/biz/ - Business & Finance

[Anonymous No.23002791]

Any other oldfag feeling like they completely lost touch with cryptos over the last few months?

I began in 2016 with ETH and hold BTC/XMR/LINK/RLC (went early in last two) + some low cap coins with serious devs and releases.
I don't understand much about the new waves coins, I get the whole liquidity pool staking where you put 50% token and 50% stablecoin and you get money on fees.

But I don't understand why tokens like MEME, CURVE, SUSHI are getting to these insane valuations but worse I'm absolutely unable to tell which one are scams or not unlike in 2017 when it was easy to get an idea.

[Anonymous No.23002890]

>>23002791
Same! I'm also a link oldfag who decided to visit BIZ again the last few months. The world is changed fellow boomer. There aren't many people in crypto anymore. There is a small group of people holding crypto left. In this group you have a few people organizing (on Telegram and discord) 90% of the crap on BIZ and making insane money with it. 99% of the new projects is a scam, everyone knows this and try to profit asap before it collaps. The reason al those projects are so vaguely is that people like you can't question it and hopefully give it benefit of the doubt.

[Anonymous No.23002914]

thats just sad as fuck

[Anonymous No.23002925]

>>23002791
hello fren, just keep accumulating link. we're all going to make it

[Anonymous No.23002987]

pre mainnet /biz/ was a miracle. never forget what it was like.

[Anonymous No.23003005]

>>23002914
I feel like my parents must have felt feel when i tried to explain what Bitcoin is.

>>23002890
So you mean /biz/ is terminally astroturfed?
There were always shills but this is just going too fast, people rush dumping tens of millions in ETH on unaudited contract with just a "meme" website and not even a whitepaper explaining how it works or a clue about who the devs are.
It's like we were playing poker but now to make money you need to play russian roulette.

[Anonymous No.23003021]

>>23002791
DeFi is about money legos. They want to generate money from nothing. Yield farming like Sushi, Rot, Core all are variations of the same thing. They are printing tokens that hopefully retain their values. Which in turn creates wealth.

DeFi is also about credit systems. The meme of locking your price became real. You can lock whatever to print usdc type coins.

Its all money games that let whales get away with murder. They dont have to organize a pump n dump when the tokens themselves will do it automagically.

[Anonymous No.23003141]

>>23002791
never lost touch and you shouldn't either. could do the future with clover42 and know everything willb e ok

[Anonymous No.23003178]

Fucking check out easyfinetwork.
A real gem with fucking ultra low market cap of only 300k at listing. With overall circulation of 10 millions.
Team tokens locked for 18 months.
No public or private sale. Direct listing on big exchange this month.
Easyfinetwork coming up on matic network. Easyfinetwork is enabling gas fee token transfer. This will save our ass from eth gas .
Check it out before the rally starts.
Tg: easyfinetwork

[Anonymous No.23003188]

LAyer 2 protocol lending what i want more.. fucking nothing.. i am all innnnnn

[Anonymous No.23003261]

>>23002791
not really, the tech behind lps and defi yield is different and requires some youtube watching like before when you were new to bitcoin. many projects are copies, many projects will fail and many projects have artificially high yields that will collapse because thats how to get attention from investors

[Anonymous No.23003281]

>>23002791
>2016
>"oldfag"

[Anonymous No.23003301]

>>23003005
Lol fuck you fag monkey ass bitch.

[Anonymous No.23003336]

>>23003021
defi seems like a very interesting business, but for the time being, it's still a zero sum game

[Anonymous No.23003749]

>>23002791
DeFi is mostly a meme. The entire thing runs on liquidity pool arbitrating, so people buying coins. It works really, really well in a bull market, but will be absolutely slaughtered in a bear market when everyone takes their money out and stops gambling on shitcoins. Just buy and hold, you're unironically better off.

[Anonymous No.23003796]

>>23002791
I've only been at crypto for a few months but I have no problem finding interesting low mcap tokens with long term upside potential. The scam coins are easy to spot. I may miss a few serious investment opportunities but I'm comfy holding my main bags. Velo and PRQ.

[Anonymous No.23003825]

>In my day you could walk up to a coin, look it straight in the eye and tell if it was worth investing in or not

Stick to BTC/ETH/LINK cryptoboomer, the space has moved on, and doddering old farts like you are being left in the dust.

What's that, CORE just hit $9k? Gotta go

[Anonymous No.23004450]

Fantom and YFI 4 sure the number ONE!! Be smart biz!!!

[Anonymous No.23004929]

i feel exactly the same way. im here since 2017

i dont understand what the fuck is going on with this defi. some memecoins have retarded valuations

[Anonymous No.23005216]

>>23003796
Based. Whoever shilled for VELO on September 23 with his dead threads helped me making the easiest x2 of my life despite the Kucoin hack and its likely VELO will keep delivering. I love this board

[Anonymous No.23005229]

>>23002791
Because back then it was about actual projects with actual applications and possible futures. Today we're swarmed with memecoins that have no actual foundation, it's like dogecoin but there's thousands of them.

The end of the 2017 bullrun scared off all the retards who were hoping for crypto to become the world's new monetary system overnight, so there's a 1-5% of us left who have actual long term interests and investments in actual projects, and the rest are just buying meme coins either in a game of chicken hoping to sell before being dumped on, or because they are 70IQ pajeets who actually think the memecoin hit BTC levels and they'll be able to move out of their village.

[Anonymous No.23005292]

Feel exactly like you, tried to trade a lot of dead zombiecoins like EOS and ICX last year then jumped into defi pumps just in june

[Anonymous No.23005459]

>>23005229
Do you think there will be another 2017 type bullrun? Personally I do, even though many people got absolutely rekt, people in general have short memories. But it's gonna require BTC to hit new highs. Just the fact that actual funds are now buying BTC and ETH makes me bullish long term

[Anonymous No.23005684]

>>23002791

>2016
>oldfag

KEK.

5 minutes of reading will get you up to speed. Look into xBTC. avoid uniswap until next summer unless conditions are right,.

[Anonymous No.23005690]

>>23005459
no.

[Anonymous No.23005713]

>>23005459
At some point, probably in 1-2 years.

[Anonymous No.23005994]

>>23003825
Volume is dumping and so will the price now. 9K was the top.

[Anonymous No.23006164]

>>23003281
>you
>cringe and gay

[Anonymous No.23006391]

>>23002791
ngmi

i was in exactly your situation 2 months ago
when i came back it literally look me less than a week to get adjusted AND find 2 great coins to get in early
i made 20x just in 2 weeks

[Anonymous No.23006445]

They go up in value insanely because they're well crafted scams. By forcing you to buy x amount of useless shitcoin and x amount of actually valued coin, it locks up the supply and FORCES you to buy x amount if you want any chance of potentially making money that would outperform the gas and transaction fees(which you have to pay for TWICE).

If you're an oldfag you may remember the Proof of Weak Hands pyramid game on /biz/ where the concept was "theonger you hold, the more money you get! but if you pull out early like a paperhand fag, you lose money!!" This is the SAME psychological manipulation with these shitty DeFi projects. You're forced to invest so much into them that the gambler's fallacy is triggered feverishly. More people do the same, and the coin price goes up. People fomo, and the coin price goes up, but they all get locked into the fucking trap and they commit. Then when enough people are ensnared, the devs exit scam the fuck out and leave everyone bagholding some useless turds. People see their coin that was artificially pumped to hundreds of thousands of dollars just lose all it's fucking value. And what's worse is that you can't even sell instantly, because here are the steps for exiting your position:
>Go to the shitty emoji infested site that as generated by a bot
>hit "approve transaction"
>pay transactions fee, set your gas to high because everyone is clogging eth to get out the exit scam
>wait for shitty eth to approve transaction
>NOW you can actually hit "unstake token"
>Now you wait for the fucking transaction to go through, even though you paid $20 in gas fees the wait time is 5 fucking minutes because eth is the OG shitcoin
>Transaction goes through, you rush to Uniswap and try trading your coins
>convert from shitcoin to weth to eth takes longer but weth is useless so you'd do it anyway
>hit "approve"
>pay fees
>fucking WAIT
>APPROVED! Now do the transaction
>pay fees again
>CONGRATS! You just paid $100 in fucking fees

[Anonymous No.23006477]

>>23006445
So in other words, dumb asses like
>>23003825 think they're earning money cause their shitcoin skyrockets to unreasonable levels. But they're going to get dumped on hard before they can even cash that shit out. The only way to win with these coins is to buy them, not use them for their intended purpose, and then get out before the rugpull. But they have no purpose other than to be elaborate scams.

[Anonymous No.23006866]

I've been in this periodically in 2013/14 and 2017/18, witnessed the birth of /biz/ which essentially was created to save /g/ from drowning in Dogecoin threads. Back then in those times everything really was simpler, if you managed to set up graphics card to mine something, you were good to go. Now, since LINK gains brought me back in this in August, I still struggle to wrap my mind around all this yield farming etc nonsense.

[Anonymous No.23006957]

>>23002791
Yclones and Coreclones and "IT'S MOONING" shit are all scams. If it just launched an hour ago and already did a 500% it's a scam.

[Anonymous No.23007136]

>>23002791
That's because you're not spending 8+ hours a day dissecting /biz/ threads anymore and familiarizing yourself with the lingo and spotting the bots and pajeets. It's a constant arms race that if you're not ahead of the curve, you're behind.

[Anonymous No.23007157]

>>23007136
What do you think about $CAP?

[Anonymous No.23007164]

>>23003021
this

what is a vault, but a bot

[Anonymous No.23007229]

>>23002791
Dude it’s not that hard, crypto DeFi now is just scammers making money off retarded useless coins that are only valuable because scammers value how much money they can make off them scamming.

Talking about all the neat shit a coin can do is one thing, but a coin being actually valuable and usable is extremely rare.

Just make quick bucks on stuff you can actually liquidate and hold stuff that has a chance of going long.

[Anonymous No.23007258]

>>23007136
>spending 8+ hours a day dissecting /biz/ threads
>ahead of the curve

[Anonymous No.23007267]

>>23005229
The new defi scams seem like more sinister versions of ethpyramid and various eth ponzis (late Jan 2018). Had fun with those

[Anonymous No.23007308]

>>23003005
the astroturfing will end when y clones will stop gaining money, the same way the ICO craze stopped when they stopped gaining money

t. astroturfer on /biz/

[Anonymous No.23007617]

>>23007258
If you get what you need to look for. Like stool sample. germans don't have poop shelves for fun in their loos

[Anonymous No.23007668]

>>23003336
>it's still a zero sum game
Kind of. It's ultimately a zero sum game, but they are seeking to delay it forever. For example CORE has great pumpanomics that can increase the price for a long time.

I sold my CORE at 5,000 because I don't trust the code or the dev, but if there really won't be a rug pull or drastic developer decisions then it can just keep going up, mostly because of the locked liquidity. This idea of only getting CORE from transfer fees (after the initial CORE is distributed) is genius.

[Anonymous No.23007833]

>>23007668
you are too aggressive with the cope. You don't smell Delhi from miles away because there are so little so few street shitters

[Anonymous No.23007842]

>>23007136
Do you really need more than a few seconds to recognize pajeets shilling the latest pump and dump?
You may have a difficulty to recognize intents behind posts...

[Anonymous No.23007873]

I don't understand staking farming etc. so I avoid it.

FWIW the Pajeets infestation got a lot fucking worse compared to 2016. The two are likely related.

The only new stuff I bought into is stuff I understand with my boomer brain like BiDao and FORS. GEEQ is on my radar but needs to dump a lot more given supply.

[Anonymous No.23007952]

>>23006445
screencapped

[Anonymous No.23008186]

>>23002791

Same here OP.

[Anonymous No.23008196]

this board has become such shit, every thread is some new scam rugpull shitcoin that I don't recognize
>muh yield farming
>muh staking
>muh food/meme coinz
I'm holding on to like 12 coins that have done nothing but fucking crab and dump for the last 2 months, getting real sick of this fucking shit bros, makes me want to sell off all of this shit and put it in a fucking boomer mutual fund

[Anonymous No.23008280]

>>23008196
Atomization and greed anon. Classic left ideology is unable to create lasting and sustainable institutional arrangement, that is why the neo marxists called for the long march through the institutions. Stay conservative and cautious.

[Anonymous No.23008380]

>>23002791
>But I don't understand why tokens like MEME, CURVE, SUSHI are getting to these insane valuations but worse I'm absolutely unable to tell which one are scams or not unlike in 2017 when it was easy to get an idea.
they're all scams bro. that's the difference between 2017 and now

[Anonymous No.23008464]

>>23002791
Same. Took a break for a year and now I'm totally lost. Some days I feel like I'm just not cut out for this market anymore. I still hold ARK, ffs.

[Anonymous No.23008468]

>>23003005
Once people started figuring out that biz actually had a lot of capital to be harvested out of (bc of chainlink), every shitty project shills here. It's absolute shit here now. Now I see people with 5-10k stacks getting praised like they are whales around here when a few years ago you were just a little shrimp dicks.

[Anonymous No.23008504]

>>23008464
if you still hold ARK, then you definitely aren't cut out for this space

[Anonymous No.23008518]

>>23008468
yeah that's what happens when a token's value goes up. just wait until 1k stacks are whales.

[Anonymous No.23009076]

>>23008518
soon to be whale sir

[Anonymous No.23009501]

I'm the same, been trading crypto since 2017 and exclusively using binance and coinbase because I thought everything else was a scam. Took the uniswappill last sunday and I'm already up 4x. Times have changed and now its nothing but a game of musical chairs so you don't get stuck holding heavy bags.

[Anonymous No.23009571]

>>23009501
kek, the Billy May tactic

[Anonymous No.23009864]

>>23002791
>I began in 2016
>oldfag
You are a summer child.

[Anonymous No.23009872]

>>23002987
Where did all the brains go?

[Anonymous No.23009890]

>>23009872
left, lurk or became cancer themselves

[Anonymous No.23009895]

Buy $GEEQ and STFU

[Anonymous No.23009900]

>>23009872
>>>XMR

[Anonymous No.23009925]

>>23009571
Not familiar with that, what is it?

[Anonymous No.23010073]

>>23009925
Ever heard of Oxiclean
>Billy Mays and a complete random stranger with no affiliation or prior knowledge of Oxiclean enter the room

[Anonymous No.23010093]

>>23010073
Ya I remember a shit ton of posts when he died. So basically yelling at you constantly till you decide to buy? lol

[Anonymous No.23010168]

>>23008504
Well, it's not even worth selling at this point. May as well keep it for the nostalgia. ARKie threads were max comfy back in the day. I still remember the elation back when we hit $3 the first time and a lot of us were having our first 10x. Oh, how times have changed.

[Anonymous No.23010235]

>>23010093
>I remember posts
The essence is when Billy did the road shows he always picked random strangers from the crowd that where magically totally convinced by the product, like you, who has absolutely no interest in more new money entering the game and are just totally convinced it is the best to make fast money, therefor the Billy Mays tactic

[Anonymous No.23010261]

>>23010235
Ah ok got it thanks

[Anonymous No.23010626]

Think of it this way:

Let's say you want to invest some of your money in ETH, and keep some in USD. Instead of just holding ETH, you can deposit ETH and DAI in a Uniswap liquidity pool and get fees paid out to you for providing funds. This is essentially the model for every other defi project, they might be running lending protocols or whatever but instead of just trading like uniswap but it's the same idea.

It's not truly free money, since you are exposed to the downside risk of an ETH price drop. But as long as you want to be holding crypto, it is essentially free money. This is why the whole craze is really vulnerable to another bad bear market - if no one wants to hold ETH or other tokens, then the whole model seems a lot less appealing - you will just lose more in asset depreciation than you'd make back on rewards

[Anonymous No.23010781]

>>23010626
You’re ignoring the larger problem for crypto as a whole, new money isn’t entering the space. Which is fine if you’re a whale, scammer or exchange, but basically prevents the rest of us from making it. Crypto needs real world adoption or it will die.

[Anonymous No.23010858]

>>23009872
I went to /jp/ and almost died from anger thanks to Coco, Yagoo and chinks.
That would have been quite ironic to die from chinks after surviving the jews and pajeets trying to scam me.
Now I am back here to see nothing of value and want to leave...

[Anonymous No.23011018]

>>23003178
I really hope you get hit by a bus.

[Anonymous No.23011155]

>>23010781
I agree that's an issue, i'm not 'ignoring' it, it's just not relevant to explaining how these defi projects work

[Anonymous No.23011246]

>>23010781
>>23011155
Institutional money has been purchasing Bitcoin though.

[Anonymous No.23011287]

>>23011246
>Institutional money
another problem, no new memes for a decade