The release of validator nodes was supposed to be an event that would encourage users to buy and burn a decent stack of GLX tokens. In all my mental calculations, I expected GLX to experience some upward movement as the introduction of nodes was ideally meant to pump the price.
According to the arrangement in GLS, GLX tokens are burned to generate GLUSD. GLUSD is in turn, used to buy validator license in the game. So, on the surface of it, I figured that investors would simply just buy GLX and then burn it for GLUSD, thus leading to a slight pump.
I wasn't expecting a massive pump because the GLS crowd is still relatively small and there's still not much smart money in the system. It is still a narrow corridor of investors jostling for supremacy in a very small pond.
Alas, the fact that it is a small pond turned around to bite us in the ass, as a loophole in the conversion mechanism was exploited. The funny thing about it is that I heard about this exploit from whispers on the network but I didn't think too much about it.
Recently, 
In a way, you could say that being offended by the fact that individuals took advantage of a loophole is an emotional response. In the literal sense of it, there's no crime in their action since code is law.
If the crypto industry continues to reward individuals that take advantage of a loophole whenever it appears and places no moral burden on investors, we will be creating a dog eat dog world. We will be walking into the stereotypes that politicians use to beat us in all their utterances.
If we, as a community are not able to police ourselves and call each other out for obvious morally bankrupt decisions then what on earth are we doing?
Lordbutterfly in his typical writing style used a healthy dose of hyperbole to compare this exploit to what Justin Sun did during the Steem days. They're obviously much different situations but it is fundamentally the same thing because they're all hurting a community to force their own personal interest.
At end of the Steem debacle involving Justin Sun, the community responded emotionally and practically through the hard fork. Today, we're much better than Steem and have grown, despite all the challenges in between.
This event is an eye opener for the devs and should also be used to create a teachable moment for the community at large. The GLS hierarchy have to take action to ensure that there will not be future exploits and put mechanisms in place that would detract people from making such morally bankrupt choices, even though potential loopholes can exist.
