$ZAMA just asked Grok to confirm whether those who bid are the ones losing money, and Grok has confirmed it. The only thing I still don't understand is why these guys are participating in the bidding knowing they are definitely going to lose money. Remember that no matter what, whether you buy pre-listing or any alpha, you are turning yourself into liquidity, so there's no need to say much. You only profit when the project hasn't listed yet. Remember that! 😜