenses. This is not possible without a token! The reason the token exists is to be sold.
The silver lining here is that while you could obviously lament that the AVAX token is not needed, you can make the same argument for pretty much any token in existence! None of these coins are necessary from a utility perspective, they exist almost solely for funding purposes. We are merely gamblers speculating on them.
AVAX Team1 in the Trenches
To end on a positive note, I wanted to highlight the work that Team1 has done this week mixing it up with the community.
As you can see above, they quickly published an article on a relevant ponzi happening on chain—this is cool! It shows awareness of what’s taking place in our world and it’s always nice to see that from official channels.
Also this week they announced that Andy’s project, We Keep Winning, was receiving a mini grant of $5000.
I’ve written many times in this space about how it wouldn’t take much to start some kind of mini grant program rewarding native builders, and it’s great to see this start coming to fruition. The amount of change that can be made with a small amount of money (for them) is really underestimated, and I look forward to seeing more announcements like this in the future!
That’s all for this week! We have some developing stories as well (some drama about Arena team not paying employees or loans, Build Games entry closes with 2000 applicants) so we will watch those moving forward.
I did end up applying for Build Games at the last minute, so I can bring you live reporting from the inside! Hopefully should be some good fodder for next week, but it never hurts to crash out anyway. As always, please feel free to cause drama and tag me in the comments.
Tweet Defi Primitive of the Week
(don’t get used to this)
Hi Pookie sent me harder than it should have