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RE: Establish an Exchange Fund to Pursue an SPS listing on Binance

in #spsproposal3 months ago

Thank you for the compliment @soy-misterioso :)

I addressed my issues deeper below in michaelb's comment, but I will comment on your two points briefly.

On number 1, I think you will be very surprised at how many players with diamond hands will sell into something they feel is not natural. Its human nature. People can live with things as they are and have "hope" for the future, but if you give them an artificial pumped up price then quite a few will rethink their investment if you change the dynamic by 3x, 5x or even 10x.

Put another way, all of the issues that people are salty about will still exist, like land too slow, leaderboards, bots, etc etc etc. The only difference is people would be much closer to a price they planned on. I'm quite confident the better the result of the pump, the more destabilizing it would be to those diamond hands.

On number 2, I'm all for creating opportunities for investors too. I'm not upset about the implications for the gamers. I'm concerned this will create an artificial situation that will lead to the displacement of long term holders and replaced by short term crypto flippers and a whole new cycle of bagholders.

While this would be great for those that sell, I don't think it would be a great atmosphere soon after the pump gets its hangover. This would be worse than the last time it pumped because most of us still around didn't exit. I believe anything artificial and it will have the opposite reaction this time.


I appreciate the kind words and know you mean well. I also think this might pass even though I hope it doesn't. If it does though, I won't run around and be salty or anything, and in fact I will do quite well personally.

I will simply be disappointed because I feel we are making a big mistake and I believe that once its done it will take many years to undo, and possibly lead to even worse outcomes if things don't go as expected. I think the risk of this going forward is much higher than just the $2.5m from the DAO.

Again thanks for the civil conversation and I appreciate your desire to make things happen (even if we disagree on them).