Escaping the Dark Forest • Hacker News Board

Re: Escaping the Dark Forest

#91

Post by nwah1 » Fri, Sep 25, 2020, 3:11 AM UTC

vvpan wrote: post #90

falava wrote: post #87

Earlier quoted context omitted.

> Can someone point me to one of these in the wild where I can see the actual pitch / advertisement ? https://uniswap.org/blog/uni/

And where do you see the "make you rich part"?

I literally just saw someone advising people to liquidate their 401K to buy uniswap. Whether they explicitly say it is a get rich quick scheme or not, this is the message the marks are receiving.

Re: Escaping the Dark Forest

#92

Post by strogonoff » Fri, Sep 25, 2020, 3:22 AM UTC

seibelj wrote: post #84

rsync wrote: post #82

Earlier quoted context omitted.

"In total, I did this with about 40 different farms. There was a time when there were several new ones every day. For a while it was pretty much a 24/7 job as maximizing apy required constantly jumping to some new hype." There is a line from a movie ... "Short everything that guy has touched"

My friend made over $500k from the Uniswap airdrop, he woke up on Thursday and realized he had another half million dollars. He sold it all immediately for stablecoins, and actually missed out on another $750k if he had waited a few hours and sold at the UNI peak. So yes, it is crazy and complex and difficult, but the rewards are vast for those that dare enter the world.

Advertising profits without details on how much was invested in what assets and when?

A major disservice, doubly so in a risky space like cryptocurrency and on a public forum. This really just makes the space seem even less trustworthy.

Re: Escaping the Dark Forest

#93

Post by pavlov » Fri, Sep 25, 2020, 3:25 AM UTC

falava wrote: post #87

rsync wrote: post #81

Earlier quoted context omitted.

"Stake your tokens with us and you could be the next cryptocurrency millionaire" Forgive me - I thought that was tongue in cheek ? I thought the op was humorously paraphrasing some current, popular trend in ethereum contracts ? No ? That's the actual function of these contracts ? Can someone point me to one of these in the wild where I can see the actual pitch / advertisement ?

> Can someone point me to one of these in the wild where I can see the actual pitch / advertisement ? https://uniswap.org/blog/uni/

That page's focus on ICO-style complex token allocation schemes rather than actual use cases is a giveaway.

Re: Escaping the Dark Forest

#94

Post by askmike » Fri, Sep 25, 2020, 3:34 AM UTC

I quickly want to point out that we've recently seen a surge in uniswap/bancor based "liquidity pools" (all projects copying each other). The main idea here is that you can lock up your crypto in a smart contract - which is considered "secure" as to no one can steal it (audited code by reputable companies and such). If true the risk is very small with things like impermanent loss, which doesn't apply to all pools.

The idea here is that your money is provided liquidity and you'll get paid a portion of the fees as well as some new token which can have a very high value (for a fleeting moment).

This is important to realize when looking at the crazy marketing around these projects, if it's based on uniswap you can reasonably sure your principal won't get stolen - regardless of the scammy and weird marketing.

Re: Escaping the Dark Forest

#95

Post by antonvs » Fri, Sep 25, 2020, 3:51 AM UTC

formerly_proven wrote: post #4

This read like a piece by William Gibson in the Neuromancer universe. I finally understand now why people are attracted by cryptocurrencies.

I've worked a fair bit with cryptocurrencies, but reading this just made me think "y'all need Jesus." And I'm an atheist.

Re: Escaping the Dark Forest

#96

Post by ISL » Fri, Sep 25, 2020, 3:53 AM UTC

seibelj wrote: post #84

rsync wrote: post #82

Earlier quoted context omitted.

"In total, I did this with about 40 different farms. There was a time when there were several new ones every day. For a while it was pretty much a 24/7 job as maximizing apy required constantly jumping to some new hype." There is a line from a movie ... "Short everything that guy has touched"

My friend made over $500k from the Uniswap airdrop, he woke up on Thursday and realized he had another half million dollars. He sold it all immediately for stablecoins, and actually missed out on another $750k if he had waited a few hours and sold at the UNI peak. So yes, it is crazy and complex and difficult, but the rewards are vast for those that dare enter the world.

Every transaction is two-sided. I don't follow the crypto markets in detail any more, but if there was a "UNI peak", then someone who dared to enter the world exchanged stablecoins for Uniswap at about the time UNI peaked. That daring transactor might not agree that the rewards are vast.

Timing markets at the hour level is fraught with risk and cannot generally be done without information not known to the broader market.

Re: Escaping the Dark Forest

#97

Post by seibelj » Fri, Sep 25, 2020, 3:54 AM UTC

strogonoff wrote: post #92

seibelj wrote: post #84

Earlier quoted context omitted.

My friend made over $500k from the Uniswap airdrop, he woke up on Thursday and realized he had another half million dollars. He sold it all immediately for stablecoins, and actually missed out on another $750k if he had waited a few hours and sold at the UNI peak. So yes, it is crazy and complex and difficult, but the rewards are vast for those that dare enter the world.

Advertising profits without details on how much was invested in what assets and when? A major disservice, doubly so in a risky space like cryptocurrency and on a public forum. This really just makes the space seem even less trustworthy.

I gave you everything you needed to know! Uniswap airdrop! $500k profits! The rules of the airdrop are published! If none of this makes sense to you then you aren’t even remotely in the crypto space. Uniswap is the biggest dex in the world! Do 20 minutes of googling

Re: Escaping the Dark Forest

#98

Post by falava » Fri, Sep 25, 2020, 3:57 AM UTC

vvpan wrote: post #90

falava wrote: post #87

Earlier quoted context omitted.

> Can someone point me to one of these in the wild where I can see the actual pitch / advertisement ? https://uniswap.org/blog/uni/

And where do you see the "make you rich part"?

"you could be the next cryptocurrency millionaire"

I don't see that as equal to "rich".

Re: Escaping the Dark Forest

#99

Post by clay-dreidels » Fri, Sep 25, 2020, 3:59 AM UTC

All this research into smart contracts and crytpocurrency may seem pointless and a waste of time. It is very risky to dabble in, and I don't think assigning value to these "bitcoins," or whatever they may be called, will be the lasting effect of all this research. Perhaps some new programming language, or something we haven't even thought of, could be the result of these people working on the outer edges of current knowledge.

Re: Escaping the Dark Forest

#100

Post by seibelj » Fri, Sep 25, 2020, 4:01 AM UTC

remcob wrote: post #89

seibelj wrote: post #84

Earlier quoted context omitted.

My friend made over $500k from the Uniswap airdrop, he woke up on Thursday and realized he had another half million dollars. He sold it all immediately for stablecoins, and actually missed out on another $750k if he had waited a few hours and sold at the UNI peak. So yes, it is crazy and complex and difficult, but the rewards are vast for those that dare enter the world.

For every lucky person making $500k there are 100 people loosing $5k.

Wrong! UNI was airdropped for free to all previous users of uniswap! No one lost anything. And in any trade, both sides have a coincidence of wants, so no one “loses”.