LIBRA farce aftermath: How do you evaluate Solana founder Toly and big name Cobie?

Author: 1912212.eth, Foresight News

A LIBRA meme coin takeover game caused an uproar in the currency circle. On February 15, the meme coin LIBRA announced the contract address of the Argentine president, and then soared all the way, with a market value of more than 4 billion US dollars. Then, in less than a few hours, its coin price quickly fell sharply. The current price is US$0.36, and the market value is less than US$400 million. The Argentine president deleted the news that had previously promoted meme coins just hours after posting his tweet and said, "I thought it was just as I had always been supporting a private entrepreneurial project that had nothing to do with me. I'm concerned about the project. The details are not clear, and they will never be disseminated after understanding (this is also the reason for deleting tweets).

Investors who participated in the local dog charge at the first time suffered heavy losses. Solayer developers Chaofan Shou and Tonykebot lost more than $2 million in this practice, and announced the list of core members of the team behind LIBRA, vowing to hold them accountable to the end. There are far more than these two people who suffer losses. According to lmk.fun monitoring, based on trading records, a total of 24 traders lost more than US$1 million on LIBRA and 61 traders lost more than US$500,000. The biggest loser achieved a loss of $5.17 million, spending $5.6 million to buy 2.1 million tokens and eventually sold for only $430,000. Correspondingly, as of February 15, eight wallets associated with the LIBRA team received USD 57.6 million and 249,671 SOLs (approximately USD 49.7 million) by increasing liquidity, removing liquidity and claiming fees. A total of approximately US$107 million were cashed out.

The insider trading of meme coins, celebrity influence promotion, and games that take over faster than the game have once again become the focus of market attention.

Today, Paridigm researcher Samczsun, Solana co-founder Toly, and crypto KOL Coobie talked about their opinion during a Twitter interaction.

Cabal and KOL

First, Samczsun initiated the question: Will this incident be held responsible for some relevant people at the social level?

Toly's answer appears pessimistic in response to this question, because "the social group trials are a problem in themselves, because they are passive reactions to the outcome, rather than based on a pre-set and accepted set of rules." Attackers can generate infinitely The failed token becomes the only bidder itself, obtains most of the supply, and then transfers the contract address to KOL. In Toly's view, the only way is to force users to have social credit scores and reject tokens with lower scores.

Samczsun continued to ask, if meme coins controlled by insiders are bad, then why not officially start with excluding all participants? In this way, in the short term, the benefits of one-time profits will not be enough to compensate for the exclusion cost, and in the long term, such behavior will not be profitable at all.

Toly's answer is simple and straightforward. After KOL promotes the contract address, it is rejected by the fan group, and then the cabal will turn to the next KOL.

Cobie said many KOLs don’t even know who they are dealing with or what they are posting. Just have a broker who tells these KOLs that if you tweet it, you will get X coins.

Will KOL and its agents be responsible for their actions if they are told something obviously bad? Perhaps we often see some tokens prove to have multiple insider trading and fraud, but no one is subject to any form of penalties.

The reputation of some KOLs has indeed been affected, and part of this is because: "How exactly does it define the good and bad in meme coins? Even if it is completely unintentional free market token distribution, the top 20% of holders end up You will have more than 80% of the tokens." Toly gave his own answer.

At this time, Cobie explained bluntly that there is currently no effective way to humiliate those shameless people. Next he posted a long tweet comment to explain his opinion.

"This situation has been around long before meme coins, and it has been basically the case since I came into contact with the crypto industry. (These operations have been more efficient and obvious recently.) Every time someone is humiliated, they will take this Some people even become more popular because of this. Those accused will only accuse others of the other side, forming an opposition. For example, some YouTubers have already promoted scams for three consecutive cycles, although there are constant people. Reveal them, but they are still very popular. The cyclical nature of the crypto industry means that there will always be new entrants filling the churn of old users, so these people can always find new audiences.

The market lacks truth and supervision, and the result is often

incomplete

In Cobie's opinion, the only people who have seen truly been humiliated to leave this circle completely are either those who are relatively reputable but have made mistakes, or those who do not need to rely on the industry to make money. And those who really should be expelled already know what they are doing and have made choices. Exposing them doesn't shame them, they just threaten their income, so they fight back. In the absence of "truth arbitrators", the debate often has no final conclusion.

In addition, Cobie also stated that it may take more than five years for human nature to be truly recognized by the public, and provided that they have made obvious mistakes in the process. "

"If the cheaters do not receive the threat of losing their freedom, it is almost impossible to avoid them from continuing to cheat."

The game is in trouble

Cobie also made a sharp comment on the current controversial high-valuation VC coins and the fast-paced issues in meme coins. He said that the current market development context is that market participants are actively rushing into these scams like moths. , most people also know that these things are scams, but the goal is to sell them to buyers at a price of 3 times. They just want to get rich in 2 weeks, not 2-4 years. Players hope they can also win the grand prize in their next action.

If there is no way to stop them. Then it may be a way to avoid participation as much as possible.

Cobie said investors/players’ behavior is easy to change. If you lose 10 times, you will stop playing this game. No one bought VC coins anymore, and in fact some (very very few) of them were mispriced. They no longer buy these coins because they are tired of being sucked in blood.

Cobie had previously written about VC coins with high FDV and low circulation, but he said disappointed that he did not achieve the desired goal and did not prevent the public from purchasing these tokens. The only way to change investor behavior is that participants lose enough. Only after the pain of skin pain can this group truly realize that they should avoid participating in it.

"This in turn changes the behavior of token issuers, and Volkswagen will no longer buy such products, so you can no longer issue this type of tokens easily," Cobie wrote.

at last

If you start a token echo now and have to choose between two paths:

(1) Sell 25% to venture capital firms and insiders, retaining 35% for the team, launching a token that receives revenue from Echo's business and distributes it to holders for issuance at low circulation;

(2) Sell 0% to anyone, keep 50% yourself, launch a memecoin called Echo the Racist Dolphin, except for the different names, it has no connection with Echo, is deployed by my public wallet, and is through CA Post tweets on your account;

Which one do you think will have a higher market value? Cobie gave his own answer: the value of meme coins will be higher (at least for the time being) than VC coins. However, if you do the same experiment in 5 years, the results will be the opposite.

Interestingly, in the Cobie comment section, a buzzer comment section asked which one was the token it mentioned.

Cobie said that the contract address would be released 25 minutes later, and Toly commented: Do you want shame?

Cobie's response is just a joke and jokes about Toly with Buterin's name (the name of God V).