Saturday, June 26, 2021

More DeFI shenanigans...

 


From the past two days, I lost another $100 USD from the drop in ETH's value which means that this is the time to get deeper into the rabbit hole. 

Losing money this way is not really new to me because I used to get bashed up (metaphorically)  in gaming arcades. Playing Street-Fighter II was hard when you have to go toe to toe with Ah Beng's twice your age, but I found that I  tend to do better with aggressive fighters that have simpler and more basic moves so I settled with Blanka, the green beast from Brazil. Blanka's basic moves are already quite fast and lethal. Furthermore, if he gets cornered, he can launch electrical attacks. Many Ah Bengs were defeated when I randomly jumped around and zapped their more handsome fighters with electrical attacks. Half of the time I don't even know what I was doing, but I really did enjoy zapping a more handsome fighter like Ryu, Ken or Guile.  

So I made more rookie mistakes today. 

As I tried to extricate my coins from Compound, I ran out of gas and has to buy $100 of ETH to fill up my wallet. This took me a while to solve. My first rookie lesson is to always leave about $15 of ETH in my wallet. 

To dig myself deeper into the rabbit-hole, the first thing I tried to do was to get into TokenSet to get my ETH into some kind of robo-fund. I felt that algorithms that employ RSI to trade between ETC and BTC should be fairly interesting and can grow my coins over time. Sadly, the fund is no longer open to new investments. In fact, How to Defi is already obsolete as I can't find any fund that they used in the example from the book.

Disappointed, I dug into the book further to see whether I could get into the derivatives markets and found a website called Synthetix. To start playing with derivatives, the process was extremely convoluted.

First I converted my ETH into a shitcoin called SYX. Then I had to go to mintr.sythetix.io to mint some sUSD which sounds suspiciously like a stable coin. My $177.75 value only allowed me to get $39.50 of sUSD. My only consolation is that the system claims that I am earning almost 40% yields on my staked value which does not make me feel very good because it feels like buying a subscription stream of hell banknotes with real money from the nearest heartland shop that sells items for worship. 



Still, I was quite elated as I managed to get my sUSD, I was hoping to get some iDEFI which allows me to bet against assorted shitcoins in the crypto world.

Sadly, as of today, all of the inverse derivatives have been frozen so I can't take up a short position at all. 

So this is the state I am currently in. 

Right now, I can't seem to unstake my sUSD nor claim my SYX.

I really have no idea how crypto bros can claim their stake as part of their personal balance sheet but what I hell do I know right, I only know how to randomly jump across the screen like Blanka.  

Hopefully, something interesting will happen in the next epoch wchich will be in about 4 days time. So maybe I will be able to unlock some features after that. 

What I do know though, is that if your crypto adventures are paid by REIT dividends, it's a fun way to keep your current with developments. 
 









1 comment:


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