Should let this thread go dead but final post was not updated with changes I've posted somewhere else Only defi position I have is $cake via single asset pool yield farming which I harvest and compound, manually every day. All other ones I mentioned were closed out Not really defi but I'm back in $cel, traded half of $nexo position. nexo has been stuck in a very tight trading range for a while, borrrrrinnnng Did not want to pollute Daal's journal thread so posted the $cel info here
Pancake is around a 100x right now in the last few months i believe. I went balls deep into CAKE at under 10$ like 2 weeks ago because chart just looked SO good. And then i sold breakeven when i saw the full chart and the fact that it had already done a 30x since bottom. Bad mistake I will fork pancakeswap and make my own food meme token on BSC with same features Not hard to see how that will pan out. A multi-billion dollar token, of course.
BNB and CAKE are huge winners for me, but I did not get that early to either one of them. BNB I got in around $145, saw it pump to $330, held it on a major pullback to $190'sh, now it's over $440. CAKE entry point was around $12, so actually under water for a while, but CAKE is like a company, there are KPI's, so I was not worried, just hodl, bro I look at it this way, some people spend a lot of $$$ on mining equipment, say btc or eth, then they pay for a lot of $$$ on electricity, well, CAKE you can mine (yield farm) on their website, it's not proof or work, it's in a modified version of proof of stake (yield farming) to earn new CAKE tokens you can put 5 or 6 figures worth of $ on CAKE and yield farm new CAKE, harvest every day, and re-stake (compound), you get over 100% APY, profits Better than mining Metrics comparisons vs Uniswap and Sushiswap but remember, Ethereum blockchain has huge transaction fees vs BSC
Just got into CAKE missed it at 20$, should've picked up BNB when it dipped below 300. For US customers, kucoin carries both and the process is as seamless as binance. I'd look for ways to move your assets after getting them though. I want to stake (i've got metamask) but dunno if staking is limited to non-us IP's or it doesn't care.
(I use a VPN for all binance stuff, but ) I do not believe the pancakeswap site has any geo-blocking enabled. The bridge on pancakeswap will complain if your IP is US but that's a link to binance.org You can always stake 1 cake as test, then unstake it after a day. The BSC transaction fees are very cheap unlike Ethereum transaction fees However, I have to put a disclaimer this is not a suggestion or recommendation as staking obviously means locking your cake coins on the bsc cake smart contract and if they issue any kind of geo-blocking, then you might encounter problems I was watching George earlier today and I was a little bit surprised when he said that pancakeswap has more active daily users than Uniswap. cheap fees and fast transactions on BSC , ftw There's gotta be a lot of US crypto degen yield farmers and traders in the numbers
BNB is exploding, was fairly impressed w/Kucoin's website as it seems to be a straight ripoff of binance, notice kucoin token is moving nicely too so wonder if they'll build up a whole defi infrastructure around it. Thoughts on kucoin token?
Oh, sorry, I'm not familiar with the KCS token, I traded a while back on Kucoin but haven't used them for a while Binance and Kucoin and FTX tokens are moving in anticipation of the Coinbase IPO. Binance has a bonus defi ecosystem that is very active due to the high transaction fees on Ethereum BSC as a defi platform has an advantage over other smart contract L1 platforms like Tezos, Solana or Polkadot in the sense that BSC is evm (Ethereum Virtual Machine) compatible so very easy (for expert developers, not me, lol) to migrate or copy a defi/dapp project from Ethereum. I believe that's what cake is, a copy of sushiswap/uniswap If Kucoin builds a defi platform, it will be very good for the token KCS, however, KCS is currently an erc-20 token so I don't know how that's going to work. BNB is not an erc-20 token, it's a native token on the Binance Smart Chain and Binance chain
@Sprout @Here4money @tsznecki @krugman25 Interesting game theory dynamics on Ampl. currently, If any of you are interested... I'm not going to say I got everything figured out, but I aped in to Ampl at $1.55 earlier, and got a positive rebase of 4.5% a few minutes ago. It's a daily rebase Ampl is a rebase coin, meaning if price is above ~$1.05, for every 10 cents above price of $1 you get 1% "dividend" of Ampl coins added to your wallet balance every 24 hours. Dashboard on the website. Discord link as well Yes, it's too much to take in, I'll answer questions. I also have thread on AMPL from a year ago What's interesting is that AMPL got listed on the AAVE platform and it's creating a positive feedback loop which is quite exciting Deposit APY is 38% on AAVE, Borrow APY is 48% So, whoever has the Ampl on their wallet gets the rebase coins at the time of rebase So, if you purchase 10,000 Ampl at $1.5 and deposit to AAVE thinking hey I'm going to get 38% APY, but someone borrows all 10,000 coins 5 minutes before rebase and gets the 4.5% rebase, you missed out on the rebase and someone earned those 4.5% of Ampl coins in 5 minutes and now can repay the AAVE 10,000 AMPL loan However, if you deposited 10,000 coins and no one borrowed your coins, prior to the rebase, you're still earning the 38% APY and on top of that you earned 4.5% of rebase coins in your AAVE smart contract account This thing is a feedback loop, I do not know how long this is going to last, but I would not mind if positive rebase for 2-3 weeks like last year, very profitable Personally, I would not be depositing on AAVE as the risk of someone borrowing the coins prior to the rebase would be very high and they would get the rebase coins [Of course there is negative rebase as well, where the balance of Ampl coins in your wallet will decrease if Ampl price is below $0.95 and every 10 cents below $1 means negative rebase 1%]
https://www.politico.com/news/2021/07/24/shadow-financial-market-spooks-regulators-500696 New financial services built on cryptocurrency are offering consumers the ability to borrow and trade billions of dollars without the oversight of bankers or their regulators. Washington is now scrambling to catch up, amid concerns of illegal activity and mounting consumer risks. Decentralized finance, or DeFi, operates on technology that powers digital currencies like Bitcoin and Ether. The services replicate the functions of traditional lenders and exchanges but operate autonomously and automatically across computer networks. Regulators across the country are now working to get their arms around DeFi, including the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Reserve and the Office of the Comptroller of the Currency. Watchdogs are warning that some DeFi activities are probably illegal under federal law and pose serious danger to consumers, who are putting their money into systems that have inherently less human oversight and accountability and are vulnerable to cyberattacks. “I’m very concerned there’s none of the reporting, none of the normal pricing and regulatory limits,” CFTC Commissioner Dan Berkovitz said in an interview. “The bottom line is there’s no free lunch anywhere in the economic system.” The small but rapidly growing sector — activity is measured in the tens of billions of dollars — is posing a major challenge for regulators who face an unprecedented task of clamping down on an open-source financial network that has grown up completely outside their purview. The basis of modern financial regulation rests on having centralized entities — like lenders and clearinghouses — register with the government and subject themselves to oversight. “For the first time, you're starting to see DeFi protocols that are starting to set up procedures for borrowing and lending on a large scale,” Alabama Securities Commission Director Joseph Borg said. “It's between unknown participants without any intermediaries … So now the question is, who do we put this on?” DeFi flouts the old model, and its advocates say that’s the point — a decentralized and automated market will lower costs, increase efficiency and offer more transparency. Celsius Network CEO Alex Mashinsky, whose crypto finance firm uses DeFi technology, said the services provide a way to "innovate and go around all of these centralized toll collectors.” “The chronic systemic problem we have in our financial world is the fact that our traditional system, traditional finance, is concentrated, leveraged and too big to fail,” he said. Among the most popular DeFi options is MakerDAO, one of the longest-running services, which lets users borrow so-called stablecoins in exchange for depositing cryptocurrency-based collateral. Another service, Uniswap, is a decentralized cryptocurrency trading exchange that relies on an “automated liquidity protocol” rather than a central orderbook to facilitate transactions. Like other major DeFi projects, they operate on technology that underlies Ether, one of the biggest cryptocurrencies. The creators of some of the services are beginning to make contact with regulators. Marc Boiron, general counsel of the decentralized exchange builder dYdX, said in an email that "we have proactively (and voluntarily) communicated with the CFTC prior to the deployment of all of the protocols" and "have always carefully considered the laws applicable to dYdX." He said the first protocol dYdX developed required U.S. users to follow CFTC rules for retail commodity transactions. DeFi services have seen rapid growth over the past year amid the cryptocurrency boom, with more than $50 billion "locked" in services based on Ethereum, the network for Ether. Major centralized cryptocurrency exchanges like Coinbase, which has been at the forefront of offering digital currency trading to the masses, have begun to let their customers deposit funds and earn returns on DeFi. Square CEO Jack Dorsey announced earlier this month that the digital payments giant planned to create a new business around an open developer platform “with the sole goal of making it easy to create non-custodial, permissionless and decentralized financial services.” Even established Wall Street banks have begun to look at the technology as a way to revamp their systems. But the rapid rise of DeFi is raising growing concerns for lawmakers and regulators, who are signaling a possible crackdown amid increasing evidence of consumer risks. Recent research has raised red flags about the absence of human oversight at DeFi services and technical vulnerabilities, including attacks that drained millions of dollars from DeFI protocols. "In DeFi, intermediaries are largely excluded in favor of transparent code, presenting regulators and policymakers with complicated decisions as to how to assess transactions (often bilateral) for which no clearly identified party may be regulated," Georgetown Law visiting scholar Linda Jeng and Castle Island Ventures partner Nic Carter said in a paper released last month. Sen. Elizabeth Warren is pressing SEC Chair Gary Gensler to rein in DeFi activities. In a letter this month, the Massachusetts Democrat said "scams have surged" on DeFi platforms, citing an estimate from analytics firm CipherTrace that there was $83 million in DeFi fraud during the first four months of this year. In a July 21 speech, Gensler warned that services offering crypto tokens backed by securities and operating like derivatives — "whether in the decentralized or centralized finance space" — must work within the agency’s rules. Berkovitz, a Democratic commissioner at the CFTC, has been among the most outspoken about the urgent need for officials to come to grips with what he says could become an "unregulated shadow financial market." He argues that trading on DeFi platforms is likely happening illegally because it's not abiding by the requirements of the Commodity Exchange Act, which imposes safeguards on derivatives transactions. He revealed this month that his agency, which regulates the trading of futures and swaps contracts, was looking at DeFi across its various divisions. "If there are loopholes they are driving through, there may need to be legislation to close them," he said. Officials representing the SEC, CFTC and the International Organization of Securities Commissions were briefed by DeFi players in June, a sign of growing scrutiny. Other federal agencies that oversee the banking system are also beginning to delve into DeFi, including the Office of the Comptroller of the Currency and the Fed. "While DeFi, by definition, is decentralized and does not necessarily rely on the banking system, there are linkages, which are part of our review through the lens of responsible innovation, cognizant of the potential benefits of new technologies while focused on understanding the potential risks and use cases," OCC spokesperson Bryan Hubbard said. State officials are urging their federal counterparts to act. "You've got all sorts of potential possibilities and potential risks that we have got to take a look at," said Borg, the Alabama securities regulator. "It's going to be a congressional, federal mandate, by SEC, CFTC, to come up with some of this stuff." The possibility of crackdown is already seeing pushback from some federal policymakers who champion free markets. SEC Commissioner Hester Peirce, a Republican appointee, said removing intermediaries improves resilience in the financial system. She wants to avoid "just classifying DeFi in one big bucket and saying it's all the same thing." Crypto industry groups are also urging regulators to proceed with caution. "I don't think there is a way to shoehorn in decentralized finance into the existing framework that depends on the regulation of intermediaries and gatekeepers," said Miller Whitehouse-Levine, director of policy at the Blockchain Association. One of regulators' biggest challenges will be deciding to what extent to police the software underlying DeFi protocols, in light of free-speech concerns. Jerry Brito, executive director of crypto advocacy group Coin Center, said restrictions on computer code would trigger opposition from his organization and others over the belief that it's protected by the Constitution. "Writing and publishing software is First Amendment-protected free speech," he said. "There's no compromise to be had on that.”
That deal is not going to end well for you. You need more jazz to contemplate the heck yer doing, because what you just described is a pyramid scheme.