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From: Tomas tomas@fritiofson.se
Date: Wed, 16 Nov 2022 08:19:33 +0000
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BLOCK 974026
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blockpost.network 4,737 posts
Clearwhat did you find out, how does it work??
I feel big media is overlooking role of the VCs and the Sol ecosystem when they talk about how it all happened
i really believe it was an integral part
FTX plan for all the heavy jock advertising was to onboard Joe Normie into being a cryptobro.
onnoard them to what? sure a lot might have been FTT yet the other half was SOL
they need to look into the nature of his VC deals
Till we have a reliable blockchain indexer, which is almost there in the form of JungleBus. Soon...
The simplest way to look at it- in May everybody re-positions for another leg down.
but over there, no. getting all that attention and adulation, got sucked into the emotional and ego aspects of being the good guy to right the ship.
By late August , another crypto sag comes and it's already a sinking ship . Then no miracle rescue happens, some rumors as 2 months pass, game over
My theory would be that a lot of SOL ecosystem devs were being paid in SOL. Devs gotta eat, pay rent and bills. They see $1m sums of the boom turned to $150K. Sol had a lot of selling pressure for months. on the other side of this trade, hypothetically FTX tries absorbing it and supporting price and trying cut a big backroom deal , like the email of Sam trying to lure Elon that would have created a new hype cycle.
Solana ecosystem is half this story
this Serum SRM wasn't even on my radar. FTX and Alameda owned gobs of it. Another train wreck
Sam and his friends seems to be so enamored with the elite VC culture, even though these quant traders had little ability to assess tech Or any fundamentals. They didn't know they were in a hype cycle.
they were were so one-sidedly bullish on SOL ecosystem.
An inexperienced trader will get the urge to play hero during a downturn. I think they got bit by the hero bug of trying to keep SOL as a top coin. I can't imagine they set out to get so overexposed on FTT , SOL and SRM
Watching CNBC SBF interview while he was at the top
who is your average customer , if not retail?
"most of our customers are trading over $100k per day"
Expect more contagion
Every domino falls to top over a larger one
Blockpost will be in beta till when?
What you mean by min? please elanorate