/biz/ - Business & Finance

GUYS

>>22023301
interested how this is possible as well and what the risk profile looks like.

should have posted a feminine looking man with a big bum, OP

>>22023849
If this thread fails I'll try that next time, thanks anon

no liquidity, as liquidity increases it will go down

>>22023301
It's all a house of cards. If the price of ETH dumps it's all gonna come tumbling down. Will definetely take time for the whole market to recover from that one

>>22023926
explain.

>>22023301
it's a house of cards anon
it's not a ponzi scheme, but something comparable in the end
if you want to gamble a bit just for fun (comparable to play roulette), use dollars, not bitcoin
IMPORTANT REMINDER: bitcoin wraps are very unsafe IOU, often centralized one (decentralized ones like tBTC failed miserably), so you basically give BTC in exchange of a centralized ERC20 shitcoin (what could go wrong?)
so yes, in the end few will make money and majority will lose money, so be careful
every step you do in current defi world is EXTREMELY RISKY
a small contract bug and everybody goes to zero in one second
keep in mind that projects like YFI keeps moving your funds to the highest ROI defi scams (yes many of the are scams, especially the ones with highest ROI) so it's literally hunting for troubles
it's literally going into portland streets and scream SHOOT ME

>>22023926
>>22024478
But how do you lose if you supply stablecoins like in OP pic? Can you explain please

Yet another Ponzi scam

>>22023301
you're worse than the flashloan posters delete this shit you fucking faggot

>>22024571
This is what I don't get. I understand shit like yfi or whatever could dump, but this is just a pool of various stablecoins, so there's little risk of that happening.

>>22024710
No, not unless you explain what the fucking deal is

>>22024571
you supply USDT and these funds are pooled together and staked into some defi scams with unsustainable promised ROI
let's say these funds are moved into bitconnect.finance defi contract, and the contract is a ponzi, another scam or just bugged, then...you go to zero

>>22024745
this crashes as soon as faggots spread the word. dyor and delete thread if you actually want in

>>22024717
you're collateralizing part of your principle in stable coins, and part of it in the staked token (yfi/yfii/zzz whatever).

you'll still be able to get part of your investment back at least, but depending on the principle you've invested in the finance token, you may never see that principle again.

>>22024797
Thanks for explaining. Are there any pools that are actually trustworthy to supply to, and still have a decent apy?

>>22024968
it currently is farming CRV tokens without boosting. Will start getting 2.5x boost on CRV farm when yearn gets whitelisted by Curve DAO governance. That vote officially ends 8/31 although has already been decided with 98% in favor. Returns will increase even more than before.

If you follow crypto twitter you know all the big eth guys are in YFI and have made a fortune further incentivizing them to develop for it. The first mover advantage for YFI is quite large compared to the other clones; just getting the CRV boosting would cost millions in CRV upfront for any other platform.

I explained this to people before CRV launched but there were a lot of ponzi yfi clones around people were posting about and it was largely ignored

>>22024478
>>22024797
salty you missed out?

>>22023806
>>22025433
You can add to the pool at any time so how can they have "missed out"?

>>22025433
nope, just telling people to be careful
most of defi contracts are useless erc20 token with mintable supply, so they are literally built to exit scam

>>22025968
lmfao an actual bitcoin maxi in 2020

>>22023301
risk is that one of the four stablecoins collapse overnight

i think you'd be stuck with some decent loss, probably safe except that.

>>22023301
It’s making $. Not btc or other alt bs.
Deposit fiat. Get $USDC or DAI. Deposit into curve. Then deposit that ycrv in yycrv vault.
1% a day easy $.

If you got big stacks like $50k to get started with you will make $ daily.

>What's the catch?
It's new, has risks and this is not an efficient market. You got smart contract risk, exposure to several stablecoins with different risks. If any of the stablecoins in the pool were to go to 0 you'd be completely fucked. The returns for that pool come from CRV which will continue going down without more buying pressure.

>>22023301
>What's the catch?
it's a gay unsustainable ponzi scam, duh

>>22026725
unironically this

>>22025485
on the price movements in defi.
>>22025968
this is more proof

also holy shit yGov id checked

>>22023849
There are many DeFi protocols that distribute tokens through yield farming. The vault farms them for you and sells automatically.
>it's uh ponzi
You could say the same about Bitcoin. It's just an initial distribution method for many legitimate projects, and the APY is the early adopter alpha. yEarn refrains from using its vault for meme ponzis like Yam and Based, and instead farms only projects governance trusts.
This yield will not stay this high forever, but yEarn will. Vault strategies are more than ephemeral liquidity incentives, but those are not crazy APY and thus are in the back-burner for now.

>>22026457
Where is the yycrv vault? It's not on that site, they only have a ycrv one

>>22026966
>it's uh ponzi
>You could say the same about Bitcoin
NO YOU FUCKING TWO DIGIT IQ RETARDED MONKEY, NOBODY ON BITCOIN IS PROMISING TO DOUBLE UP YOUR MONEY OR 95% ROI, AND NOBODY CAN MINT BTC OUT OF THIN AIR WITHOUT EFFORT BECAUSE THERE IS NO FUCKING CONTRACT ADMIN LIKE IN THESE SHITTY ERC20 TOKEN
now, defi is not necessarily a ponzi, but it's extremely risky, especially with coins like yfi, because they stake and hold your USDT/C/DAI and go hunting for highest ROI project which could be:
-bugged
-centralized with mintable supply (so exit scam will happen, 100% of the time)
-unsustainable, price could crash

>>22027988
Nobody promised anything on BTC, but early miners got a shitton of BTC for free and unloaded them at great profits to people willing to pay more because they saw the long-term potential. The same is true for the DeFi proof-of-capital distributions, except you're temporarily depositing your money into a smart contract instead of downloading a BTC client, and the unloading can be handled automatically by yEarn.
YFI can't mint more unless a quorum is reached from YFI holders to do so, where we have obvious incentives to be against it. Consensus right now is that it won't ever happen. Multisig key holders have limited power, they can't exit scam and have no incentive to collude against the treasury because they hold more value in YFI than is kept there.

>>22027718
start at curve with USDC/Tether/USDT/Dai.
buy ycrv
go to yearn and click vaults.
deposit your ycrv into the crv vault.

>>22023301
>whats the catch
its a ponzi. have fun while it lasts there wont be chairs for everyone

>>22023301
not worth it!

invest in new shitcoins make 2x in a 1-2 weeks. instead of hodling for a year in a HIGHLY RISKY shit where so many things could fail. if one of them FAILS you could be losing everything.

it doesnt make sense to take on that risk

>>22028283
they charge 5% performance fee - like WTF??

then they charge 0.5% withdraw fee - WTF??

if you deposit 5k - thats a 25 usd fee, another 25 dollar for depositing and withdrawing. then they rob you of 5% of the profit you make.

all the while you trust everything you have on anonymous devs and a smart contract that is two months old.

>>22028355
Cause new shitcoins aren't highly risky?

is yfii a gook bitconnect wtf

>>22028516
The performance fee is drawn from profits, not your deposit. So you pay 5% of profits, plus 0.5 percent of whatever you withdraw when you request a withdraw. Do the math on how long it takes you to break even, by the time you're done you could already have.

I'm actually interested in this. I do have a somewhat decent stack just sitting there (talking 30-40k) which I could convert into stablecoins and put them into ycurve pools. Do they farm YFI for you, what's the catch?

Can we get a serious discussion?

>>22028799
The ycurve pools farm yCRV, not YFI. But the returns are strong.

>>22028935
I'm trying to read more I see there's pools, vaults, but also yCRV seems to be a stablecoin? there's also yyCRV apparently?

The fuck all this defi shit is confusing as hell

>>22029184
Yeah I seriously still don't understand it and I've been in crypto for many years. It is bullish because means we still have room to grow but how the fuck do I start doing this. Like what exactly am I supposed to do on the curve website. How do I buy ycrv, wtf?

>>22029488
>>22029184

Also been in crypto for years, I don't have a fucking clue about this shit. Are we the boomers now?

>>22029528
>Are we the boomers now
It sure feels that way. I'm getting bad fomo so need to learn this shit asap

>>22023926

>>22024001
>>22024571

There is nothing to explain he is a moron and ETH is unrelated except for gas prices. If it goes down that is good for the pool. The only thing that is bad is if confidence is shaken in crypto and stable coin volume declines.

>>22024797
>>22024968


This isn't true at all. Curve makes money from market making fees on stable coins. You are retarded.

>>22028283

It is this simple. Don't overthink it.

YFV is the nearly same. provide liquidity to a bal pool, take those balancer protocol tokens and stake on yfv.

>>22029804
>>22029528
>>22029488
For all the boomers itt, https://zapper.fi/
You can easily zap in an asset (eth for example) to the ycrv vault. Rememeber me when they crucify me for leaking alpha. If you are a based link holder you can do similar to the yaLink vault. Keep in mind that a smart contract bug, or stablecoin losing its peg could lead to complete loss of funds, so don't put your whole stack in. There will be insurance options for a fee in the future.

>>22030452
thank you

>>22030452
who tf is going to underwrite that risk?

>>22030586
Nexus mutual is already underwriting risk for the system. It is in a beta form live right now.

I believe there will be insurance vaults further in the future as well. Then anyone can put money in to be an insurer, set fees, and you just deposit your tokenized vault asset into the insurance vault.

where can i go to learn this? i don't understand it

>>22030452
Is the yaLINK vault audited yet?

>>22029184
>>22029488
ycrv is tokenized yearn curve pool.
It's like uniswap's lp except for stablecoins (I assume you know what's uniswap's lp token), and those stablecoins are generating interest on aave.
You get it by depositing in the y pool on curve.fi

Yycrv is a tokenized share in yvault that accepts ycrv, farms CRV with it, then sell it to ycrv.

>>22030710
Yes I believe it is. That doesn't mean it's 100% safe though.
>>22030586
https://www.learnyearn.finance/

>>22023301
Is that 90% a year? cause that's really bad.
If it's 90 percent a week or a month then it's great.

>>22030796
are you retarded lmao
90% a month compound 12 times is 221331%. Those returns are impossible to generate in any sustainable way

>>22024710
Heh