I made a bad cryptocurrency trade with my Ethereum in a basically brand new DeFi yield farming liquidity staking coin called CAPY. Here’s how my $350 worth of 1 ETH DID NOT turn into $100,000. Sub to VoskCoin! http://voskco.in/Sub
Please read the original write-up, the revised write-up, and the latest edit recapping my experience staking the “highest yield” DeFi coin ever here – http://voskco.in/degen
Mine Ethereum on CoinFly’s ETH mining pool for a 10% bonus! http://voskco.in/coinfly
I’ve become super fascinated with the decentralized finance “DeFi” sector of cryptocurrency, and when I was approached about reviewing a coin that was launching the next day I said you know what, I’ll try it! Unfortunately, when I staked this coin I converted my 1 Ethereum into 50% Ethereum and 50% of their associated coin, CAPY. One of the things I did not understand that I was buying the coin at an inflated price due to the way the algorithm was working, and I also did not understand impermanent loss — which I learned first hand can quickly become permanent! Another issue was the fact that I assumed the staking rewards on this DeFi coin were static, so once the system said I had earned those rewards that they were guaranteed. Unfortunately, the rewards are DYNAMIC, which basically means once the value and price associated with this project dump.. so did my staking reward quantity of coins. There’s even more to it than this video description but at the end of the day I understood the risk I was taking, I was excited and hopeful it would work out AND I literally said don’t do what I am doing, in 3 days we can either be impressed with the money or make or laugh at me for losing my $350 worth of 1 Ethereum.
Links!
Orb the original DeFi coin with a lockup that was forked – http://voskco.in/04z0
The future of CAPY and APY.Center from the Devs – http://voskco.in/UFJP
The full Defi Degens Dungeon VoskCointalk yield farming and liquidity mining thread including all links discussed in this video – https://voskcointalk.com/t/defi-degens-dungeon-buy-sell-trade-stake-yield-farm-all-the-defi-tokens-here/7158
Timestamps
00:00 This is a vlog and my warnings are serious
04:06 Review how my crypto trade became a bad one
06:03 Lessons learned when investing in new risky DeFi coins
09:45 How much money and Ethereum did I lose?
10:23 The future of CAPY and APY.center according to their devs
12:21 What my future plans are for yield farming and liquidity mining
13:59 I learned an expensive lesson in crypto and I’m okay with that
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