Olympus DAO

[Cryptjitsu]

Some might have heard of Olympus DAO: https://www.olympusdao.finance/

They right now advertise APY of 5000%, yes 5000% (let's set aside debate if it it ponzi).

This is how they explained it: https://docs.olympusdao.finance/main/basics/basics#how-is-the-apy-calculated

5000% means about 100% per week. I staked few OHMs just for fun, but see ROI (5-Day Rate) of about 5%

What am I missing?

Thanks

Most of the gains in OHM are LONG gone. You're buying into others 100x+.
It's ponzinomics with Prisoner's dilemma game theory. Was pretty innovative when it launched and had the right community with long term holding mentality.
Right now, the narrative is transitioning to the fact that Olympus protocol has actual assets in Treasury and makes regular revenue via its bonding mechanism that other projects use to acquire their own Liquidity Pools.
If you are willing to hold for a while, the returns will be there but in terms of the insane gains that original adopters got, forget that train ride.
I got into it early enough but should have put a lot more in. Just wasn't sure WTF was going on.
Did well on it, cashed out multiple Xs, still have my original position that I will let compound.

 

[RedDuke]

Most of the gains in OHM are LONG gone. You're buying into others 100x+.
It's ponzinomics with Prisoner's dilemma game theory. Was pretty innovative when it launched and had the right community with long term holding mentality.
Right now, the narrative is transitioning to the fact that Olympus protocol has actual assets in Treasury and makes regular revenue via its bonding mechanism that other projects use to acquire their own Liquidity Pools.
If you are willing to hold for a while, the returns will be there but in terms of the insane gains that original adopters got, forget that train ride.
I got into it early enough but should have put a lot more in. Just wasn't sure WTF was going on.
Did well on it, cashed out multiple Xs, still have my original position that I will let compound.

thanks. My idea is to buy few more OHMs like 4-5 in total and let it ride for at least 2 years. If project gets rugged, so be it. Will lose few Ks, no big deal.

 

[Sprout]

thanks. My idea is to buy few more OHMs like 4-5 in total and let it ride for at least 2 years. If project gets rugged, so be it. Will lose few Ks, no big deal.

What are we seeing here? Redduke getting off the crypto scam bear train and getting ohm pilled?

Better get orange-pilled before you start getting carrying away with magical internet money or it's the degen path for you.

 

[Sprout]

This was a great session. I love the distinction between BTC as money and the ultrasound narrative of ETH.

I'm surprised though that they haven't gotten their viewership to explode like a lot of the other CT and youtube clickbait influencers have.

 

[RedDuke]

What are we seeing here? Redduke getting off the crypto scam bear train and getting ohm pilled?

Better get orange-pilled before you start getting carrying away with magical internet money or it's the degen path for you.

I have been off no crypto train for a while, once I realized no one will do shit about all crypto frauds, I decided to learn this market. Right now learning mechanics, like Solidity and working on launching my own. Originally planned blockchain (forking of course) but now my focus will be DAO. Olympus DAO just for fun (I do expect it will be rugged or blow up), if miracle happens and it will survive, great will make few $.

 

[Sprout]

I have been off no crypto train for a while, once I realized no one will do shit about all crypto frauds, I decided to learn this market. Right now learning mechanics, like Solidity and working on launching my own. Originally planned blockchain (forking of course) but now my focus will be DAO. Olympus DAO just for fun (I do expect it will be rugged or blow up), if miracle happens and it will survive, great will make few $.

So it's the degen path for you.

I can see it now, RedDuke Inu.

Has a pretty good ring to it.

 

[RedDuke]

So it's the degen path for you.

I can see it now, RedDuke Inu.

Has a pretty good ring to it.

No idea what you mean, care to elaborate?

 

[Sprout]

No idea what you mean, care to elaborate?

There is a distinction on CT where the behavior is classified as "degenerate." I'm not sure where it came from but most likely through a chart pattern known as a "degenerator" vs "oscillator" which is something that pumps then dumps and never recovers. Since these degenerator projects don't have any usecase or product/market fit (and simply a way to harvest momentum) - on or before the dominant leg of the bull move, early degenerates will frequently ape in, scalp for profits and leave the bagholders whining. They don't really care about any of the core values or principals that cryptos are attempting to implement and simply here to money grub and take no long term positions in these low-bar, low-quality digital assets.

A lot of meme coins fall into this category as permutations of an animal brand through copy and pasting contracts with no innovation. Take Doge, Shib, Meme, Meta, Elon, etc and slap "Inu" and another poo coin gets minted for yet another cash grab.

There are exceptions to the rule which transforms an instrument from a degenerator into an oscillator.

 

[Cryptjitsu]

thanks. My idea is to buy few more OHMs like 4-5 in total and let it ride for at least 2 years. If project gets rugged, so be it. Will lose few Ks, no big deal.

2 Years? That's like eternity. You are basically betting it will survive the bear market. Which it very well might, and if it does, it will become the preferred reserve currency asset of DeFi.

Also, if you are buying & staking OHM, you are using ETH. Not worth it with a few K, the gas fees are too high and will only go higher.

Look at gOHM instead.

 

[RedDuke]

2 Years? That's like eternity. You are basically betting it will survive the bear market. Which it very well might, and if it does, it will become the preferred reserve currency asset of DeFi.

Also, if you are buying & staking OHM, you are using ETH. Not worth it with a few K, the gas fees are too high and will only go higher.

Look at gOHM instead.

I paid gas fees when transacted. Now will let OHM to accumulates. Why is gOHM cheaper ?