DePIN Exposed @DePINExposed

Hey @TryBeeMaps @aseidman you guys want to clarify if anything is changing with fleets linked to phantom and the few cameras I have floating around unlocked that drivers are using linked to phantom… you know maybe clarify what the fuck yall are doing?

@nultsch @CryptoJar_Net @HobbyistMiner No point. Hasn’t been a point for a year.

@CryptoJar_Net @CincoDoggos @HobbyistMiner Another rug - this project was doomed from the start. Utter incompetence by the team. Silver lining is you can wipe the device and use it at a second computer.

They tried to silence us. We cannot be silenced. We are DePIN Exposed. Expect us 🥷

@helium @DAnconia_Crypto You realize this came after it was stated you inflated your onchain revenue by 3-5x 🥷

@Raresh94172421 @aut0m8d They’re the true leader now

Goes to show their “deal making” skills are. Do with this as you will

Fun fact. Helium mobile was paying T-Mobile even after users churned off the mvno. We are DePIN exposed. Expect us. 🥷

@aut0m8d Ask in the discord about waste, fraud, abuse and see how quickly hou are banned and comments deleted.

@Oneblackcoffee1 @FIRsilverback @aut0m8d @amirhaleem @fmong @redacted_noah @abhay @helium If they weren’t effectively bankrupt, this inflation hip would be a moot point

@The_Relay_ It’s over for most of DePIN. It was tried for many years, billions were spent, millions of devices were deployed, the value generated was lackluster.

@acouplenomads He had a body guard at one point during events. Must have been quite a bit.

@gradoj @amirhaleem @0xdoublecapp @BidAsk_Spread @aut0m8d @helium @SECGov @fmong @didiomario @KyleSamani Bingo

@amirhaleem @0xdoublecapp @gradoj @BidAsk_Spread @aut0m8d @helium @SECGov @fmong @didiomario @KyleSamani The irony is that by stating you subsidized burns at $.50 means you were by definition inflating the protocols revenue. You may not see that as an issue, but every investor who bought HNT thinking the burns translated 1-1 to customer offload revenue, does.

look at the date on this tweet

DePIN Exposed @DePINExposed

3 months ago

@helium is effectively bankrupt. Subsidizing payouts because their actual earnings are less than what they state. Key figures like Boris no longer work at the company. The project synonymous with DePIN is about to fuck the credibility of the space. Bookmark this post 🥷

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@dlmcdonough @DePIN_Crypto Well said luke

HNT is now trading around $0.38, just pennies above its all-time low while sitting more than 99% below its 2021 highs. At the same time, the community is being asked to consider a proposal that would authorize significant new token issuance to fund growth initiatives. To be fair, Helium has made meaningful progress. The team appears to have found product-market fit, network usage has grown, and many deployers have earned strong returns on their infrastructure investments over the years. But that’s also why emotions are running high. Many of the people raising concerns aren’t critics on the sidelines. They’re the deployers who invested capital, took risks, endured years of uncertainty, and helped build the network to the point where PMF is finally being realized. After helping carry the project through its most difficult stages, they’re now being asked to accept dilution to fund the next chapter of growth. One of the biggest sources of frustration is the perception that deployer rewards were, at times, supplemented by the network itself and then presented alongside revenue metrics. For deployers and investors making capital allocation decisions, the distinction between incentive-funded activity and organic customer demand matters. When those lines become blurred, trust becomes harder to maintain. In fact, one of the biggest challenges facing this HIP is that many community members are evaluating it through the lens of what they perceive to be a lack of transparency around network revenue and financial performance. Fair or not, questions surrounding incentive-funded activity, reported revenue figures, reserves, runway, and overall network economics have left some deployers and investors skeptical of the numbers being presented. As a result, the debate is no longer just about whether the proposed dilution will create value. It’s also about trust. When stakeholders don’t feel they have a clear picture of the network’s financial position, they’re naturally less willing to support a proposal that asks them to bear the cost of funding the next phase of growth. Another factor weighing on sentiment is the amount of organizational change that has occurred over the last several months. Helium has seen a number of long-time team members move on or transition into different roles. Whether those changes are ultimately positive or negative, they create uncertainty at a time when the network is asking the community to support a major strategic shift. Whether you support the HIP or not, the market is sending a clear signal: confidence in the token appears to be at or near all-time lows. The uncomfortable reality is that if HNT continues to decline, the amount of capital that can be raised through dilution declines with it. A proposal targeting tens of millions of dollars becomes increasingly difficult to execute as the token price falls. What the network needs now is a clear and credible plan that restores confidence among deployers, investors, and the broader community. Confidence won’t be rebuilt through arguments with deployers on X. It will be rebuilt through transparency, accountability, and execution. Right now, the market appears unconvinced. @helium

@BidAsk_Spread @KyleSamani Yikes

@amirhaleem @gradoj @BidAsk_Spread @aut0m8d @helium @SECGov @fmong @didiomario @KyleSamani I mean an onchain way for investors to know the $ amt used to buy & burn HNT since that was meant to be the revenue If there's no way to infer this by looking onchain, token investors are going to be relying on Blockworks & Defillama dashboards which reported the wrong revenue