Today I listened to this episode of CryptoShow in which the MaidSafe CEO among other things told the hosts they shouldn’t ask him about the timelines because they can’t commit to any. Indeed.
But usually it’s the sales types who make commitments they can’t deliver on, while the technical types are conservative because they know developers always need an extra day or year (in case of MaidSafe) to finish the job. With MaidSafe it’s different. As I observed in a recent post it’s the tech wizard David Irvine who constantly makes ridiculously optimistic promises he can’t keep.
Of course, we’re all sometimes guilty of that, so why blame David? Well, because although he is (or should be) fully aware of the fact that he always misses deadlines, with such statements he keeps inviting people into buying (ever more) MAID with the expectation that it will go live and “explode” anytime soon.
But this post is about the Nick’s interview I mentioned earlier. More specifically, about this particular segment (32m40s):
Sometimes it’s strange. You look at the size and charts of trading volume. For some reason it just seems to spike for no apparent reason that we’re even aware of.
– Nick Lambert, CEO of MaidSafe the company
I’m sure you noticed the key word even. In other words, usually when volumes spike, they’re likely to know why.
And why is that? Because they’re the ones trading. As anyone who follows this project knows, they ain’t buying. They’re selling. In volume.
The Big Dump
This screen shot (https://poloniex.com/exchange#btc_maid) says it all.
Who sold all those millions of MAID right after the big SafeNet alpha announcement? And how do we know a large transfer happened the day before?
We don’t know everything because 47 million MAID was traded that day. But we know something: thanks to a post on MaidSafe forum that alerted us to the fact that 3 million MAID from a MaidSafe address was sent to Poloniex the day before the big dump, we know that August 12 the folks at MaidSafe took a Godzilla dump on Poloniex.
Equal Opportunity Offloaders
It’s funny how following the announcement (and the big dump) Nick Lambert said how they’re playing fair. That is, by trading only after big public announcements, the public and MaidSafe have equal access to information.
That may hold true in some new Wall Street Theory of Information I haven’t yet heard of. If there was equal access to information, MaidSafe the company wouldn’t be selling MAID while their fanboys are buying.
That day MaidSafe sold precisely because the clueless fanboys were buying! In fact that is the best time to sell – when MAID fanboys think they know something others (including MaidSafe who are selling) don’t. To make this really simple, if MaidSafe sells at 2000 and some loser buys at 2000, that means 2000 is worth to them more than 1 MAID, and the poor bastard thinks the opposite. If they had equal information, they’d both trade in the same direction.
Normally only 3-4 million MAID is traded on Poloniex (which makes close to 90% of all MAID trading volume) every day. That includes back-and-forth trading action. When else but on these equal opportunity days, could MaidSafe sell?
Idiots who buy and hold MAID refuse to understand or listen. It’s a shame some of them will offload that crap to a greater fool before this never-ending project collapses into a coin-less, inconvenient version of BitTorrent.