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Summary of the drama around @believeapp in recent days! 10/16: Believe announced it will change its ticker from $LAUNCHCOIN => $BELIEVE at a ratio of 1:, increasing the total supply by an additional 25% - 17% for contributors (vesting over 4 years, lock for 1 year). - 5% for early investors (lock for 1 year). - 3% for the foundation fund (immediate circulation). - The first controversy arose over why the name and chart are being changed for the third time? If you don't know, it started as Pasternak => Launchcoin and now it's changing to Believe. It seems that every chart has already increased significantly from the bottom, so changing the name is a good strategy to push the price, however, the subsequent points are more concerning, - Increasing the total supply by 25% but the new supply is 1.33B? Anyone who knows basic math can see this is unreasonable, right? Then @pasternak posted a clarification, stating that the new supply is 1.33B, meaning an increase of 33%, while the 25% figure refers to the total percentage of the new supply allocated for investors, contributors, and the Believe foundation. However, this is very misleading because Believe's post did not clearly state this, and the unreasonable "printing money" has made holders of Launchcoin very unhappy. 10/30: The process of updating from Launchcoin to Believe has ended, with over 85% of holders successfully converting their tokens, while the remaining will be used for buybacks and added to the liquidity pool. The project also quickly took a snapshot of the amount of Launchcoin in wallets for those who did not manage to convert and opened the claim period until the end of November. At this point, FUD continued to erupt as many people who did not keep up with the news about the token update thought the project was a rug pull, and the website to claim Believe tokens was also not functioning, holders withdrawing coins on CEX faced pending issues,... At this moment, a very successful project on Believe, $DUPE, has separated from the Believe ecosystem, declaring that they operate completely independently, previously there was a similar team called $KLED. This shows how frustrated the founders of these projects are with the way the Believe team operates. 10/30 Announcement of Flywheel: 100% of new ecosystem fees will be used for buybacks! At this point, people were really complaining left and right, new fees mean fees from the time of switching to BELIEVE, but the project did not mention where the fees from the time of Launchcoin went, whether the tens of millions of dollars are for the dev to buy houses, cars, or Birkin bags for their girlfriends as shown in the clip,... Summarizing all the above FUD, the price of BELIEVE quickly dropped sharply (-75%)