This article is from Bikan K Station,the original author @行行的Connection C, reprints must indicate the source.
“A lot of times you succeed because a lot of people want to see you succeed. A lot of times you fail because a lot of people want to see you fail.” ——Binmin
Recently, Zhao Dong, who is known as the "No. 1 person in over-the-counter trading" in the currency circle, opened the reservation channel for the Bitfinex platform currency LEO on his wallet product RenrenBit, and promised to share his quota equally among all the people who made the reservation. Brokerage fee charged. Nevertheless, according to a poll initiated by the editor, most people said they would not participate in this private placement.
People in the currency circle who dared to vote even air coins and CX coins became hesitant in front of LEO this time. Facing an exchange with an annual profit of 400 million U.S. dollars, can you invest in it?
There is a phenomenon in psychology called the "anticipation effect", which means that human behavior is dominated by the results they expect to bring. Applying this theory to the currency circle, it can be understood that investors are too optimistic or too pessimistic about the future trend of currency prices, which may raise the currency price to the level of a castle in the air, or lower the currency price to an unreasonable position.
That is to say, when everyone expects a coin to rise, it can become a galloping white horse; when everyone thinks that the coin is useless, it becomes an unsupportable bullshit. As a result, two forces of fighting long and short have been formed. We can call this phenomenon "leek collusion".
So for the platform currency LEO, who is looking forward to its rise, and who is looking forward to its collapse?
"The rain and dew are even, and there is no handling fee."
In the past week, if you search for Bitfinex IEO-related information on Google, you will find that Zhao Dong has become the new favorite of foreign media, including internationally renowned cryptocurrency media such as Cointelegraph and CoinDesk. Twitter is also updating the latest information about LEO disclosed by Zhao Dong in real time, and Zhao Dong is called Bitcoin billionaire. Also enjoying this title in foreign media is Li Xiaolai who is "waiting for my new book" in the bear market.
In 2016, Bitfinex was hacked and 120,000 bitcoins were stolen. The exchange invented a "debt-for-equity swap" to compensate key clients. In this way, Zhao Dong became a shareholder of Bitfinex. Whenever the exchange was in crisis, Zhao Dong would stand up and speak out for it. This time is no exception.
On April 26, according to CoinDesk, the Office of the Attorney General of New York claimed that Bitfinex lost $850 million and used Tether’s USDT funds to cover the loss secretly and deceive users. Subsequently, the exchange issued an announcement to refute the New York Attorney General, but also confirmed that 850 million funds were indeed frozen.
In response to this crisis, Bitfinex intends to launch the platform currency LEO through IEO. As a shareholder, Zhao Dong tried his best to refute rumors on social media, announced the detailed rules of LEO at the first time, and opened a quota reservation channel on his wallet product RenrenBit.
Although there is "the first person outside the field" as its platform, voices questioning Bitfinex are still heard.
"Lend your money to repay my debt, and draw a big cake for you."
In the early hours of May 6, Weibo user “Macau Wanbi Brother” broke the essence of Bitfinex’s platform currency issuance: borrowing users’ money to fill the pit.
Users investing in IEO are giving money to the project and motivating them to do things and grow. Investing in LEO is equivalent to giving Bitfinex money to fill the hole and mortgage the frozen US$850 million. Even before the white paper had time to write, the private placement started. Does this mean that the frozen 850 million cannot be unfrozen in the short term?
Although he was a beneficiary of Bitfinex’s move of USDT, the repeated modification of the trading rules on the platform also made the “Macau Wanbi brother” unable to hold it, and said directly that “I don’t dare to exchange large amounts of funds anymore”. He cited several examples of Bitfinex modifying the rules:
Increased the USDT and USD exchange deposit and withdrawal fees;
The withdrawal time is revised from 3 working days to 10-15 working days;
The trading pair of USDT and USD is launched, and the original 1:1 conversion ratio is left to the market to decide.
These accusations were seen by some netizens as the act of crossing the river and tearing down the bridge, saying that "USDT has helped the currency circle so much, and now you all hack him if there is a problem. It is really heartless." The problem is that this time he wants to "hack" his Not ordinary people, but the New York Attorney General.
Although according to the information disclosed by Zhao Dong, Bitfinex excluded the United States, Canada, Iran and other countries for this IEO, there are still Twitter users who worry that the issuance of IEO may be counterproductive, causing Bitfinex to suffer a fatal legal blow.
In less than a week, the LEO private sale will end. In the long-short game in the market, which one is stronger and weaker? The answer is in your heart.
