Rug pull scams are everywhere.
We see them happen more and more frequently,
some, several times an hour on Uniswap.
What is being done about this?
Well, there are platforms being developed that are going to stop these from happening.
One of those is DistX. It's a company that I've partnered with to help stop these scams.
Now, today, I sat down with DistX's Adrian Daluz to discuss exactly what DistX is trying to do.
We also get into the first successful token sale that's running on DistX,
Carbon,
which I told you guys about last week as my moonshot of the week.
Carbon is doing very well with their token sale and has reached their soft cap.
A little bit later today after this video,
I'm gonna do a tutorial to show you guys how to buy it because a lot of people have been asking me,
so make sure you guys come back a little later today for that.
Well, let's go ahead and get into the video.
Hey, guys! Today, I am joined by the founder of DistX,
Adrian Daluz?
Is that the proper way to say it?
Yeah, you got it.
First try. First try. Look at that.
I didn't even have to go to
howtopronounce.com
- or something like that. Miracle. - Yeah. Yeah.
Big risk I took, saying the name.
Worked out.
- But, you know, when it comes-- - It's a good name.
When it comes to cryptocurrency, you know,
there's a little risk involved, but sometimes that risk leads to negative stuff.
Rug pull scams and things like that. So,
DistX was kind of birthed to kind of fight stuff like that.
Which is something I'm real passionate about doing.
You know.
We've seen projects that have done it before,
- rug pull, exit scam. - Yup.
Projects I've talked about on this channel, you know.
I trust these people--
You gotta extend trust sometimes,
and then they came and chopped the legs out from under everybody, so
just give us a little bit about the vision of DistX
and how you came up with the idea.
Yeah! Cool.
I've been working on a bunch of different tools for--
I was a freelance dev in the blockchain space for quite some time,
so working on a bunch of tools for different projects,
launching tokens, doing all the normal stuff that a freelancer would do.
At some point, I decided it'd be good to collate that into like a tool set or a platform
that could automate that a lot more,
and then, at the same time, the DeFi boom was starting to hit that top curve, I would say,
where rug pulls really started to happen
- on the hourly; if not, more than that. - Yeah.
They said, we had multiple ones per hour.
- Even still, I guess. - Yeah. For sure. Yeah.
And we realized that that platform that I had started to put together would really help solve that problem
by automating and contract controlling all these things that teams do to rug pull.
So, if we can, you know, automate locking liquidity and stopping minting by deploying token contracts ourselves,
auditing token contracts,
we could really feed into that space and help that rug pull era kind of push towards an end.
Yeah, that's-- That would be wonderful. I mean, we saw a lot of stuff in 2017, with ICOs and
you know, just straight up exit scams. I mean, I remember the fam-- I can't remember the name of it,
- but-- where they just drew a penis on their website. - Yeah! Yeah. Yeah. Yup. Yup.
Yeah, and I think this is what people have to understand,
and this goes for all of us in the space, especially those of us that, you know, are out front, public,
talk about crypto every day.
It's a learning process, you know, like--
I never heard of a rug pull scam
you know, six months ago.
I didn't even know that thing existed!
And you gotta, you know, kind of grow with the times,
and so this is something that's been developing
and has gotten really big
and it's gotta get out of the space
or else new people are gonna come in, especially when crypto starts pumping,
and they're going to lose all their money.
And what do you think they're going to do when they lose their money?
- Oh, yeah. Once they've lost, they're out. - Yeah.
- And you don't bring those people back. - Yup.
Yeah, exactly. I mean, if their first experience with crypto is a scam,
- you know? - Yeah.
- Fortunately, it's kind of hard to start on Uniswap. - It is. Yeah, yeah, that's true.
Yeah, there's a high barrier to entry, which means it's hard to get those new people in.
And I think when it comes to those of us that live on the speculative side on, you know,
investing in multiple projects that we've barely even heard of because they're new,
I've definitely done a lot of that,
and I've lost a good amount of money on rug pull scams,
but, you know, I think it was between $40K and $60K on one
that I lost. I talked about it on the channel.
It's just--
When you play this game, you roll those dice,
you know,
you don't have all the information about the teams and you're hoping you'll be able to make money,
it's a little bit different than the new person coming in.
You don't ever want those people taking those kind of risks.
Yeah, exactly. Yeah, we agree.
I think--
you touched on that knowledge is the big point.
It's all about knowing what the team can do, and that's something we push really heavily.
It's not--
It's not that we stop rug pulls necessarily,
but what we do is we give you all the information to make your own choice
about what risk factors there are in that particular sale,
and that's what helps pull the space towards a safer zone.
Yeah, it's education and everybody learning together.
- Yeah. / - Yeah, so--
but one of the factors that keeps, you know, these token sales from being able to rug pull
is blocked liquidity, right? So,
- when you say that they can still rug pull, - Yeah.
how does that work?
Oh, so one of the things we talk about a lot when we do livestreams and start talking about it is
we don-- they choose to lock liquidity.
They choose to lock team tokens as well.
They can choose for us to mint their token for them
to create the initial token, which means there's no mintable function in it.
We also order token contracts to make sure that they can't mint in the future,
but the one rug pull vector, or I would say there's two rug pull vectors that we can't really control
and that's whether or not they ever build a product,
- you know, 2017 classic, just never build anything. - Yeah.
And then there's also the--
if there's unsold tokens returned to team. That's a bit of a risk factor that we deal with.
There's a what? Say again. Last part.
That's a risk factor that we have to deal with,
that they-- if they get unsold tokens to the team for the sale,
then whatever they do with that is up to them.
But those two things are very obvious up front to the buyer.
And I think that's the most important part.
Yeah, yeah, I noticed with the Carbon sale,
you know, it's like
- I think 75% goes to the community, - Yeah.
25% of the unsold tokens go to the team,
and things like that, so speaking of Carbon,
Carbon has been, you know, a really good sale for you guys. This is your first sale, correct?
- It's actually our second sale. It's our second sale. - Oh, it's the second.
- What was the first one? - Yeah.
- It was Dettapay, but they cancelled. - Dettapay. Yeah. I remember mentioning that.
But it wasn't-- I guess it's already completed, so it's not on the site anymore?
Yeah, they cancelled it out
because they didn't think that they had the marketing there to really push it to soft cap,
so they're reassessing and they'll relaunch at some point in the future.
Oh, okay. So Carbon's your first successful...
- That's right! - Yeah, they've reached their soft cap.
We talked about them on the channel last week.
- Yeah. - I think it's a very interesting concept.
Why do you think that sale has done well?
It's really marketing, more than anything.
I think people love the social hub idea. I think--
You may have-- I think it was you that mentioned it in your moonshot video
- that it's, you know, - Yeah.
It's similar-- very similar to what's happening with WeChat,
where you get into one app and you never have to leave again.
I think that really appeals to a lot of people.
Especially in crypto. Like, it's ridiculous trying to keep track of everything.
So much.
Yeah and it's--
On the flip side of that, they're really good at marketing. Like,
They got the videos made. They got the posts out there.
They're really good at drumming up some hype for their projects.
Yeah, and they're still--
Their sale is still going on right now.
- I think it ends in like a week or something like that. - Yeah.
So they're, as of right now, I think about a third of the way to the hard cap.
- They already met the soft cap. - Yeah.
And, you know.
I think that the way you guys have the platform set up,
you know, you can go and see all of the information,
you know, how much has been raised so far, what the soft cap is, what the hard cap is,
and things like that,
I think that's good. I think, obviously, that transparency like you said,
it really adds a lot
when people are trying to make financial decisions,
if you will.
So, what's--
Tell us what's new with DistX?
You guys have anything exciting going on right now?
- Other than--? - Yeah.
For sure.
We have staking coming out on November 28th.
So people can stake their DISTX for a portion of the ETH
that we raise as a fee
during the sale.
So, that's pretty exciting. That comes out in, what, 12 days, something like that.
I think, it's the 16th-- yeah, 12 days.
We also have two sales that are about to pop up on the site as counting down, ready for their sales,
so that's GLHF, which is an eSport tournament dApp,
which is honestly insane.
It has a ton of DeFi features added to their eSports side,
and then we have 360 Wellness, which is a fitness app integrating some blockchain connectivity,
which is more of a real-life blockchain integration thing.
So that's also really cool. We're excited for both those--
Oh! And the other thing is we have--
When the Carbon sale ends, on the 23rd, there's a the lottery giveout that we do,
which is like an airdrop,
50 random DISTX holders holding a minimum of a thousand will get a portion of those unsold tokens,
which, as of right now, is worth about 12.9 or 13 ETH,
- which is huge. - Wow.
Yeah, definitely a good bit.
- So, what is-- - Yeah.
When it comes to the idea of the price of the DISTX token,
I mean, that's, you know,
that's what everybody wants to know about, but nobody wants to talk about.
Yup!
You know, obviously,
I don't have it pulled up in front of me,
but I think the price has gone down of the token itself,
but yet your platform's running well.
I mean, what do you think about that disconnect between
you know,
the success is working, you're doing well, and, you know, the lag in the price.
I mean, obviously, we had a DeFi bubble pop kind of,
- you know, a mini bubble. - Yup.
So that played into it, but what are your thoughts on that?
Yeah, I think it's--
I've been around the space since what, 2017? Early 2017.
It's not uncommon that when a platform launches, the token will disconnect itself a bit from that.
It's--
I would say it's probably pretty normal.
In terms of the DISTX token, I think
mainly it's because there's quite a gap between launch and benefit to the token, right?
The benefits kick in when the sales sell out,
you know, top 200 holders getting a portion of their tokens for free,
the airdrops kicking in,
the feed collection happening, the staking happening.
There's quite a disconnect in there.
I think that's what we're seeing right now.
Once those disconnects start closing,
Carbon sales has obviously hit soft cap.
That's been quite good for our price.
As those disconnects start closing down and we get reached closer to staking and the fee payouts,
I think the token will be fine.
Yeah.
Well, I think with the bull run,
I mean, we all know it's coming. We feel it.
Yup!
It's just a matter of how long is it going to be before
you know, that--
Well, bleed isn't the right word because that usually means goes down, but
until the profits from Bitcoin start flowing into Ethereum,
and it starts flowing down below below that,
and then before you know it, you know, altcoins are having their day.
What-- when you were around in 2017, what'd-- how did you first get in the space?
I was doing freelance development for mobile apps.
And then one of the guys that I knew through that was starting an ICO,
so they asked me to come on and do some blockchain development stuff
and been there ever since.
Wild times.
Yeah, 2017, man,
that's a year I won't forget. I think that's where all the grays on the side of my head come from.
- There's that. - Yeah.
God, mine come from every day of my life,
but, yeah, it was a crazy time back in 2017.
And to think that we're going to
experience that again maybe
to the 10th power,
you know, like
it's gonna be way bigger this time and way crazier.
And somebody made a good point. I can't remember who it was.
I was watching, they said,
you know, the thing is,
is that-- Oh! It's Crypto Jebb.
He said,
you know, it's crazy to think that, at the end of the last bull run,
the variant, like the last month,
when it was at the fever pitch,
that was when CMB or, you know, MSNBC started talking about it,
when celebrities started talking about it, trying to promote it,
you know, Gwyneth Paltrow, Ashton Kutcher,
TI, all these guys were getting in,
and then, you know, it crashed.
They're gone.
That was at the end of the bull run, when it was getting attention. Right now,
like,
it feels like we're already starting to get that attention, and it's just the beginning.
Yeah, man. I mean, even, you know, quite active on Twitter, which makes sense
with the space, but you follow this is like,
YouTubers and vloggers talking about, "Oh, I hold Ethereum"
- or "I hold Bitcoin" or whatever - Yeah.
and starting to push that market,
and that's-- I get-- I agree.
It's insane that that's happening before it boots,
- like this is going to be a nuts year. - Yeah.
Oh, gosh. It's just gonna be so crazy.
Like, it's already, you know, starting to get crazy.
- I mean, in fact, we went from - Yeah.
12 to, you know, now, 16,
- could be 17 any time now. - 16, yeah.
Man, it's so funny because back in January,
you know, at the beginning of January, I was like,
"Maybe we're all wrong"
You know?
-Yeah. - Like, maybe this isn't happening.
You know, because December is when it should have probably started,
and then, January, it should have been rolling, and I guess about the end of January,
it finally popped off, but I just remember thinking like,
"Oh, God, what if we're all wrong?"
Yeah, dude, for sure. Like, even the contracts that I was seeing coming through were smaller,
like, people were starting to go, "maybe it's not worth building stuff right now"
like, maybe it's done.
Maybe we're finished.
And then boom! Here we are.
Yeah. Man, it's just so-- it's like clockwork.
You know. It's like clockwork.
So, well, it's a code.
- And it's, you know, goes into cycles. - Yeah.
We get the halving cycles.
The halving happens on the atomic clock
of how many blocks?
- So, - Yeah. Exactly, yeah.
So, tell us.
Last,
last question here.
What is in store for the future of DistX?
What do you guys have going on?
Like, let's look further in the future. You told us what's coming on like very soon,
- but - Yep.
like, project us a year or two, three years down the road,
you know, what can we expect, you know, to see from you guys?
Yeah, cool. I think, the main thing that we're looking to do
is to be such a player in the space for a-- from a launchpad perspective
that we can start calling out those rug pulls.
Like, the ideal goal of DistX is that when somebody tries to run a token sale,
the first question people ask is "Why aren't you using DistX?"
- Right? - Yeah.
That's the goal.
That's-- bringing sales on board, building communities, that's the goal.
Yeah, I love that. I think that's a great vision.
- Yeah. - Because that's the way I look at, you know,
like what we do here at BitBoy Crypto, you know, it's--
I want people to think,
when they think crypto, they think BitBoy Crypto.
- You know? It's just-- - Yeah.
That's what they think of! You know?
- So-- - It works.
It works. So tell everybody where--
you know, where do you want people to go?
You want them to follow you?
Do you-- go to the DistX website?
If you had to give people one place to go,
- where is it at? - Yep.
Head to app.distx.io,
take a look, look at the sales,
see what we're about.
Yeah. And you--
you never know when you hear people talking about launching, you know, platforms and stuff,
very smooth
Yeah. For sure.
Yeah, You see, I have been checking out the token sales,
looking at the info, obviously, watching some of these soft caps--
or watching the soft cap of Carbon get hit was pretty
- pretty exciting. - Yep.
So, awesome. Alright, guys.
Well, you guys make sure to go check out the DistX website, the app on the website itself.
That's where you'll find the token sales.
Now, let me know what you guys think about it down below.
That's all got. Be blessed.
BitBoy out.