Dear diary, today I quit crypto...

I was writing a long rant and then deleted it. Let's make it short.

There is very little to none secondary market right now, hence it's hard to attract primary investors. So what some projects seem to be doing? Reverse raise. That's when you detain pretty much all of your tokens (you don't sell any to outsiders or just not at all) - and then you liquidate them. Every day you wake up and sell 🤤

It feels like a secondary market, but it's actually just a continuous fundraising - non-transparent EOS style. Keep selling, printing news, selling more. People feel like "oh wow the price is stable, means it's consolidation, I need to buy" but actually no one can sell because no one has tokens. This model was also possible before, but first you had to buy back your own tokens - which is costly and is not so easy. But IEO enables generally 0-5% liquidity, and then you just draw charts like you want. Casino level 80.

🆘 Reverse raise: print news + print tokens at no outsider supply => dump every day

Projects do not even need to try anymore. They don't care about websites or communities, which is sad - fuck them. Also there are no reviewers making an effort to look into anything these days - and it's understandable. The value add of reviewing the FuNdAMentAlz has no effect or meaning anyway, most of the time. People wanna see green, and that's it.

Jk, I didn't quit. But be careful of reverse raises. That's it, have a nice weekend - hit me up, I ll be in NY drinking my sorrows away. 🍹