$ket part 3: ethics

Spoiler, I have none

This series covers the background and first week of events of the launch of $ket, an Avalanche token presale for an AI trading bot.

My (lack of) ethics

I could write a whole post on my thoughts on ethics, but TLDR I think most people (myself included) are bad, the majority of the rest are neutral, and only a very small percentage are good.

So I don’t have a lot of expectations for you, and I don’t really have any moral authority myself. But here are my thoughts.

Taking profit, generally

I hold a very cynical view on this space. Although the tech is (hypothetically) real, the vast majority of crypto is scams and value extraction. Most of us are here to gamble, to try to make money. Most will lose; the game is generally zero sum here, and 80% of the wealth will transfer to 20% of the participants.

It irritates me when I see people hypocritically calling someone out for ‘dumping’. The people who complain the loudest are also the first to boast when they get a huge win. Your 20x came at the expense of other people, it didn’t come from nowhere.

When you sell you’re dumping, period. Don’t give me any bullshit about “selling into an uptrend”. It’s an AMM. A sell is a sell. A FSH has the same impact as ten 10% sells, except you’re not dragging it out.

It might be ironic, given that I helped build the shameboard, but I don’t begrudge people taking profits. You won’t see me calling people out on the TL for selling.

Almost all of the time, you have to put money at risk to make a profit (exceptions like sniping a fair launch or a free KOL allocation aside). That applies to everyone who bought this token.

Taking profit on $ket as a presale participant

It even applies to people who bought the presale. Presales have a bad reputation for going to zero. Accordingly, there were people who turned down the presale, or didn’t take the full amount, or sold their allocation to other people.

OK, it probably wasn’t the case this time. If there ever was an opportunity to make a guaranteed profit on a presale on Avax this is the one. But it wasn’t 100% risk-free.

So in my mind, you took the risk, you get the reward. If you want to FSH your presale for a 3x-10x, that’s up to you. The people you’re dumping on knew this was a presale.

I do think it’s kind of embarrassing to instantly dump a new, interesting project in the first few days though, when you’re up big and have basically no risk. Particularly if you’re a well-known community member, or Avax ambassador, or ex-Avalabs.

Everyone talks about how it’s sad that nothing can pump, and the community sucks, well you sure showed everyone that’s true.

Coping about Ketboard

Everyone knew the rules of the shameboard. All you had to do to not get exposed was sell ONLY 49% of your risk-free (at this point), hugely up portion of your allocation. Take 10K of profit instead of 20K of profit. Hold the rest for now, see if it goes up. I guarantee no one will care 30 days from now.

If you couldn’t do that, and you absolutely have to have the full amount NOW, then deal with it. Quit being such a whiny bitch. Yes, people are going to call you out, especially if you bullposted while dumping. People will be angry with you, unfairly and hypocritically in my opinion.

If you couldn’t see that coming, I honestly have no idea why. It started literally two hours after launch. You can’t claim ignorance, except that maybe you’re an absolute dumbass, which is probably accurate.

Dumb things people said

A few people complained they got outed for “adding LP”. One of those people who complained added LP single sided to TJ LB, and withdrew Avax an hour later.

It’s actually kind of hilarious how many people publicly posted thanks or explanations for why they ABSOLUTELY HAD TO FSH.

If you’re one of the people who said “I bought on other wallets”, please shut the fuck up, no one believes you.

And then we have this masterpiece of bullshit.

It’s all so tiresome. No one forced you to sell 50+%. I don’t care if the price went too high for Avax. Don’t tell me you had to FSH the remainder of your stack because people were being mean to you.

To be clear, I don’t approve of how aggressively people are sell shaming.

But if you’re out there whining on Twitter about being attacked after you made bag in two days for zero work and low risk, please quit being such a basic bitch about it.

Man up, own your decisions and the consequences that come with them.

-Fin

For now.