Is the crypto winter over?

[johnarb]

The flipper strikes again. Hey @johnarb, hope you're happy with my decision.

Good move! I've been busy today with non-crypto/trading stuff, was away from the computer most of the day, but luckily I noticed that Pepe was moving up when btc was moving up so was able to switch the yield farm LP Pepe-Eth to pure Pepe

I was not early on the switch, lost about a billion Pepe tokens if I did it an hour or 2 earlier, I could have gained 2 Billion Pepe (total of 3 Billion Pepe additional to what I have now), so a difference of of $5K worth of Pepe

I'm still on risk-off mode so not trading or looking at cryptos. There's a presale from the Ben.Eth that I saw on my Twitter feed but sticking to my degen-off mode and will probably be away from the computer most of tomorrow as well

https://twitter.com/x/status/1657100157022793728

 

[schizo]

I was not early on the switch, lost about a billion Pepe tokens if I did it an hour or 2 earlier, I could have gained 2 Billion Pepe (total of 3 Billion Pepe additional to what I have now), so a difference of of $5K worth of Pepe

Damn, this sounds worst than trying to time your entry/exit. But I'm sure you'll get it back in no time.

I'm still on risk-off mode so not trading or looking at cryptos. There's a presale from the Ben.Eth that I saw on my Twitter feed but sticking to my degen-off mode and will probably be away from the computer most of tomorrow as well

C'mon now, you and I both know that once a degen, always a degen. There's no cure for you man. You're hooked for life.

 

[themickey]

C'mon now, you and I both know that once a degen, always a degen. There's no cure for you man. You're hooked for life.

Prolly nothing!

 

[johnarb]

Damn, this sounds worst than trying to time your entry/exit. But I'm sure you'll get it back in no time.

Converting from pure Pepe token holdings to a Liquidity Pool pair Pepe-Eth means converting half the Pepe tokens to Eth. The yield is about 2,000% APY so it's very lucrative if the trading volume continues to be high on Pepe

What this does is to cut the volatility in half since half the tokens are in Eth which is less volatile. If Eth goes up more in price than Pepe, you gain more Pepe tokens, in the same context if Pepe goes down a lot in value, you gain more Pepe. The LP is an AMM (automated market maker), selling Pepe for Eth or selling Eth for Pepe, like any market maker

Converting a Pepe holding to a LP is to cut down the risk in half in Pepe but that also means cutting the reward in half

Anyways... tl;dr, when I converted the LP Pepe-Eth pair, it just means I've gone back to degen mode as it relates to Pepe, and I'm not getting any 2000% APY reward, either, but I keep all the upside if Pepe goes up a lot

C'mon now, you and I both know that once a degen, always a degen. There's no cure for you man. You're hooked for life.

I'm still a degen for sure . Will not give it up, but I stop trading if there are no worthwhile opportunities that I see

I've made some good profits the past 3 weeks so not motivated to degen at this time

Yesterday there were no big moves on the meme cryptos, many were going down. I don't know if today there were any cryptos that was going up a lot since I'm working on stuff that's offline

I'll come back to degen mode once there's a lot more volatility on the upside with cryptos

 

[schizo]

Anyways... tl;dr, when I converted the LP Pepe-Eth pair, it just means I've gone back to degen mode as it relates to Pepe, and I'm not getting any 2000% APY reward, either, but I keep all the upside if Pepe goes up a lot

Not sure I understood everything you said but 2000% APY? That I can understand. Damn, talk about easy money. Anyway, my doc tells me it ain't healthy to get too excited at my age.

Prolly nothing!

Circling back to BTC, I think we will run into a brick wall at around 27.6K. I'll likely be unloading my position then and contemplate on the meaning of life.

Have a great weekend, y'all.

 

[themickey]

Circling back to BTC, I think we will run into a brick wall at around 27.6K. I'll likely be unloading my position then and contemplate on the meaning of life.

My calculator is a retrace ~ 24,000 - 25,000 where I'll reenter a long trade position again then a runup past 35,000.
Enjoy the weekend

 

[johnarb]

Not sure I understood everything you said but 2000% APY? That I can understand. Damn, talk about easy money. Anyway, my doc tells me it ain't healthy to get too excited at my age.


Circling back to BTC, I think we will run into a brick wall at around 27.6K. I'll likely be unloading my position then and contemplate on the meaning of life.

Have a great weekend, y'all.

Bathroom break in the middle of the night...

As they say... there's no free lunch. Pepe is up 50% in 24 hours so if I was still in the LP pair, I would only see 25% portfolio gain value since the other half was in Eth

This works in reverse, hence the lower volatility and risk

Also, the 2000% APY has been going down as Pepe got listed into more exchanges, the trading volume has moved from dexes like Uniswap to cexes like Gemini and Binance, so the fees earned by LP's go down

It was 4000% APY a couple of weeks or so ago and 400% a few days ago, less interest when Pepe was going down meant less trading volume

30D average shown by DefiLlama. Pepe has been the 3rd largest $ trading volume in cryptos for a couple of weeks now

Have a great weekend everyone!

 

[johnarb]

Bitcoin related...

In a few days, the largest Bitcoin conference in the world is taking place in Miami and one of the speakers is a governor of Indonesia, could we get a legal tender (El Salvador) or some kind of country adoption (Brazil) announcement for Bitcoin?

Bitcoin traders beware...



https://b.tc/conference/speakers


And on a related info, it seems like the US wants to fuck Bitcoin adoption even outside of the US, because the US doesn't have any other problems like a banking crisis or recession or anything like that

https://twitter.com/x/status/1657314851461517312

El Salvador economy is doing well since adopting Bitcoin as legal tender

 

[The_Krakenite]

It's ok everyone... the US government isn't THAT bad, they recently said that the Taxpayer isn't going to have to pay for saving the US FIAT banks this time around.

None of the unrealistic FDIC targets will be paid by taxpayers... it will just magically be plucked from the trees that it grows on

 

[schizo]

Pepe is up 50% in 24 hours so if I was still in the LP pair, I would only see 25% portfolio gain value since the other half was in Eth

This works in reverse, hence the lower volatility and risk

Also, the 2000% APY has been going down as Pepe got listed into more exchanges, the trading volume has moved from dexes like Uniswap to cexes like Gemini and Binance, so the fees earned by LP's go down

Normally, I only look at the charts so this is somewhat over my head. I need some time to digest all this. But how is it possible to offer 2000% APY? Suppose I plunk down $1 Million. After 12 months, my bounty would swell to $21 Million (that's a 21 bagger, dude!! ). Is this realistically possible? Or maybe something's got lost in translation, I dunno.