Planning a Backpack OTC Block: Even doing this is difficult.
Situation
1. Almost all of the Sybil tokens held by Chinese investors have been reviewed and are currently being distributed.
2. An OTC block was opened during the distribution process.
3. The problem is that the exchange miner opened the OTC block at the "total loss" line.
4. For a typical perpdex, the correct conclusion would be to immediately conclude that the business has failed when the token price reaches the total loss zone.
5. Nevertheless, only additional buyers or holders remain who are pinning their hopes on the exchange's internal assets.
6. Backpack must somehow drive up the price. Nothing has been released since the TGE, and with toxic clauses found everywhere on the IPO staker page, the largest part of the token's utility is disappearing. It is impossible to know what the TGE prep was all about; it seemed like nothing was done during the TGE.
7. They need to list on an exchange. However, their own words are holding them back. "The team does not hold the tokens." —» In other words, regardless of whether the team actually holds the tokens or not, they cannot fulfill the requests of exchanges asking for tokens via OTC. 8. They executed the OTC order book believing it would resolve significant price volatility. However, the timing was completely off. There is absolutely no strategic advantage in opening it when everyone is at a loss.
9. On the contrary, it only clearly reveals that the current Backpack exchange has weak liquidity and is unable to absorb volume, further intensifying suspicions that they are purchasing tokens intended for Chinese investors at a low price.
10. They must somehow drive the price up. Instead of merely claiming to be different from Perpdex, they should have treated all users favorably, given that their vision was a CEX that included those using Perpdex.
11. Due to the short-sighted, arrogant judgment that they needed to filter out real users, beneficial relationships that were genuinely helpful to the exchange are being offboarded.
12. In this situation, the success of the IPO is not the issue; rather, a direct red light has been turned on for the process leading up to the IPO, the exchange's revenue, maintenance, and additional business activities. Ultimately, they will have to contact partners and present even more unreasonable terms, which will have a significant negative impact on the company's profits. 13. If OTC is activated, the volume held by general users will be dominated by Market makers, Venture Capitalists (VCs), and exchanges looking for prey, causing the situation to unfold exactly the opposite of the true intention.
14. The toxic clauses in the IPO are also problematic, and the influence of MMs, VCs, and exchanges holding the tokens will be strong.
15. Stuck in negative sentiment and fine-tuning since the TGE, the team is completely unable to move forward to the next stage. Furthermore, situations that are bound to create more problems are persisting.
16. The team must admit that an ideal paradise does not exist in this world. Having been in a high position for so long, it seems their direct communication with users and marketing strategies are completely out of sync.
I'm dumbfounded every time I look at the price lol. Are they planning to list on Upbit and Bithumb, commit crimes, and be done with it? lol
