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Utopia Talk / Politics / Crypto Corner
nhill
Member
Fri Aug 12 15:31:46
Last thread: http://uto...hread=90254&time=1660335835685

$PTP +36% today. Safe to say that people are catching on now.

EVMOS has been fun. I've more than doubled my initial stake too (in native token terms, relative to fiat it has been flat), and it seems like their validator rewards are going to be super high until people catch onto the eco.

Pretty nice to get airdropped a couple thousand dollars just for using crypto.

Another airdrop I got recently was Paraswap. Apparently all you have to do is use the service and eventually you'll be considered a "loyal user" and get a drop. It was worth $200.

Small amount overall, but it's free money and mounting pretty quickly. The nice thing about drops is I just farm them. Some work out, some don't. They are often a nice surprise over time though. Airdrop dumping also has its place...sometimes I do that. I dumped my $CRYSTAL on the market at $42.

It's a pretty cool virtuous cycle. I have enough so I don't feel the need to dump tokens for a few thousand dollars fiat.

But people that need the money, it can come in handy. Happy to baghold for those that need to take some profits and live off them. I'm sitting on about $10,000 collectively this year from airdrops. If it goes to 0, doesn't matter to me. Cherry on top.
nhill
Member
Fri Aug 12 18:40:47
$PTP +57% now. Watch out, we've got a runner :p
nhill
Member
Fri Aug 12 18:47:57
+67% now
Nimatzo
iChihuaha
Fri Aug 12 19:51:51
If BTC doesn't shit the bed, maybe we could get some Elliott waves going on PTP :)
nhill
Member
Sat Aug 13 12:21:31
:) Looks like some profit taking now.

I'm all popcorn with it though. I hope it dips back down towards the presale price of $0.09 as I wanted to do one more massive buy down there. Not selling any as I'm accruing voting power.

Pretty good article on inflation:
http://kyla.substack.com/p/the-inflation-narrative
Habebe
Member
Sat Aug 13 12:34:32
Do think Crypto seen its bottom hownthat ETH made such a vicious comeback?
Habebe
Member
Sat Aug 13 14:01:34
http://twi...?t=sXtHIMBfURnI4uO1GVn23A&s=19

Does this seem legit to you?
nhill
Member
Sat Aug 13 14:22:35
No it’s not legit and no I don’t think crypto has bottomed. :)
nhill
Member
Sun Aug 14 13:02:27
I can explain further:

Uniswap airdrop is done. All Uniswap airdrops are scams now. The actual airdrop happened in 2020 (and if you held it, it was worth around $10,000).

Crypto is in the middle of a classic bearish relief rally. Ethereum making a "viscous comeback" is bearish to me. I don't trust straight up moves without retests of key support levels. They tend to be liquidity traps.

I would be short from 25K on Bitcoin if I was trading it. As I mentioned earlier this week :)
Nimatzo
iChihuaha
Sun Aug 14 17:47:07
I think "the swaps" must be one of the most frequent scams on Discord, it seems to comes in cycles.
nhill
Member
Sun Aug 14 20:55:03
Yeah the uniswap drop is apparently an evergreen scam :/
Habebe
Member
Sun Aug 14 21:25:25
It seemed shady, but I figuted you would know better than I would.I mean I literwlly did nothing for the airdrop, usually the point is to use the dapps or do something on social media etc.

I was a little shocked when I seen ETH the other day, hadn't really been watching it and than bam 1.8k.
nhill
Member
Sun Aug 14 22:52:23
Yeah ETH is riding the merge narrative's dick. Gonna be buy the rumor, sell the news. Doubt it gets above 2.1K, but I've been wrong tons before. Just looks toppy right now.
habebe
Member
Sun Aug 14 23:23:51
Trust me I have a gift, if you want it to go down I'll buy-in and it will rise 0.5% and plummet.

Lol
nhill
Member
Mon Aug 15 00:52:46
:)
nhill
Member
Wed Aug 17 14:30:43
Another allocation I'm exploring:

$FXS

Frax Shares.

But what's more interesting is the reasoning.

I want a non-stable stablecoin allocation :) After Luna/UST, MIM, etc etc. all crashed and burned it should increase the market share for the other decentralized stables.

But the general fear and contagion has killed $FXS, it is down almost 90%.

Smells like opportunity. Frax handled the stablecoin crisis with flying colors. So did $MIM, for the most part, but nobody wants anything to do w/ Frog Nation anymore. So I think Frax has more upside. It also has value accrual to $FXS so it is a good allocation to allocate towards normalization. When it is undercollateralized you need $FXS for minting $FRAX is how it accrues.

Going to explore it more before pulling the trigger, but $FXS is looking like a likely new allocation.
nhill
Member
Wed Aug 17 14:34:35
The sauce that got me into $FXS recently is the Fraxlend product that is soon to be released.

The demand for $FRAX will increase in accordance with the demand for Fraxlend, as it will be the cheapest stable for leveraging.

So it's flying under the radar, down 90%, but survived the great depegging w/ flying colors and has an incoming bullish catalyst.

Would not be surprised to see this sucker fly once we bottom out. Now it is $5.91
nhill
Member
Wed Aug 17 18:35:22
Speaking of stablecoins.

As I said before, they are the best innovation crypto has come up with so far.

Pretty ironic.

But it's very cool that everyone in the world can easily access the purchasing power of the world's reserve currency and earn yield on top of it.

That was a privilege previously only available to the wealthy or US citizen.

I have my 2050 vision where we have a crypto native reserve currency (they started experiments on them last year) that serves as the best unit of account. We will get there someday.

But for now we have to respect the most significant innovations that better our species. Painful as it may be at times :P
nhill
Member
Wed Aug 17 18:42:17
Crypto makes stablecoins such a cool proposition through DAOs.

For example, the USD+ stablecoin that is a yielding coin.

Think of why that is? It's pretty simple protocol. You mint USD+ with USDC and they farm it for you. Then they rebase rewards back onto USD+ in your wallet.

Think of centralized stablecoins now. Why does Circle and Tether issue stablecoins? Let's presume good faith as a thought experiment. Why would it make them any money to create a $1 stablecoin for $1 cash?

The answer is yield. The companies subsidize themselves from the cash yield (this is all public knowledge).

What a great money making idea, right? Issue $1 of digital currency and then buy US treasuries and live off the difference. Save enough liquid cash to keep redemptions open during times of volatility. One of the most safe business ideas I could ever imagine.

But you'd never see a company that gives you a stablecoin AND the yield. Right? There would be no profit margin for operations (remember, even non-profit organizations have large expenses).

Enter DAOs. For the first time in human history we have no-profit endeavors. Because the DAOs extract no-profit, everyone profits. Including the builders of the DAO. Not to mention they can always have a secondary offering of an governance token.

This is a wonderful innovation, previously unseen in our society.
nhill
Member
Wed Aug 17 18:44:00
Also, for the sake of this thought experiment, we are presuming good faith for USD+. These are smart contracts. There are malicious actors.

The point is that DAOs _enable_ no-profit behavior for the first time in history, not that these specific examples are perfect.
nhill
Member
Wed Aug 17 18:45:00
I have not even looked into USD+ code, it's only a recent protocol example. I prefer to manage my own yield. But I love the idea.
Nimatzo
iChihuaha
Wed Aug 17 19:34:29
100%, the DAO as a concept and smart contracts as a technology are the two things that caught my eye really early. So much pontential there. They made me forget about BTC, only to make the journey back to the idea of native reserve currency. When I sit here trying to see the macro horizon and doing TA on monopoly tokens, I sometimes forget :)

Stable coins and companies like Circle at this stage, make sense. Not everything in the IT revolution was new, some of the early success stories had been around for a while and just reached new users. Hell some of the big tech companies of today like Apple and Microsoft were around long before the revolution started. Who are the Apple and Microsoft of crypto? Seems as relevent to identify them as the Amazons and googles.
Nimatzo
iChihuaha
Wed Aug 17 19:40:28
Sad that TIME effectively has gone to zero… FRAX sounds interesting, I have not lost faith in the algorithmic SC idea, but stayed away from them entirely after UST implodes. All in USDC. But I am betting on decentralization in the long term so I am interested in what you conclude about FRAX :)
nhill
Member
Thu Aug 18 10:38:31
I will never invest in a protocol that is undercollateralized for their stablecoins. Aka Terra and every other "stablecoin" that is now worth pennies.

Thankfully both $DAI and $FRAX are over-collateralized (as is $MIM...$MIM is wonderful but has a lot of baggage that caps the upside in my view. could be exact opposite though, Dani redemption arc?).
nhill
Member
Thu Aug 18 10:39:44
MakerDAO would be my number one frontrunner to compete with Frax. They both have value accrual to the governance token.

But Frax ecosystem is just getting started, MakerDAO is years old. So Frax has more upside, Maker is a safer choice. Up to your personal risk tolerance.
nhill
Member
Thu Aug 18 10:43:05
There is no doubt in my mind that centralized stablecoins are the best innovation crypto currently has to offer.

Decentralized ones still need battle testing. Which makes them an attractive investing opportunity.
nhill
Member
Thu Aug 18 11:02:24
Btw, as for price action.

Ethereum never retested the critical level of $1200 before taking off to $2000.

My money is on a retest. The liquidity is there, and there's no real volume. Market makers will be sure to grab that liquidity before we do anything real.

My bet is that the retest fails and we go down to $600-800. But a strong retest of that level could be a sign of good things in the future.
nhill
Member
Thu Aug 18 11:04:15
$1200 was the top of the Ethereum range for 30 DAYS. You'd have to be crazy to think there won't be at least one test of that critical level.

But because it's so obvious, you never know. May be a scam wick up to $2500 to liquidate shorts if the obvious trade gets too crowded.
nhill
Member
Thu Aug 18 11:04:55
I would be even more bearish if that happened in these conditions, tho. If we see Fed pivot, that would change my perspective.
nhill
Member
Thu Aug 18 11:07:46
Two things for me before I start going HAM on the market:

1. Fed needs to pivot.

or

2. Bitcoin needs a strong weekly close above 32K and a retest.

or

3. Bitcoin hits 12K.

Any of those three catalysts and my perspective will be revised to be bullish.

Until then, everything I see I will interpret with a bearish bias.

Please keep that in mind, because my bias can be wrong. I'm being conservative here due to having millions to manage and I have to worry about slippage.

I was much more aggressive below 7 figs.
nhill
Member
Thu Aug 18 11:07:58
Sorry, three things.
Nimatzo
iChihuaha
Sun Aug 21 14:45:23
Well, next FOMC meeting is in a month and since the bearish wedge panned out, right now it looks more likely that we dip below 19k before the FOMC meeting. Then the Fed pivots >:)

12K BTC would be nice, that break through the 2019 ATH. I will be buying the dip anywhere between 18-16k, alts of course, NEAR, PTP, SOL, Osmosis.

I bought the cheapest PTP NFT and another batch at 0,14.
Habebe
Member
Sun Aug 21 16:49:59
I seen a sharp price decline in mining set ups, was thinking it might be a good longer term investment.
Habebe
Member
Sun Aug 21 16:50:09
I seen a sharp price decline in mining set ups, was thinking it might be a good longer term investment.
Habebe
Member
Sun Aug 21 16:50:09
I seen a sharp price decline in mining set ups, was thinking it might be a good longer term investment.
nhill
Member
Mon Aug 22 10:08:38
>12K BTC would be nice

Yessir. I would be cautiously bullish around 16-18K also. But I would go HAM if we got 12K BTC.

Congrats on the NFT!
nhill
Member
Mon Aug 22 10:09:30
Habebe

It is a perfect time to buy a mining rig. There's a ton of fear and uncertainty due to the Ethereum merge. But you'll always be able to mine something. ETC, ETHW, Conflux, Ergo, etc.

There's always something to mine. And at peak fear, right now, you will get a great deal.
nhill
Member
Tue Aug 23 11:22:16
You picked a perfect time to buy some $PTP. Looks like they are going to announce gauges this week. Will probably rally back to 30 cents if BTC keeps ranging.

I'm still hoping to get a 9-10 cent buy because again, there's not a bunch of liquidity and a single buy moves the price a lot
nhill
Member
Tue Aug 23 11:31:04
My current price target is $2 for $PTP long term.
Nimatzo
iChihuaha
Tue Aug 23 11:53:33
So what you are saying is I should borrow money and put it all on PTP?

j/k :)

No doubt this baby has 10x potential at the very least. I have understood listening to you what signals quality in this space. This is a quality crew. Like the antithesis to Harmony.. LOL :)

I have not read anything about this, but when is it (if at all) planned to go cross-chain?
Nimatzo
iChihuaha
Tue Aug 23 11:56:02
I mean the mcap is 7 million. Fair enough, the money printing is off and macro environment is terrible, but 3-4 billion mcap, is possible on a 3-4 year time frame?

Though 3-4 years in crypto is an eon. How long is long term?
nhill
Member
Tue Aug 23 13:34:40
Excellent question, I should have been more specific.

$2 is my first take profit target. I have a hibernate NFT that I can use to unstake my PTP without losing all my voting power, and I will use that.

I plan on having a bag as long as the protocol continues in the manner it is proceeding at the moment. I'm parking my stables there.

As you noticed, they are much more professional than the kids on Harmony One. Oof. That ended up being a nightmare huh.

The potential market cap I'm eyeing for $PTP is about 2 billion. A smooth 285X from here, lol.

That would put the token at around $30 depending on the release schedule.

nhill
Member
Tue Aug 23 13:39:19
As for cross-chain, they have their authorized fork licenses for that. Hummus finance is the first one, it is on Metis. Vulturefi is right around the corner on Moonbeam.

Perhaps Platypus itself will go cross-chain a couple years down the road, but they seem to be 100% focused on refining a diamond on the Avalanche chain for now.

Once we have gauges, bribes, platopia fleshed out, etc. I suspect they will take it out of beta. At that point cross-chain may bubble up. Is all speculation though, crypto moves fast and changes quickly as we learned with the whirlwind 2021. :)
nhill
Member
Tue Aug 23 13:42:04
As for when I expect it to hit $2, that would during the next macro bull cycle. I don't think the fed pivots this year. I'd give it a 30% chance. So the next cycle may be next year, 2024 at the latest.

For now, I farm stables and chill, awaiting one of my catalysts to coalesce. 8)
Nimatzo
iChihuaha
Tue Aug 23 13:46:49
Excellent answer. There is no specific time frame, just a frame of time where things either go according to schedule, or they don't and you get out!
nhill
Member
Tue Aug 23 14:25:12
Yup! Gotta have a plan either way. And patience... the longer we stay in this bear cycle, the greater the opportunity to accumulate. Even just farming rewards for stables will stack up. I get about 15-30% APR on Platypus (depending on where it is in the current 15-30 cent range). Makes the calculus easy...if I keep stacking rewards and sell them at $2, that will be a 200% APR on stable farming as a reward for patience.

That's the plan. Subject to change!
nhill
Member
Wed Aug 24 21:21:11
http://minerminer.substack.com/p/how-im-using-platypus-wars

^Platypus wars may be the best game to play all along.

Much like the Curve Wars, the demand for the token is going to be high once gauges are released.
Habebe
Member
Wed Aug 24 22:14:03
I got some free $sand today, I pop in coin base every few weeks to take quizzes and get $3-4 worth of random crypto, I think of it like a free lottery ticket, one might be worth alot someday.

Anyway $sand pays you tokens to play/design in game items/characters and structures etc. In the sandbox, atleast that is the gist.

Coin base has attempted to upgrade their trading area more similar to like webull trading watchlist.

They also added a DAPP wallet so If you earn tokens via FAPPS it just goes in there.

I guess they are trying to be a better platform now that they are facing financial/legal constraints.

And of course Jim Cramer said he loved the stock to $475, literally that same day it sank to the fifties, I'm convinced he or someone is just shorting his picks.
Habebe
Member
Wed Aug 24 22:20:31
Im going to start pricing mining rigs, I've seen some under $100, and others over $2k online.

And like you said, you can always mine something.

I have an unusual amount of industrial fans originally from The if needed as well.They still move alot of air.

If the electric gets high, I may have to wire up a seperate breaker box, lol.
nhill
Member
Thu Aug 25 09:19:41
Just make sure you get rigs that are compatible with multiple algorithms.

Avoid ASICs.
nhill
Member
Thu Aug 25 09:19:55
Especially ethhash ASICs. :)
Habebe
Member
Thu Aug 25 11:45:19
Any general reccomendations?
Habebe
Member
Thu Aug 25 12:22:12
The way the market is going, Im thinking of just buying bloody crypto and riding a 10% spike twice a week.

Honestly it seems more stable.
nhill
Member
Thu Aug 25 12:34:26
Used NVIDIA cards w/ 1600W power supply. Preferably 3080s and/or 3090s without LHR mods (LHR means low hash rate. throttles certain crypto mining algos). LHR cards work also, you'll just have to mining more than one crypto at a time (mining software will switch when throttled) so it's slightly more difficult to manage, and you are exposed to price volatility of two currencies at once. Makes it a bit harder to calculate expenses and ROI.

For each box you build it helps if the cards are identical, but isn't strictly necessary. I've read you can mix & match without issues. If you do mix and match, you won't be able to use NVLink, which allows you to use 2 GPUs as a single GPU and benefit from the increased VRAM. This is more important for AI and rendering work.

http://www...dapter-Ethereum/dp/B07GJNMLYM/

If you go for more than one card you'll need a riser to be able to fit them all. You'll want an open air frame to keep things in place:

http://www.amazon.com/RXFSP-Aluminum-Stackable-Computer-Ethereum/dp/B08S2R8WKL

If you just want to start mining with one video card, you can avoid all this (the riser and frame) and just build it like a normal PC.

Once it's built, you can run a miner (I use t-rex) to join a mining pool (I use ezil for my ETH miners, and various pools for other currencies).

Running a miner requires you to be familiar with running software from the command line. It's very simple though, and the miners provide scripts that you can modify for most popular mining pools. You just have to modify the scripts to put in your personal wallet addresses.
nhill
Member
Thu Aug 25 12:42:35
http://www.ebay.com/itm/354041715327

Here's an example miner which can mine approximately 1.825 Ethereum per year.

I'm sure you can find a better deal. This was the first result when I searched for an example. Just wanted to show you one that's already built.
nhill
Member
Thu Aug 25 12:47:45
But if you aren't looking to be a hobbyist, certainly buying and holding the equivalence of the purchase price in crypto will be profitable in the long run.

It depends on your goals. I like messing with tech stuff and building computers so my first serious foray into crypto was building some miners.

What I like about mining is that I've already recouped my purchase price so every cent of profit I get now and forever more is recurring income.

I also have rose colored glasses because the ETH I mined ended up exploding in value through DeFi, but past performance can't predict future results. I happened to start when ETH was 3 digits and easier to mine, and then got lucky with some early explorations.
habebe
Member
Thu Aug 25 14:25:05
Cool thanks!

Im definitely cool with the hobbyist side.

I'll put some serious research into this weekend hopefully.

Luna is on a decent run today, up 25%
habebe
Member
Thu Aug 25 14:38:07
I definitely remember everyone stressing how heat was an issue with the cards and can shorten the life span of them.

Which is Why I figured mabey on top of regular cooling solutions those old RV blower fans could be rigged up. My dad was an RV mechanic and a bit of a hoarder, he is still a hoarder.
habebe
Member
Thu Aug 25 14:38:07
I definitely remember everyone stressing how heat was an issue with the cards and can shorten the life span of them.

Which is Why I figured mabey on top of regular cooling solutions those old RV blower fans could be rigged up. My dad was an RV mechanic and a bit of a hoarder, he is still a hoarder.
nhill
Member
Thu Aug 25 14:57:53
Heat is an issue, but it's overblown.

Long as you can keep the cards under 60C they will run for a decade or longer.

That said, the cooler you can get the cards the better they can perform through overclocking. And they will last longer.

So if you have some industrial fans sitting around, why not? You could even overclock the cards to account for the cost of their electricity. Worth doing a cost/benefit analysis there. What's the wattage on the fans?
Habebe
Member
Thu Aug 25 18:27:27
I can test what it draws I guess, I know they are only 110, TBH I think Id have to wire them up and add a switch yet too, they are legit just the squirrel cages IIRC.

I might go wandering in the garage in a bit.
nhill
Member
Thu Aug 25 18:43:12
Cool! Let me know how it goes. Happy to run through some calculations with ya to see if it is worth running.

Back to crypto allocations. I mentioned GMX a few weeks back.

I've done my due diligence since and have planned to start buying after the next leg down.

Strategy:

Buy a shitload of GMX and stake it. This earns platform fees in native token (ETH on Arbitrum, AVAX on Avalance).

Buy a shitload of GLP and stake it. GLP is a crypto index fund composed of the tradeable assets on GMX. So it includes USDC, which is nice for reasons I'll mention when I talk about MORE. This gives platform fees also. 30% go to GMX stakers and 70% to GLP.

After staking the GLP I'm going to deposit it on MoreMoney and take out a loan in their native over-collateralized stablecoin, $MONEY. This is why GLP is so nice-- the USDC component will reduce the volatility (chance of liquidation) while still giving me crypto exposure on the way up.

I'll take that $MONEY from the loan and stake it. 50% I will stake on MoreMoney for a 7.5% APR plus a boost from $veMONEY that I'll get from the $MORE rewards that are emitted from the other 50% of $MONEY I stake on Platypus.

This will close the loop and provide a really nice tight way to integrate $PTP and $GMX positions (with a bit of $MORE in the mix, a nice little microcap at $200K market cap right now).

Really happy with this setup. Essentially I am now a casino (GMX generates revenue from leverage traders, aka gamblers)!

DeFi and GameFi may come in go, but the casino is here to stay ;)

Pretty neat way to take one of the less desirable (to me) aspects of crypto-- using it to gamble-- and becoming the house. :D
nhill
Member
Thu Aug 25 18:44:56
This is the MMORPG part of crypto to me. Love coming up with unique strategies to target thematic allocations.

I. Am. A. Casino.

(soon) :D
nhill
Member
Thu Aug 25 18:47:13
The other cool thing about this is that $MONEY is a microcap and may lose its peg sometime due to a lack of arbitrage (bots prefer arbbing more liquid stables).

So what do I do?

I would buy a bunch of $MONEY under peg and pay off my debt on the $GLP loan.

So I'm long and short MoreMoney at the same time, profiting both ways, without being delta neutral! so neat.
nhill
Member
Thu Aug 25 18:56:35
Oh and the 7.5% APR paid on the stablecoin $MONEY is paid out in...you guessed it. More $MONEY :D

Part of the platform is profiting from opening and closing positions + liquidations and that distributes rewards in stablecoins.

So, unlike most platforms, the 7.5% APR is truly 7.5% APR. No variability.

You can look at MoreMoney as an Abracadabra inspired project. Same concept but a few subtle unique tweaks ($veMONEY and stable rewards).

As for where I'm going for GMX, well it could be Arbitrum or Avalanche, but I'll be running this strat on Avalanche because it's also home to my Platypus and More positions.
nhill
Member
Thu Aug 25 18:58:16
I mentioned it above but I'm not making any moves now. I've tested this strategy on one of my tiny wallets where I do all my experimental stuff.

The big boy isn't going to drop until we bottom out or my macroeconomic thesis has a clear invalidation.

Steady lads.
Habebe
Member
Thu Aug 25 19:11:00
LUNA was up 35% today. which makes my 13k some worth $2 lol.

I have to see if the weedwhacker is fixable.

My sister tried pinning shit on me because I changed the fuel bubble like 2 weeks ago. She said fuel was going everywhere and you couldn't pull the string, it was missing screws etc.

So I go over, these motherfuckers had to hit it hard, Im thinking maybe with the mower.

Its not missing any screws, they split the damn bell housing, cast aluminum, 1k% not on me, no way no how.
Nimatzo
iChihuaha
Fri Aug 26 03:50:46
Nhill
Trying to follow.

What is the split GLP/GMX in this?

You said you stake the GLP on GMX platform, what are you using as collateral on Moremmoney, sGMX? It's not obvious on Moremoney that this is used as collateral.

How do you handle the escrowed GMX/GLP rewards?

Also what of the risks in whales gaming the casino?
Nimatzo
iChihuaha
Fri Aug 26 10:06:29
Here we go!
Nimatzo
iChihuaha
Fri Aug 26 10:07:05
The real dump started with a classic pump and dump.
*grabs popcorn*
Nimatzo
iChihuaha
Fri Aug 26 10:31:58
Oh shit, Powell said something Hawkish again. PANIC!
nhill
Member
Fri Aug 26 21:13:42
>What is the split GLP/GMX in this?

Haven't settled yet, but leaning towards 50/50.

It would depend on risk tolerance. GMX is more risky because it is a governance token. GLP is an index of crypto assets. GMX has more upside, but GLP less volatility.

>You said you stake the GLP on GMX platform, what are you using as collateral on Moremmoney, sGMX? It's not obvious on Moremoney that this is used as collateral.

GLP is automatically staked, and you can provide it as collateral. It gets minted and staked all in one transaction unlike many traditional protocols.

>How do you handle the escrowed GMX/GLP rewards?

Dynamically. I'll restake 100% to start, and slowly decrease that ratio to vest over time.

>Also what of the risks in whales gaming the casino?

Very little. It isn't whale friendly. There's no slippage and there's no traditional orderbook. THe price is computed as an average of all exchanges through an oracle. You may notice on the platform that there aren't very many wicks. This is because nobody can move the price on-chain.

It's a perfect place for small traders to gamble without risking whales liquidating. Their liquidation engine is pretty friendly to smaller participants.

They have a maker and taker fee spread along with fees to open and close a position. That makes it less friendly on a fee basis for smaller positions (flat fee in AVAX). But the leverage can compensate for that if you win the trade, so it shouldn't deter away on-chain gamblers.

The real question that needs to be asked here is how popular will it be without the ability for whales to manipulate? Whales provide the majority of volume and this platform doesn't give them any major advantage.
nhill
Member
Fri Aug 26 21:16:42
>The real dump started with a classic pump and dump.

Fun stuff. Was on the road, so I missed it live. :)

It was a pretty bloody day on wall street, my guess is we get some relief tomorrow unless another catalyst coalesces.

I expect the relief to be a short bounce before we resume downwards.
nhill
Member
Sun Aug 28 19:25:10
Bad "leak" came out about $AVAX. Might finally get some juicy presale price $PTP.

The leak is interesting, pieces together a story that AVAX partners with a law firm to sue their competitors.

But it's way overblown for two reasons:

* Suing competitors is pretty common in capitalism. Google, Amazon, Microsoft, et al. all do this all the time. Big deal.

* The article was put out by a "whistleblower company" funded by $ICP. Clearly they have an incentive to paint the *worst* possible picture by tying undercover videos together into a cohesive narrative. It's like statistics...you can cherry pick and manipulate any narrative.

I doubt the veracity of the source, but like I said above, if they hired a law firm to litigate competitors...I don't like it, but it isn't a huge deal. Happens all the time when companies get big. You build up intellectual property and litigate.

Would prefer if crypto companies didn't follow the same practice, but the incentive structure is there.

Buy the dip situation. People will come to the same conclusion eventually.

Except don't buy the dip *this time* because the Powell dump appears to be picking up steam ;)

But I hope we get a deep stab into presale price. There's going to be a vacuum around $0.09 as institutions defend their cost basis.
nhill
Member
Sun Aug 28 19:25:47
http://cryptoleaks.info/case-no-3

link
nhill
Member
Mon Aug 29 01:01:45
Interesting stress test for GMX. They have ran out of liquidity for shorting $AVAX. :)

Still have $7,000,000 for BTC/ETH though, so it is withstanding the most obviously bearish 3 days in a while.

But my concern about the platform not being whale friendly still persist. Even on a good day, there's only about $3,000,000 in liquidity for AVAX on the short side. Not much for a whale to feast on there, considering the leverage (a 10X short position with $300,000 would eat it all up).

But, overall, not a huge concern if you can't short an altcoin in a bear market. There's going to be a ton of demand for altcoin shorts, so naturally in a closed system like this (that requires liquidity providers), it will run out.

It's still overall a very attractive hedging platform for whales, provided the liquidity is enough. I'm not aware of any other place where you can short or long millions of dollars without any slippage.
Habebe
Member
Mon Aug 29 01:03:50
How do crypto short squeezes work?
Habebe
Member
Mon Aug 29 01:07:49
Luma is still way up, im only down 95% jist a small bump up 1600% I'm back to even.lol
nhill
Member
Mon Aug 29 01:14:25
Crypto short squeezes work on futures trading platforms where traders and hedgers use leverage to gain exposure on the short side.

When you use leverage in crypto there are liquidation engines that will automatically buy crypto to cover your short position if it runs out of money. For example, a 10X short position will get liquidated if the price moves up 10%.

Crypto market makers pay attention to short interest and will use their capital to move the price and initiate a squeeze. Essentially grabbing all that liquidity, as part of the liquidation earns them fees, plus the buy to cover will push the price up.

This is also why you'll always see a huge drop right after a crypto short squeeze as the market makers take their profits from the liquidations.

Right now the short interest for crypto is the highest it has been since July of last year.

Short interest maxed, low spot liquidity. Perfect conditions for a viscous short squeeze. Unlike last July, though, I doubt it would be enough to sustain a momentum shift. More like a huge deviation that traps bulls and liquidates them on the flip side.
nhill
Member
Mon Aug 29 01:17:08
BTW, the futures price is mostly determined by the spot market. There's nuance here which isn't that important IMO, but know that it is _mostly_, not completely.

So the classic play in crypto is to wait for low liquidity on the ask side, and then rip through the orders and trigger liquidations on futures, which buy more spot, and then cascade.
Nimatzo
iChihuaha
Mon Aug 29 04:20:11
That leak link uses such a horrible style of prose, I couldn't read it. Huge turn off for a lot of people. The gist of it was that the people behind Avalanche are horrible people who want to destroy crypto, America and the entire world.

Thanks for the GMX answers.
nhill
Member
Mon Aug 29 09:19:49
No problem.

Definitely looks like a sloppy hit piece. AVAX has almost recovered already.

And like I said, even if the allegations are true I honestly barely care. Avax Labs litigating is better than Harmony devs ghosting, for example. It also shows they are a mature company.

Crypto people probably aren't used to American capitalism practices. They are getting a business education on the fly ;)
nhill
Member
Mon Aug 29 09:24:13
Who's the market maker here????

Literally right after I said that there was massive short liquidations on AVAX?

LMAO. It is fully recovered now.
nhill
Member
Mon Aug 29 09:26:03
ngl I shorted the top of that wick on GMX with 10X leverage, lol. But only a small position on my testing/explorations hot wallet.

Couldn't resist jumping in on the fun. As I said above if this was a squeeze market makers are going to eat the wick like candy
nhill
Member
Mon Aug 29 09:29:56
And...just like that. I got +20% in 3 minutes.

Thanks for playing :) Happened exactly as predicted last night =)
nhill
Member
Mon Aug 29 09:52:42
That was a baby short squeeze, hardly any volume but pushed the price up 7%.

Imagine a concerted squeeze. Things are volatile right now, like kindling in a forest.
nhill
Member
Mon Aug 29 09:56:28
"It was a pretty bloody day on wall street, my guess is we get some relief tomorrow unless another catalyst coalesces.

I expect the relief to be a short bounce before we resume downwards."

Nailed this one too. +1% bounce to fill gap on open and we are going back down.
nhill
Member
Mon Aug 29 09:56:44
(on S&P 500)
Nimatzo
iChihuaha
Mon Aug 29 11:39:58
Nice snip. Yes we are going lower for sure. A lot of FUD now around the next rate hike.
nhill
Member
Mon Aug 29 11:59:38
Trading on GMX is pretty fun, actually. And a lot easier than on a DEX or CEX due to lack of manipulated liquidations.

I've made around 30 small trades this month and 29 of them were profitable. Feels like a cheat code.

But, then again, they were basically all shorts, which is the real easy mode right now.

The only problem with 3 figure positions is the flat fees for position management can add up a lot. Like 5% of a $100 position ends up getting paid in fees, so you need to have a better than 5% trade.

But for 4 figures and above it's just a bit of noise really.
nhill
Member
Mon Aug 29 12:00:45
My one bad trade was a short that I got spooked out of and would have been profitable if I waited. Nearly a perfect record.

It's just a ton easier to apply technical analysis when you don't have slippage or wicks.
nhill
Member
Mon Aug 29 12:01:43
Which makes me wonder, if I'm constantly making money, uhh who's paying for me? Heh. I guess the funding rates of longs. Haven't quite traced the exact interactions between LPs and funding.
nhill
Member
Mon Aug 29 12:04:57
The other thing that makes it easy is you can watch NQ and ES and front-run price movements for easy scalps. We are still very correlated to tradfi right now despite some intraday movements causing Crypto Twitter to cry about the decoupling.

This AVAX incident and all the outrage really shows how dumb the majority of Crypto Twitter is, even, or perhaps especially, huge accounts. Caught with their pants down spreading this hit piece.

Almost feels too easy tho. I guess the fees I'm paying keep the LPs profitable.

Plus the people still longing this dumpster fire...
nhill
Member
Mon Aug 29 12:06:48
Opened up another LTF scalp just for fun with $AVAX at $19.17.

Sure the FUD is idiotic, but might as well ride the stupidity flow.
nhill
Member
Mon Aug 29 12:08:51
Nim

Mina is the next bottom hunt for me. We talked about it last year.

But ZK proofs are amazing and I want exposure to this technology. MINA is the current front-runner as we had some good back and forth on it last year.

I need to update myself on tokenomics and strategies before committing, but wanted to share with you my abstract strategy.
nhill
Member
Mon Aug 29 12:10:16
Really need to stop wasting my time in the GMX casino but it's too much fun.
nhill
Member
Mon Aug 29 12:10:41
Maybe the real GameFi all along was leverage trading. XD
nhill
Member
Mon Aug 29 12:11:13
(my way of pretending salvage my terrible call of this being the year of GameFi. i missed on that one badly)
Habebe
Member
Tue Aug 30 01:44:52
Luna is on a run yet.

My 13k+ coins I bought for like $35. Around 1/4 of a cent each.

They havnt been worth over a dollar even in a while, when They would be worth something they would literally just go between 2 prices back and forth for hours.

They are $2.57 , the highest Ive seen since the crash.
Habebe
Member
Tue Aug 30 01:44:52
Luna is on a run yet.

My 13k+ coins I bought for like $35. Around 1/4 of a cent each.

They havnt been worth over a dollar even in a while, when They would be worth something they would literally just go between 2 prices back and forth for hours.

They are $2.57 , the highest Ive seen since the crash.
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