As everyone keeps mentioning is how the price went from an ATH of 9500ish to hovering around the 3000s. Partly this was due to the market crash but the real issue is that there have been a lot of these insanely high APY forks coming out with a much smaller treasury and market cap than TIME. From what I understand a lot of the returns come from yield farming stablecoins with this massive treasury. Basically Dani and Sifu are putting our money to work. How the hell are these other protocols operating? It smells like bullshit to me. I might be wrong but something just doesn’t feel right with them. Anyway, I’ve also noticed that the TIME coin has sort of been sitting around 3000 and doesnt fluctuate by like 1000 a day any more, so that’s good for people who just want to hold their investment. I guess let the lambo moonboys go to Galaxy Google or Jade (who’s developers i heard rugged twice already) or whatever new bullshit they come out with. I’m gonna stick with time and the ecosystem Dani has built, I think it’ll pay off.
My view is that you put your money into teams that you trust and have proven competency. Daniele, in my view has earned that trust as a personality that can build infrastructure and has integrity (a rare being). I’m a contrarian investor with an intense hatred for the establishment. I believe in Daniele’s dream of a decentralized financial system, run by the people, for the people, were we don’t have to ask for permission from anyone to do what the f* we want.
Most OHM folks will probably fail. I don’t believe that about Wonderland. I can see the unlimited potential here so I’m riding this b***ch to the moon or into the ground.
The only thing I would change about how things operate in this space is that I would not give folks the ability to leverage 70% of their holdings. I would prefer 25% at most. Much of the TIME price destruction stems from folks getting too GREEDY and leveraging up only to get CRUSHED when price volatility inevitably hits. i think this hurts the project short term.
I know we are all adults here, but let’s not give excessive gamblers rope to hang themselves on.
Yeah, especially when its not only themselves they’re bringing down.
you said it all!
I bet loads of folks don’t even truly know what they were doing with the leverage/borrowing money, other than “I will get more TIME end of the day”.
In all honesty I would have been liquidated if there had been more MIM available to me. Thank goodness there wasn’t enough rope available for me to hang myself… I was thinking of leveraging up to 60%. No way the price will drop over 50% during the crypto winter I thought. I’ve added some collateral, my position is healthy, but god damn if there had been more MIM available I would have been wiped. The cutsey graphics of abracadabra really don’t help idk. A 20% cap seems like a really good idea to me. It would mean changing abracadabra rather than messing with the DAO.
I think people are DAO hopping and it shows. Some of the forks were staying hot for a week or two. Now, it’s maybe a day or two. I also see people looking for developers on sites such as labor X to build OHM forks. Many of these forks have no mention of founders or teams. A recent fork, Midas DAO, won’t even answer in their Discord who the founders or developers are. Google Galaxy’s docs look like a 12 year old Twitch degen wrote it.
At least with TIME, the team is very active, building out and have a vision. When the dust settle and the market rebounds, we will rise…
During the last bull/bear, I saw ETH go from $1500 to $80.
To be honest, I haven’t minded the recent price action. I have been really impressed over the past 7 days to see it remain steady and not fluctuate with AVAX. If the purpose is trying to build a non-fiat stable coin backed by a reserve or assets, the more stable the better. I kept buying and staking more on the way down, and the current APY / run-rate generally provides downside protection these sorts of price fluctuations we are seeing.
As for the other OHM forks - I think it was the spartacusDAO that went from over 1 million APY down to below 100K within a few days. My facts might not be fully on the money but from what I read it was quick - so I don’t really trust the economics. Wonderland is what I am backing, and seeing the price action become more stable but still well above reserve has only made me increase my exposure to try and maximise my potential number of lambos.
In the event of a market crash, but more TIME and STAKE.
Yeah I did notice that it has been a lot more stable and that’s great. First off, the more stable it is, the less of an issue in regards to people doing the whole jump in before rebase and jump out after(some argue that it shouldn’t be a concern).
At the end of the day, people are trying to make money anyway they can. The traditional routes to build a baseline of financial security these days is pretty much impossible unless you come from wealth. For me personally, it’s why I really believe in tools like Wonderland. Puts some power back to the people.
I am not concerned with the rebase jumping - it is likely because on the face of it, a high APY is inherently labeled a scam and isn’t believable so of course people will jump in and jump out. And not everyone has the time to read through white papers or have an economic understanding of why such an APY is possible / sustainable for 300+ days.
On another note, I watched the APY continue to rise when TIME had selling pressure within the market,
bringing its price to what it is now. This was really impressive from my perspective because I had always believed it to be a real risk - that the selling pressure would result in a large volume of people un-staking their TIME and trying to sell it via DEX, causing downward pressure on price, liquidity issues and killing the APY. None of that happened. I was waiting to see if the price went below the reserve and how / if the burning of TIME would stabilise the price, and then what would happen to the APY / runway. But we didn’t even get to that point. Boom. So i bought more and increased my stake - and will continue to do so for the foreseeable future hahaha.
I could be wrong, lots could go wrong, and lots could go right. I may be overly optimistic. Would actually like to hear from someone who has an alternative view tbh. I try to challenge my own views against these things but I keep finding that Wonderland exceeds all my expectations, so I am probably bias hahaha.
The DAO hoppers either still hold TIME or will buy it back.