In order not to be regarded as self-ethical flaunt, I decided to publish this article anonymously. Anyone who publishes opinions similar to this article will be rejected by the DeFi community.
There is a tacit understanding between the people in the DeFi circle and the perpetrators they protect. Insiders will not challenge misbehavior and will receive internal information in return for their magnanimity. If an outsider notices this corruption, the insider will stand up to defend the misconduct and say: “Those who feel bad are laymen.”
This kind of rationalization is like saying: “It’s hard to understand how reasonable all this is if you don’t do things in the industry. If you haven’t done anything in the industry, you feel that you have been deceived by people in the industry, and the responsibility lies with yourself. Participate. This is a permissionless system.”
This is the nonsense that is driving the money-making effect of DeFi this year. Do something for the circle and get close to the inner circle. What if you find anything suspicious? Either silence enhances the relationship with the inner circle, or causes waves and gets left out.
Communities that reward misbehavior and punish good people will soon find that their community members openly hostilely discuss virtues. Newcomers will follow suit, and old members will ignore them and acquiesce in evil.
Surprisingly, no one cares about long-term development in the ubiquitous circle of technical analysts.
The history of American community banks has shown that the results of idealistic projects without moral boundaries. Every indifferent and greedy bank that the cryptocurrency community wants to replace was also full of ideals as described by “V God”. It is not a bank president or board member who has lost his ideals that makes the bank corrupt.
Corruption is the indulgence of most people because of profit, a little bit of corrosion.
Good people are excluded from the circle of influence. Scum like DegenSpartan becomes important. The dealer made a pull plate to hit the plate, and then pretended that nothing happened.
From “income farming” to $FEW
Let’s review the chronicle of DeFi’s corruption: everything is developing too fast, and these events will be forgotten in a few years.
“Revenue farming” originated from the game nature experiment of the open organization. YFI and Yam illustrate the ability of a group of developers to create a sensation in a short time. The belief in the limitless community has turned into explosive price growth.
There are some problems with these organizations. Funding and information asymmetry exist in the organization design gene.
The temptation of corruption is great. Insiders can rush into the “farm” minutes or hours before the “farm” is publicly announced. The expansion of funds in the pool creates the demand for imaginative “farming”, and more motivation to turn “open institutions” into small groups of temporary secrets.
The capital pools that follow magnify the disadvantages of this trend. As long as the whale decides to continue farming, the amazing annualized rate of return (APY) of these capital pools can make “leeks” a little money. As soon as the whale is withdrawn, the price will drop by a thousand miles, and the “leeks” have to pay high gas fees to transfer these worthless “farming” tokens to the wallet. The dealer here is foolproof. The block games they play are large and easy to withdraw, and there is no risk at all. For other players, they will eventually be “cut leek.”
The leaders of the DeFi circle betrayed their ideals in this craze. Focusing on development in a bear market creates a value system, not a token. Don’t repeat the old path of “coin craze” again! Don’t let DeFi become a small circle of Ethereum developers!
Exposing the Black: Corrupt DeFi and the smell of this circle reminder: Eric Conner was no longer a social expert long before “income farming”
But then DeFi took a big turn. Hundreds of times and thousands of times of income reappear. Each project is repositioned as DeFi. There are stories about participating in “revenue farming” or meme tokens or airdrops and turning into millionaires overnight without any effort.
The price of Ethereum lags behind. The loyal defenders of the “Fat Agreement” were cast aside. It is no longer hard-working investors who make real money, but social experts. To win in this token game, you have to be friends with the right people. Powerful insiders in the DeFi circle rely on Crypto Twitter to gain influence and support each other. Enviable bystanders try their best to search for the clues of the next popular breed, whether they are the “jerks” in this game.
A statement: The big winners of this DeFi boom are Arthur Cheong, Vance Spencer, Michael Anderson, Jason Choi, etc. As early as mid-2018, Arthur could be seen on Discord to contribute to communities such as Synthetix. These are all success stories driven by the fundamentals of this bull market. The “income farming” condemned in this article does not involve the achievements of these builders. DegenSpartan also shared their glory, but what he advocates is another matter.
$FEW will only appear in the current harmful environment. Twitter social gurus brag about a daily profit of 100,000 dollars while asking fans not to participate. Of course, the reason why they can make a profit is entirely because fans rush into the pool of funds for the same opportunity to get rich.
The socialites told themselves that the victims were all asking themselves to comfort their conscience. This is an ugly game. Everyone knows that the winner is the first in, first out. The “leeks” who were cut in this game also know the worst result. “Leek” knows that there is a probability of loss, but does not know that the probability of making money is almost impossible. To be precise, this is a scam.
You know, the social experts who promote these scams are the same people who trumpeted the creation of reciprocal value and the token-free economy a few months ago.
No one can laugh
The farce of $FEW can be viewed in two ways. The first is to believe in the stories told by the participants. The leader Sam Ratnakar claimed that the whole thing was a playful experiment in organization building.
Ratnakar also said, “In a few hours, the whole industry will pay attention to us.” No one knows the true purpose of this experiment, everyone thought it was really creating value.
excuse me. Other co-founders use jokes as excuses, but it doesn’t look like a joke at all, nor does the open organization do so. Here is an elite vacuum. The only thing that exempts them from being investigated by the SEC is whether they are so active that they really create value. I think the most intimate explanation for this farce is that I really think they have this talent. This shows the number of arrogant socialites.
Exposing the black: corrupt DeFi and the smell of this circle
Their goal is not to gather fifty wise people. Instead, gather fifty influential people. Other group members started to create interest in the project on Twitter. Cooper Turley posted about this experiment and deleted it later. Alex Masmej also promoted the popularity of the project and made himself money.
Just a few minutes after the token was issued, hundreds of people rushed into the Telegram group to airdrop.
There is no doubt that everyone got $FEW. Only a fool would believe that the founder did not take the airdrop. Needless to say, Ratnakar’s most ugly hint is that “in a few hours, the entire industry will pay attention to us.”
I don’t want to support every explanation that says this is a trick. You can judge for yourself by looking at the chat history here. The most telling thing is that those who were invited to join the group later condemned them. Anthony Bertolino said it was “disgusting,” and the Twitter socialist with many fans “has also designed a strategy for launching projects out of thin air, driving up prices through marketing.”
Exposing the Black: Corrupt DeFi and the smell of this circle Source: https://twitter.com/DegenAgent/status/1308622024856670208
Some group members said privately that the founders are actually not interested in creating something valuable. Those puppets ignored repeated warnings and told them not to participate in the promotion of infamous tokens and domain names.
The Ethereum community’s response to this incident was also despicable. Far more people express regret than critics. $FEW shows that people in the DeFi industry lack the ability to judge themselves. These people have been talking about the “income farming” scam for months. Now they openly excuse their colleagues who participated in the scam. The silence on $FEW stems from greed, arrogance and fear of revenge. Maintaining your position in the circle requires avoiding such discussions, or avoiding warnings or new facts. I think this disability indicates that the DeFi world is brewing a bigger scam.
Antisocial personality
DegenSpartan is fun and smart. It cannot be denied that he is free and easy and charming and keen on market trends. The vision of Synthetix turned Spartan into a quasi-socialist.
Unfortunately, Spartan admits to his anti-social personality and is particularly tired of losers in transactions.
Everyone knows what Spartan stands for. At the same time, Spartan’s existence is just a mapping of the community. Criticize Spartan for holding a code of ethics for the scumbag community. The community that recognizes Spartan as the leader is stubborn and hopes to follow him and get lost.
The cryptocurrency community is full of charismatic scum and ruthless antisocial people. There are very few people who follow good faith, and even if they do, there are strong reasons to avoid entanglement with immoral behavior. There is really nothing to maintain virtue.
We should be vigilant about the current DeFi spirit. Self-moral flaunting does not mean that fraud will be exposed. By blaming the “whistleblower” for wasting everyone’s time, you become a social expert.
I am pointing out the general phenomenon. There are also people who lead by example to justify the industry. Everyone except Spartan has both advantages and disadvantages. He is a complete scum. This is his essence.
The more we align with Spartan’s worldview, the more rotten we will become. It’s not difficult to advocate something other than anti-social cartoon characters.
But Spartan has revealed our true colors. If we gain financial freedom as a result, we will happily post and scold each other for stupid.
We are here to make money, and our value is open to question.
