R& (Rand Gallery) Wash Trading

Reading this tweet today:

It is nakedly obvious that there is massive wash trading going on with this program. While this has been reported to the R& CEO Ross, it seems like they are not interested in addressing it.

What can be done? Here is a few examples:

Asset ID 115618327

2024-02-01
Buyer:
GPW…
Seller:
YUG…

2024-02-04
Buyer:
4IJOKER…
Seller:
GPW…

2024-02-05
Buyer:
GPW…
Seller:
4IJOKER…

There are hundreds, if not thousands, of these obvious acts of cheating the rules.

Is there anything that can be done to pull the rewards money from them to prevent further waste here?

I can drop a lot more examples, but tried to keep it simple for this post. The leaderboard R& posts is actually a list of the worst violators :joy:

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@ross your rewards program is a breeding ground for cheating, and people are openly breaking the rules, could you return the money so we can hand it to marketplaces like AlgoGems or EXA that actually care about the rules?

AlgoGems has invested into the ecosystem and supports many tokens as payment, EXA supports paying with fiat and has like 100x the features R& does…

Hell, there’s some excellent XGov projects trying to get funding while you hand cash out to cheaters, can you just fund some of those projects instead? It would help the ecosystem a lot! It is the right thing to do here, until you can get the cheating under control.

Have you checked out the rules and regulations of other platforms plan for rewards? I don’t think any of them have a stop wash trading strategy except for: if it’s suspicious then they will determine what should be done.

Yeah, this has been extremely disappointing. We should just stop the NFT rewards program at this point, the people running the marketplaces do NOT care at all, with maybe 2 exceptions (GEMS and EXA). It seems they got the least rewards program too, it honestly sickens me to my stomach what’s happening here in plain sight!

That is unfair to say that Rand doesn’t care. They have done more for the community than any other platform. I like Gems and Exa but the rewards were based on overall sales generated and the y had to put a cap on the rewards because Rand was outperforming everyone and doing 90% of NFT sales.

They definitely don’t care, they are banning people on Discord and blocking them on Twitter when the wash sales are brought up.

On a separate note, EXA has added like over 20-30 features in the time that Rand has added… nothing. And since every rewards program Rand gets WAAAY more free rewards money than EXA and GEMS, no wonder they have all the volume. LIterally paying people to use their old, stale platform!

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I don’t know the context of banning, but I’ve seen them attacked frequently, I wonder why, I don’t understand the hate. Some frustration maybe here and there but constant attacking. Maybe a space is needed.

It’s pretty clear you are the one who posted the tweet.

No one banned you on discord or blocked you on twitter.

A very detailed explanation for why we would not disqualify the two people who placed higher than you in the rankings was provided and is still posted on discord.

Sorry if I come off angry, but the amount of cheating with R& and the way I was robbed (as many others did) is a bad standard. Once I looked more into the data, I really don’t know how you could have more cheating than they do now!!!

They said:

Think about what they are saying, they say this ok:

  1. Creator lists a bucnh of NFTs on secondary
  2. Creator buys a lot of their own NFTs from secondary
  3. Creator gets paid money for winning

Really think it, this is literally cheating 101. How is this not wash sale!?!?

@Richflairstv could you please host a space on this topic? I listen to your spaces, and they are amazing for our community! I am not even asking you to be on my side, but this deserves discussion in public!

I worked as hard as possible to compete cause I thought the rules would be actually applied… now to tell you the truth, I am extremely saddened by what has happened. For many, maybe 8k algo is nothing, but that amount of money would have meant the world to me…

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dont know enough to comment really, but have used randgallery from very early on. There is a good point being thrown here IMO, other than the logo change to R&, fixing a broken shuffle into randrop, and I guess building on XRP lol, what has been improved since the acquisition?

Like for example, nftexplorer looks exactly the same as when it was acquired. there has been nothing of value added to these sites. It’s still online is the most positive thing you can say about it.

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Thought I would throw in two relevant tweets.

AVAX reward system: https://x.com/BarcTheShark/status/1755332967683998138?s=20

Alternative for NFT rewards: https://x.com/BarcTheShark/status/1754224067786183161?s=20

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