This is a whale hunting game, SBF and Blue Kirby become the protagonists chased in the farce.
Author: Anonymous Author Compilation: Zhan Juan
The red candle burns most vigorously. When the bull market stopped running, the fingers began to point at each other, and joy and greed became doubts and accusations.
In the translucent waters of the market, hunters stared at the whales with sharp eyes.
When the water becomes choppy and profits are hard to come by, many small fish will turn to whales for directions. Careful observation and careful selection of an unpredictable market will often reveal some suspicious behavior.
Blue Kirby’s farce
Under the red candlelight, even Blue Kirby looked different. This once-popular and extremely active YFI number one fan faced public criticism for the first time in the past few weeks. He first naively promoted EMN’s unaudited code. As a result, EMN was hacked immediately, and then when the market became popular. Abandoned his YFI.
It is always interesting to analyze changes in public opinion.
Blue Kirby’s enthusiasm for EMN cost him a heavy price, forcing him to resign from his position as a community communications director in Year.
This community was willing to pay Blue Kirby $7000 a month, but now it is holding a pitchfork to protest his wallet. When he sold the YFI tokens that he relied on to build his brand, people’s replies to his Twitter turned from disappointment to anger.
Kirby stated that he sold YFI tokens to gain some privacy. He also plans to re-purchase YFI with another address, but many people wonder why he didn’t deposit his tokens directly on a centralized exchange. Withdraw money elsewhere.
The impact of selling 0.08% of the total supply of personal assets on the market should be close to zero. His behavior is not considered a criminal offense anywhere, but in the country of encrypted Twitter, the laws of society seem to change with market changes, and Kirby’s behavior has also been widely criticized.
As for Blue Kirby, he used a well-known marketing method to turn condemnation into propaganda, and created the hashtag #blamekirby (condemning Kirby).
Blue Kirby has a good time on encrypted Twitter. He quickly established his own brand with the success of YFI. Although his reputation was damaged and he left the yearn team, he is now trying to launch his own token.
Kirby’s unremitting public relations activities seem to be completely unaffected by this episode. He is conducting an ICO for his mysterious NFT sales platform Off Blue. Although he did not give the details of user purchases, he did not provide any public roadmaps for any projects. Raised over $800,000 in minutes.
Let’s take a quick look at what their manifesto talks about.
The team does not take tokens-how noble. However, users must purchase NFTs from Off Blue in order to exchange for “worthless” tokens, each costing 1 ETH…
This is to control the airdrop? !
Who controls the distribution? !
This is the contract address. If you are interested, you may wish to do some research and tell us about your findings!
Unless you are a big fan of Blue Kirby and want to give him money anyway, you should stay away from this low-level ICO.
The next scene seems to be a cartoon of satirical fascism: Blue Kirby began to ban people from replying to his tweets, trying to suppress all criticism of his behavior, his image has also changed from an annoying fan to a desperate 2017 ICO scam artist .
Where there is no regulation, reputation is the key. In the realm of encrypted Twitter, you either die heroically like a hero, or live as long as a villain.
At this point, an unexpected turning point has just occurred: Blue Kirby’s ICO has just been retweeted, and the reposter is not someone else, it is…
Sam Bankman Fried’s trick
Sam Bankman Fried; another well-known figure in the industry; one who seems to avoid this kind of binary labeling. People usually refer to him by his initials; SBF is the CEO of the crypto derivatives exchange FTX and the trading arm/investment company Alameda Research.
SBF unexpectedly took over the SushiSwap agreement in early September, and since then, his actions in recent weeks have received some attention.
Especially in the recent past, people have expressed concern about the use of a large number of FTT (the native token of FTX) as collateral on CREAM Finance.
Currently, $80 million of FTT is used as collateral for CREAM
If we analyze the wallet 0x477573f212A7bdD5F7C12889bd1ad0aA44fb82aa, we can see that US$76 million of FTT and US$11.7 million of Sushi are used as collateral. Before sending them to Binance, they borrowed US$4.8 million of UNI and 250, respectively. Ten thousand dollars YFI.
It felt like too many people were staring at this wallet, so they returned the YFI debt to Cream and borrowed 800 YFI from Aave using another address. Since then they have received the 468 YFI sent to this address from Huobi and Binance, so it seems that the short selling was successful.
Regarding the issue of FTT as collateral for short-selling other assets, the public has always had a lot of discussions and doubts. Many users expressed their concerns on Twitter, and a governance snapshot vote was called on October 9 to decide whether FTT should be delisted from CREAM.
The following information is presented with the snapshot voting.
- FTT token was added to CREAM, but it is not a popular token
- Alameda is the only user using FTT tokens, with 96% crFTT. This is easily displayed on Etherscan.
- If FTT is delisted, other users will not be affected; its supply is small, and borrowing demand is small.
- FTT is not a normal asset. The price of many assets may fall, but FTT is different, because it is a fully centralized token, once there is a problem, it can fall to the point of worthless, which constitutes security for all CREAM users risk.
- SBF borrowed YFI, destroyed its price, and sold it on Binance and other exchanges-the YFI price did not rise until it caught him.
The voting will last until October 14, so it is too early to say what the result will be. However, at the time of writing, the voting result is 100% in favor of FTT delisting.
Although SBF obviously has the ability to buy enough CREAM to reverse the voting situation, if he really wants to manipulate voting in this way, it will not only negatively affect his reputation, but also reduce the credibility of the entire CREAM agreement.
Jeffrey Huang, the founder of CREAM, doesn’t seem to think there is anything wrong with SBF’s use of his agreement. He also praised his various actions; claiming that they showed a good product market match.
It should be pointed out that the reason why the community is dissatisfied with SBF is not only because he is shorting their assets, but also because he shorts other decentralized tokens by depositing his own centralized tokens and using it as collateral. , Thus taking over a decentralized agreement.
SBF has spoken out on this matter and defended its actions. It is surprising that he had to do this, because one of the core values of decentralized finance is that the protocol is open and anyone can use it in any way allowed by the parameters.
However, it can be said that being able to obtain such a large number of centralized tokens gives him an unfair advantage, especially when the real market value is unlikely to be the same as the value of the collateral they are given.
The FTT 24-hour trading volume listed by Coingecko is slightly more than $2 million. The liquidity of the most popular FTT portfolio on Uniswap is only $155.62. If these tokens have ever had to be used to collateralize positions, they simply cannot maintain their value.
When economically rational market participants (such as SBF) can use these tools in a way that the community does not approve of, the immaturity of the market and its users is exposed.
When a lesser influential character like Blue Kirby takes actions that the community doesn’t approve of, their careers are at risk. If you are an influencer, marketing and public relations are your only tools. Annoying your followers is putting your career at risk.
As the biggest mascot of YFI, fans of Blue Kirby are understandably disappointed when they see him abandon this token.
However, SBF and Alameda Research have different positions. Alameda is a profitable company, so as long as DeFi gives them a chance, they will seize it and use it.
With the influx of institutional funds into cryptocurrency, which shocked legislators and regulators around the world, people cannot help but ask how long this anarchistic elite governance can last.
Before our government strengthens its control over the encrypted world, code is the ultimate law, and we should accept and embrace this fact.
SBF should be a proponent of effective altruism-using his wealth to improve the lives of others. If you have lost money because he shorted your assets, and heard that he might have donated the money to charity, you may be able to get some comfort from it.
Or, you can continue to liquidate.
Source link: rekt.ghost.io
