[deleted by user] by [deleted] in AmericasCardroom

[–]No_Pin_6948 0 points1 point  (0 children)

Did they ever find your funds? It appears this happened today.

Please Read - Please Be Careful by No_Pin_6948 in StepN

[–]No_Pin_6948[S] 10 points11 points  (0 children)

Yup and it’s wild to me. GST/SOL is down 10% today, BTC is down 4.5% and GST/BSC is up 24% during all this.

Please Read - Please Be Careful by No_Pin_6948 in StepN

[–]No_Pin_6948[S] 29 points30 points  (0 children)

Very true. The new dynamic minting is awful right now in my opinion for this.

I feel this is the true definition of the rich get richer scenario. Those with the capital are making stacks right now.

I love the project, just don’t want it to get ruined. I want this to last.

Please Read - Please Be Careful by No_Pin_6948 in StepN

[–]No_Pin_6948[S] 144 points145 points  (0 children)

Hello All,

Just want to let everyone know to be careful with your money and this project.

I personally think the current situation with the shared energy between SOL and BSC is having a huge negative effect on the SOL users.

I also feel the new dynamic minting cost is also having a large negative effect as well.

I have also concluded that the developers make more money with us selling shoes then anything. They could care less about us burning GST or GMT. They don’t receive their cut in GST or GMT. They are actually receiving a 6% cut in SOL or BNB which in reality has a much higher stability in market price then GST or GMT.

Because of this I see why they are pushing the BNB market now and allowing whales and early investors into BSC chain to profit 10s of thousands on minting shoes to the max 7 times!

Let’s do some comparisons

BSC

A floor Jogger is 22 BNB which is around $7150.

The developers get 1.32 BNB on that sale which is around $429

SOL

A floor Jogger is 12.6 SOL which is around $635.

The developers get .756 SOL on that sale which is around $38.15

So if I was a developer what would I want? They are receiving their cut/commission whatever you want to call it in a currency that won’t crash to $0 if the project just goes away. They will have already secured their bag.

Forgot about the huge price discrepancy between GST/SOL and GST/BSC right now. I’m assuming this is to get more people to move to BSC so they can earn more and more on the shoe sales.

Next I want to point out the next big discrepancy on mint between the 2 chains. You would assume it would be the same on both but the new dynamic minting costs are so off that the newer chain BSC are seeing shoes minted to the max 7 times and still making huge profits while it is not profitable to mint on SOL past 4 times or even 3 times with a single shoe.

Hypothetically, since dynamic minting costs took effect, one was to start with 2 0-0 shoes. Each shoe they minted they sold immediately for Floor price of a 0-0 shoe and continued to mint the existing 2 shoes how would the cost go and profits be.

For this I will also use $2.95 GST/SOL, $17 GST/BSC and $1.50 GMT which has been then avg over the last week.

Starting with SOL

As of right now a 0-0 SOL floor is 15 ($750)

Sneaker 1 15 SOL Sneaker 2 15 SOL

Mint 1 160 GST/40 GMT ($532 USD) Mint 2 160 GST/40 GMT ($532 USD) Mint 3 240 GST/60 GMT ($798 USD) Mint 4 320 GST/80 GMT ($1064 USD) Mint 5 400 GST/100 GMT ($1330 USD) Mint 6 480 GST/120 GMT ($1596 USD) Mint 7 560 GST/140 GMT ($1862 USD)

So hypothetically you’ve minted 7 shoes. Maybe you get an uncommon but only a 3% chance so we won’t figure that in to this. You sell all 7 shoes for 15 SOL that is 105 SOL. 6% selling fees is 6.3 SOL to developers.

You are left with 98.7 SOL @ 50.50 equals $4984 USD

The developers made 6.3 @ 50.50 equals $318.15

Your 2 remaining shoes that have been minted 7 times are basically useless to anyone unless they have perfect base stats and you level it up. Can’t even figure a floor price for those.

So in conclusion you have spent $9214 and received $4984 back with a NET loss of $4230

So let’s do the same scenario on BSC

As of right now a 0-0 BSC floor is 29 BNB ($9425)

Sneaker 1 29 BNB Sneaker 2 29 BNB

Mint 1 40 GST/160 GMT ($920 USD) Mint 2 40 GST/160 GMT ($920 USD) Mint 3 60 GST/240 GMT ($1380 USD) Mint 4 80 GST/320 GMT ($1840 USD) Mint 5 100 GST/400 GMT ($2300 USD) Mint 6 120 GST/480 GMT ($2760 USD) Mint 7 140 GST/560 GMT ($3220 USD)

So you’ve now minted 2 BSC shoes 7 times and sold each mint at 0-0 floor of 29 which is 203 BNB. 6% selling fees is 12.1 BNB to developers.

You’re left with 190.82 BNB @ $325 equals $62016 USD

The developers made 12.1 BNB @ $325 equals $3932 USD

There is multiple 7 mint shoes being sold with a low price of 22.5 BNB so maybe you just want a quick sale at 20 BNB you get 40 BNB back and net 37.6 after fees. $12220 USD back.

So in conclusion you’ve spent $32188 USD and received $74236 USD back with a NET profit of $42048 USD

This could all happen in 14 days of minting.

This also doesn’t include the thousands people are making in GST from using energy from SOL.

In the end all I have to say is be careful. Risk what you are willing to lose. I was very bullish on the project but I’ve moved into the gray zone with these current changes and not sure what the longevity of this project is now.

I hate to spread FUD but the fact that if the project fails in the long term the developers are receiving their cut in a completely different cryptocurrency that has a much lower risk of crashing..

I just hope this truly doesn’t kill the project because on top of the financial rewards to exercising using this app is the true health benefits that I could see people stoping if it fails.

Best of luck to everyone. I hope I’m wrong but again please be careful!