Saw a clip today someone had cropped out from a video Charles Hoskinson had posted on X, not going to quote it but it was something along the lines of him admitting to having lost about $3 billion and saying that he's not here for the money and that he's not on the Epstein list (why that was worth to be mentioned is beyond me), but that he's here to build and for the space, etc.
Now, I didn't watch the whole video, maybe he said more, maybe less, maybe he only means he lost $3b in evaluation due to the price decrease, but the tweet made it sound like he got liquidated and no one in the replies was denying it nor was the tweet noted, so that fact kind of made me think and wanna write this post.
What the fuck is wrong with people?
Are we living in an age of psychotic greed?
This founder, who I don't know much about other than he was in the early Ethereum team and that he holds way too much of his own token, unsure how he acquired it, he was in a long position worth $3 billion apparently. Meaning, he had taken loans to bet that crypto would go up, so when the market turned down he had to repay those loans at a big loss as the exchange forced him to close his position to make sure to repay them.
What is this need for more when you have 3 billion fucking dollars liquid in crypto?
Now obviously I'm coming from a completely different angle and situation, where I'm literally looking for things in my house I could potentially sell to buy up some cheap hive and hoping it recovers a bit so I can continue to fund some of my projects on here. But is no one else disgusted that this is even a thing? Who does that? A founder nonetheless of a top 15 coin.
Is this all this fucking space is? Gambling and gambling on meme tokens or coins no one uses that you've somehow manipulated to a high marketcap? Potentially with previous winnings of bitcoin/eth pumps or previous margin trading profits?
Ada currently sits at 9 billion marketcap, so basically he lost 30% of its total marketcap in one trade.
Imagine if I went on Twitter and posted that I've lost $300k and feeling bad about myself. I would 100% expect people to downvote the shit out of me and ask me why the fuck I didn't buy hive or help zing get funded, etc instead of gambling with it on exchanges. Like, I'd be ashamed to the core if I did that, but this manchild goes on X to cry about it.
I don't even know, as I said I didn't watch the video but that's what comes to mind. If I was in his position I'd take that margin position to the grave cause I'd be ashamed to admit I was so greedy to wanna gamble on such a massive position.
Did his coin need him to win more money? If he's not in it for the money then what was the point of the trade? Is he just lying to himself?
I feel like this space still lacks vision, ideas and "good" people who don't easily get corrupted by greed or comparing themselves to others.
How are there still so few dapps out there that people use on a daily basis? How has not a single "web3" dapp gained mainstream attention yet even though it's been years and literal billions invested in them?
Is it all smoke and mirrors? Is anyone even trying to actually build something successful? Just trying to take money from investors/traders for their own pockets and then turn around and try a hail mary position to become more filthy rich?
I don't know, it's all very disgusting to me.
Maybe I just see money in a different light and have almost never cared for it that much. Maybe it's cause of where I grew up, where even if you didn't have any money to your name you'd still survive and be okay.
Maybe I'd also turn around and become like Charles, like that HEX guy, like Justin Sun, etc, where nothing is ever enough once I get some fuck you money to my name. Maybe this is all just part of the process and that real test will come later and we've just been through it all for so many times and so long that we who are here wouldn't get corrupted by it when the time comes. I don't know.
I keep thinking what I could build that could potentially make a real difference in the world with even 1% of that $3b.
Create games, services, projects, etc, that may not take a profit but offer people an option compared to using what they use now which milk people to their last penny.
Isn't making "some" profit enough anymore?
Maybe it's the times, Trump milking crypto to grow his profits. Elon striving to become the first trillionaire in the world. Online crimes becoming so regular to the point where consequences stop occurring. Saylor using legal loopholes to buy bitcoin for forever. Economic uncertainty, uncertainty about war breaking out, uncertainty about AI killing us, etc. Maybe everyone's just yolo-ing like there's no tomorrow.
Maybe this is the new norm and us who think most of that is quite disgusting are a dying breed and will be replaced sooner or later.
A fool and his money are quickly parted they say, but there's no saying about staying staked and looking towards the long term future and still get parted from your "money" or value at least.
Well, Hive isn't really the only one affected this badly out there, but it's kind of a shame how overlooked it's been and that we haven't been able to get any traction ever since the Hive fork.
Maybe our time will come, maybe not, but even in the worst case I'm sure Hive will survive. A lot of people still use myspace they say.
It's just all kind of disgusting at this point.
Imagine if say blocktrades was margin trading and lost 30% of hive's marketcap then tweeted about it. I don't know about you but I'd definitely lose some trust in hive's future cause of it. Sure, it's his personal funds and he can do whatever, etc, but openly admitting to basically gambling on trading would be something that'd worry me. Instead he's been here building and scaling the chain and paying his team out of his own pocket to make this chain better for over 5 years now and to me that's kind of an inspiration and a leader (even though Hive doesn't have leaders) I'd wanna follow.
Oh well, maybe the tide's will turn eventually. We saw some money shift into privacy tokens here for a while. Unsure if it's cause everyone's just trying to evade taxes or if it was really about the privacy aspect, but maybe true decentralization and freedom of speech may get some attention soon too, one can hope. If anything to give us some breathing room and extra value to keep building things so we can see how they'd work on our chain compared the others and to give us a real chance to go mainstream so nocoiners can see what they've been missing out on. '
Until then I'll keep stacking and eating instant noodles.