reply guys

why would anyone want to buy something where private presale holders are sitting on EIGHTY THOUSAND DOLLARS worth of a coin that they can dump immediately? $fair coded

private presale for “friends” only before announcing publicly? this is embarrassing behaviour and exactly the type of extractive CT nonsense that many on farcaster claim to be above.

Farcaster-native research: https://paragraph.xyz/@matthewb | prev. Juicebox, Nouns, RAW DAO | casting about coffee, hi-fi, and other rabbit holes

taking the other side here. private rounds are common across venture markets, they are not inherently bad, and if a builder is trying to have more control over cap table construction then it is actively necessary

imo the issue here is lack of vesting/lockup, and the distribution math could've been better, and the naming feels a bit ironic, but not the inherent existence of a private presale. 

[disc: was invited but did not participate bc forgot to reply, and don't currently own any $FAIR]

it's late but I wrote a short article that unpacks the $fair launch and the presale controversy that followed. will post a thread tomorrow with a summary.

https://paragraph.com/@matthewb/faircaster-post-mortem

more nuanced take here along with some details on what unfolded for those who missed it:

more nuanced take here along with some details on what unfolded for those who missed it: https://farcaster.xyz/matthewb/0xbf705d4e