Unipcs (aka 'Bonk Guy') 🎒@theunipcs
i woke up to Arkham, Wublockchain and several crypto publications posting about how i'm 'down $20 million' on $USELESS and my public wallet holdings
naturally, an army of smaller accounts started pontificating about how i'm stupid and should have sold the top
to put an end to the pocket-watching, i have moved all of my $USELESS tokens from my public wallet to my CEX account for a number of reasons
TLDR: moving my $USELESS from my public wallet has nothing to do with price. it's about OPSEC, reducing pocket-watching narratives, and managing risk more rationally.
three reasons:
1. whether or not i hold publicly is completely irrelevant to the success or failure of a project; bad coins i've bought and held on the public wallet have gone to zero, good coins i've sold have done well regardless of my selling
for example:
• the fact that i publicly held and relentlessly bullposted USELESS did not prevent it from dropping 90% like every other memecoin (or altcoin) does when market conditions get tough
• i haven't posted about USELESS for a week now. the fact that i stopped aggressively bullposting USELESS has not prevented it from being the fastest horse at the slightest sign of life in the market; e.g. at the slightest sign of relief in the market it's up 16% today at the time of writing (the most of any established memecoin)
• objectively: USELESS has consistently done over $10m in daily volume for months now, even at its lows and despite memecoins having been weak in general. it has also maintained a minimum 25–30% Vol/Mkt Cap ratio, which is among the highest for a memecoin in the space and shows it is extremely liquid for its market cap
2. holding publicly is a net negative for me and the project
'SPX is going to nuke to zero if Murad ever moves a token'
'USELESS is done if bonk guy ever transfers a token'
sounds familiar?
while i don't think either statement is true, a good number of people believe it to be true... and some might want to act on it if USELESS hits my target and i move tokens or start selling
if relentless bullposting or holding tokens publicly doesn't positively impact the price at this point, then keeping them in a wallet that lets people zero in on every move i make is just stupid
objectively, the market has already shown that my public holdings have no measurable impact on price
and tbh that's not the kind of sentiment i want around the project when it's back at ATH or in the billions and i choose to move or sell my tokens
besides, it's strategically better to move the tokens now at the bottom than when the project is back at ATH or at billions where people will be laser focused on me moving eight figures' worth of tokens
3. it's better OPSEC to move
many might not know this, but my public wallet is a BonkBot wallet (i.e. the popular Telegram bot)
i set it up randomly back in the day as a tool for degen trades, and i ended up making some high profile, highly successful trades on it
while the BonkBot team has shown strong character and the bot has been very secure so far, the reality is that this is crypto. lots of high profile bots and web terminals have been exploited in the past, resulting in loss of user funds
i do not expect BonkBot to get hacked (they've proven to be very competent), but it was plain stupid and ridiculous for me to hold USELESS to eight figures in a TG bot and to still have seven figures worth of value sitting there right now
if something like that ever happened, it would create bigger problems and pose a larger threat to tokens i hold there since a hacker would suddenly have a lot of supply to dump
in addition to USELESS, i'll soon be moving anything of high value away from that wallet
tbh i have long contemplated how to go about moving tokens in that wallet in a way that best minimizes FUD, and i once considered setting up a multisig wallet for this purpose
but after seeing the relentless pocketwatching, and especially the extreme insensitivity from countless random anons — many of whom have not made a single successful public trade — even after i got wiped out of eight figures on 10/10...
i realized something
i've got nothing to prove to anyone
i mean, i literally give zero fcks anymore
will i be selling my USELESS here?
No. i'm holding it to ATHs and beyond, GOD WILLING
i maintain my conviction that this is going to billions
however, i will no longer keep high-profile positions in a public wallet that gives mostly unqualified random anons the pleasure of pocket-watching and overanalyzing my every move
i should also note: i have a recent sizeable USELESS perps position opened from much lower on Lighter. that position is untouched since Lighter is probably the best place to trade USELESS perps at the moment
i'm not moving that like i'm doing with my spot position, but that could be a short/mid/long term trade depending on market conditions
my spot bag is different. i do not intend to touch it soon and will likely continue compounding for as long as price remains attractive
outside of the prying eyes going forward
the thesis hasn't changed
i'm still holding $USELESS to ATHs and beyond, GOD WILLING
