This appears to be the IDO contract in which CUB/BUSD LP tokens are locked on BSC.
I have officially decided not to participate in the CAKEPOP IDO. It doesn't end till 9:30 AM West Coast Time so I may get up and make the final decision in the morning, but at this point I'm pretty sure.
The value of waiting is too high considering the circumstances. I want day-one rug-pull insurance for a project like this.
Do nothing
We've raised plenty of liquidity for CAKEPOP already. The opening liquidity pool will have $117,500 in it even at 47% filled. That's already pretty good. If the price starts going up after launch I can buy in at a 10% loss... I'm totally fine with that outcome.
10% loss vs 100% loss
I am at a crossroads of gambling with two scenarios in play:
- Risk 100% of my money to potentially save 10%.
- Risk 10% of my money to potentially save 100%.
I will opt for the insurance, thanks.
The treasury is locked (for now) but the marketing and giveaways are going to be liquid. That's 167M CAKEPOP that could be dumped on the market tomorrow at 9:30. Is it worth waiting to see if that happens? I think yes.
Dumping that many coins would extract at least half of the BUSD from the LP and crash the price of CAKEPOP x4 (75%). At this point that's over $25k, which isn't all that much in the crypto world, but still a pretty nice haul if the entire plan was to do as little work possible just to rugpull.
Conclusion
Even with only 47% of the target currently raised, I'd say this IDO was still a pretty good success from CUB's perspective. $117,500 is a lot of liquidity for a product of this caliber. Even in the worst case scenario CUB was destroyed in this process, benefiting the ecosystem in that deflationary sense.
As I'm not in Telegram and know very little about what's actually going on here, it doesn't really make sense to risk anything when we already have plenty of liquidity to jump in if everything goes well tomorrow and the next day.
It's disappointing not participating in CUB's first IDO, but they can't all be winners. This one was a clear loser in terms of any kind of evidence that work has actually been done. This was confirmed time and time again by the math presented not even making sense and a GEOcities template webpage that wasn't even live by the time the IDO started.
I feel like I'm reading an email from my junk folder when it comes to how CAKEPOP has conducted itself.
I also feel like the extremely short time period in which we were forced to act (24 hours) was also baiting users into acting impulsively. Not a great look.
There's no reason to risk any more money than what we've already put in. If this thing actually does have any momentum whatsoever it's going to be obvious.
If these guys are scammers, they are the worst scammers in the world and aren't even trying to sell it. This would be the lowest effort scam I have ever seen. There's always the chance they're just some nerds in a basement who rushed the funding phase.
I guess we'll have a better idea tomorrow eh?
Until then... NO DEAL!
Looking long term, we'll realize that there's no way to stop scams from launching with CUB IDOs. What happens when we've launched ten tokens? Surely at least one will rug. There's no way around it. If this first one was a dud that's just unlucky. That will become more obvious as more roll out over the coming weeks.
We can try to create higher standards for who we allow to use the platform, but for now it was just nice to see everything operate technically correctly from CUBs side of things. We can figure out the requirements and standards later after we have more experience and more idea what we are dealing with here.
This isn't the end.
This is just the beginning.
At the end of the day I hope to be buying into CAKEPOP soon™ at a loss after confirmation that liquidity is coming in from other sources besides CUB. At this point buying from the free market is a better deal than getting in early and hoping it will work out.