Leicester On #BlockDAG Trying To Remove Fair Market Pricing (OOC)
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What is BlockDAG and how does it relate to fair market pricing?
I gotta be honest.
It's like watching children in the playground. CryptoTalk.fm. My name is Leister. I am your host. A quick update around what's going on on social media starting roughly around 3 a.m. in the United States time zones. And it didn't even matter which time zone because I can't pin down exactly when this started by about 3 a.m. The blockback team sent out a post and then and I'm going to school you on some of this stuff. But the blockback team sent out a post on social media. They then employed a bunch of bots to redistribute the same message on CoinMarketCap's community. But the post essentially said that they did not want the BDAG slash USDT trading pairs displayed on the CoinMarketCap profile for BlockDAG.
They wanted them removed. They claim that they did not reflect the true story about liquidity, that they were inconsistent, that everything was wrong. It's not correct.
What recent events led to the controversy surrounding CoinMarketCap?
Here's the background. So you can understand how silly this is. Coin store I covered. Blockback had been out at Tokyo 2049. Remember that was the whole event where I said, this is the person I'm not going to name, but he was up on the stage. He looked like an idiot and they were doing this dog and pony stuff and coin store was sponsoring. And it seemed like they had a really buddy, buddy relationship, right? Coin store got some liquidity. and started launching market maker transactions. When the block tag team was starting to roll out a lot of these different things for the exchanges, they chose, they cherry picked who they were going to provide liquidity to based on who would follow it the way they want it.
Because what they wanted to do was they wanted to force a 5 cent price. Remember they told you that we're launching at 5 cents. They told you that we're guaranteeing we're launching at 5 cents. They said it at least 20 times. We are launching at 5 cents.
How did the BlockDAG team manipulate market perceptions?
They were going to do that by way of market maker. I explained market maker market maker is automated bots, creating artificial orders. The second part of this then is the block bag team blocked the ability to do any deposits of your pre-sale coins, which means you had to trade on the exchanges themselves. They would use the market maker to basically sustain the price. Understand that they're still working on blockchain related stuff under the hood, but they rushed out getting on the exchanges. Now, Pionex, I'm talking the international one, was one of these that launched and initially had some market maker pumps and then died off. The United States side, which is WeBot now, used to be Pionex.us, but WeBot now, initially opened up deposits for a couple of hours.
A bunch of people tossed millions of BDAG in there. WeBot closed it down, but it was already too late. Now there's roughly, I'm going to estimate about 50 million BDAG floating around. And we bought right now, we bought later opened up deposits, full scope. So you can fully withdraw. There's a limit. It's like a couple of hundred million. It's it's crazy.
What role do market makers play in cryptocurrency pricing?
You can fully withdraw. Otherwise though, you can essentially fully deposit. They don't have the limits on the deposit. So you can deposit, you can withdraw, you can buy, sell trade. It's 100% full availability, but it's only for United States traders. It's the only exchange. that allows the full trading experience for beta coins, which means only Americans are able to take advantage of the free experience. If you've not gotten into, we bought yet, you're hearing it for the first time that we bought spent open. It's been open since roughly about March 6th. You missed the 10 X. That's fine. I want you to understand though, What's going on? What's going on is that we bought is the only exchange that represents the full trading experience.
Even now, none of the internationals do. Those were doing fake pump transactions.
How has WeBot positioned itself in the current market landscape?
My guess is that the block bag team stopped paying for the market makers on the fake pump exchanges. Coin stores price started to dwindle. Since CoinStore's price started to dwindle, many of the others started to dwindle.
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Chapters
8 chapters
1
What is BlockDAG and how does it relate to fair market pricing?
0:00–1:10
2
What recent events led to the controversy surrounding CoinMarketCap?
1:10–2:02
3
How did the BlockDAG team manipulate market perceptions?
2:02–3:11
4
What role do market makers play in cryptocurrency pricing?
3:11–3:58
5
How has WeBot positioned itself in the current market landscape?
3:58–5:00
6
What challenges are faced by exchanges in maintaining fair pricing?
5:00–6:02
7
Why is fair market pricing critical for cryptocurrency exchanges?
6:02–6:53
8
What are the implications of the BlockDAG team's actions on the market?
6:53–8:53
Speakers
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