Bitcoin "Freefall"

[nooby_mcnoob]

You say you understand defi but then you continue to post things without a basic understanding of the fundamentals

Yield farming is the way to bootstrap a defi project. It is to ensure fair distribution of tokens

I tell you to study defi but you come back and tell us you already understand it, but then make comments that show you are clueless. No offense but I'm just stating the obvious

Study how YFI got started and how in the beginning, it went on a massive price discovery going to from $30 to over thousands of $ overnight. How do you price something that was given for free for simply providing liquidity?

How do you price bitcoin in the beginning when it was so easy to acquire it by running a program? Ok, maybe 10,000 bitcoins is a fair trade for 2 pizzas, right?

Fair distribution of newly created crypto assets through some efforts. Incentives drive innovation and progress

Study the incentives mechanism Sushi and Uniswap and Pancakeswap tokens and how as you say how do these yield farmers create value?

You do realize these Dexes have billions of $ worth of trading volume per day, correct? And the stock ownership for these platforms are their tokens which are given to yield farmers

There were days when Uniswap exceeded the $ trading volume at Coinbase

I urge again, to study defi ecosystems and don't tell us you understand it since you do not

I'm the first one to admit I only understand certain parts that i'm involved with

Let's pretend I'm a normie since you are so well researched and I can't hope to match your level of research.

What's the analogy for the above?

It's a way to fund new tokens. Why? Are they going to make value that isn't just financial jiggery pokery?

The mechanism is new, but it seems like it enables this which is a house of cards:

(TL;DW the guy basically recycles a $1000 investment into $3500 and then uses that to provide liquidity). So nothing really new.

It's probably time to buy in now before the normies get to it but I am still struggling to see how it's anything but a ponzi.

 

[johnarb]

Let's pretend I'm a normie since you are so well researched and I can't hope to match your level of research.

What's the analogy for the above?

It's a way to fund new tokens. Why? Are they going to make value that isn't just financial jiggery pokery?

The mechanism is new, but it seems like it enables this which is a house of cards: (TL;DW the guy basically recycles a $1000 investment into $3500 and then uses that to provide liquidity). So nothing really new.

It's probably time to buy in now before the normies get to it but I am still struggling to see how it's anything but a ponzi.

Did I not say I'll be the first to admit I know only a small part of defi, only the ones I'm involved with?

When MrMuppet made those posts in 2020, the TVL of all defi was less than $5B and mostly on Ethereum blockchain, now the defi TVL is more than $200B across many chains

Wall Street has taken notice, there's so much alpha in defi, I'm sure you've seen it discussed on CNBC. I am quite certain that a lot of $$$ came from wall street players


How many times have you said the word ponzi?

Nice video pick to diminish the significance of defi Mr. Tech Lead millionaire

Reduction ad absurdum


You will absolutely fud yourself into staying away from bitcoin, cryptos, defi, and NFT's

It takes no effort at all, you know, tulip, bubble, made of 0's and 1's, no intrinsic value, ponzi (your favorite)

I don't care whether you buy into defi before the normies or you stay a normie forever

I thought you were interested in learning but I think you just want to antagonize people who are involved in the defi space. Maybe because you missed out and feel you're too late


I do not have any incentives to explain to you in detail why I'm getting over $5,000 in rewards every single day on staking assets that are all profits


You should build your biggest short position on Bitcoin per your prediction of bitcoin hitting $20K and don't bother with defi

 

[nooby_mcnoob]

I do not have any incentives to explain to you in detail why I'm getting over $5,000 in rewards every single day on staking assets that are all profits

I did not mean to imply they ARE a ponzi, I'm asking what is the value of staking and the answer appears to be to make more coins to stake...

Is this in $5000/day in *cashed out* ETH or BTC or is it still in pegged coin?

 

[johnarb]

I did not mean to imply they ARE a ponzi, I'm asking what is the value of staking and the answer appears to be to make more coins to stake...

I gave you a 1-line reply but it contained a lot of info, rewards are paid out in native tokens as part of the emission (inflation) process of the smartcontract protocol

Imagine you were starting a crypto project that was going to use a crypto asset or more. How do you distribute the tokens?

In the case of the biggest smartcontract crypto bank on the blockchain, AAVE (LEND), they did an ICO, but that is so 2017

The new method now is to distribute the tokens to yield farmers, the ones helping the project, the ones putting capital to work to provide liquidity to new buyers coming into the project and the ones leaving the project and selling their tokens

Is this in $5000/day in *cashed out* ETH or BTC or is it still in pegged coin?

I get the rewards in native tokens but I convert to stablecoin. I collect every 12 hours to coincide with 2 epoch emissions of 2omb tokens via the Boardroom single-staking of 2Share tokens. TL;DR, I collect twice in a 24 hour period and immediately use a dex to convert to stablecoins

This is my farm staking a liquidity pool tokens (2omb/2share) and the rewards have accumulated for the past 5 1/2 hours

 

[nooby_mcnoob]

I gave you a 1-line reply but it contained a lot of info, rewards are paid out in native tokens as part of the emission (inflation) process of the smartcontract protocol

Imagine you were starting a crypto project that was going to use a crypto asset or more. How do you distribute the tokens?

In the case of the biggest smartcontract crypto bank on the blockchain, AAVE (LEND), they did an ICO, but that is so 2017

The new method now is to distribute the tokens to yield farmers, the ones helping the project, the ones putting capital to work to provide liquidity to new buyers coming into the project and the ones leaving the project and selling their tokens




I get the rewards in native tokens but I convert to stablecoin. I collect every 12 hours to coincide with 2 epoch emissions of 2omb tokens via the Boardroom single-staking of 2Share tokens. TL;DR, I collect twice in a 24 hour period and immediately use a dex to convert to stablecoins

This is my farm staking a liquidity pool tokens (2omb/2share) and the rewards have accumulated for the past 5 1/2 hours

View attachment 278575

OK this helps explain the mechanism.

Why are you staking the coins you are staking?

BTW I'm not sure why you dissed tech lead, this is exactly what he does. It does appear to be a massive gold rush right now.

 

[johnarb]

OK this helps explain the mechanism.

Why are you staking the coins you are staking?

BTW I'm not sure why you dissed tech lead, this is exactly what he does. It does appear to be a massive gold rush right now.

That particular pair has the highest APR out of the 3 LP farms on 2omb

That's APR so if you compound that daily, you can get hundreds of thousands of APY %, but that won't last long as the token emission is finite. 2Shares emission stops on Apr 3


I used to like watching Tech Lead, his humor is good, can't tell if he's being sarcastic, but after a while stopped watching his videos, don't want to say I got tired of it but it's more like I got busy

One thing that's not cool is when Tech Lead issued the MM social community token. Crypto is serious business, many put their life savings into crypto investing and if he's going to treat it like one of his dry humor jokes, let's just say I think that's f*cked up

CryptosRus and InvestAnswers are good YouTube channels who try to help everyone invest wisely in cryptos

 

[nooby_mcnoob]

That particular pair has the highest APR out of the 3 LP farms on 2omb

OK so you are putting your money in solely because of the potential return. How are you avoiding a rug pull type situation?

 

[johnarb]

OK so you are putting your money in solely because of the potential return. How are you avoiding a rug pull type situation?

I came from the original Tomb project (protocol) but it was often times under peg (meaning no rewards on single-staking Tshare)

Someone mentioned 2omb on the Discord channel and that it has been over peg money printer go brrr 24/7

So I joined the 2omb Discord, joined the convo, learned the dev was a 16 yo (just turned 16 the day before I joined the Discord)

In Discord, I learned that the smartcontract has been renounced and cannot be rug pulled (meaning cannot make changes to the smartcontract which is a fork of Tomb but with minor changes)

Tomb is audited and a big project with over $1B of TVL (at the time)

The rest is history. I put in ~$65K in 2 staking deposits but was risk averse so I collected all rewards until the capital has been recovered

The APR when I joined a month ago was much higher, over over 8.5%/day in the LP farm so only took me 10-12 days to recover all capital

The reason it took that long was the price of the tokens were high when I joined and was volatile but mainly below what I paid for them initially

Many Tomb forks fail to stay above peg and thus people lose money as the price of the tokens crash, but 2omb has been very strong due to the community

That $ value on the LP farm you see in the screenshot is all profits, but if I sell it, then it's like killing the goose that lays a golden egg twice a day

 

[nooby_mcnoob]

So I joined the 2omb Discord, joined the convo, learned the dev was a 16 yo (just turned 16 the day before I joined the Discord)

Love it.

 

[johnarb]

lol, good for you. I don't know the collectibles market nor have a pulse on them. The constant remixes is a bit dulling. The mfers are funny though, a little squibble drawing really captures something - like a teen out-trading pros and making fu money.

I saw on a Tweet a few days ago that the character is based on the "ya winning, son" meme, lol, finally clicked

Price floor is now 3.69 Eth (over $10K) but I guess I'll wait until it catches up to BAYC price floor so I can trade one of my mfers for a BAYC (totally kidding but I would not mind at all)