Fish vs Whale - Break the $1-Wall!
Some whale is selling 4,5 million CFX, and has created a massive wall on Binance at the price of 1USD to limit a positive development of CFX’ pricing and ecosystem as a whole:
Possibilities of who might be behind this:
a) 1 rich CFX holder (Whale)
b) 1 early stage CFX investor (Whale)
c) A couple of early stage CFX investors (Whales)
d) People from another blockchain protocol wanting to limit Conflux’s growth as a competition (New whales)
Regardless of the possibilities, these people have large amounts of CFX and think they are smart to out-profit other community members and/or to damage the ecosystem!
Some have already argued that Conflux might be involved in this, but the team’s tokens are locked and it’s transparent as seen here on Medium, don’t think / hope that the team is stupid enough to create such a sell-order!
Let’s look at the incentives and reasoning on why creating the $1-wall and how make a profit from it:
- Limit price growth, scare retail investors, increase sell pressure to accumulate CFX at a price lower than $1
- Limit price to scare retail investors, increase sell pressure and open a short position on CFX waiting for the price to dump
- Is a complete idiot who doesn’t know how to sell properly for a profit
- Emotional (and stupid) decision of whale investor who is not happy about the recent governance vote regarding the change of the investor’s advance unlock rule
Why the $1-Wall needs to be broken?
Below are arguments against the 4 points listed above:
- As a decentralized community, it’s not of any CFX hodler’s best interest to make the whale an even bigger whale!
- Making the few rich people even richer should be something we as a community should be against. Especially when these profits are only shared with a selected few and harm all other CFX hodlers!
- There is no argument against this type of stupidity of any investor! We shall take this opportunity and be happy about being able to accumulate CFX at $1 and below
- People who have a large stake and don’t believe in Conflux should leave! The sooner the better!
Regardless of the reason behind the whales creating the wall, we shall rip apart the $1-wall! Such a beefy and delicious sell-order should be capitalized on by the community in a decentralized manner and is a rare phenomenon what we are witnessing together!