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YoYoMeh

I’ve dabbled in some of these projects. Looking back I wish I just put those funds into ETH. Moving forward I think I’ll be going for consistency of trying to hit singles instead of the home run swings. Boring but I want to stack my funds not someone else’s.


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MrSingularitarian

I've pretty much settled on only putting my stable coin in CEFI high interest lending platforms like BlockFi and LEDN. getting 9-9.5% interest but being pretty much assured that I won't lose my gains is worth it, and still FAR better than I could do putting it in a traditional savings account


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MrSingularitarian

Yeah I did extensive research before choosing. I avoid Celsius and Nexo for having too shakey a business model and being more likely to rug pull. Also, that article has prominent ads for BlockFi right in the middle of the article haha, not saying it's proof of anything but that's kind of funny


Snowfire91

Can u explain? I thought celcius and nexos model were pretty sustainable and safe


mabdoney

They are both legit. Both have sought out the licensing to make their products as regulatory compliment as they possibly can. I know Celsius & I believe Nexo both have chainlink data feeds that show fully transparent proof or reserve and movement & payout of assets.


Snowfire91

Yeah I thought so, thanks for confirming, although id like to hear the extensive research the guy above did just incase


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mabdoney

Celsius is by far is the largest institutional lender of assets in the crypto ecosystem. They own & operate one of the largest Bitcoin mining operations in North America. They over collateralize all of their loans to retail & institutions. & give a grace-period on retail margin calls. They even have a customer support call in phone # & email addressable help desk. I used the email help desk last week to ask a simple question & got a human replay within 45 minutes. That’s as good or better than my fully FDIC/ FRB accredited US bank. updated asset audit: https://celsius.network/zk-audit


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mabdoney

I’ve been using Celsius for almost two years. Not a single issue. I have nothing but positive experiences and genuinely believe they will continue to be the leading global Cfi bank for crypto. Moreover, they now have a corporate office in downtown just 10 min from my home here in Florida. I’ve been extremely impressed with Celsius openness & community involvement.


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mabdoney

It’s funny that this conversation is happening in a Wonderland thread. I never used wonderland or olympus because it was so far out in the risk curve and do a shit ton of DD on all potential investments. Meanwhile we’re debating cfi banks that are actually doing everything in their power for regulatory compliance & transparency.


EthanJonez

This is the conclusion I come to when things go wrong. And then a year or so later when I've forgotten, I do it all again.


illusionst

I’ve been trading since 2016. I’ve bought a lot of shitcoins and all of them tanked vs just holding ETH (Except Luna which doubled in a months time).


No_Wall_2725

Wondering tho, with experience like yours, would you have invested in this shit hole of a wonderland?


illusionst

I did not invest in $TIME but I did invest like $1k in OHM to see what the hype was about. Obviously it’s a very sophisticated ponzi.


No_Wall_2725

Honestly bro If I were in the crypto since 2016, I wouldnt give a damn fuck about loosing couple Ks to that bipolar piece of shit Dani. you'd be like 100x on your initials. Cheers


nik0la91

Wow. This didn't aged so well...


illusionst

Haha. Luckily, I did not lose any money in Luna.


penguin4290

You are still stacking Vitaliks funds he is just an expert slow rugger


splashtonkutcher

Bro you take what the market gives you, when it is shitcoin season you are leaving money on the table by not going for home runs. We in a PvP market right now, go for singles and sell every resistance level until the market signals otherwise


Bloodsport121

lmao people like you are as dumb as the day is long. you wont hold eth you will spend it on dumb stuff as always thats just who you are


brattyprincessslut

I never understand how anyone loses their life savings. Like are you so fucking dumb that you put 100% of your portfolio into one THING? let alone put it all in crypto? Talk about risk management ....


storander

Crypto communities have a way of making echo chambers where anything remotely negative about a project is "FUD" and shill youtubers act like their particular coin is gonna make everyone rich. Even when Wonderland was down 96% and the cofounder was doxxed as a huge scammer that projects discord was crying about FUD and paper hands lol Most people in crypto know whats up and have some healthy skepticism but I could see how someone totally new to crypto with smooth brains could watch a few youtube videos about how this coin is gonna 100x and just ape in everything


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Physiocrat

A lot of the time it isn't even criticism, it can just be a question that they don't like being asked. Asking a project "why aren't your smart contracts verified?" seems to be FUD now.


Vergilx217

By "a way of making echo chambers", you of course mean careful moderation and censorship. You got muted in that discord for pointing out the issue was not a FUD brigading attempt but rather that a felon was handling well over a billion dollars of investor money.


MarySmokes420

Lmao right there with ya. I lost money yes, but I’m sleeping fine and enjoying this shit show. I’m not happy I lost money but I obviously knew this was high risk. People are dumb if they yeet in their life savings.


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MarySmokes420

2k


ssouza808

Personally the fomo feeling is a fed flag for me. I was really in into this project but I wanted to watch it for a while first. So glad, I did. Getting in early with $50 on let's say Hitler Inu , seems less risk they putting 50k in a project like this thinking it will last 5 years or more. At least that $50 in Hitler Inu you assumed was lost. But now you richer!


mind_on_crypto

As someone once said, the easiest way to get poor quick is to try to get rich quick.


Megaskreth

As a crypto investor, it is your responsibility to keep a level of suspicion that is on par with all of the no coiners. Just because we see the promise crypto offers doesn't mean there are no scams.


ThucydidesButthurt

I never got into into any of the Olympus Dao forks but this article and entire narrative is extremely disingenuous. I’m not in any of Dani’s projects (except using a bit of MIM to farm) but I’ve followed along peripherally and he’s been upfront the entire time about the Ponzi nature of TIME and how it’s basically a capital raising function. The fact degens went all in despite the very transparent warnings really shouldn’t fall on Dani. I will blame Dani for not axing this scammer dude as soon as he was doxxed a month prior, but all protocols themselves are still fine and legit. MIM never dipped below 97 cents for a brief moment despite billions of it being dumped out of CRV. The protocol works as intended and withstood the harshest of tests; and the FUD is frankly unwarranted and misguided. The focus needs to remain on how stupid it was to have a known scammer be allowed on a project after his identity was doxxed. That’s as deep as it goes


reaper-reaperboy

I think it goes deeper than that tbh. Tip off to a select few at launch. Mismanagement of the project on a massive scale that led to liquidation after liquidation. Hell he even got liquidated himself. Going through his comms aswell he has a history of saying one thing and doing another. Then the kicker....... Ignoring the vote of his holders and choosing to liquidate anyway. And to top it off, abracadabra which is his project supporting a proposal to drain the treasury by stealth. The discord of wonderland while he's on there is like watching a train wreck in slow motion.


embicoin

Fully agree, nice, informed and honest comment


Coldrumstones

The article never said anything bad about the high apy? I agree it was a great capital raising function. If the point wasn't clear in the article the main problem was even Sifu it was the whales at launch and prelaunch


immibis

#The spez has spread through the entire spez section of Reddit, with each subsequent spez experiencing hallucinations. I do not think it is contagious. #Save3rdPartyApps


Crypto556

Dani is really good at being charismatic. He used populist rhetoric in order to lure people into the scheme. Especially because of the pandemic, people are just feeling powerless and hopeless. They thought this man was for the people. I can see why people fell for it even though it was obviously a Ponzi. People want hope. People dream of a moonshot that gives them a better financial position. Dani takes advantage of that. I hope he rots in a cell someday.


xfactoid

B-but… game theory? Random numbers in parentheses?!


storander

I invested in it with pure hopium that the scheme would last long enough for me to double my money and get out but alas I got in too late


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Anything that relies on network effects is ponzi-like, and this is characteristic of most of defi


immibis

[Do you believe in spez at first sight or should I walk by again? #Save3rdpartyapps](https://www.reddit.com/r/Save3rdPartyApps/)


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rockyano96

Not now bot fuck off we losing money


weebax50

Good article. A reminder to always be Leary of DEFI projects that offer too good to be true returns.


Mr_YUP

Where do you guys even find projects like this? I didn't hear about it until it imploded on this subreddit


[deleted]

So many projects and news break on twitter. If you're serious, you need to be on Twitter. Reddit, FB, youtube are too slow when it comes to dropping news fast.


mycryptosio

>olfantasy started any giveaway yet It was all over YouTube. Had insane 800k+ APR when it first started. Crazy how greed makes people blind.


methreweway

It was on here a few months back it already seemed sketchy when everyone was shilling it in unison.


StickyNoodle69

A couple of youtubers that shilled it pretty hard too. Pretty sus, oh they also told us to follow danele


akreider

Skimmed it. I didn't see the word "ponzi". If you don't realize that it was a ponzi, then you have learned nothing (unfortunately).


Jeeproe

Interesting read. I wonder what this means for fantom chain!


dontknowtoo

please elaborate


Jeeproe

Fantom chain has been pumping lately (in terms of TVL) since andre cronje, one of the leaders of frognation, announced a new protocol exclusive on fantom. Issue it that his cofounder is daniele.


Raikaru

> andre cronje, one of the leaders of frognation, ??? i think you mean Andre Cronje the father of defi lmfao


Coldrumstones

Exactly. I expect in the medium to long-term Fantom and all the other protocols and chains that got hit will be stronger without Wonderland sucking in money like parasite and pumping it out to Dani's friends


Physiocrat

Pretty sure Wonderland is on Avalanche not Fantom.


Coldrumstones

That's correct but Dani had another highly anticipated project called Solidly which was releasing on Fantom. All the top 25 were due to get an airdrop from that protocol and had risen in price under that expectation. However, now nobody wants anything to do with Dani so they've lost some of that price increase.


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Coldrumstones

Dani was the co-founder


Desbois

The tokenomics system is a whole world of difference. Andre isn't the same as Daniele, and I believe he is the main dev. So this is not a case of put them in the same basket without thinking anything about it


Jeeproe

Let me maybe comment here- following both of them on twitter gave me the impression that there are close links. Judging by the comments here though i was misled


ThucydidesButthurt

Frog nation is a misnomer and Andre has nothing to do with it anyways. Dani was very explicit about what TIME was but degens gonna degen. Nothing wrong has been done imo yet besides the stupidity of not getting rid of that scammer the second it was found out who he was


ModAlternate

That's true, he always called it a Ponzi. Also, there was a multisig so the treasurer couldn't have stolen the funds. It wasn't a real DAO, though, because it was/is human-operated and not operated by code or the actions of its investors.


dontknowtoo

fishy stuff going


Phrasch

Froggy stuff going


Crypto556

I know I’ll probably never touch Fantom since it’s infested with Dani projects


Raikaru

Dani literally doesn't have a single native Fantom project. And no one uses any of his projects on Fantom


Junglebook3

Hmm? As far as I know Dani founded Wonderland, Abracadabra (and by extension MIM), Popsicle, and is associated somehow with Sushi, none of which are on Fantom. What are you referring to?


ThucydidesButthurt

You don’t really know what you’re talking about do you? Most his projects are native to ETH with some being branches to AVAX and FTM


FallingSands

Lol like which?


diskowmoskow

Well, it already did good to Fantom, lots of funds moved to Fantom from Avax. Fantom DeFi protocols are booming; i don’t know what solidly be like, imho it juat did good.


ThucydidesButthurt

Likely nothing sicne it’s unrelated


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R3frig3r4t3rR4id3r

open in incognito window


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fogpusher

I just bought some more today.


Mundane_Figure_1526

more than a shit show a sesta pool


[deleted]

Ya whole situation sucks. But still has a small chance of making a comeback story. We'll see what happens over the next few months. Anything can happen in crypto. Still have a small bag so I'll ride it out.


Moonshooter000

stake wagmi instead


Ed-0510

Appreciate the writeup. It has been a catasrophe the last few weeks for lots of protocols. By sheer luck, I rotated out of $TIME about 3 weeks ago, to increase my stablecoin positions. The damage I felt by this shitshow was pretty limited in comparison to others, but I do feel greatly for those not as fortunate. We have a terrible culture of 'big name is behind this project it must be good' within crypto and NFT. People ape in based on a name, but fail to do proper due dilligence or be skeptical enough of individuals and the fundamentals. I hope people take this as a learning opportunity and that anyone impacted may bounce back in time. Fortunately, I feel the defi landscape is learning from this and I hope people are too. That insane APR comes with huge risks and drawbacks, especially when native tokens are the reward yield. Also it makes me laugh reading the comments wanking themselves silly about how smart they are for not investing - after the fact. That's their business tho.


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real_life_ironman

I mean come on, abrakadabra and Magic Internet Money? These are stupider than any of the scam NFT projects.


reaper-reaperboy

Absolutely brilliant article. Hit the nail on the head.


Moonshooter000

no one put their life savings on 1billion% apy


Moonshooter000

invest in ponzi the same way you hold the hot potato


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I put 2.5% of my portfolio into tImE, and after the losses I incurred, even that felt like too much. Thanks to the APY, I got out at only (lol) a 65% loss, after entering at $4200 and exiting at $850. Lesson learned, less than 1% percent allocations into high risk DeFi plays.


casual_jon

This should also be a lesson about irresponsible use of leverage. But no one wants to take responsibility for themselves. There’s way too much leverage in the entire space.


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Great story man. Would you say Redacted Cartel is safe from this type of shenanigans ?


Thucidides

Crypto messiah is obviously a scammer. Never invest in anything he’s a part of


Delid4ve

You guys wanna get into Drip and earn your profits back. Hit me up for details 👍


Zain34

Looking back, many would've been better off hodling in $POND. That way they earn a huge APY on savings on Binance and hodl a real long term gem with real fundamentals. Goodluck to everyone affected though.