Stratis Update
In retrospect, considering the nature of my Stratis report
(and the prospect that it might ruffle some feathers), I should have more
carefully edited the earlier piece. I allowed my tight weekend schedule, ‘wanting to
get it out’, and not appreciating the level of scrutiny it would receive affect
both my structural crafting and attention to detail. I will endeavor to not
make that same mistake again.
While I stand by the report, for those interested there are
a few points which I would like to clarify and address before I (for real!) move
on from the topic of this coin.
1)
I was guilty of 3 misspellings of Stratis
For those who don’t know, stratus with a u is the name of a cloud
type (which is in my MS-word dictionary[1]).
It didn’t get picked up on the spell-check nor did I notice it when I proofread.
My bad. Dumb mistake which certainly doesn’t help build credibility.
That being said, as someone interested in facts and ideas, to
dismiss someone’s arguments based on typos being present (without regard for
the content) is not something I would personally do. In general, I think that
both my grammar and sentence structure are of a sufficient grade that you can ‘cut
me some slack’. If you’re of a different
mind, that’s entirely your call.
2)
I focused on the whitepaper and website, rather
than exploring the slack/developer community
This is absolutely true, and was done purposefully.
The fact that the website is itself a massive sales-pitch
for people to buy the coin (rather than for anyone to seriously consider
adopting a technology) in my mind puts the onus on the site itself to offer
sufficient information to make even a modestly
informed investment decision. In my experience, whitepapers are not meant to be marketing pieces attempting
to baffle an uninformed reader with nonsensical but professional-sounding
jargon and name/term-dropping. Unfortunately, I see the whitepaper and
website as little more than a smoke and mirrors pitch attempting to build confidence in the ‘value of the coin’.
I do not deny that there may be very intelligent people
working on the technical aspects of the Stratis blockchain. But this alone is insufficient
to warrant people investing in it – especially when no one seems able to
articulate why there is or may be value.
To see this, you need look no further than the ‘interview’
with the CEO.
-
He claims It has ‘technical value’ – a term
which seems to mean nothing other than there are smart people involved.
-
He claims It has value because it’s gone up in price. Presented without comment.
-
He says Stratis is taking ‘first movers
advantage’ – of which I see no evidence whatsoever. If there is a function that
Stratis has that other coins don’t already have (and that are further along in
development) I would like to know. If Stratis is a ‘first mover’ in getting
commercial adoption (with apparently no customers and a commercial salesforce
consisting of an email submission form) then I would like to know.
-
He said it has an important value propositions
to clients. Much like the whitepaper and everywhere else, he offers zero in the
way of support or example.
3)
On shorting/trading/exchanges
My carelessness was perhaps most obvious here, as I did a
poor job of expressing myself.
As I’ve mentioned before, I personally like to ask ‘cui bono’?
or latin for ‘who benefits?’ when analyzing a fact pattern. I stated that I had
not shorted the coin to try and demonstrate that I did not (and do not) have
any motivation to opine on Stratis and try to ‘push it down’. I’m not sure the same can be said for those who reacted so vociferously.(While I have a
reasonably thick skin, I take no pleasure in receiving angry and epithet laden messages.)
As far as I know, there is no ability to short (bet-against) Stratis on
the exchanges. Given how thin and volatile crypto-markets can be, I don’t know
that I would recommend doing so even if there was. That being said, I find it
curious that for a coin with a ‘market cap’ in the hundreds of millions, no
holder has invited the exchange to allow them to earn more on their holdings by
lending the coins out. Of the top 10 coins by market cap, I count only 2 that
are not shortable – Stratis being one. While short-sellers often get a bad rap,
they can keep a lid on pump and dump
scams as they (at the very least) make it a more capital intensive and riskier exercise
to ‘paint the tape’.
I also basically ignored the obvious action someone might
take if they were a Stratis holder and agreed with my viewpoint - and that is
to sell their coins. I am reluctant to tell anyone to sell (or buy) anything –
not only because I’m not interested in that role but because I felt badly that
someone would be ‘on the other side’ of the trade. I see now that my
trepidation to address this caused unnecessary confusion.
There is apparently an investor base eager to willingly and
knowingly assume ownership of Stratis coins despite the arguments I (and
others) have made. To them I wish good luck. Whether Stratis ultimately goes up or down, they will have earned their returns.
Finally, I’m very grateful to the many appreciate
and supportive messages I received. If you're
researching Stratis more, I suggest you check out some of the very thoughtful responses and posts
people on Reddit shared.
To people who weren’t so friendly, I ask
that we please try and keep it civil. I have no interest in
censoring anyone over anything, and haven't touched any of the comments. At least for me though,
when profanity and even racial epithets
are used, it’s difficult to focus on any of the qualitative
aspects to the message.
Best Regards,
Izzy
Follow @cryptoizzy
[1] The
other main two types are cirrus and cumulus if my grade-school earth-sciences
memory is to be trusted.
I highly enjoyed your analysis. I was glad to learn that I was not the only one who found their whitepaper and website to be quite fishy. Only time will tell if they have legitimate project going or not. I am sorry you got hostile and rude replies - don't mind them! Your posts are intelligent, illuminating, and extremely helpful. Keep it up! Thanks a million ;)
ReplyDeleteMy take on this: While their CEO has little background and programming skills, (hence the diluted whitepaper) he definitely has business feel. Look at the team of developers he had assembled!! Kudos to that
DeleteI am a software developer and have been programming in C# the last 15 years. I read the whitepaper and more than once I thought WTF?
DeleteThe unique selling proposition is vague and seems to steadily change as your progress through the whitepaper.
I had a look at GitHub and there are genuine developers working there, working on it seems a Startis Full Node Client.
Anyway, they seem to be working on something but which such a lack of focus and a do it all approach it is difficult to see how this node? project? library? token? well thing will be successful.
There is a nice video of Steve Jobs on Youtube explaining why back in the day he trashed OpenDoc, the Stratis people would be inspired to have a look at that video and apply its teachings.
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