In a way, yes. the VCs know it is a scam, which is why they are doing it.
> The never listed coin is the best; the listed, non-VC coin is better; and the listed, VC-backed coin is the worst.
Precisely.
It is exactly what happened to Internet Computer when that launched on Coinbase and Binance, as the author in this article describes, as well as I did [0][1]. The same happened especially with ENS [2][3][4] and the same happened with DESO. [5] These tokens listed out of no where on Coinbase or Binance, so that means that insiders who bought in at private token sales are using these exchanges to unload their holdings on to the retail buyers on the exchanges when they list.
By the time that has happened, it is too late and expect a pump and dump on the token price, hence why all these tokens are 'under performing'. As for the ENS token, they are doing it all over again via another airdrop [6], just look at how much ENS they can 'airdrop' and gift just to pump the price again.
In what way does an airdrop pump the price? If anything it should be the opposite. Now Coinbase voting at all and showing involvement with a project might pump it but that wouldn't be because there's an airdrop.
It happens before doing the actual airdrop. It creates another FOMO effect for late adopters who missed out to meet the airdrop requirements or to buy in before snapshotting the blockchain. That will pump the price.
After the actual airdrop happens, a mass sell off from many long term holders will happen to take advantage of the FOMO. Everyone knows that another airdrop will happen so I will expect the ENS price to initially to go up for a short while and then go down again.
In a way, yes. the VCs know it is a scam, which is why they are doing it.
> The never listed coin is the best; the listed, non-VC coin is better; and the listed, VC-backed coin is the worst.
Precisely.
It is exactly what happened to Internet Computer when that launched on Coinbase and Binance, as the author in this article describes, as well as I did [0][1]. The same happened especially with ENS [2][3][4] and the same happened with DESO. [5] These tokens listed out of no where on Coinbase or Binance, so that means that insiders who bought in at private token sales are using these exchanges to unload their holdings on to the retail buyers on the exchanges when they list.
By the time that has happened, it is too late and expect a pump and dump on the token price, hence why all these tokens are 'under performing'. As for the ENS token, they are doing it all over again via another airdrop [6], just look at how much ENS they can 'airdrop' and gift just to pump the price again.
That is the hype of 'web3' illusion and scam.
[0] https://news.ycombinator.com/item?id=27492858
[1] https://www.binance.com/en/support/announcement/33b6e8116ce5...
[2] https://coinmarketcap.com/currencies/ethereum-name-service/
[3] https://www.binance.com/en/support/announcement/6dcf651bba03...
[4] https://twitter.com/coinbase/status/1457857919068737543?lang...
[5] https://coinmarketcap.com/currencies/deso/
[6] https://decrypt.co/87505/coinbase-votes-favor-another-ethere...