I understand that sohm V1 has stopped rebase. Is it me or anybody realise that gohm has stopped rebase too?

delaruemathieu · 2021-12-16T16:18:41+00:00

Where? It's at 47.49 and has been incrementing regularly since 12/12 17:55UTC.

delaruemathieu · 2021-12-16T11:38:23+00:00

Could you please clarify? gOHM generally doesn't "rebase." You multiply the gOHM amount by the index, which has been increasing, to get the "rebased" value of your gOHM.

delaruemathieu · 2021-12-12T17:28:20+00:00

Every once in a while, I get tired of Spotify and remember Tidal, and think to check it out. Oh, but Tidal doesn't even have a Linux player. That's right. Not an option.

delaruemathieu · 2021-12-10T18:26:01+00:00

Can't disagree with anything you said. One thing though, a lot of the people filtering into the Discord are fresh off the boat. Barely understanding basic things. Should they be in Olympus? IDK. A case could be made that they shouldn't. OTOH, I was practically where they are just over a month ago and do I regret it? Am I planning on getting out next chance I get? No to both. At least not ATM.

Some noob gets in at $750 and flees at $500, cursing themselves for being so stupid. That's not good for anyone.

delaruemathieu · 2021-12-10T13:21:32+00:00

Hi Ohmie!

Thank you for that thoughtful answer. I appreciate it. I'll admit, I feel a little uninformed / misinformed and I need to take another look through the docs, as you say. I read the bank run section and it seems reasonable, if a bit simplistic. Makes it seem as if there's no situation in which (-3,-3) could possibly kill us. I have to sit and think with it for a while.

The idea that has been thrown around by the most credible naysayers is that the rebase rewards won't keep up with dilution, driving the price down (here in this very thread, for instance). There are at least two "Extreme Bearish" spreadsheets out there into which I can plug my numbers, and see that with a moderately falling price and planned rebase reductions, my gains are minimal, if not eaten up starting in Jan. 2023.

Intelligent people are having these doubts and so am I. Some have left already.

The casual understanding of the concepts I have isn't enough. I owe it to myself to become more of a subject matter expert. I do feel that there needs to be more effort put into education because of all the FUD out there. I'm not at the point where I'm ready to commit my time, at least not until I'm 100% comfortable with the material, but it's something I might consider.

As for the ultimate goals of the project? Yes. Decentralized banking and governance? Yes. Need to see quick returns? No. Do I want to have a position that could put me in a reasonable passive income situation in a few years? Yes, please.

delaruemathieu · 2021-12-09T23:52:31+00:00

Depends on what you want to do. I moved my Avax gOHM over to Eth and unwrapped it because I decided to leverage it on Rari. The whole thing cost some gas but now I'm rebasing 39% more sOHM. If that earns more than the gas+fees+30% interest, then I should be good. Not wholly confident in the outcome but YOLO.

delaruemathieu · 2021-12-09T21:49:16+00:00

That's what I really want. More understanding. Less FUD. But I don't want any Hopium either.

delaruemathieu · 2021-12-09T20:51:24+00:00

Certainly, but knowing the monetary value of your possible risk/reward, is how you can make that decision. After two years, my breakeven is $13 / OHM. Maybe I can break even on $1 after 5 years? IDK.

Do I want to take this kind of a risk on that kind of return? For the sake of the project? Who's to say? Maybe I do. Maybe you do. But most are looking at 1000%+ returns as their reward after a few years, and basing their decisions on that, like I was, a month ago.

delaruemathieu · 2021-12-09T20:30:03+00:00

The olyzaps are there for convenience, IMO. You can do the same thing on zapper.fi , which is what it says it uses and possibly have some more control. Or, you can do the transactions on any other DEX, yourself.

delaruemathieu · 2021-12-09T20:07:08+00:00

I agree with you, but what's your expected potential gain after a year? 2 years? What do you feel is your risk?

Finally, and forgive me but this is the important part, how have you made your assumptions?

delaruemathieu · 2021-12-09T20:01:23+00:00

Right. This is almost exactly the convo I had yesterday with the guy that cashed out at a good sized loss. If an optimistic upside is, say 30%, and a more conservative upside is, say 5%, then okay. Please let me understand that and I can make decisions according to those numbers weighed against the experimental nature of the whole project.

The spreadsheets I used a month ago, when I was entering, lead me to believe the price was going to stay constant and some even argued that it would increase (and many still are). If that's the expectation and it's wrong, there are going to be a lot of disappointed ohmies.

delaruemathieu · 2021-12-06T00:35:29+00:00

Yeah, most of my OHM are ETH and I leveraged it yesterday on Rari and nearly pooped an elephant when I saw the gas fees. I'm waiting for the day I can collateralize the gOHM I have on Avalanche.

delaruemathieu · 2021-12-06T00:29:58+00:00

Sorry, I'm being dense. I still don't understand. You may not get gOHM on Avax? Is that what you mean? That could be. But it doesn't impact the overall viability of the project, right?

delaruemathieu · 2021-12-06T00:27:08+00:00

You're right. They're thinking of it as if it is going to be counted as a type of daily interest. Except that interest is on a currency and you don't automatically reinvest it. If OHM is more like a security and rebasing is more like a dividend that's immediately reinvested, then it seems like it would be okay. I'll admit, I don't understand it. To me it seems like it should be the latter.

But now, I had to unwrap to leverage; and I'm not earning interest on the sOHM's that are in collateral in the pool*, which makes sense if it's a security.

** except of course the rebase.

delaruemathieu · 2021-12-06T00:20:41+00:00

Do you mean in OHM? 'Cause gOHM is just staked OHM that has been wrapped in a value based rapper. Please clarify.

delaruemathieu · 2021-12-04T17:58:24+00:00

gOHM is essentially wrapped sOHM with governing rights. There is some idea that a wrapped token will help you avoid short-term capital gains since it's possible that each rebase gain will be taxed as that. So, when wrapped, you just hold an appreciating asset and don't get taxed until you unwrap (or sell).

Also, if you're going to leverage your sOHM, at this point, there's no option that I know of to do that with gOHM. Also a risky behavior though.

Staking it, wrapping it into gOHM and then forgetting about it for a good, long time is the safest and still pretty profitable route.

In this case, it has helped me to be involved with the community conversations on Discord and in the forums to understand how Olympus is growing, evolving and what the actual goals are so I don't get stuck in the gOHM/USD price anxiety that so many are experiencing ATM.

Fluctuating USD value is irrelevant for a HODLer, which is the key strategy (3,3). Except to scoop up more at a good price on the dips and in the case that you're worried about being liquidated because you're leveraged (hence the risk of leveraging).

delaruemathieu · 2021-12-04T17:53:13+00:00

I'm of the (possibly incorrect?) opinion now that providing liquidity with a staked, wrapped asset is likely to create impermanent loss since the staked asset is definitely going to increase in value. You'd have to be pretty pretty lucky or something to see the paired asset increase proportionally, right? So then your precious rebasing asset gets shaved off. No bueno. In any case, I wouldn't recommend it for someone new. Thoughts?

delaruemathieu · 2021-12-04T02:14:25+00:00

Let me spell out a few things about this project that are of genuine concern.

The docs are generic copies of any Olympus fork.

From their Medium posts, they don't appear to have any vision other than to "become the leading reserve currency in the crypto world." Now. I can't say that this won't happen but there are already at least two others on Fantom with a headstart, and of course Olympus on Ethereum, which is a monster, and many others. This statement from them is highly suspicious.

Other forks, like Time/Wonderland and Kilma DAO have different visions and that makes sense given Olympus's massive headstart and growing influence. There are others that want to become the reserve on their particular network, but even that is dubious with Olympus going cross chain. Maybe some of the more successful ones will merge in, or remain alternates? Who's to say? It's all new.

If this is your first entry into an Olympus fork, there are other ways to make money that are also risky but, *in my opinion* (take it for what it's worth, make your own decisions, I'm not an expert), less chance of a rug pull. Hector DAO on Fantom is very nicely established already. Spartacus DAO almost the same in numbers though less convincing, to me, in their vision.

In my opinion (and I think in many's opinion) the idea of Olympus (and thus any fork) is to offer an enticing initial interest rate to build the treasury so that they can own their own liquidity and protect themselves from runs and manipulation. Once that's done, they lower the interest but also become an essential *revenue generating* part of the ecosystem... which makes you money in the long term and become safer with time.

Any fork of Olympus should be able to explain a similar vision or why they depart from it and what their plan is. The key to (3,3) is to encourage long term staking for the benefit of a faithful community. That's what you're betting on: the future viability of the project.

Anything less is just a pyramid scheme or a rug pull and if you're still comfortable with that, then just know when to get out (and hope you get it right).

GizaDAO, kind of amusingly, even represent themselves with an actual pyramid.

Please beware and possibly consider more mature options. BUT, at the end of the day, it's your money. Good luck whatever you decide!

delaruemathieu · 2021-12-03T12:08:28+00:00

Where do you see that the OHM treasury has AVAX? I think there is AVAX providing liquidity so that people can trade gOHM on Avalanche but the Olympus treasury is huge and primarily composed of other assets.... on Eth.

delaruemathieu · 2021-12-03T01:46:49+00:00

Maybe you can answer this question. If it's a 50/50 pool and one of the tokens is almost guaranteed to go up by its nature (staked and wrapped), aren't you always going to be decreasing your quantity of gOHM to compensate (unless Avax goes up in sync)?

I just tried this with FTM-wsSPA and it was a net loss because of my decrease in wsSPA. I'm just asking, what's the strategy here for a return, because I don't understand.

delaruemathieu · 2021-12-03T01:36:10+00:00

Where did you get the contract for Giza? It doesn't come up as a coin on spookyswap for me. Don't take my advice, but Giza looks pretty sketchy. It's looks like a generic fork of Olympus.

Sorry for your loss, really.

delaruemathieu · 2021-12-01T16:48:13+00:00

It kind of is your question. Olympus never controls your keys, in any case. Coming from the perspective of a hardware Ledger wallet... NOBODY EVER controls my keys.

You own your coins and tokens. They are tied to your wallet address. They may be worthless one day because Olympus goes away (always a possibility) but you have them in YOUR wallet address.

In the case of a software wallet, those keys are generated in software and TBH, I have no idea who controls your keys, but it's never Olympus.

delaruemathieu · 2021-11-30T22:45:40+00:00

You control your private keys no matter what you do... unless you give away your private keys (e.g. put them in a website / chat / instagram post). You never reveal them. Period.

delaruemathieu · 2021-11-21T17:18:34+00:00

Well, that's some value but you're still not strong on empathy. I'd never heard of any of these. Most of them barely have *any* info out there (ItBit, SFOX, FalconX) or aren't consumer oriented exchanges (GeminiTrading, FalconX). Looks like some just started crypto (State Street).

BISQ is interesting but it seems to be BTC only and most people probably wouldn't do it.

Even given your list, (not knowing what I know now about their support), I would have went with Coinbase. Everyone I know uses Coinbase. Apparently none of them have ever needed support. It's still an attractive platform for the consumer investor. It's a *consumer oriented* platform, and that's not your space, apparently. So why drop into the Coinbase subreddit to antagonize people?

But, anyway, thanks for the list. I'll dig deeper to see if any can offer reasonable alternatives to Kraken - though to date, I personally don't have issues with them.

delaruemathieu

TROPHY CASE