Official Cryptocurrency Thread: Skepticism to Speculation to FIGHT! FIGHT! FIGHT!

Discussion in 'The Mainboard' started by Nantucket, Jan 29, 2017.

  1. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
    Donor
    Auburn TigersAtlanta BravesAtlanta FalconsChelseaAtlanta United

    It sounds like they had Charles Hoskinson write it for them
     
    southside and Harrison Beck like this.
  2. westcoastbias

    westcoastbias Well-Known Member
    Donor

    I've been buying a btc share a week and I'm down about 15% since April. Gonna keep firing
     
    HuskerInMiami and Whammy like this.
  3. Harrison Beck

    Harrison Beck Bailout Bro
    Donor
    Detroit LionsLiverpoolNebraska Cornhuskers alt

    You know what they say 1 bitcoin share = 1 bitcoin share
     
    westcoastbias likes this.
  4. Harrison Beck

    Harrison Beck Bailout Bro
    Donor
    Detroit LionsLiverpoolNebraska Cornhuskers alt



    Interesting thread
     
    HuskerInMiami and Chumbolone like this.
  5. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
    Donor
    Auburn TigersAtlanta BravesAtlanta FalconsChelseaAtlanta United

    Druckenmiller had a great quote on DOGE, bolded slayed me

    "I think since there’s no limit on supply, I don’t really see the utility of it right now. It’s just this wave of money in the Greater Fool Theory. Now having said that, I wouldn’t short it because I don’t like putting campfires out with my face. So I just try and pretend DOGE doesn’t exist. I think so little of it, it doesn’t even bother me when it goes up."
     
    IV, HuskerInMiami, jorge and 3 others like this.
  6. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    Ok, why?
     
  7. Harrison Beck

    Harrison Beck Bailout Bro
    Donor
    Detroit LionsLiverpoolNebraska Cornhuskers alt

    Why are your takes bizarre? I have no idea I was hoping you could help me w/ that
     
    jorge likes this.
  8. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
    Donor
    Auburn TigersAtlanta BravesAtlanta FalconsChelseaAtlanta United

    I'll be honest I have no idea what chumbolones actual take is, I've seen posts that seem like he was wanting to jump into yield farming and defi, and others that suggest he is an only BTC bro.

    Would love to hear your actual opinion or if you are still making up your mind chum.
     
    IV, HuskerInMiami and jorge like this.
  9. Harrison Beck

    Harrison Beck Bailout Bro
    Donor
    Detroit LionsLiverpoolNebraska Cornhuskers alt

    The other day he basically said he could see 3 coins making it Eth and link being the other 2 but only them. He also told me most of defi is food tokens and Ponzinomics.
     
  10. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
    Donor
    Auburn TigersAtlanta BravesAtlanta FalconsChelseaAtlanta United

    LINK won't make it if only three coins make it. The whole point of LINK is distributing real time data across smart contracts.
     
  11. Harrison Beck

    Harrison Beck Bailout Bro
    Donor
    Detroit LionsLiverpoolNebraska Cornhuskers alt

    Anyone that understands how eth and link work would laugh at them making it and only 3 coins total make it. That's pretty much impossible if you think link and eth have use cases
     
    jorge likes this.
  12. Harrison Beck

    Harrison Beck Bailout Bro
    Donor
    Detroit LionsLiverpoolNebraska Cornhuskers alt

    My point exactly. Bizarre is really the only word to describe it
     
  13. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    What’re you, 11yo?


    I waffle.

    I buy into the BTC narrative as a sov/gold 2.0. I think Druckenmiller summarizes BTC’s advantages well in the John St. Capital tweet above - first mover, name brand, cult like belief. If it can capture half of gold’s market cap, maybe even surpass it, then it’s a no brainer investment. I’d put the odds around +350 it accomplishes that in ~20 years.

    I dig the ETH as “ultra sound money” narrative. However, I think people conflate DeFi & Ethereum. It’s easy to say “I believe in the DeFi narrative” and by extension ETH, bc that’s the only place it currently exists.

    Even after using these protocols/products, I’m not wholly sold on the crypto casino sandbox as a use case. It’s slow, expensive, and difficult for normies to onboard/use. I also think it’s largely built on ponzinomics.

    I’ve asked before, how does it scale? What’s it’s value proposition to the consumer?

    You say “yields”, well the yields exist solely in the crypto casino markets sandbox. There’s a prevailing belief that these yields are a result of the novel idea to cut overhead like brick&mortar, bank tellers, paper pushers. Never heard of Ally? The yields come from elevated risk. Risk backed by collateralized air. Most acknowledge the vast majority of alts are shit, yet these DEXs, aggregators, etc. all exist to efficiently and profitably incentivize swapping/trading/leveraging… well, shit.

    I think ETH’s value proposition is when it scales outside of crypto and disrupts other TradFi markets.
    And I’m not wholly convinced those markets will just pay a premium to a bunch of early adopter autist hentai loving weirdos to use their expensive, slow, difficult, etc. protocol when they can make a better one?

    Again, as Druckenmiller points out in that thread - I’m not as convinced ETH’s lead is insurmountable and it’s use case/scalability is a forgone conclusion.

    I think ETH being the dominant protocol for evolved/scalable DeFi is ~ +500.


    I said less than 1% will make it. I said if I were to place bets on coins that will be around/profitable investments in ten years those are the three I’d pick. LINK would be my futures call on something new/better, the continued evolution of the space.

    Your reading comprehension is bizarre.
     
  14. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
    Donor
    Auburn TigersAtlanta BravesAtlanta FalconsChelseaAtlanta United

    Reasonable takes for the most part.

    I think what you're missing is that the smartest people in Blockchain are already picking ETH and TradFi can't just "build a better one" without those guys. They're already becoming billionaires without any help, why do they need traditional finance bros?
     
    HuskerInMiami, Whammy and like this.
  15. Harrison Beck

    Harrison Beck Bailout Bro
    Donor
    Detroit LionsLiverpoolNebraska Cornhuskers alt

    Where you are hypothetically placing your bets leads to more than 1% of coins making it by default. If you can’t understand that then you don’t understand eth or link. And tbh from what I see you post you don’t.
     
  16. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    Why are they picking ETH? Bc it’s superior or bc it’s the first to have/support a monetized ecosystem?

    It’s not even the potential that TradFi or big tech will recruit the engineers who create the ETH replacement, it’s the two guys in a garage who see the problems with ETH and provide a solution and instead of real easing it on GitHub, take it to directly to VC’s, big tech, etc.

    I’d also argue a lot of the billionaires are products of 1) TradFi backgrounds recognizing opportunity, coming in and eating the “it’s about the tech” guys’ lunch (SBF, Trabucco, Davies, Zhu), 2) the prevalence of speculative risk appetites in the markets, a lot of similarities to the dot com bubble, how brilliant are some of these guys when the money dries up? Everything is getting funded.

     
    user15000 likes this.
  17. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    Lol ok. I don’t know how much clearer I can be.

    If there’s ~7k cryptocurrencies rn, 1% = 70… of those 70, I’m most confident BTC/ETH/LINK will likely be 3/70… of the other 67 - some may exist rn, some certainly do not, some I may have dismissed or overlooked, but regardless, the nascent stage of crypto we’re in rn I’m not convinced Harrison Beck from the internet will successfully pick enough of the remaining 67/7k to profit in the long term.

    I think Druckenmiller summed it up perfectly and I think it applies specifically to current crypto markets



    I’d
    rather be concentrated in my highest conviction plays than diversified in what most acknowledge is a highly speculative and around the margins dubious (Doge, Moon, Cum) market.
     
  18. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
    Donor
    Auburn TigersAtlanta BravesAtlanta FalconsChelseaAtlanta United

    I think your way of thinking about it is definitely reasonable, and TradFi does not have a history of playing nice, thats for sure
     
    HuskerInMiami and Whammy like this.
  19. Harrison Beck

    Harrison Beck Bailout Bro
    Donor
    Detroit LionsLiverpoolNebraska Cornhuskers alt

    I don't disagree with anything you said here and you're basically just pulling direct stats from my post the other day. I totally agree with BTC/Eth/LInk take too but you can't say that is what you are MOST confident in and then also say with a straight face that there will be less than 70 coins/tokens. It's a fundamentally flawed idea and you've made up a scenario that is completely impossible. I'll take it a step further and say if you believe in any of the tech in the space (which you obviously do) ESPECIALLY Eth and Link its hard to come up with a scenario that doesn't include a multi-coin crypto ecosphere. These stats also don't account for more projects that will inevitably come along, most probably bad sure but some will stick. You also said Defi is a "game changer" which again if you actually think that you'd be aware of the extra coin/tokens that will come along with that. To bring it full circle here you are arguing out of both sides of your mouth and it is really bizarre to me.
     
  20. Harrison Beck

    Harrison Beck Bailout Bro
    Donor
    Detroit LionsLiverpoolNebraska Cornhuskers alt

    Did you really just post a 2 hour vid?
     
    HuskerInMiami and dblplay1212 like this.
  21. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    This board loves documentaries and it’s a great one that captures a moment in time some of us were too young to appreciate.
     
    IV and jorge like this.
  22. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    I’m not saying there will be less than 70 tokens in existence. I’m saying there’ll be around that number exist TODAY, that also have potential, are profitable, are actively being updated, and will still be relevant in ten years.

    A “multi-coin ecosphere” can exist, but as of right now I think very few current projects will be apart of the ecosphere in ten years. In the same way Mindspring, Netscape, Compuserve, Prodigy, NetZero, EarthLink, Juno, AOL, ICQ, Geocities, Angelfire, Alta Vista, etc., etc., etc. didn’t survive the internet’s evolution.

    It’s not talking out of both sides of my mouth to say the internet was a game changer, even though many of the applications built upon it fizzled out. Both things can be true. In this case you can actually bet on the monetized infrastructure and the dapps built upon it. I think the infrastructure has a better chance of survival/staying power than the first evolution of dapps.

    I don’t think the crypto markets are mature enough to just blindly diversify across the board and expect the same kind of return you’d get with a concentrated allocation of BTC/ETH. This is akin to VC investing, the success rate is so much lower. This isn’t analogous to stock market investment strategies where diversification is the optimal play. The S&P 500 of crypto is more like the S&P 10 right now… if that.

    I’d offer an even money bet that a buy and hold strategy of BTC/ETH will out-gain any 10 coins you could pick today over ten years.

    DeFi has the potential to be a game changer, but it has to evolve from it’s practice crypto market sandbox to real established markets that almost everyone interacts with. When it disrupts payday loans, credit cards, insurance, mortgages, logistics, etc. that’s where the real potential lies.
     
  23. Harrison Beck

    Harrison Beck Bailout Bro
    Donor
    Detroit LionsLiverpoolNebraska Cornhuskers alt

    I think we are talking about 2 different things as it pertains to the 70 token comment. With the coins now and nothing going forward? 1% or less I could be talked into. but it kind of goes with out saying... We are in like what year 2 of defi? I mean its pretty obvious some better things will come along and NEED to come along for that sector to grow.

    While I don't necessarily disagree with the sentiment I'm not really buying the comparison. There's a reason VISA decided to go with Eth and not xrp or fill in the blank. We are talking about blockchains not web browsers. It's apples and oranges. Please don't confuse this with me thinking eth is the end all be all it's likely not and doesn't have to be but security matters. So does network effect, Solana is a great project and might be the future but the real question is will eth be so far ahead by the time that happens that it doesn't really matter?
     
    #16173 Harrison Beck, May 30, 2021
    Last edited: May 30, 2021
    jorge likes this.
  24. Whammy

    Whammy Donde es
    Donor
    Alabama Crimson TideVanderbilt CommodoresNew Orleans SaintsChicago BlackhawksAtlanta United

    Well reasoned, in DEFI the blue chips would be something like the following (off the top of my head):

    AAVE
    COMP
    CURVE
    YEARN
    SUSHI
    UNI

    Couple that with BTC, ETH, LINK that makes nine which I think will still be around in 4 years.

    Then you have the Solana ecosystem:

    SOL
    RAY
    FTT

    Then the Binance system:

    BNB
    CAKE

    Those are the 14 horses I’d bet on
     
    HuskerInMiami likes this.
  25. Whammy

    Whammy Donde es
    Donor
    Alabama Crimson TideVanderbilt CommodoresNew Orleans SaintsChicago BlackhawksAtlanta United

    Edit: forgot MKR which would be 15
     
  26. jorge

    jorge Founder of Post ITT if your team sucks
    Donor
    Penn State Nittany Lions

    interesting side note, I believe prodigy is still one of the mains ISPs in Central America.
     
    Chumbolone likes this.
  27. Long Ball Larry

    Donor
    Alabama Crimson TideMiami Dolphins

    Get on the Ethereum Max rocket to the moon.
    Seriously, i have no clue how any of this works, but my best friend is an early investor and walked me through how to get it (https://www.ethereummax.org/) and since then, Mayweather signed a contract to wear their name on his shorts in the upcoming Paul fight, Dave Grutman is now accepting at his clubs, and Kim Kardashian tweeted about it. I’m guessing it’s a pump and dump shitcoin, but a lot of celebs and pro athletes are pumping it right now.
     
    HuskerInMiami likes this.
  28. PSU12

    PSU12 The Grand Experiment
    Penn State Nittany LionsBaltimore OriolesPittsburgh Steelers

    Seems like a pump and dump
     
  29. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
    Donor
    Auburn TigersAtlanta BravesAtlanta FalconsChelseaAtlanta United

    Rewards per transaction=scam coin
     
  30. kennypowers

    kennypowers Big shit like a dinosaur did it
    Donor TMB OG
    UCF KnightsAtlanta BravesJacksonville Jaguars

  31. Long Ball Larry

    Donor
    Alabama Crimson TideMiami Dolphins

    My financial advisors French Montana and Tank Sinatra disagree.
    Like I said, I’m guessing it’s a pump and dump, but people like Kim Kardashian and Tom Brady’s tweets have caused the price to shoot up. I’m hoping the fight gives it another bump. If not and it goes to 0, I’ll only be out like $600.
     
    letan likes this.
  32. beerme

    beerme Well-Known Member
    Donor
    Penn State Nittany LionsNew York YankeesGreen Bay Packers

    If you’re up you should get some out and play with house money
     
  33. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

     
    HuskerInMiami likes this.
  34. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    Yeah, a lot of those are in the DeFi Pulse index. I just think some of them become obsolete over time, market consolidates, newer/better options appear.

    Many of the Dex’s are redundant, copies with subtle differences, but most worrisome to me are the incentive structures that keep some of them relevant/afloat feels pretty ponzi. And there’s dozens more coming out every month.

    The Binance tree has a bad rep for rug pulls/hacks.

    SOL and ADA (and even Terra which I’m invested in) are kind of not taken seriously by anyone I consider sharp and just haven’t delivered much. They need to build out, but struggle to create any useful apps. I liked Terra bc I think an accessible synthetic stock market (Mirror) and stable yield savings account (Anchor) are good base drivers for an ecosystem, but nothing has really gotten traction yet. I’ve got some FTT, but the US facing site is pretty irrelevant. I also think people put a little too much faith in anything remotely tied to SBF.

    If you have $10k to invest I just think you’d do better with a concentrated allocation of BTC/ETH.
     
    HuskerInMiami and jorge like this.
  35. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    Lol pure coincidence, but my friend who runs the hedge fund just offered this bet…

    “Anyone that I know interested in this bet? You pick 3 non eth non btc non stable coins in top 50 market caps today. After 5 years, if all three are up in $$ terms you get $30k, if two are up you get $10k, if two are down you pay me $10k and if all three are down you pay me $30k.”

    If anyone wants this bet and you’re willing to escrow I can facilitate.

    He has one taker so far…
    1) AAVE, LINK, UNI
     
    HuskerInMiami likes this.
  36. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
    Donor
    Auburn TigersAtlanta BravesAtlanta FalconsChelseaAtlanta United

    I’d go with CRV, MATIC, LINK and enjoy my $30k in three years.
     
    kennypowers likes this.
  37. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
    Donor
    Auburn TigersAtlanta BravesAtlanta FalconsChelseaAtlanta United

    Didn’t see top 50, swap AAVE for CRV
     
  38. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    Nvm I see

    LINK seems to be the common denominator so far.
     
  39. kennypowers

    kennypowers Big shit like a dinosaur did it
    Donor TMB OG
    UCF KnightsAtlanta BravesJacksonville Jaguars

    MATIC, MATIC, MATIC

    [​IMG]
     
  40. Harrison Beck

    Harrison Beck Bailout Bro
    Donor
    Detroit LionsLiverpoolNebraska Cornhuskers alt

    I'm not even arguing with you but websites aren't blockchains and it's a terrible comp
     
  41. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    The websites would be the dapps, ETH would be the infrastructure/internet in this comparison. What are you talking about?
     
    #16191 Chumbolone, Jun 1, 2021
    Last edited: Jun 1, 2021
  42. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
    Donor
    Auburn TigersAtlanta BravesAtlanta FalconsChelseaAtlanta United

    I'll say the big difference between a website like the ones you mentioned that died and current blockchain dapps is that people have billions of their dollars deposited in the dapps unlike geocities.
     
    Harrison Beck likes this.
  43. jorge

    jorge Founder of Post ITT if your team sucks
    Donor
    Penn State Nittany Lions


    Yeah thats fair I suppose. I do expect there to be a few leaders and lots that fall away. Maybe I'm wrong and they become as diverse as banks, until they consolidate in the future and buy each other out.
     
  44. southside

    southside Well-Known Member
    Donor TMB OG
    Texas LonghornsSouth Carolina GamecocksHouston AstrosDallas CowboysSeattle Kraken

    Many will die. Yield strategies to compete for users will grow increasingly complex and less and less protocols will be able to deliver and keep attracting capital.

    yield strategists will also demand more compensation throughout that journey and create even more yield compression.

    this has already played out quickly. Last summer the 3crv pool was paying out 90%
     
  45. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    Right, similar to banks.

    And banks were too big to fail.

    But they did.

    How?

    By taking on excess risk in pursuit of… wait for it… yield.

    And when they blew up, who saved them?

    Taxpayers.

    Who will save crypto?

    No one.

    You could argue that at least banks also lent their billions in deposits to revenue generating/income producing companies that produced real goods/services. And CDO’s, MBS’s were backed by hard assets that historically appreciate in value, produce income, and before the bastardization of those investment instruments (and the lending market), weren’t extremely volatile.

    Whereas the FEW revenue generating crypto’s do so purely on leveraged risk. Retail speculation on air assets, that produce nothing, generate no revenue/income, but convince retail to participate through enticing incentive structures that essentially just stack risk on top of risk in pursuit of better yields than their competitors.
     
    HuskerInMiami and jorge like this.
  46. Whammy

    Whammy Donde es
    Donor
    Alabama Crimson TideVanderbilt CommodoresNew Orleans SaintsChicago BlackhawksAtlanta United

    Agree with some of that but platforms like Curve aren't doing only retail speculation on air assets. It's literally just recreated Forex vis-a-vis stablecoins, and distributes the transaction fees to users instead of the exchange. Similar with COMP and Aave on some of their products. Just swapping dollar/euro pegged assets which are fairly low risk all things considered.

    Also a very large piece you're leaving out is over collateralization. COMP, AAVE, et.al usually require 75% of the borrowed amount as collateral.....which is in stark contrast to what banks were letting people do with mortgages. We have a huge nuke down and subsequent liquidation of leverage not two weeks ago and the system held up fine.

    Let me clarify that as far as the end game goes, this ends up merging with traditional finance. Yields will compress as others have said in this thread and the A16z's of the world will start voting for their protocols to reduce their collateral requirements and then boom we have a crypto-driven financial crisis at some point in the future.

    But that's probably 10 years away, the way it's currently constructed is pretty innovative.
     
  47. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
    Donor
    Auburn TigersAtlanta BravesAtlanta FalconsChelseaAtlanta United

    Yeah I'm not saying that the sector as a whole doesn't have major risk. Just saying that specific applications have an advantage over something like a blog website because people are more invested in them.
     
  48. Chumbolone

    Chumbolone Wigglin’ my toes on a mink rug…
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    You see independent markets/incentive structures where I see wholly correlated ones. I appreciate some of these protocols don’t directly deal in air assets, but they exist/serve at their leisure. How does “low risk” currency arbing generate high yields. Why do so many stablecoins all pegged to the USD even exist?

    Liquidation/deleveraging of the markets result in less demand, results in lower yields, results in higher risk in pursuit of higher yield. If the system holding up is defined by stables holding their peg, sure it held up fine for the most part, but if the system exists by virtue of the yields it generates, and the yields are falling due to deleveraging/less capital in the markets (+ more competition), then the system isn’t holding up fine imo.

    If I’m a loan shark and I lend money to someone who gambles… I’m gambling too by extension. Great, he puts up his car as collateral, but once they run out of collateral they no longer have a use for my services. If my ursury business is dependent on people who derive the majority of their income from being winning gamblers - I don’t have a business bc most gamblers don’t win (unless it’s s perpetual bull market). I need gamblers who have jobs or who win consistently. Just like yield generators need more speculators entering the market or a bull market creating winning gamblers.
     
  49. HuskerInMiami

    HuskerInMiami Well-Known Member
    Donor
    Miami DolphinsNebraska Cornhuskers

  50. Whammy

    Whammy Donde es
    Donor
    Alabama Crimson TideVanderbilt CommodoresNew Orleans SaintsChicago BlackhawksAtlanta United

    I'm guess I'm not really sure we're arguing about. The above describes modern day capitalism as well. We aren't that far apart. It's important to note that this is a brand new business model, interest and yield is coming from multiple sources so while it's related to yield on USD there are some differences. To address some of the above:

    Providing stablecoin liquidity generates higher yield than expected for a few reasons: 1) There isn't a spread going to a bank / organization. 2) The individual (me) is providing the liquidity and I'm getting interest in both stablecoin as well as the utility token of the protocol which drives APY sky high because the price of that token is appreciating during a bull market. 3) If Curve is paying half the APY in CRV token, and the token drops 90% then my APY will fall off the map. But if Curve value appreciates, then the APY goes through the roof in USD terms because I'm getting the same interest in CRV but the value in USD terms has gone up dramatically.

    You're absolutely correct that yields will fall off the map during the bear market because huge portions of the APY is paid out in a token whose value could go down 95%. There will be a great shakeout, that much is very obvious.

    To your larger point, even the most die-hard DeFi person would say that current APY's are not sustainable as demand growth rate slows and will continue to be squeezed as more and more institutional capital enters the space. When volatility declines, these huge yields go away. We're still in exponential growth phase though, APY's will still be extremely high years into the future during bull markets due to price appreciation of the token I'm getting paid interest in.
     
    #16200 Whammy, Jun 1, 2021
    Last edited: Jun 1, 2021
    HuskerInMiami likes this.