Will DeFi Sushi saga scare off new crypto Normies?
Last Updated on 14 September 2020 by CryptoTips.eu
I was introduced to the term “Normies” four years ago and see that it’s since gone mainstream. At the time, an US reader of a politically inspired blog complained that he had unwillingly accepted our “notifications” and didn’t know how to turn these off. The editor in chief, an American, responded: “Don’t be such a normie”.
Does anyone know what people care about in normie world these days
— The Crypto Dog? (@TheCryptoDog) September 8, 2020
By now, every website that you surf to will start by asking whether you would like to accept these “notifications” and the term has gone global.
Degen yield farmer explaining the SushiSwap Saga to a normie (2020, colorized) pic.twitter.com/EAPACuZzoo
— Anthony Sassano | sassal.eth ?? ? (@sassal0x) September 11, 2020
As such, we now know that a Normie (also called newbie) refers to a new entrant in an existing culture or market.
In crypto, there are Normies every day, certainly now that trading tools on smartphones like Robinhood (US based) and Bux-Zero (Europe based) make it much easier for youngsters to trade and invest.
The Great Devaluation
Furthermore, as renowned Wall Street Journalist Adam Baratta noted in his latest book called The Great Devaluation:
Millennials today are investing in crypto currencies and other things that offer the opportunity to get rich quick.
Adam was in his opening chapters trying to convince readers that the stock market is overvalued and young investors will prefer crypto and (what he was really trying to push) gold. Considering all that is true, and drawing a comparison with the 2017-2018 ICO bubble that the crypto world experienced, one has to wonder whether the whole Sushi saga will leave a lasting scar and really scare new entrants away.
The Great Devaluation - Adam Baratta https://t.co/2UmkA61LnT
— Jr Mining Clips (@JrMiningClips) September 12, 2020
Earlier, a known crypto investor lured into another fake DeFi coin already sounded the warning, stating that some 99% of DeFi tokens are scams.
Preferred coins
Just as the Financial Times tried to recently link QAnon to Bitcoin (and failed to do so), Bloomberg is warning classic investors that the DeFi Sushi saga (a developer kept preferred coins for himself, sinking the value of the coin when he sold these) should serve as an omen to banks wondering about offering normal crypto products to their customers.
Just load a lot of $SUSHI. Vote current results suggest using returned $14M ETH to buy SUSHI from the market for Dev Fund (that sold before by Nomi). Might pump the price a lot https://t.co/VoRMUXQ1nZ$sushi $eth pic.twitter.com/yozYTGmPaj
— Trader From Future (@TraderFutureX) September 12, 2020
In their article, crypto investor Aaron Brown in fact summarized the whole Sushi debacle quite well, stating that:
It’s an evolving situation and as more information comes out things could turn out to be fine, or this could be another scandal that undermines trust in DeFi and crypto in general, but anyone who expected crypto to become a major part of the financial system without growing pains and lessons was foolishly optimistic.
#SushiSwap founder transfers all $14M $ETH back to the treasury.? https://t.co/k1UKUvprF4
— CryptoTipsEN (@CryptoTipsEN) September 11, 2020
As DeFi projects move on and the crypto market matures, the next few weeks and months will show whether or not he’s right.