My personal journal entry regarding certain elephants in the room

[xlx]

This began as a response to one of the recent question threads asking about the crazy APR, $Time rebasing like it’s making you a millionaire from USD$10 in a year, and similar things, but I wanted to try & see if it could turn into an actual discussion here because it looks like there is an overwhelming amount of people who buy into this shitshow mainly/only because they think they’re simply getting a million dollars next year, and this has been going on for a while now.

Trigger warning: People who do that are extremely stupid and lazy. You’re not becoming a millionaire just because you send here 10 whole pieces of what tetherus announces as equal to an american dollar.

I cannot imagine the level of the lack of comprehension of any basic financial structure when you see an asset with an auto-increasing supply, and you still don’t figure out the increasing supply auto-decreases the asset’s market price. (And if you’re not that far behind in financial comprehension, the price action equilibrium happening this fast [de facto instantly, like it should be in any (developed) market] it should be showing how extremely saturated the coin itself is in the current market, which is obviously a double-edged sword.)

Half the people who do this are probably also sending money to the “send us btc now & we’ll send twice your btc back in 5 minutes” videos on youtube. So that’s how low WL has gone right now. The only way for a WL investor to avoid taking the punch that’ll come out of this hypocrisy is selling before certain collapse in the future, unless the situation actually, objectively changes moving forward.

It is quite obvious that we --all wMemo holders-- are making a substantial part of our capital gains here by exactly not clearing up this confusion. I’ll go ahead and say that everybody knows sporadic, one-to-one, personal responses by janitors on isolated forum threads only serve to sustain this confusion, and strictly refraining from taking systematic action regarding the issue itself.

Imagine if these many people are making their way all the way into the forum even posting threads all the time asking about this whole crazy APR and shit in May 2022, what happens WHEN (not if) the word actually comes out that increasing supply in saturated markets will certainly decrease the market price of an asset, ie. any asset, ie. anything you could trade?

Does anybody really think that clearing up this confusion will actually harm the project, in comparison to opposite action?

I understand that we’re not trying to be Harvard Business School here (yet) despite of our defi college etc stuff in the past (another showpiece, evidently), but then again, this situation shows explicitly how short-sighted the Wonderland investment strategies have become right now.

As long as this simple hypocrisy is conservatively maintained as at least one of the few fundamental driving forces of sustainability for WL, we’ve got no other choice than making peace with living with an objective, imminent fear that we’ll collapse as soon as the truth comes out. This is the very presumption that’s sustaining the public confusion by precluding options for systematic action on the issue.

This is simply inferior in sustainability. This way, WL will only receive some small money from some small stupid lazy people & maybe some price arbitrators. No revenue will contain calculated investment, other than some short-term grab & exit strategy. Becoming 10 percenters day by day.

Then again, it seems like an overwhelmingly large part of market actors are as stupider, or at least lazier than they could ever be. These people who are trying to buy $TIME token or trying to get 50K% APY should be asked a single question: Have you really not done ANY research regarding anything at all? Way better than paid janitors writing personal responses in isolated threads and literally getting paid for that shit imho.

Then again, this overwhelming level of lack of comprehension is probably the main reason why we mooned over $10k/time back then, the other reason being in the middle of a certain liquidity market booming like crazy, combined with Dani’s rhetorical aptitude, Messi’s popular past etc.

Then again, we are so rich here we don’t care we’re paying $USD 3K/a month per person to janitors with no objective accountability whatsoever than the limited accountability they may or may not have established within some insider clique. They’re even walking smoothly into the multisig now because the current multisig is whatever and whatever…

Then again, $wMemo price stability in the past month’s market is actually unbelievable…

The capital gains we’re making out of this stupidity I mentioned is a much clearer demonstration of corruption in financial markets than Patryn, who we kicked out with some perfunctory showpiece for self-government by only playing up some unclear dimension of an evil past & circlejerking some cynical jokes at the same time, could’ve ever done at Quadriga.

How long before somebody calls this an exit scam? Do you really have unequivocal arguments as to prove it’s not?

I’ll emphasize:
$wMemo’s price stability has been nothing short of incredible during the AVAX & market crash. That’s basically equal to the price-based gains made in daily 10x shitcoins.
Imagine having that strong an edge in this market, and not even marketing it, let alone marketing it like crazy. I’d make fun of those people for being too stupid.

I’m not expecting WL to invent the ideal form of self-government that Defi has made possible before we can deal with these issues. Yet I see laziness everywhere around here.

With love

[bottlecapman]

I agree with your sentiment entirely. from my point of view it seems we are trying to figure out the mess so we can know how to best pick up the pieces, wipe the spilled milk off the floor, and move on without being held down by residual conflicts created by trials in the past.

I know these things take time to figure out, but there is a limit. Listening and learning are meaningful traits to have in this situation. But if the communication from the top does not reflect empathetically and continuously with the rest of the community, there lies a broken bridge. And from that more conflict will ensue.

There is a lack of progress towards fixing these, I would argue, easy to fix issues. Things are not explained properly in regards to how the protocol functions. There is little discussion on improving the mechanisms that are the core of the project. Instead the focus has been shifted, to “forget about that and look at this!”. I disagree with this shady approach entirely, as I agree there are a good amount of idiot investors who will chase high numbers and follow anything someone says blindly… but there are more investors, more people here… who are very smart and see through the social games. People who are silent and curious to see how the core leadership and the community will handle the cards they have been dealt.

What ever success achieved here in the future depends on the teams ability to synchronize their alignments with the communities that back them. There is going to be no “this is the way it is going to be because i said so” anymore. That won’t fly with us. What I am learning is how worthwhile it is or may be to stick around and dedicate my time to something or someone. I support those who support me. And I know very well how young this industry is, so there is no reason to hold on to something when my time could be spent better elsewhere. There is no reason to support something or someone if they don’t show that they have the ability or capacity to successfully help themselves.

Whatever failures will be claimed will simply be a result of ignorance, the ball is in our court. If we don’t even know how to address problem A why would we skip it and try to address problem B? We figure things out by putting our heads together and having the difficult conversations. We eat ourselves alive if the endeavor for meaningful and forward moving discourse is drowned out by the immaturity of otherwise willing participants. There is no room for bitterness, no room for focusing on the wrong things. We either come together and create meaningful results, or this whole ecosystem is heading down a regrettable path I fear.

This is not fud, this is simply an opinion… take it as you will.