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Yield Illusions
Entry #0922
The reason an early-depositor bonus is paid by late ones
An early-bird yield boost is funded not by revenue but by the deposits and dilution that later entrants bring, making early gains a transfer from those who follow.
Adept
The hidden part
#0922
An early-bird bonus is paid by the late arrivals, not by revenue. Being early is being funded by everyone who comes after.