'Snitch-to-Earn' is Working - Unfortunately!
TL;DR
Arkham Intelligence now has their first approved submission: proof of the wallets owned by Do Kwon / Terraform Labs (check them out).
Philosophically, we just can't get ourselves to agree with Arkham Intelligence's program.
Rewarding people to figure out which wallets belong to who and then posting it on Twitter X, is kind of akin to figuring out where someone lives, and posting their home address online. Rewarding that behavior with the 'snitch-to-earn' program takes it to a whole new level..
Full Story
About two weeks ago when we wrote about Arkham Intelligence's 'snitch-to-earn' program.
They now have their first approved submission: proof of the wallets owned by Do Kwon / Terraform Labs (check them out).
And the snitches winners get...$5000.
Look, we're not here to say what Do Kwon / Terraform Labs did was admirable.
Heck, the Terra LUNA crash led to the FTX crash, which led to this here bear market that we've been struggling through the entire time we've been building this newsletter.
BUT, philosophically, we just can't get ourselves to agree with Arkham Intelligence's program.
Some people invest in crypto to make money - and while it can go up in value, that's not its core value proposition.
The core value prop for cryptocurrencies (like BTC) is that they're decentralized.
They're not controlled by any company or government, and there's no need for intermediaries like banks in the traditional financial system.
Rewarding people to figure out which wallets belong to who and then posting it on Twitter X, is kind of akin to figuring out where someone lives, and posting their home address online.
Rewarding that behavior with the 'snitch-to-earn' program takes it to a whole new level.
Less of this, please!