Article author: Heart Article translation: Block unicorn

This interview reveals many common practices that most people take for granted but never publicly acknowledged, and the scope of their spread.

But it also touches on some very interesting topics, involving the issuance of Meme coins and purely hype-based coins, which are beyond The crime described in the interview, I think these topics deserve a wider discussion in this area.

Or, it's more like the "emperor's new outfit" moment, with a layer of veil being uncovered and can no longer be concealed.

The following are some important highlights:

Most "large Meme coins" are issued , usually only after a private transaction is concluded, with a portion or a majority of the supply being purchased or given to KOLs and other entities at a price lower than the market capitalization of the issue.

Because it involves a large number of people with different goals and belongings, early information about these tokens/transactions is sometimes "leaked" To other parties who have not participated in the transaction.

From Hayden Davis himself, "Then how do you make money?", that is, all these entities firmly believe, The only way to make a lot of money is to be an insider who manipulates the game, there is no fairness here, no opportunity for those who are excluded.

Part 2 (information leak), but it is also inevitable that once the token is on the public blockchain Deploy and the CA address exists, there will be a large number of skilled, well-capitalized (millions of dollars) snipers who can seize a large amount of supply within seconds of the birth of the token, and these people and the "team" have nothing. Related, they will only destroy the K-line without hesitation by selling tokens.

So far, the "team"'s response to the fourth question is to snipe itself (I believe it is based on commission). This "limits" the supply that other snipers can seize and sell. MessageSurprisingly, they don’t think it’s immoral, or it’s “protecting” retail investors and K-lines.

Hayden mentions a gray area that indicates this supply/liquidity (also through part of the liquidity pool from Meteora etc. "Pull") is considered a "treasury" and is used to maintain the medium- and long-term stability of the K-line, but it is also the source of profits for the team to obtain from it. It seems that there is a large amount of funds mixed here, and the "retail investors" are kept in the dark and have no idea of ​​the real use of these funds.

"Organic" Meme coins are mostly dead, or are already dead and then sold (usually taken over by the same type of team ).

These teams managing large hype issuances want to see the currency survive for a few months, "preferably 1 to 2 years." , but the reality is that the currency usually lasts for a few days. They mainly blame point 4 (sniper).

There is a common cynicism among these insiders who believe that the entire cryptocurrency world is basically useless Sex or application scenarios are a zero-sum game with the goal of finding a bigger fool to take over, and this is just a game that maximizes the extraction of value. According to Hayden, this is “top to bottom, even Bitcoin.”

They have a distorted moral concept, believing that since traditional capital markets (stocks, etc.) are regarded as "manipulation and corruption" , Despite all the regulations and laws, it seems hypocritical to just pick out the "manipulation" of cryptocurrencies. The idea that cryptocurrency may be a new area for building a more fair game place is considered childish and naive.

As I said above, although widespread criminal acts acknowledged in the interview, in my opinion, these views are mostly in the public cryptocurrency discussion Unresponsive, as for the "solutions", it also seems very scarce, utopian, or the problems themselves are understateed as non-problems.

First of all, the open and transparent nature of blockchain makes it possible for the token to buy the coin first once the CA (contract address) is established. The game solved, participants have technical knowledge and almost unlimited capital. Basically, retail investors have almost zero chances to buy currency at low market value, unless it is a "dead" coin, and you are lucky enough to encounter someone to buy it after you goDoing hype (usually, it will be taken away by insiders first).

This is a mostly unsolved issue, any currency that wants to be fairly issued directly on the open market even in good faith (i.e., without going through Private investment rounds) will encounter similar problems (but even those, they may be sniped in TGE).

There are some possible remedies and workarounds that I have not seen verified, such as batch deployment of 50 tokens on Pumpfun, and then The real CA address is published only after binding and reaching sufficient market value. This will force snipers to disperse their capital or hope to choose the CA for luck, thereby reducing the damage to retail investors, but it does not fundamentally solve the problem. In addition, it may also be affected by insiders' leaks of real CAs (possibly sold to snipers, etc.).

Another important factor is the general skepticism

This may be worth writing alone Articles (and even more!) are discussed, but basically the theme of this cycle is disillusionment.

In my opinion, most participants, especially new entrants, are not optimistic about cryptocurrencies' commitment to achieving decentralized finance (DeFi). DeFi’s vision is to make people the real controllers of their own funds, operating without third-party intermediaries, without being bound by national boundaries and additional expenses. However, cryptocurrencies are now seen more as a wild Western casino, and no tokens are seen as innocent, all of them are seen as pure speculative assets with a lack of practical support or purpose. Everything is like a zero-sum game, I want to make a dollar, you have to lose a dollar, and we are all playing a "bigrill fool" game until the music stops.

I add that it is hard to blame them because even if we see Ethereum as moving towards "world computers" and "decentralized finance (DeFi)" The first mature step of its smart contract, this technology and the industry are now nearly 15 years old. While there are several respectable agreements that meet the demand for DeFi by thousands of users, 15 years has been a long time in the tech and finance. I think we can say that it “major fails to deliver on” its promise.

But I see that too much attention and saliva is wasted on issues such as criminal behavior, loss of funds and lack of morality, and few people discuss a fact : We have nowAfter "mature enough" to ask ourselves, are we really building something meaningful? Are we really providing or building an alternative to get rid of traditional finance, banks and institutions? Or is it that we really end up with Bitcoin being a traditional financial asset to a large extent, while other parts of the cryptocurrency field are becoming For a wasteland, filled with robbers trying to squeeze money from clueless desperate individuals? Or we really only have Bitcoin left to become a traditional financial asset to a large extent, while the rest of the space is a wasteland, and the bandits try to Crazy and desperate individuals squeeze money?