Exposing the black: corrupt DeFi and the stink of this circle
Editor's Note: This article comes fromChain News ChainNews (ID: chainnewscom), Author: crypto_angel, anonymous author, Compiler: Leo Young, published with authorization.
Editor's Note: This article comes from
Chain News ChainNews (ID: chainnewscom)
Chain News ChainNews (ID: chainnewscom)
, Author: crypto_angel, anonymous author, Compiler: Leo Young, published with authorization.
In order not to be seen as self-moral flaunting, I decided to publish this article anonymously. Anyone who publishes opinions similar to this article will be rejected by the DeFi community.
A certain tacit understanding has been reached between DeFi insiders and the "evil actors" they protect. Insiders don't challenge misconduct, and in return for their magnanimity, get inside information. If an outsider notices the corruption, the insider will defend the misconduct by saying, "Anyone who thinks it's bad is an outsider."
This kind of rationalization is like saying: "It's hard to understand how reasonable it all is if you don't work in the industry. If you don't contribute to the circle and feel cheated by the insiders, the responsibility lies with you. These people are voluntary. Participate. It's a permissionless system."
That’s the bullshit driving this year’s DeFi money making effect. Do something for the inner circle, close to the inner circle. What if something suspicious is found? Either silence enhances relations with the inner circle, or cause waves and be left out.
Communities that reward misbehavior and punish good people can quickly find their own community members discussing virtue openly and hostilely. The newcomers will follow suit, and the old members will turn a blind eye and acquiesce in the existence of evil.
Surprisingly, in the ubiquitous circles of technical analysts, no one cares about long-term development.
American Community Banks History has shown the results of idealistic projects with no moral boundaries. Every apathetic and greedy bank that the cryptocurrency community wants to replace was as idealistic as it was portrayed by V God. What makes banks corrupt is not a single bank president or board member who loses his ideals.
Corruption is the indulgence of the majority for profit, a little bit of corruption.
Good people are excluded from the circle of influence. @DegenSpartan scum like this turned into important people. The croupier creates pulls and smashes, and then pretends nothing happened.
From "yield farming" to $FEW
Let’s look back at DeFi’s Corruption Chronicles: Everything moves too fast, and these events will be forgotten in a few years.
There are some problems with these organizations. Funding and information asymmetries are in the DNA of organizational design.
The temptation to corrupt is great. Insiders can storm The Farm minutes or hours before it is publicly announced. The expansion of funds in the pool creates the need to imagine "farming", and has more motivation to turn "open institutions" into "temporary secret small groups".
The following pool of funds magnifies the downside of this trend. As long as the whale decides to continue farming, the astonishing annualized rate of return (APY) of these capital pools will allow the “leek” to make a little money. Once the whales withdrew, the price plummeted, and "leeks" had to pay high gas fees to transfer these worthless "farming" tokens to their wallets. The bookmakers here are foolproof. The building block game they play has a large amount of funds and is easy to withdraw, with no risk at all. For other players, they will eventually be "cut leeks".
The leaders of the DeFi circle have betrayed their ideals in this craze. Focusing on growth in a bear market creates value systems, not tokens. Don't repeat the old path of "coin issuance frenzy"! Don't let DeFi become a small circle of Ethereum developers!
image description
Tip: Eric Conner stopped being a social guru long before Yield Farming
But then DeFi took a big turn. Hundreds of times and thousands of times of income are reproduced. Every project is repurposed as DeFi. Stories are everywhere of participating in “yield farming” or meme tokens or airdrops and becoming millionaires overnight effortlessly.
Ethereum price is lagging. Loyal defenders of the "fat agreement" are spurned. It's no longer hard-working investors who make real money, but socialites. To win in this token game, befriend the right people. Powerful DeFi insiders rely on Crypto Twitter to gain influence and support each other. Envious onlookers scour them for clues to the next hot breed, regardless of whether they're the "assholes" in the game.
A statement: the big winners of this DeFi boom are Arthur Cheong, Vance Spencer, Michael Anderson, Jason Choi, etc. As early as the middle of 2018, you can see Arthur contributing to communities such as Synthetix on Discord. These are all success stories driven by the fundamentals of this bull market. The "yield farming" condemned in this article does not refer to the achievements of these builders. @DegenSpartan shares their glory too, but what he celebrates is a different story.
$FEW would only be present in this toxic environment. While Twitter socialites bragged about making $100,000 a day, they asked their followers not to attend. Of course, the reason why they can make a profit is entirely because fans rushed into the fund pool for the same opportunity to get rich.
Social influencers tell themselves that the victims are self-inflicted to soothe their consciences. This is an ugly game. We all know the winner is the first in first out. The "leeks" who were cut in this game also know what the worst result is. You know that there is a probability of loss, but you don't know that there is almost no probability of making money. To be precise, this is a scam.
Remember, the social influencers promoting these scams are the same people who were touting the creation of reciprocal value and the tokenless economy a few months ago.
no one can laugh
$FEW This farce can be seen in two ways. The first is trusting the stories the participants tell. Lead man Sam Ratnakar claims the whole thing is an organization-building "playful experiment".
Ratnakar also shouted, "In a few hours, the whole industry will pay attention to us." No one knew the real purpose of this experiment, and everyone thought it was really creating value.
Just minutes after the token launch, hundreds of people rushed into the Telegram group to ask for an airdrop.
source:https://twitter.com/DegenAgent/status/1308622024856670208
No doubt, everyone got $FEW. Only an idiot would believe that the founders didn't take the airdrop. Needless to say, Ratnakar's ugliest insinuation is that "in a few hours, the whole industry will be watching us".
I'm not going to support every explanation that says it's a gimmick. You can judge for yourself by looking at the chat history here. Perhaps most telling is the fact that those who were invited to join the group later denounced them. Anthony Bertolino said it was "disgusting" and that the Twitter socialite with a large following "has to devise strategies to launch projects out of thin air, and drive up prices through marketing."
image description
source:
Some group members privately said that the founders were not actually interested in creating something of value. Those puppets ignored repeated warnings not to get involved in promoting obscure tokens and domain names.
The Ethereum community's response to the incident was also despicable. Regrets far outnumber critics. $FEW shows that people in the DeFi industry completely lack the ability to judge themselves. These people have been flirting with the "yield 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 reprisals. Maintaining your place in the circle means avoiding such discussions, or avoiding muddy waters with warnings or new facts. I think the incapacity in this area shows that there is a bigger scam brewing in the DeFi world.
antisocial personality
@DegenSpartan Funny and smart. There is no denying that he is effortlessly charismatic and has a keen eye for market movements. The vision for Synthetix turned Spartan into a quasi-socialist.
Unfortunately, Spartan admits to being a sociopath, particularly tired of being the loser in deals.
Everyone knows what Spartan stands for. At the same time, the existence of Spartan is only a reflection of the community. Criticize Spartan for holding a code of ethics for the community that is the scum of the industry. The community that sees Spartan as its leader loses its way in the spineless hope of following him for fame.
The crypto community is full of charismatic scum and ruthless sociopaths. Good people are rare, and if they are, there are strong reasons to avoid entanglement with immoral behavior. There is practically nothing to be gained by remaining virtuous.
We should be alert to the current spirit of DeFi, and self-moral flaunting does not mean that deception will be exposed. You've become socialites by blaming "whistleblowers" for wasting everyone's time.
