Unshackled from the Prisoner’s Dilemma: the 2nd Lockup
The BTCMobick lockup has finally concluded. This second lockup event was quite dramatic. It commenced with a small number of people expressing interest in locking up their holdings alongside previous participants. As is customary with crypto lockups, the more participants, the better. Captain Ahab granted them approval, and a Mobick OG named Basac volunteered to oversee the process. He initiated a chat room and announced the acceptance of paper wallets on two Saturdays. However, due to numerous requests for a weekday option, a Wednesday, March 27th, was added. Many community members volunteered to assist, and on that day alone, approximately 50,000 MO were successfully collected.
Subsequently, the price began to surge with newcomers flooding into the chatroom. There could be multiple reasons for this, but I believe it was primarily due to FOMO taking hold. During the first lockup, the price of Mobick hovered around $125, yet on March 27th, it peaked at $370. This threefold increase was sufficient to unsettle people, but additional incentives such as over 13% APR and the potential for exclusive airdrops for lockup participants fueled further excitement. Although Captain Ahab did not specify particular events, he hinted at their possibility during his live broadcast.
Thus, the true rally commenced. After two more Saturdays, a staggering 374,179 MO, equivalent to USD 0.2 billion, had been removed from the circulating supply. As both newcomers and existing holders engaged in a buying spree, the price soared to $660, marking a new all-time high.
During the first lockup, 1,615,718 MO from 3,794 addresses became immovable. With the second lockup, this number now stands at 1,989,897 MO. Below are the links to the 5,207 addresses.
1st
2nd
https://docs.google.com/spreadsheets/d/1GXIItisSrR9rB2pjYcFG0PyrS-vJc6vaSzhUUjdPHC4/edit#gid=0
What does this mean? It signifies liberation from the Prisoner’s Dilemma. In the Prisoner's Dilemma, individuals face a choice between cooperating for mutual benefit or acting in their own self-interest, potentially resulting in a suboptimal or worst outcome for all involved. In the context of crypto projects, various stakeholders, including venture capitalists, developers, and investors, encounter similar dilemmas.
VCs and developers often hold significant amounts of tokens or coins in a crypto project. With the opportunity to sell their holdings and reap substantial profits, trust among stakeholders is frequently lacking. Investors may fear that VCs and developers will prioritize their own interests over the project's long-term success. This lack of trust often leads to a scenario where everyone acts in their own self-interest, resulting in a collective loss for most participants. Simultaneous selling triggers a sharp decline in the token's price, leading to heavy losses for remaining investors. This outcome is suboptimal for all stakeholders involved, akin to both prisoners receiving moderate prison sentences in the Prisoner's Dilemma, a less favorable outcome compared to cooperation.
What I’ve observed in the BTCMobick community is precisely the opposite. By participating in lockup periods, investors essentially commit to holding their coins for a five-year period, resisting the temptation to sell for immediate profit. This cooperative decision contributes to the stability and longevity of the entire project, resulting in the best overall outcome for all parties.
Participation in lockup periods also reflects a level of trust between investors and the project team. Investors trust that the project will deliver on its promises, and in return, they receive incentives for their commitment. This mutual benefit reinforces the cooperative nature of the decision and fosters a positive relationship between investors and the project.
Now that most investors have made the optimal choice, this project is free from the Prisoner's Dilemma. What you are about to witness is a smooth, continuous price rise without any major drawdowns, a feat no crypto projects, including Bitcoin, have achieved.
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