Read on Twitter
Time for a thread:
1/5 Many people within the Swipe community have approached either Swipe or myself and asked to have $SXP delisted off Futures on both Binance and FTX. Overall it seems there are a lot of strong algos and trading bots that are controlling these markets.
1/5 Many people within the Swipe community have approached either Swipe or myself and asked to have $SXP delisted off Futures on both Binance and FTX. Overall it seems there are a lot of strong algos and trading bots that are controlling these markets.
2/5 This seems to be cordinated & detrimental to the overall project in a wide array of fashions such as:
A) We created a deflationary supply model so that the supply can decrease on usage. Because of Futures basically anyone can take a Buy (Long) or Sell (Short) position with
A) We created a deflationary supply model so that the supply can decrease on usage. Because of Futures basically anyone can take a Buy (Long) or Sell (Short) position with
3/5 just USDT. That means theirs no cap on this nor SXP involved. I have personally seen the total long & short positions total close to the entire MC of Swipe at one point. I don’t think this is healthy.
B) Futures can play a highly manipulative game w/o market risks controls
B) Futures can play a highly manipulative game w/o market risks controls
4/5 that regulated futures exchanges have. (CME etc). Ex: Open a short and sell on spot to trigger more selling and capitalize the short.
So I think spot markets would be the safest environment for a project that utilizes tokens to power it’s ecosystem.
So I think spot markets would be the safest environment for a project that utilizes tokens to power it’s ecosystem.
5/5 I am all for free markets, but when it just becomes a game to some and harms projects, project leaders should try to do something about it, or at least get public voice on it. I am interested to know what CT thinks of #Future markets & what remediation steps you would take 
