Episode Transcript
[00:00:00] Out of Cycle Update.
[00:00:03] No longer do the freaks come out at night. Now the bots come out at night. CryptoTalk FM My name is Leister, I'm your host. The presidential launch of Garbage Tokens continues because the president of Argentina allegedly I didn't see it because he deleted the tweet but allegedly launched his own mean Garbage Token announced it on I think it was X and Twitter. Again I was told this after the fact. This launched not very long ago, I want to say what, six hours ago or some odd launched on Solana. It's called Libra and I'll talk about the Libra here in a second. But launched on Solana, did an unreasonable pump. It debuted at about a dollar terms of price, launched unreasonable pump up to almost five bucks and then started dumping like mad. Current price is hovering around the $0.17 mark. So it lost quite a bit of its traction. A lot of people on mostly coinmarketcap but other online places I saw swore that the Libra president just rugged you in this token. I decided since it's after the fact and it's harmless and I figured there, there's probably more to the story because a lot of people will tend to put comments out that are ahead of this real situation as well. A lot of people don't understand the cycle of price. This isn't to defend what happened, simply to explain to you that the visual that I saw was. It should be pretty expected if you understand the game. The game that is cryptocurrency at the highest levels of awareness. Highest levels of awareness, meaning if it's a high profile launch, there are certain things that are simply going to happen.
[00:01:39] So when I looked at it and saw the drop, the first thing I saw was not rug because it didn't go straight down, it just had a lot of cells. The amount of cells and the velocity of cells told me straight away that bots were involved. That's all I knew just looking at the graph. So then I dug a little bit deeper and when I looked at some of the bot activities, it was clear that the bots. There's two different types of bots. The bots currently comprise a third of the total traffic. That's actually not bad. Usually some of these other garbage projects, you know, the bot is like half the traffic or 3/4 of the traffic. Here it's only a third of the traffic. That's not bad. That means there's still legitimate people. I'm talking humans doing things with their fingers doing some of the traffic. And that meant that some of the cells were just people that sold out of it. The question, the open question that should really be solved is whether those people got tokens prior to launch. Right. Could that be a pump and dump scheme? And how many tokens did those people get? Meaning did those president. Does this president give to his buddies or even the developers of the project? Did they hold back certain tokens? I saw a different thing I'll talk about here in a second, but I didn't see that there was an intentional design to rip people off as built in this thing. It simply seemed that there was. Just for whatever reason, I don't know the reason, whatever reason, this pump and dump activity where a lot of tokens were dumped out of the project, not because of a direct rug pull. Just to clarify, the delineation is clear. A rug pull is that the developers made money available and then it was not available due to something they did or didn't do. I didn't see that. I see that people sold out of it. I see bots dumped out of it. There's two types of bots in this third of the val of the volume. There are these regular arbitrage bots. The arbitrage bots are basically exploiting the price positive to sell out, take the money and go. You know, like Jared from Subway. Right. So there's those where they're taking and draining liquidity, but it's a bot that's doing it. Somebody deployed the bot. We don't know who it is. Okay. Then there's the other activity bots, AKA market maker type bots, where they're just faking traffic. The market maker bots seem harmless, although they are doing the largest dollar amount of cells. I don't know if that's intentional or simply because they're reacting to the chart to create that situation. The other thing I thought of is it could be that something or someone is purposely pushing the price back down. But why would you push it down that far below the launch? Because again, it launched about a dollar and then goes down to 17 cents. You don't see that very often. Usually I would expect the drop goes back down to like back to the $50. I wouldn't expect it to go that far beneath the launch price. So either it's an intentional drain liquidity trap, or somebody's purposely trying to get the price to be that low in order to, you know, trigger another run later all through arbitration bots. So I don't see that it was rugged by definition. Although the president deleting the TWEET seemed and he allegedly, I was told this, left a message saying he no longer supported this project and thus he was getting out of it. Tells me that there's something he discovered now. He said that he was getting flack from his peers and so he just didn't want to deal with the smoke. Other people speculated perhaps he learned something about the developers after the fact. Remember I said on the Trump token he had partnered up with his NFT on a known scammer and that's the risk. It's not that it's Trump, it's that who developed it, right. And how much token are they holding and what are they doing to exploit the price. That's the unknown and uncertainty that's never been clear. And perhaps the president here in Argentina said it's not worth that risk because it's something he discovered. So I took a look at the site. It's Viva la Liberta project. Viva la Libertad for you people don't pronounce it correctly, project.com.
[00:05:44] and it's actually a higher level project that's around grassroots type funding, providing economy strength to the economy, small business support, funding for entrepreneurs and education. It's a very similar concept to the, you know, what the scam known as Cult was talking about doing. As in we see these projects and somebody can support, can offer a project that will offer them funding the same concept. And this is backed by an actual, you know, country. So there's a little bit of legitimacy to it. And then it says that the token is helping with some of this, you know, gathering of funds. You know, basically people buy in and they use the funds to support. It's like, it's like Cult Dao, you know, but with Cult, we know it's a scam, but with this one with a country backing it, apparently that added legitimacy that caused people to think it was okay to buy into it. So I didn't see any problems with the site or anything else, but the, everything around the tokenomics told me, okay, it's just a token, but we don't know who's backing it, we don't know who's running it, we don't know what their intentions are. And so people think it's a rug pull scam. I don't personally see rug pull scam. I do see pump and dump, which we expected was going to happen. As is the case, every time it's a high profile somebody, there's always going to be that pump and dump. We just don't know if it's the devs that did it or the President, Argentina himself did it, or whoever did it. So it's not that you can't buy it. You can buy. It's on Solana. You can absolutely buy it. Mexc actually listed it for futures trading. That tells me. And Mexi is known for listing scammy, scummy projects. You know, they, they're still on Hotchko.
[00:07:17] So I think there's something with this whole situation and I don't know what it means and I don't know. I would not recommend getting into it unless you're a strong gambler. Because if you are a strong gambler, there's an opportunity for profit, at least of a 5x I would assume. But that's going off the notion that it's not the devs, you know, ripping you off because that means they could continue doing it. The flip of that is if they sold off the supply that they had, that means the supplies on the open market means that there's no additional damage that could be done. It's a gamble no matter what. You're rolling the dice. And this is why I keep telling you people about what, what it is and how it works.
