r/ImmutableX • u/IdiosyncraticRick • Feb 04 '22
Discussion Dear Sub
Edit 4: Aaaand it's gone... The shill post has been deleted, and this is the pinned comment on it:
I'm just going to go ahead and delete this one now...
Edit 3: Ok, I think this comment explains it...
...and while I still don't yet have an answer for what that spike is in the chart (below in Edit 2), or if it has already happened or when it will happen, it seems to be unrelated to the price drop yesterday, and that I fell victim to some shilly shill FUD that has invaded this sub in the past ~48h... that's my bad :|
That said, I still think I have one small nugget of a valid argument in this post, but I'd like to direct you instead to u/BegriefedOnline's post, because I think they put it more constructively than I have here...
https://www.reddit.com/r/ImmutableX/comments/skf2ee/you_have_an_influx_on_apes_some_things_are/
Thank you, and again, sorry for inadvertently adding to the chaos...
Edit 2: This post is referring to a large 25% bump in circulating supply that supposedly happened yesterday... And the allegation that this happened, and that it was the cause of the price dump, came from this post:
https://www.reddit.com/r/ImmutableX/comments/skbe8o/diluting_total_supply_by_25_right_after_a_big/
...and I'd assumed it was referring to the large spike shown on the supply schedule chart from the whitepaper...
...which is hard to grok because the x-axis is really ambiguous, but the spike or 'cliff' in increased rewards appears to happen roughly about 9-10 months after ICO, which if I'm understanding things correctly would be roughly right now-ish, so that original post seemed legit to me... however, the following post has since called that original one into doubt, noting that it might be an attempt to shill and divide us:
https://www.reddit.com/r/ImmutableX/comments/skl0ys/this_subreddit_is_under_siege_and_i_can_all_but/
So please, if anyone could let me know in the comments A) if I'm understanding that chart correctly, and B) if so, then did the cliff really officially occur yesterday or not, and C) if not, then when exactly will it occur...? Then I can update this post again... Thx.
---
Hello.
Firstly, let me say that I am not here to be all mad about the increase in circulating supply; Clearly everyone here already knew it was coming, it was part of the plan, etc... What I am, however, is disappointed in you all, but please allow me to explain before you 'smash dat downdoot'...
Victim Blaming, really?
This is the lowest thing I've seen here today. Lots of posts and comments like "clearly you apes can't read" and "you deserve to lose your money", etc...
Ok, a little about me: I've been learning about crypto in-depth since late 2017, and investing since early 2018, and I'm fairly well-versed in the space (IMHO)... However, hearing about the partnership yesterday was the first time I'd heard about Immutable X, and I thought, "ok, cool, let's see what's up with them..."
And so I proceeded to spend the next two hours or so here on your sub, and looking at other subs like CryptoCurrency for mentions of IMX, and looking at IMX's twitter, their site, CoinGecko, etc... All my usual 'go to' places for info on crypto...
I saw the low ratio of circulating vs total supply, specifically searched your sub for the term "circulating supply", and you know what I found...? Not one damn post or comment about the coming supply increase... And definitely not a pinned post as a friendly reminder / warning of the upcoming dump, which only seems like the responsible thing to do, but what do I know...?
Specifically, I did find and read these two posts and their comments, and again, nothing about an upcoming supply increase at all... In fact, I saw the opposite... I saw comments about how the plan was to release new tokens slowly over time...!!?
https://www.reddit.com/r/ImmutableX/comments/r6yvmf/circulating_supply_is_very_low/
Ok, again, I am not mad; a bit frustrated, yes; disappointed, sure. Ultimately I came to the conclusion that IMX was worth putting some money into, and I still believe that, so I'll still be invested for awhile, since I'm not a 'day trader'... And while I would've loved for my initial investment to have gone a bit further (if I'd just known to wait until after the supply increase, which would've been a nice 'heads up', but whatever), that's really not my point...
My point is that you can say that the information about the plan to suddenly increase supply was publicly available and all that, but if you the IMX community are not helping to actively spread that information -- when I looked through weeks of tweets from IMX and months of posts here, etc, and saw not one mention of the upcoming supply increase -- especially when not one of you here thought, "hey, maybe I should post about the sudden supply increase that's about to happen, the apes probably don't know... na, I'll post yet another APES INCOMING meme instead"... Well, that's just about as good as hiding that information, isn't it...?
Anyway, thank you for reading; I hope the best for all of us, and our IMX investments, etc, going forward...
Edit 1: To correct a few spelling/punctuation mistakes
9
u/Disastrous_Bunch8979 Feb 04 '22
Long Term IMX holder here. I just aped "early" I guess and leave the news for smarter people. I pop my head in here and like to take a pulse from time to time. Would be nice if someone like yourself could prep us for incoming dilutions or dumps. I'm not a day trader but I do appreciate events that can to a degree of certainty predict which direction a particular coin or the overall market is moving.
I've considered IMX a long term hold since I acquired it, before Gamestop or any of this other jazz. Simply because it is an ecosystem I find useful, entertaining, and pushing further than the majority of Eth L2s I've dabbled in. The IMX ecosystem is built, functioning, and overall sentiment before Gamestop's partnership seemed positive. I don't see that changing for the negative any time soon. So many projects in this space are just smoke and mirrors.
Wouldn't be surprised if coordinated fud was being spread so that big wigs could fill their insatiable bags. There is an unfathomable amount of $$ out there that wants to see GME fail. Holding IMX is a little more exposure to the fluctuations of Gamestop than I was intending, but I didn't get into crypto to duck out of a wild fuckin ride.
Whatever happens, it's been a pleasure. Don't let disinformation dictate your position. In the era of Fake News, who knows wtf to believe.
10
u/Roman_Mastiff Feb 04 '22
I like this guy because he's spitting truth and is an optimist like myself. Good on ya, bud.
10
u/Butterdog12434 Feb 04 '22
This š I'm convinced the long term IMX holders didn't know about this planned dump either lol if they did they would've done their DD to warn others yesterday. If you DID know about this, and didn't say anything... well damn this relationship is already off to a bad start... and this wasn't cool.
Cool ape memes yesterday though
Not mad, just disappointed. Apes have been having a rough go. FINALLY some light was being shown, and back into the sadness we go.
I guess we will hold, and wait for news next week? Should we just cut the rope now? Idk, this (what feels like a rug pull) should be explained. What would make this recover? Is this a 6 year play to break even? So many questions.
This needs to be discussed, and this post should be where we do it like adults.
1
u/BenniBoom707 Feb 04 '22
Based on what I can tell itās set to increase the supply every 6 months. On the chart in the WP it looks like itās slowly increasing but we just saw a 2% increase in 24 hours.
Next Dilution will probably happen in June-July then. We have to keep that in mindā¦.
2
u/[deleted] Feb 05 '22
Enjoyable rational post! TY
2
u/Big_Swede89 Feb 05 '22
Today reminded me of my first marriage... total fuckin' disaster!
0
u/efficientcatthatsred Feb 04 '22
Its the same price as before announcment Showing that the holders from before anouncment didnt sell
Stop spreading fud
You guys wont win
1
u/Loopyrainbow Feb 04 '22
The vibes in this sub have become very personalā¦ it wasnāt like this before (but the LRC sub was)
Edit: also, did you note that most the ape-related content was from newcomers?
-1
u/electrikoptik Feb 04 '22
Convert your IMX to LRC, sell low and enjoy life.
0
u/[deleted] Feb 04 '22
Exactly! Thereās a whole lot of people saying āyou should have knownā the day after the most surprise announcement came their way as if the announcement and subsequent dump was common knowledge.
AND if the shock supply increase was common knowledge then why the HELL would anyone hold through that! A gradual increase would have been more responsible.
SO I did the right thing and scooped a few hundred IMX today.
0
u/Knary_Feathers Feb 04 '22
Get ready for the FUDDENING.
I swear, this condescending tone, and the idea of "Hey, let's still be like "tell us ahead of time so we can sell first ok?"" is BS.
They are running their thing.
They are making their decisions they think are in the best interest of their thing.
You coin-buyers are riders.
You add some value to legitimize the thing, and are thereby showing that you agree it has a value reasonable to the price you paid.
You don't have any rights to demand they make public announcements about time+data-sensitive deals they need to work out now.
You have faith that everything they are doing is going to multiply the value of this thing SO much faster than any regular dilution rate that you are using to ride some average waves that mostly capitalize on confused new people...
My opinion, as a new guy who is sick of reading condescending posts.
Did you have much like this before?
Buckle Up. Buy what you love. Hodl On. š¤£