3 Arrows Capital is dumping Ethereum?

[bbc.reporter]

Su Zhu of 3 Arrows Capital is one of the largest cryptofunds in the cryptospace. In the beginning of the bull market he declared that Ethereum will be in a super cycle, implying that it will continue to pump during a bear market. However, his opinion might have changed. He blames the gas fees for this.

But I am skeptical of him also. He is speculated to tell everyone to buy when he is dumping and sell when he is pumping. He might only be criticizing Ethereum because he wants to pump his Solana and Avax investments.



Over the weekend, Three Arrows Capital co-founder Su Zhu sent a 46-word missive to his quarter-million Twitter followers explaining that he was leaving the original smart contract-enabled blockchain over rising transaction costs and falling network usability.

"Yes I have abandoned Ethereum despite supporting it in the past," he wrote. "Yes Ethereum has abandoned its users despite supporting them in the past. The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross."

He went on to decry a community in which people have to pay hundreds of dollars for transactions only to "get told some tales about how they should've been smart enough to buy ETH at $10."

Read in full https://decrypt.co/86640/war-ethereum-gas-fees-usability-continues

[Daltonik]

Two weeks after CEO Su Zhu criticized ethereum for high fees 3 Arrows Capital bought 91,477 ETH worth about $400 million on the fall of the market, during this time the company bought about 156,400 ETH.

[maju69]

"Yes I have abandoned Ethereum despite supporting it in the past," he wrote. "Yes Ethereum has abandoned its users despite supporting them in the past. The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross."

He went on to decry a community in which people have to pay hundreds of dollars for transactions only to "get told some tales about how they should've been smart enough to buy ETH at $10."[/i]

Read in full https://decrypt.co/86640/war-ethereum-gas-fees-usability-continues

For me it is quite representative, what he said is indeed the fact now. Past supporters know what they are going through now and in the end they just seem to be ignored. You could say this is due to the long-winded development that has been carried out, which makes it boring and never gets relief for one-time transaction fees.
Many Ethereum supporters in the past have acknowledged this problem and complained about the constant suffocating gas costs. In times of crisis like this, leaving a slow and expensive network is certainly an option rather than surviving indefinitely. The more offers, the more Solana comes so cheaply to welcome us, then we will take it.

[nira09]

Two weeks after CEO Su Zhu criticized ethereum for high fees 3 Arrows Capital bought 91,477 ETH worth about $400 million on the fall of the market, during this time the company bought about 156,400 ETH.

That's the reason why I still believe in the motto good news is a good time to sell and bad news is a time to buy. Maybe it can be said when there is FUD or bad news, then there will be big Investors who want to buy at a low price,

[ryzaadit]

-snip-

Yes high fee

But, IMAGINE you are send 400 million not want to spend 100$ ~XD If a regular person, I can understand why we mad but for a company just kinda funny ~XD. They should invested on "Bitcoin" because more liquidity + lower fee than ETH. 

[arditiyan]

Two weeks after CEO Su Zhu criticized ethereum for high fees 3 Arrows Capital bought 91,477 ETH worth about $400 million on the fall of the market, during this time the company bought about 156,400 ETH.

it was purely part of CEO Su Zhu's business strategy. after thinking ethereum has a high cost but why CEO Su Zhu did a large storage of ethereum assets then he threw it away and tried to play avax or solana as his choice. Moreover, after the ethereum market went down the company's CEO Shu Zhu bought ethereum in bulk.
This is purely a business strategy, friends, don't believe anyone's statement. because influential people in the world are good at doing FUD or FOMO.

[adaseb]

Yes I heard they were going to dump and he posted why on Twitter and complaining something about the fees. And later on he apparently changed his mind and sent it back to his cold storage wallet.

I am assuming he wanted to sell at a higher price and never got it filled. The markets took a huge dump due to Omnicron news and he probably bought more on the dip and withdrew everything back to his cold storage.

Next month, who knows. At $5K ETH he might send it there again to sell.

[Ararbermas]

Yes I heard they were going to dump and he posted why on Twitter and complaining something about the fees. And later on he apparently changed his mind and sent it back to his cold storage wallet.

I am assuming he wanted to sell at a higher price and never got it filled. The markets took a huge dump due to Omnicron news and he probably bought more on the dip and withdrew everything back to his cold storage.

Next month, who knows. At $5K ETH he might send it there again to sell.

lol what a big mistake if they withdraw it after buying and market making corrections. That's why i believe making research is a must when it comes crypto because mostly now depends in some news around the internet. And its a big amount tho wherein of course the fees is a problem, but for me despite of the situation probably i will hold because indeed market bearish didn't last as always . So i will prefer to hold no matter what.  

[Porfirii]

I don't think that high fees count a lot for such big funds, honestly. If you are about to move millions in a single transaction, a $100 dollars fee is still much less than what banks would charge for the same amount of money.

Another thing is that retail customers can change their sentiment about ETH and, discouraged about the fees, opt for a different solution, and foreseeing it 3 Arrows Capital may prefer to dump before it happens.

[michellee]

If I were him, I would not get mad spend $100 for the fee by sending $400 million. After all, I still have a lot of money that I can use for many ways besides still using it for the investment. Yes, they should have Bitcoin than just ETH as bitcoin can give them more profit in the future. If they do not want to pay a high fee for the transaction, they can convert it into other coins with a low fee to solve the problem right away. We need to be wise to reduce the fee if we do not want to pay some fees.

[adaseb]

If I were him, I would not get mad spend $100 for the fee by sending $400 million. After all, I still have a lot of money that I can use for many ways besides still using it for the investment. Yes, they should have Bitcoin than just ETH as bitcoin can give them more profit in the future. If they do not want to pay a high fee for the transaction, they can convert it into other coins with a low fee to solve the problem right away. We need to be wise to reduce the fee if we do not want to pay some fees.

He is not mad about spending $100 to send $400M. If you read his tweets he just doesn’t like the way the ETH Dev. Team is running things. He doesn’t find it fair for someone to have to spend $25 for a simple ETH transfer or $50 for an ERC20 transfer of a token like USDC. Or even do a Defi trade for over $100. He says it’s not good for new comers who can’t afford to use the network.

Now it’s been years since I’ve followed up on what the ETH team is doing. I know for a fact that they are always late for their schedules and understand why it’s frustrating. However the fact that NFTs are popular and are causing all this fee mess is not their fault.

[bbc.reporter]

Two weeks after CEO Su Zhu criticized ethereum for high fees 3 Arrows Capital bought 91,477 ETH worth about $400 million on the fall of the market, during this time the company bought about 156,400 ETH.

I have just discovered the news hehe. It appears there are many people who follow him in social media who were not shocked with this news update. Su Zhu has done this scam many times in the past where he will declare something and do the opposite.


It appears that this is a face we cannot trust hehehe.

[ItsEzMkay]

Two weeks after CEO Su Zhu criticized ethereum for high fees 3 Arrows Capital bought 91,477 ETH worth about $400 million on the fall of the market, during this time the company bought about 156,400 ETH.

I have just discovered the news hehe. It appears there are many people who follow him in social media who were not shocked with this news update. Su Zhu has done this scam many times in the past where he will declare something and do the opposite.


It appears that this is a face we cannot trust hehehe.

I wouldn't even say that. If you are foolish enough to fall out of your conviction because man says so on internet, then you deserve to be shaken out. Weak hands in my opinion. Meant to be shaken out. Strong hands only please.

[zasad@]

https://news.sky.com/story/crypto-hedge-fund-three-arrows-capital-plunges-into-liquidation-12642402
"Crypto hedge fund Three Arrows Capital plunges into liquidation
A court in the British Virgin Islands has ordered the liquidation of Singapore-based Three Arrows Capital, underlining the crisis gripping the cryptocurrency sector, Sky News learns."

bay

[RussianEnglishTranslation]

After researching other projects like ICP and Flare Network, I just can't invest in Ethereum anymore. Even with ETH 2.0 merge it will still be drastically inferior to these other chains. Ethereum is like putting leather seats in a Ford Mustang. Yeah, it has nice seats but it will never compare to a Mercedes in luxury and quality. Just sell your Mustang and upgrade to a Mercedes instead of wasting time and money on it.

[shinratensei_]

Yeah, it has nice seats but it will never compare to a Mercedes in luxury and quality. Just sell your Mustang and upgrade to a Mercedes instead of wasting time and money on it.

So, are you calling the project like ICP and flare as mercedes? that doesn't even make sense. It must worth the cars that below mustang just like scirocco or something else. I meant if ethereum is still worth to invest. The fact that if this dump already happened and the price of ether was still above 1k. It means nothing as long as there will be huge liquidity. What about ICP. that token is also dumping so hard.

[RussianEnglishTranslation]

Yeah, it has nice seats but it will never compare to a Mercedes in luxury and quality. Just sell your Mustang and upgrade to a Mercedes instead of wasting time and money on it.

So, are you calling the project like ICP and flare as mercedes? that doesn't even make sense. It must worth the cars that below mustang just like scirocco or something else. I meant if ethereum is still worth to invest. The fact that if this dump already happened and the price of ether was still above 1k. It means nothing as long as there will be huge liquidity. What about ICP. that token is also dumping so hard.

This is where you are wrong. The price of a token now does not equate to it's technical abilities, utility, or future price. If you look at a mined diamond, it's just a shiny rock. It takes skill and research to find the gems in the rubble.

[wheelz1200]

Well based on how gas was and the cost of doing business on the eth platform I can't blame them.  There are other platforms that are much better in trs of efficiency, like matic/polygon.  Only thing eth has is first mover advantage.  Other than that why would you pay the fees like you do on eth?

[fuguebtc]

After researching other projects like ICP and Flare Network, I just can't invest in Ethereum anymore. Even with ETH 2.0 merge it will still be drastically inferior to these other chains. Ethereum is like putting leather seats in a Ford Mustang. Yeah, it has nice seats but it will never compare to a Mercedes in luxury and quality. Just sell your Mustang and upgrade to a Mercedes instead of wasting time and money on it.

If ICP is so good, then why hasn't it been able to surpass ethereum yet if it is so good? The last time I examined ICP, it had its highest ATH somewhere near 500 dollars, and now it is trading at 6 dollars. It is not the first time that a coin has been claimed to be superior to ETH; look at other coins that are also considered to be ETH's competitors, but no one has succeeded in bringing ETH to its knees during the past seven years. The only problem of ETH is the gas fee but it will be fixed soon when the ETH upgrade is successful.

[RussianEnglishTranslation]

After researching other projects like ICP and Flare Network, I just can't invest in Ethereum anymore. Even with ETH 2.0 merge it will still be drastically inferior to these other chains. Ethereum is like putting leather seats in a Ford Mustang. Yeah, it has nice seats but it will never compare to a Mercedes in luxury and quality. Just sell your Mustang and upgrade to a Mercedes instead of wasting time and money on it.

If ICP is so good, then why hasn't it been able to surpass ethereum yet if it is so good? The last time I examined ICP, it had its highest ATH somewhere near 500 dollars, and now it is trading at 6 dollars. It is not the first time that a coin has been claimed to be superior to ETH; look at other coins that are also considered to be ETH's competitors, but no one has succeeded in bringing ETH to its knees during the past seven years. The only problem of ETH is the gas fee but it will be fixed soon when the ETH upgrade is successful.

I just explained to you in the quoted message that the price of a crypto does not represent its utility. I should add that ICP has 0 gas fees for users, while ETH has had gas fees in the 100's of dollars in the past. ETH merge does not solve TPS or gas fees, and neither does ETH 2.0 sharding. The sharding will be for data only (for L2 scaling) not transactions on the L1. In fact, ICP is integrating ETH and BTC directly and both are in testnet now. This integration will scale both chains and add the security of biometrics - no more stolen/hacked funds.