Tezos

The Crypto Times 0020 - It's a Wash

Creator

tz1PABDPXbg9rqz62umCaQ8YhCUajmoYK2Cb

Description

No. 0020 March 2, 2023 : The twentieth issue of The Crypto Times and it's a Wash (SALE). Rinse, Wash and Repeat. At least that is what the Blur marketplace is incentivizing traders to do with the promise of 800+ ethereum in rewards per day during Season 2. Analysts are crying foul and claiming80% of Blur marketplace activity is a Wash Sale, but nah. It's way more nuanced than that. We prefer the term "Inorganic Trading" and as others have stated, just some judgement calls in the Code. Either way, Blur is incentivizing traders to place bids (often placed lower than the floor). When these bids are accepted, the trader then flips the nft asap to get back to liquidity so that they can place another bid to earn more airdrop rewards. Definitely isn't wash trading although to a less trained eye, it may appear that way. Regardless, all this bullshit is dropping the floor of collections which hurts the retail trader like you or I who may only own 1 or 2 assets from that collection. Your floor drops while these characters farm aridrop rewards. Whales always win. Switching focus to the marketplace wars, here's a cool loophole, It turns out that Polygon, Arbitrum and Optimism are L2's and they still pay out full creator royalties. So while 50 whales manipulate the floor on Blur, will devs and creators start launching on Polygon despite the lack of liquidity? Shit, are NFT's even going to be a thing later this year? A federal judge seems to think they are securities as he ruled against Dapper Labs and their NBA TopShot Moments. Ah, don't fret. It seems that Dapper labs shot themselves in the foot by offering their nft's on their own private blockchain, and thus they are securities. So nft creators using public blockchains should have nothing to worry about. Unless of course your roadmap is promising future returns in exchange for buying a token today...Speaking of things that are DED, looks like the long arm of SBF and FTX aren't done with the contagion. SilverGate, the crypto friendly bank is in a serious death spiral as they delayed filing their 10k due to a difference in the financial health of their business from what they reported in January. It's only been a month. Well, Wall Street smells blood. 71% of their stock is currently being shorted. Ouch. SBF really managed to take down half the industry with him. When will it end . . . 1600 x 1300 pixel png file. created by Nite Owl