News of sudden departure franklinisbored rocked the NFT arena. His vague statement has given rise to much speculation. What actually happened?
To understand this series of events, we need context. This will help you understand where things started to go wrong. For those who don't know Franklin - whale BoredApeYC who became famous for his large bags.
Franklin was also known for his thick fingers. He has posted several times huge losses on trades due to small errors. Perhaps the most memorable incident involved the ENS name. His attempt at trolling cost V 100 ETH. Now this is an expensive joke.
There were other similar transactions. But don't lose sight of the plot. Some context is needed to understand the trading psychology at work here. Let's get back to the topic.
How to stay afloat, losing hundreds of ETH due to beginner mistakes?
For Franklin, everything turned out to be quite simple.
Sell more NFTs. Use more leverage. Farm more airdrops. To hell with the community and flora.
Franklin openly admits to market manipulation and sincerely apologizes "if it hurts the community."
So, the lessons were learned in July 2022. No more whale games for Franklin, right?
But no!
Franklin continues to build a reputation as a "market maker" in the NFT arena 👉 he and machibigbrother used bidding blur for brazen manipulation flora of several collections!
Let's do an overview of what has happened in history so far:
✦ Franklin delivered a lot of BAYC early on.
✦ He tends to make costly mistakes while trading.
✦ He covered his losses by any means.
But there is also a final piece of the puzzle.
Franklin invested a huge amount ETH V rollbitcom .
The only predictable element of gambling is that the casino always wins. And it won him 650 ETH.
But if that didn't cause his sudden liquidation, what did?
Dice2Win.
Franklin never mentioned this online casino publicly.
But do you know what he poured into the platform recently~ 1 355 ETH?
What's more, the website is down!
This raises many questions.
✦ Why would Franklin pour ~$3M into an obscure online casino?
✦ Why did he never mention it publicly, even after the site went bankrupt?
Franklin tweets about 0.1 ETH flips. To remain silent about this is extremely unnatural.
But here's the most pressing question:
You lost hundreds of ETH to fat fingers, more to betting on Blur, (literally) lost 650 ETH gambling and poured 1.3K ETH into an idle casino.
Why leave after the raga if that's all?
What is Franklin hiding?
Franklin said he lost ~2000 ETH to one bad actor.
He allegedly “invested” almost $4 million because he saw other people investing in this business.
Even knowing his bad trading pattern, it's still a strange amount of money to invest without due diligence.
The purpose of this thread is not to condemn a man who squandered the wealth of an entire generation.
But the NFT trading arena idolizes toxic behaviors like gambling, market manipulation, and personality cults. We need to rethink the platforms and ideas we promote.
This will definitely bother some people. That's the way it should be. The inconvenient truth is that WAGMI is a lie.
Even the whales get it.
No matter how technology improves, mass adoption will not happen without a paradigm shift.
So what can we do about it?
Now that the leaders of the industry are gathering for #NFTNYC23to discuss how to improve the NFT field, the time is right for this conversation.
How are the fundamental principles of blockchain reflected in the way we work? Decentralization is a small part of a huge machine.
Recommendations:
✦ Accountability needs to improve.
✦ Pay more attention to due diligence.
✦ Investment in mass education is essential
Happy trading everyone!
Translation author thread : love mushroom
