This is going to get a lot of attention once someone translates this. mp.weixin.qq.com/s/VW6KxNtyvZJ-… $fil testnet coins moved on to exchanges & were sold. Gate & Huobi seem to be the biggest. Binance & poloniex limited damage.
Basically miners dumped their testnet coins crashing the price then complained they should change the locking schedule since more supply was on market. Filecoin had to accept the miners proposals & 25% immediately unlocked. How did testnet coins become real? Was there code bug?
Could it have been the team deliberately doing so to force early unlocking? Filecoin hasn’t spoken out yet. Was it a filecoin developer or a miner team who found out that $fil could be sent to @gate_io ? Was it gates code flaw?
What about the person informing colleagues & friends in their right circle. Miners sent large amounts of test coins to hate & sold them 11pm Oct. 15th price fell $180 to $50. Then Huobi & Binance bring $fil online price jumps to $400 so they sold more into new market down to $50
This was all possible because the initial $fil on lotus network distributed test coins intended to be worthless almost a beta launch. Once they had pre main net alpha launch in August 25th the filecoin “space race” intended to reward 4 million $fil as test coins
The rules are a little unclear but it required having 180 day lock in for staking which would guarantee miners on $fil which distributed another 2.8 million $fil with the same unlocking rule but on the next phase of mining which was to bring main net online.
After the 2nd part of the “space race” ended another 3.66 million $ful was awarded with a release of 1/180 days. There was a gentlemen’s agreement that only the reward for the “space race” would be part of the main net so to appease the miners it was launched block height 14888
Of course “888” is lucky number in Chinese & filecoin developers know this. Hoping to keep miners on the network since the supply was changing from originally expected. Before main net was launched @gate_io opened $fil spot trading price went up to $240. Miners were celebrating
Now you’re a miner cushioning the future realizing you have tens of millions or hundreds of millions in $fil in your addresses. So now the gentlemen’s agreement about the testnet/main net coins being moved starts getting a bit to heavy for some gentlemen to keep.
Miners feel they should be compensated for others taking advantage so they follow suit. You see floods of $fil hitting gate, dex, Huobi of course they continued to sell. These were free coins after all why would they hold them when the truce was broken
Again when binance went online with $fil constant selling into mainstream currencies like $btc $eth & $usdt they got millions in free money. The exchanges & users themselves didn’t know. The miners sold all the test net coins. They’re calling it a “harvest feast”
In the end all the test coins including ones from the space race. From large miners reportedly making over $100 million to even smaller technicians & miners clearing $200,000 in profits from because of “officially” distributed $fil coins
Only miners & developers knew what was happening. 800,000 had been “double charged” to huobi. These fil did not follow the 180day unlock. This forced filecoin team to issue their statement claiming it was for the purpose of “market value management” to avoid price being too high
The total double charged is close to 1.5 million+ Gate & binance each saw around 400,000 $fil sold on their exchange. Which caused the miners who just exploited the test net coins to become angry at the filecoin team for failing to abide by their own integrity & violating terms
The miners still have obligations to their locked in $fil but the price fell to $30-$40-$50 they could easily buy back enough to keep their pledge but some miners remained greedy. Claiming the devs broke their own rules & price fluctuation being too dramatic they wanted change
Using their collective weight the industry leading miners said they would stop adding new machines & even remove current ones is their demands weren’t met. The rule change to unlock 25% of their funds instantly. While leaving 75% 1 per 180 days
You’ve successfully sold off testnet coins. Rebought your required locked funds. Forced the devs to unlock 25% of your “real” supply, while making the filecoin team look back & everyone sympathizing with you since they only know/see the devs unlocking $fil not your testnet sells
Miners gathers media attention blaming the team for their “reckless actions” while individual investors believe they are the victims along with them. Filecoin had no choice but to accept the miners proposal & unlock 25% There’s an expression in China “it’s better than stealing”
Check the explorers that for circulation of $fil total ~30 million.Only 420,000 are unlocked each day which is just over 2 million in 5 days. Even with the 1.5 million from “market value management” unlocked its only barely above 3.5 million Far below the total circulating supply
So where did that extra ~26.5 million in $fil come from? Those are the testnet coins made real by miners. Miners aren’t victims of filecoin team releasing coins early. They played this great. Pulled huge profit from testnet coin selling for real $ then crying wolf to gain more.
Why did the test coins become real is another question in itself. Faulty protocol set up by exchanges eager to be the first to lost? Too much trust in a gentlemen’s agreement? Flawed code or faulty configuration or negligence? I feel @Filecoin should give a statement to clarify
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