Floki Inu (CCC:FLOKI-USD) is now attempting to portray itself as an improved, more trustworthy project. I always remain skeptical of projects with as dubious origins as Floki Inu has. There simply isn’t a ton of transparency inherent to these projects.
That said, make your own judgments. The point here is that the current development team behind Floki Inu is setting itself apart from the previous team. The current team is marketing its efforts as genuine.
That’s a great place to start in discussing Floki Inu.
FallDamage is a key member of the current Floki Inu development team. In a recent interview he pointed to problems with the initial development team. He alleges that the initial developer was dishonest with the Floki Inu community.
FallDamage took part in the initial development of Floki Inu. He claims that the initial developer in charge of everything was basically a fraud.
His allegations are fairly serious:
He was taking a lot more money than he was advertising, he wasn’t using any of it for marketing, we were minting tokens at an unprecedented rate. By the time we launched V2 (version 2) we had seven times the tokens that we had initially when we launched V1. So it was inflationary like crazy instead of deflationary. We went to him and said let’s fix this inflationary issue, and let’s make sure that the money you’re pulling off for marketing is actually being used for marketing. So after some negotiations, he just ghosted us.
Who Do You Believe?
I’m asking this question rhetorically. On the one hand, if you believe FallDamage, then things should be much better moving forward. The implication is that FallDamage is taking precisely the amount of money he purports to, is using it for marketing and developing Floki Inu’s network, and isn’t causing structural inflation to occur.
On the other hand, it’s also worth considering that this initial developer is simply being set up as some sort of fall guy. It’s very easy to create this negative persona, claim to have confronted him about his wrongdoing, and say he “ghosted.” That makes you look like the white knight.
I’m not sure which side to believe. I only know that Floki Inu has always seemed suspect to me. So when a member of the development team claims that everything is now fine, and implies their implicit trustworthiness, flags pop up.
One of the key pillars of the Floki Inu project is the Valhalla NFT metaverse game. The basic premise of the game is that participants will be able play to earn Floki Inu tokens. The website claims that Valhalla will be a viable way for millions to make an income.
I’m not really questioning any of the individuals associated with the project or their respective body of work. However, the game is very vague as currently presented in the whitepaper. Characters, a gardening system, items and battles all sound like dozens of other games already currently in existence.
And FallDamage doesn’t really give any clarity as it relates to Valhalla’s release either. He notes: “We’re working on a gaming metaverse and so that’s going to take a little while to work on and finalize and roll out, and so we’re working on budgets. So for the past three weeks, it [marketing] has been a little slower because we are trying to make sure we’ve got our budget put together before we spend more on marketing.”
Meanwhile, other sources in the same article suggest the game could drop in Q1.
What to Do With Floki Inu
I was immediately skeptical of Floki Inu because the entire dogcoin movement was simply strange to me. It started as a joke, then we were supposed to believe that utility would follow.
It’s hard to know who to believe in the world of cryptocurrency. FallDamage’s quotes don’t really give any indication either way. I remain skeptical, but feel free to disagree with me.
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.