Quick retro on today's first @precoin -> coin launch. This didn't really go amazing and I apologize - we're making a lot of changes to refine the idea:

1. We built precoin because we wanted a tool/way for people to speculate on someone launching a coin before it launches

2. Pre_phil started because we saw on the timeline that phil was gonna launch a clanker (phil has no affiliation precoin is permissionless)

3. People put money (with my cofounder boro having a $45K stake/ the largest on farcaster) into pre_phil to get access to $w (phil's launch)

4. Precoin worked as designed and our system automatically bought $w as soon as it launched (4th block, 7 seconds post launch)

5. However we were the 13th transaction and it got sniped 12 times before we market bought

👇

Not sure what’s worse: the clarity of the explanation of the scam realized in hindsight, or the lack of prep to prevent it. 

All just feels flat footed and careless when the reputation of your product and handle is on the line. 

Sad day for Farcaster, tragic when coupled with the enthusiasm of the rebrand. L