[STORY] Doggone DeFi - My experience [$YFV + $UNI]

[Keiser Soze]

So about five weeks ago, twitter blew up with farming of Yams and Sushi and many other fruits and vegetables. As a skeptic, obviously I chose to ignore all the wonder, hype and complexity by simply watching from afar. Well that lasted about 10 days, and I saw the YFI token go from ~$4000 to ~$30,000.




I felt like I didn't want to miss out on this DeFi craze (and in retrospect it was a bit of greed to multiply my sats) so I decided to go for the new kid on the block - $YFV. Where to buy it? Uniswap v2 was trending on twitter as the new hot decentralized trading platform so decided to give it a try to get my hands on some $YFV. I put in about $100 into $YFV on Aug 30th @ $40 - this tx cost me $11 in gas fees. In the next two days I saw $YFV fly to ~$70, so on Sep 2nd I put in another $600 into $YFV @ $65. This transaction cost me the most in gas I've ever paid on the Shithereum network @ ~$30 in gas fees. I was appalled but figured the $YFV rocket would make up for it. These are the only two transactions I've ever done on Uniswap.

So I'm $700 deep into $YFV, and she starts to change direction without any warning. Instead of going up, she starts to go down and continues to go down.




I'm watching it every day go lower and lower to ~$15. My $700 has become ~$180 - I think i've just thrown away a few hundred dollars and am kicking myself for being greedy and investing in yet another shitcoin (looads of sats lost to shitcoins with false promises over the years).

Today I see something about a Uniswap airdrop on Twitter and find my way to a Medium article with the details. They said if you used Uniswap before Sep 1st you are eligible for the airdrop. I wasn't sure so went back and checked the date of my $YFV purchase - and saw Aug 30th. Went over to Uniswap and logged in through Metamask and got a message saying to claim my 400 UNI - went ahead with that (about $3 in gas), and soon 400 UNI tokens were in my wallet with an approximate value of $1950. I was pleasantly surprised but know only too well that such things don't last long (anyone remember eBtc?). Quickly teleported my 400 UNI to binance and converted 390 for a cool ~0.18BTC. I'm holding on to 10 UNI (just in case).

TDLR:
- Invested $700 in $YFV on August 30th.
- Ended up with ~10 $YFV, 10 $UNI and 0.18BTC two & a half weeks later.
- Rather pleased with the way things turned out, however my opinion on shitcoins and this whole yield farming craze remains unchanged - extremely risky, prone to code flaws and vulnerabilities, prone to scammers, almost equivalent to throwing your money away. Most people should stay away unless you are willing to accept a very high probably of losing money in a digital experiment.

[Mr,Harry210]

So about five weeks ago, twitter blew up with farming of Yams and Sushi and many other fruits and vegetables.

i actually involved myself buying Sushi at 10$ but now i m left with nothing, one thing for sure is that i don't panic about the market as it may rise again. sometimes it's greed that made me loose such amount of money.

[Jawhead999]

While many people said DeFi is pumping 100-200% in 24 hours and hoping become millionaire easily by just buy some DeFi token, but you're telling on different perspective as loss trader. But, they didn't wrong at all too because there is some people can make money from this hype. Profit nor loss always follow risk involved there, more profit = more risky.

Even though your portfolio are crashes, but gladly with UNI airdrop can cover up all your losses.

I hope with this thread can encourage people to be careful and aware of crazy pump and dump DeFi hype.

[Falconer]

I made a big mistake because I didn't buy YFV on Uniswap but on a centralized exchange, due to the increase in transaction fees on the ETH network. Actually, I want to forget about it because I am not one of the lucky ones, 400 UNI has covered the Defi losses and congratulations to whoever has received the biggest airdrop this year.

[Ucy]

Well, I have decided not to touch any coin/token that is not well decentralized, not very secure, not very useful etc
The Uniswap token was abit tempting at first but I have decided to ignore it because I don't know much about it... whether it is according to the standard I'm looking for or not. If we all get the airdrop without this important information, it will likely encourage others to behave like Uniswap in the future. Just hope it's exactly what I expect. The exchange sounds fair to me though. Just not sure about the governance token & exactly how it works

[Bitstar_coin]

And I would have sold all my yfv the moment I sense the price reversal, you should know that this Defi hunt is only very temporary, just ment for quick gains and get out as fast as you could, anyways with the drop of uni all your purse have been replenish greatly, you can't complain  

[X-ray]

What we can expect from the speculation market and there's nothing we can expect from there except people were playing the game to get more and more money as much as they can. It's hard to say but people have already familiarized with the speculation trend in the crypto currency.
Everyone should know what they have done before they try to deal with a big risk decision.
that's a nice experiment from you. I bet you didn't even predict if there will be a UNI token that gives big recovery for everyone who has been getting very big lose in the defi trends, right?

[Keiser Soze]

And I would have sold all my yfv the moment I sense the price reversal, you should know that this Defi hunt is only very temporary, just ment for quick gains and get out as fast as you could, anyways with the drop of uni all your purse have been replenish greatly, you can't complain  

i've never been a good day trader, hodling has always served me better (equities, commodities and crypto).

Yes I feel very lucky today!  

Now what to do with existing $YFV?  Keep it or dump it?

@X-ray - ofcourse I didn't predict or even imagine something like this so suddenly. I was upset about losing a decent amount of satoshis!  Alot has happened in the 'DeFi world' in the last eight weeks!!

[agis50]

I never think to buy any coins even the coins is being discussed by other people. But, for this moment I feel sad not to follow my friends who is always farming DeFi on exchange. I didn't get UNI, I didn't get any profits, this month was a bad month 

[ICO-Master]

Lucky man!

[Keiser Soze]

* bump * 

[ryzaadit]

Leason learn.

When you are in the profit, better too taking back your investment and just hold the profit amount. If you are predicted can get more higher and your prediction was wrong then nothing to lose. 100% profit with 2 days, that's almost 3 month profit for a regular trader because most of trader will chase around 30%/month with 1% profit/day.

DeFi still riskier than a regular shitcoin, the change price was really quick. I'm not recommended at all to trade with DeFi coins, but however there will be always some people curious to try trade with DeFi coin. Just want to say, do not trade with a medium/long trade better to trade with interval 2-5 days and leave it after getting profit or nothing change.

[Keiser Soze]

I agree - lesson learnt!

DeFi is highly risky and experimental.  Far as I can tell, its just different groups of people programming protocols to print crypto (out of thin air) according to some pre-defined system (of rewards / interest). Something for nothing almost!

All DeFi projects should come with the below warning logo: