The Dev Wallet Is Selling!!!11elf and other misconceptions/FUD
Ok, first of all: With all the scams and shitcoins out there, I understand that people are wary when certain things happen and I’m happy that a lot of people at least start to do their own research, something which I have always encouraged everyone to do before investing/buying into anything.
But only starting researching or simply applying what you heard somewhere else is not enough. Each project is different and to truly understand it, you need to dig deeper.
I have always been very transparent about every single step I took so far and since we have a very active community on Discord with several knowledgeable ‘Backers’ I discuss every major step with these users first, listen to suggestions and have a vote before taking any action, then announcing it via social media.
First things first
Before anything, you need to understand the difference between a wrapped token on BSC and a natively issued BSC token. CSM is natively issued on Stellar. That is where the actual token is at home. The CSM circulating on BSC (not held by dev) is just what has been withdrawn from Stellar to BSC!
The dev-wallet on Stellar is:
https://stellar.expert/explorer/public/account/GD76TKZP7YI6VC4ICFHXRRXVE7J6VLSWHCM4H6DDDMYQ4R62RGZJTHEX
You can track withdrawals from Stellar to BSC on this account which holds all the CSM that are in circulation on BSC:
https://stellar.expert/explorer/public/account/GAPIQCOWXKKHGT3B6ICGCIBVZRAWW5C2B2YJLXTVJQADKXDHZHZJEBSC
The Dev Wallet is selling!
Oh boy, let’s have a look at some of the last ‘dev-wallet’ transactions:
Now check the account on Stellar:
And you can see that all of the above are withdrawals by users (indicated by the memo) and the user is free to sell obviously. The 400,000 CSM transaction was adding liquidity to the pool. Let’s get to that next:
As announced via social media channels (reddit, discord, telegram, twitter), we were facing Liquidity issues because too many people were buying CSM. Sound weird right? But if you start a project without a private sale, without venture capital, without external investors, without a huge budget, without secret team wallets holding an undisclosed amount of tokens and etc -then you simply can’t front half a million dollar out of nowhere to provide initial liquidity. I think this was very well explained in this announcement but it seems that people refuse to read it:
https://www.reddit.com/r/citystates/comments/oqkt9u/communitybacker_decision_new_peg_will_be_at_001/
Now let’s look at all the selling from yesterday:
If you have a close look, you can see that every time CSM was sold, the BNB+CSM was immediately added to the LP to provide more liquidity. Exactly what has been announced previously!
We don’t want to sell any CSM at all at this low price, we sacrifice our own CSM for the greater good of providing liquidity to the pool to prevent it from spiraling out of control. If we didn’t care, we would just let it pump up uncontrollably and then dump from the top.
Unlocked wallet is holding a high % of LP
On poocoin.app you may notice this warning message in the sidebar:
The simple reason is that there currently are no other liquidity providers. Anyone buying CSM can become a liquidity provider as well but most chose not to because that would mean that they set up their CSM for sale at this low price and nobody is willing to do that.
The telegram chat has been closed, this is a scam!
The telegram chat has been closed to concentrate the community in discord which is bigger, much more active and in general communities tend to be less toxic on discord because it has more character and the interaction between users is more personal.
Users on discord are also much more helpful and take a lot of the answering off my back so I can concentrate on more important things — like developing a game.
While I welcome users asking questions, the tone plays the music and getting bombed like this (after I explained it to the user already) happens on telegram a lot but not yet on Discord at all despite having more than double the users.
If you have similar feelings like the person above even after reading this article, please do me the favor and sell immediately, this is not for you.
This article may be updated in the future.
Pre-registration open!
Visit https://citystatesm.com to register. Receive 250 HEX for free +50 HEX for active referrals and 8% affiliate reward on sales.
Follow us on twitter, reddit and join us on discord and telegram.
