Read on Twitter
my take on the $sushi @SushiSwap debacle 
tl;dr - it takes longer than a week to build a community
it takes love
tl;dr - it takes longer than a week to build a community
it takes love
the dominant narrative of $sushi was that it was @UniswapProtocol, but instead of VCs it was owned by the "community" via a "fair launch" where farmers could earn tokens and rewards would be shared with the token holders
it turns out it's not so simple https://twitter.com/leokcheng/status/1300838878312448002
it turns out it's not so simple https://twitter.com/leokcheng/status/1300838878312448002
yield farming is a zero-sum casino
the early farmers take on barely any risk, only opportunity cost of capital and some risk of impermanent loss if farming with LP shares
they are the house
the market buyers on the other hand, are the players in a "greater fool" ponzi game
the early farmers take on barely any risk, only opportunity cost of capital and some risk of impermanent loss if farming with LP shares
they are the house
the market buyers on the other hand, are the players in a "greater fool" ponzi game
funny, none of these people are actually the "community"
it's like throwing a house party with free booze and assuming everyone who shows up is your best friend
they are not
your friends are the ones helping you clean up when everyone else leaves
it's like throwing a house party with free booze and assuming everyone who shows up is your best friend
they are not
your friends are the ones helping you clean up when everyone else leaves
sure, parties are good for making friends
and maybe there were seeds of a real sushi community planted this week
but the proof will be if they stick around, pick up the pieces, and keep the project going
it'll be an uphill battle from here, though given recent events
and maybe there were seeds of a real sushi community planted this week
but the proof will be if they stick around, pick up the pieces, and keep the project going
it'll be an uphill battle from here, though given recent events
the founder @NomiChef , after posturing as an altruist who puts community first, claiming not to be a token-selling opportunist, cashed out $10M+ $sushi today
this move has massively damaged trust in the project
possibly irreversibly so https://twitter.com/NomiChef/status/1299939353649537026
this move has massively damaged trust in the project
possibly irreversibly so https://twitter.com/NomiChef/status/1299939353649537026
another of the project's highest profile supporters, @SBF_Alameda has been making millions per day farming and dumping $sushi
every dollar of value he earned from $sushi came from someone who market bought
100% zero sum
here's an example tx https://etherscan.io/tx/0x7cba3ae543607c28a4f02bc4e31490ca6b0c215dc4b34dd5471f732c39d86925
every dollar of value he earned from $sushi came from someone who market bought
100% zero sum
here's an example tx https://etherscan.io/tx/0x7cba3ae543607c28a4f02bc4e31490ca6b0c215dc4b34dd5471f732c39d86925
here are his major farming wallets
https://etherscan.io/address/0x61097c84bc54aed8f07cf3e903faf8a7c64c9859#tokentxns
https://etherscan.io/address/0x34221fc1906ddfa7236264337a6f1a64d6642dc9#tokentxns
https://etherscan.io/address/0x61097c84bc54aed8f07cf3e903faf8a7c64c9859#tokentxns
https://etherscan.io/address/0x34221fc1906ddfa7236264337a6f1a64d6642dc9#tokentxns
of course, sam never cared about $sushi "community"
how could he? it didn't even exist a week ago
he's a psyop wiz and wanted to use the hype for his own purposes
building out an ecosystem on @solana for @ProjectSerum https://twitter.com/SBF_Alameda/status/1301678303930015746
how could he? it didn't even exist a week ago
he's a psyop wiz and wanted to use the hype for his own purposes
building out an ecosystem on @solana for @ProjectSerum https://twitter.com/SBF_Alameda/status/1301678303930015746
not bashing sam here, I respect his rational self-interest
merely pointing out the cognitive dissonance one must have to think $sushi is a "community" project
typically, when building community, you want to avoid playing zero sum games with your community members
merely pointing out the cognitive dissonance one must have to think $sushi is a "community" project
typically, when building community, you want to avoid playing zero sum games with your community members
contrast this to the uniswap team, who have been heads down building for 3 years through a bear market
their VCs have not sold a penny
with 0% fees, 100% of the value created has been retained by the users up to this point
that is what it means to put the user community first
their VCs have not sold a penny
with 0% fees, 100% of the value created has been retained by the users up to this point
that is what it means to put the user community first
building innovative #DeFi shit is not easy
with years of hard work, Uniswap has built amazing tech
they pioneered LP shares as a money lego and they kicked off the AMM DEX revolution
they have come incredibly far https://twitter.com/haydenzadams/status/1300034164830408704
with years of hard work, Uniswap has built amazing tech
they pioneered LP shares as a money lego and they kicked off the AMM DEX revolution
they have come incredibly far https://twitter.com/haydenzadams/status/1300034164830408704
the most innovative part of $sushi was the vampire attack
which, I'll admit, is pretty cool
but it shows how $sushi has been zero-sum from its inception
$sushi hasn't created anything new, simply attempted to take value from uniswap for itself https://twitter.com/martinkrung/status/1298363320270032897
which, I'll admit, is pretty cool
but it shows how $sushi has been zero-sum from its inception
$sushi hasn't created anything new, simply attempted to take value from uniswap for itself https://twitter.com/martinkrung/status/1298363320270032897
the ethos of ethereum is to seek out positive sum games
as a result, Ethereum has succeeded at creating one of the greatest, most welcoming communities in crypto
it's also why ETH folks are so prone to psyops
they falsely assume other people are like them
too trusting
as a result, Ethereum has succeeded at creating one of the greatest, most welcoming communities in crypto
it's also why ETH folks are so prone to psyops
they falsely assume other people are like them
too trusting
but despite a zillion psyops, the ETH community still marches on
the community has come together over 5 years, most of it fun, but much of it very painful
we've learned hard lessons about security and governance, largely from our own failures
we would do well to remember
the community has come together over 5 years, most of it fun, but much of it very painful
we've learned hard lessons about security and governance, largely from our own failures
we would do well to remember
that might be one of the most important differentiating factors of Ethereum from other chains
where @block_one_, @bytemaster7 and EOS ppl grandstanded as ETH-killers, they were never in it for the long haul
they cashed out their investors and fucked off https://www.coindesk.com/eos-startup-block-one-is-using-its-billions-to-buy-back-more-equity
where @block_one_, @bytemaster7 and EOS ppl grandstanded as ETH-killers, they were never in it for the long haul
they cashed out their investors and fucked off https://www.coindesk.com/eos-startup-block-one-is-using-its-billions-to-buy-back-more-equity
on the other hand, @VitalikButerin and @ethereumJoseph have been full-time for 5 years straight
many of the early core contributors, like @ethchris and @peter_szilagyi just keep shipping
so do you want to kill Ethereum? OK. Do you have half a decade to spare? No? Then GTFO.
many of the early core contributors, like @ethchris and @peter_szilagyi just keep shipping
so do you want to kill Ethereum? OK. Do you have half a decade to spare? No? Then GTFO.
thatâs the thing about Ethereum that Sam wonât be able to replicate
farming & dumping on people, offering them bribes, and using the implicit threat of hijacking their governance to accomplish your own goals
it doesn't inspire devotion
maybe he could learn from @VitalikButerin
farming & dumping on people, offering them bribes, and using the implicit threat of hijacking their governance to accomplish your own goals
it doesn't inspire devotion
maybe he could learn from @VitalikButerin
now when I see @SBF_Alameda and @KyleSamani added to the @CreamdotFinance multisig, I can't help but wonder
"are they going to farm & dump the fuck out of it, then try to push it to Solana?"
if so fuck that, I'm out
they are a #DeFi countersignal now https://twitter.com/CreamdotFinance/status/1302259057596624896
"are they going to farm & dump the fuck out of it, then try to push it to Solana?"
if so fuck that, I'm out
they are a #DeFi countersignal now https://twitter.com/CreamdotFinance/status/1302259057596624896
community building, ultimately, is about sharing the love
greedy people arenât particularly good lovers
greedy people arenât particularly good lovers
