erionesu

@Lucas_y1 Feel comfy with my bag

$50M day-one liquidity in this market is actually pretty crazy when you think about it it’s easy to overlook numbers like that, but getting that kind of capital committed upfront, especially right now, says a lot about how people behind the scenes are positioning it also changes the starting point completely, apps don’t have to struggle for liquidity from day one, things can actually function the way they’re supposed to worth watching if u ask me

@hrithikk Hard to disagree

Monad is best IDO of this decade If you invested $10,000 in Monad ICO, today you would have $8926 Congratulations, you lost only $1074 in 4 months.

@jrwhale WAO

Do Madlads say 'WAO'? Money is cheap, culture is more expensive.

@mono_nft Fock it!

@cryptohighvol Fock it

Already down bad. Riding or dying with Backpack. Will keep buying until zero and stake.

@js_dun @Backpack Yea there are def things Armani and the team could’ve handled better but I still trust that Armani will regain the community’s trust one day. I hope

@cryptohighvol @Backpack Thanks for the support bro Hope we’re still heading for a sunrise ahead🙏

I think everyone saw Armani’s post about @Backpack and current situation. I’ll just say a couple of words about it: About FUD - you’re right that its main purpose is to point out the mistakes that were made so we can try to fix them. And people should listen to it. The fact that everyone’s attention is on the price is also completely normal. Price action first and foremost reflects the holders’ sentiment (especially in our case, where most tokens are in the community’s hands - that plays the biggest role). Market sentiment comes second (we’ve seen successful launches even in bear markets). And as you fairly pointed out, there were many reasons for this OTC - most people didn’t even say team were selling there (though of course the thought crossed everyone’s mind). The real issue is different. When the main face of the exchange makes an official announcement that they’re organizing over-the-counter trading for their own tokens, it delivers a MASSIVE blow to the exchange’s reputation Admitting there’s no liquidity for trading your own token and openly acknowledging it - that’s a failure. There were two ways out: either increase liquidity on the exchange using your own funds, or if you still chose the TG chat route - do it privately in individual conversations with interested parties, not publicly This wrong approach crushed token price yesterday About MadLads - it’s hard for me to make any definitive conclusions about the future utility of the NFT. I just want to say that there’s a huge split in the community right now. From what I see, people are literally getting kicked out and banned in Discord just for reacting or for expressing their opinion (not FUD for the sake of FUD, but just a different point of view from Big Brother) That’s completely wrong approach. Community is first and foremost people with different opinions. If you want a cult that only looks in one direction - you’re doing everything right. If you want an actual community - don’t punish those who speak their minds, listen to them instead. Then the mood inside will be fine About sybils - you’re doing everything right. I’m glad you reconsidered your stance on this and created the appeal form and started returning the funds The only thing we’d like to see is clear criteria for how you detect sybils. That would help a lot of users avoid mistakes in the future About price / FDV - like I said earlier, in your specific case the price depends heavily on the holders’ sentiment. The people you called “farmers” have probably already left. What’s left is the community Give the community clear answers on why they should hold the token (not just vague hopes for a bright future). Staking is the main feature here. Explain all the questions and hidden traps related to staking (the legal nuances, rules for changing conditions, etc. - everything I listed in my article). Let your community actually trust you Because as you correctly said, without the community you’re nothing (just like any other project). So it’s important to give people peace of mind, not just lock yourself in the workshop stacking bricks on top of each other. Thanks And a separate line for the holders: Guys, you’re heroes. Despite all the FUD and fair criticism of the project, you’re still here. I hope in the end you win and walk away with your heads held high - one way or another. Good luck Lads!

@armaniferrante He's back.

On FUD. FUD is an opportunity to either address misunderstandings or to identify mistakes and simply fix them. With every TGE, emotions run hot, as people focus on a single number, the token price, determining one’s feelings. It’s human nature, and because Backpack has such a large community around the world, spanning from advanced traders in Asia, to wallet users on every network, Mad Lad holders around the world, and everyone in between, the TGE is a time where people vocalize their views. I would like to address several different topics I’ve seen floating around over the past few days to set the record straight and offer my perspective. - OTC. I can’t believe I have to say this, no, we aren’t OTCing our own tokens to cash out. See the tokenomics. Fake news. End of story. What is true: buyers reached out to me and asked for OTC. I am happy to help buyers find more tokens. Unfortunately, due to the bad history of other crypto projects using OTC to cash out, folks assumed the worst when they saw me post about OTC in discord. - Mad Lads. All existing Mad Lad holders pre-TGE retain their Backpack VIP status. New holders do not. Some like this, some hate this. I understand both perspectives. My perspective is that Mad Lads has always been an evolution alongside Backpack. We went from the whitelist games inside Backpack => pre-reveal inside Backpack => reveal boss inside Backpack => xNFT inside Backpack => airdrops inside Backpack => VIP points inside Backpack => the BP token. Each one of these stages created a clear path for Mad Lads to get to the next stage, always focusing on long term holders over people that come and go. There are people that follow the path, and people that do not. There are people that evolve with us and people that do not. Our approach from the day Mad Lads was born has always been to focus people on the Backpack product. Naturally, new people came into Mad Lads with their own pre-conceived notion of what it was or what it should be. This creates tension. But we have always had a strong vision and we will always stick to it. The people that use the product always get to the next stage, where every stage answers a single question: how do we push Backpack forward. When designing token utility, it’s a question of economics, and it would be a disservice to BP to not align incentives around it. There’s an additional nuance worth pointing out: Backpack is different from basically every other product that dropped a mined token because we KYC users and are selective about the regions we open up. Those users have been out of the game, so to speak, not because I want to do that–nothing upsets me more than not being able to serve users in a particular region (what founder would want that?)--but it’s because we have chosen the path of building a crypto native financial institution. That path is long and hard. For these users, we have maintained the path to get to the next stage and have communicated that. When we open up regions, these regions will get their drops, and we will be running new campaigns to get more drops just by using the product, and that brings everyone up to speed with the same VIP benefits of the original pre-TGE seasons. For the long term holders, nothing has changed. The key issue is with respect to new NFT holders. Some people will hate this. Some will think it’s sound economics. I understand both perspectives. We are doing what we think is best. - Sybills. Our goal was to protect retail users competing for points against sophisticated players splitting accounts and giving themselves an unfair advantage over those that don’t. The mistake we made: our process was too black and white. From the team’s point of view, we had a line and we stuck to it. From the community’s point of view, the line is nuanced. We did not sufficiently take that into consideration. - Price/FDV. With every token comes the human nature to think about the price at all times. There are good ways to think about price and there are clearly illegal ways to think about price. Our position is simple, we are building over a long period of time, and we are not making short term decisions. 24h post-TGE FDV is not a meaningful metric. Even 1 week post-TGE FDV is not a meaningful metric. If you ask anyone that’s ever built anything, they’ll tell you the same. Many people will take issue with that statement, and that’s ok. Ultimately, you have to look at our incentives and decide for yourself. The fact of the matter is that the team and I are incentivized to make Backpack a success with arguably the most extreme tokenomics ever created. What happens if the token goes to zero and stays there? Our company fails, and we get nothing. Some people might rebut saying that we get rich from the company revenue. No. That is simply not how companies work. We don’t get rich from a bad token price. We are punished in the most extreme possible way. And we are rewarded in the most extreme way only if we achieve all of our hopes and dreams. The way it should be. This is by design. Beyond this post you won’t see me talk about price or FDV. You will see me talking about building and creating long term value. And it’s only by doing that, can BP become a success. Every project goes through trials and tribulations. This is certainly a moment for us. We are nothing without our community, and we will serve it in the best way we know how. I have complete conviction, I am all in, and the team is all in. Don’t trust us, look at the tokenomics to decide for yourself. Thank you for reading this. Thank you especially to those that have supported us this week. It means a lot. We will continue to review the above, particularly the cases around sybils, and get back to building.

Yeah, I agree on the Armani part but calling those hard-earned points a free airdrop just shows you probably never really used Backpack or any perp DEX during the points program. And no one expected to make generational wealth overnight. Most core users were long term believers. It would've been enough to say Armani is a great builder but you don't need to speak so presumptuously about things you clearly don't have full context on.

Contrarily, what Armani is doing is actually a demonstration of great leadership. There's zero point in trying to placate an angry mob who is upset they didn't make generational wealth off of their free airdrop. The same people who claim to have supported the platform for years. Nothing he can say is going to assuage the community in any meaningful way. In reality, if they were truly ardent supporters, they would see the launch for what it is. The first step of many towards a larger vision. Not the finish line. Value is not created by talking. Value is created by shipping product. Precisely what the BP team is focused on. I hold some Mad Lads, but I didn't participate in any of the points mechanics. I don't really have a horse in this race. But I do know Armani. He's a great builder. He's overcome insane challenges. He's one of the few genuine people in the space, and also one of the few people I have deep respect for in crypto. I'll say what he can't. If you're so upset with the result of free money you received in the airdrop, leave. You're a net negative to the rest of the community. And since you don't support the platform, just sell your tokens and walk away.

@MadSimon_sol Hopefully fam🥹

@cryptohighvol Banger entry!!!

@Gabriel12217740 I know

@cryptohighvol 🤣

@zasshouu Already broke ser

@cryptohighvol Go home or go broke

@gustfac Yeah, I don’t think that was a well-thoughtout decision either but it is what it is. just gotta trust him and wait.

@cryptohighvol i dont think so... He left us and caused us losses in the end... One of the worst airdrops in history.

@gustfac Hope Armani brings back the utility for madlads

@cryptohighvol Scampack

@L3O_NGO Cant deny bro

@cryptohighvol bear market could make one lose his mind lol

@JayPark46248410 @jrwhale 😭

@cryptohighvol @jrwhale 저도 반은 같은보트에 반은 물속에..ㅎㅎ

@jrwhale Thx bro. We are in the same boat🤝

@cryptohighvol Yo will buy a villa for your mom soon 🔥

@jrwhale Already moved into my mum’s basement😭

@cryptohighvol Go BIG or go home 😅

@octraintern I like that

"illiquidity is currently a feature"

@L3O_NGO Dont even know what im doing now🤣

@cryptohighvol You are not alone bruh lol

@daitote Damn bro🥲

$BP -9000万円に更新😇 そろそろ勘弁してくれませんか？笑