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. I was constantly afraid of depositing into a contract that would allow the owner to steal everything, but the worst I noticed were locking bugs + two contracts that allowed the owner to mint infinite tokens (of these two, only one used it to clean the liquidity pool).
The list of farms in that reddit post is obsolete (I think only sushiswap is still running, but with low roi), in general this particular way of making money has run its course.
"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."
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.
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
I believe I already know everything I need to know here. I am concerned not about myself but those susceptible to being persuaded by statements a la “my friend made 6 figures” with no further substantiation, especially in these troubled times.
His friend didn't "make" the money. The token was airdropped to every account that ever used the exchange or has provided liquidity. I had two accounts with a couple of transactions each - bam a nice surprise of a few thousand USD worth of value. It's very odd and unexpected. I never make money off of crypto but perhaps it just pays to be in something new. Right time and right place as they say.
I just don't understand - where is that money coming from? You said you suddenly and unexpectedly got a few thousand USD - that sounds to me like someone on the other end, somewhere, just got scammed out of few thousand USD? It can't be just investor money being randomly deposited into accounts "for the lulz"?
The USD figure is more akin to valuation of a company than that amount of USD in hard currency. Probably not inclusive of expenses and risks associated with converting it into cash.
How that value is earned and calculated are interesting questions.
Nobody got scammed. It's pretty much like an IPO. The project distributed tokens, not dollars. Coinbase and a few other exchanges listed them and trading started with the tokens fetching a certain price. I sold some on Coinbase, got money - that's it. The token is a "governance token" and I, personally, don't see much value in it but I do not follow this too closely. In theory the token gives the holder a future say in the direction of the projects and maybe a cut of the profits.
Not directly, but to a hypothetical criminal with millions of USD in illegally obtained currency investing into tokens, hyping said tokens (including, of course, giveaways) and then selling tokens on a peak could look quite compelling. I presume typically laundering loses money, but in this case it could even be possible to make a profit.
I have no reason to believe that the commenter misrepresented anything. It is entirely plausible. If their friend was a liquidity provider then the value of friend's airdropped tokens would have been much greater than mine.
Being a liquidity provider is not free so we’re back to some guy claiming “my friend made half a million! rewards are vast for the brave!” and the question “but on what investment?”
I believe it’s more than fair to request specifics since we can’t know whether poster’s solvency depends on a token appreciating in value—after all, if it does, what’s a better way to maintain token value than promise millions on a public forum?
Yes - you are yet another person speaking authoritatively on a subject while knowing basically zero. As an added bonus you freely admit you have no intention of learning anything, either! I have my public name here and my reputation in the industry carries my statements.
You paste the same comment everywhere. If you don’t want to trade crypto, don’t! This is the riskiest asset class around. Another benefit of our voluntary society - the freedom to use index funds.
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”.
That’s probably the argument that the Wolf of Wall Street used to defend his boiler room schemes. “The penny stock company issued 100M new shares for free, no one lost anything, we sold them to people who had a coincidence of wants.”
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. I was constantly afraid of depositing into a contract that would allow the owner to steal everything, but the worst I noticed were locking bugs + two contracts that allowed the owner to mint infinite tokens (of these two, only one used it to clean the liquidity pool).
The list of farms in that reddit post is obsolete (I think only sushiswap is still running, but with low roi), in general this particular way of making money has run its course.