/biz/ - Business & Finance

redpill me on this

Is GMX a good hold for the next bull run? Derivative exchanges have done well through the bear.

GMX is hosting an on-chain trading contest using perps, could be very profitable if you know your stuff. It looks like there are only three pairs to trade from. ETH, AVAX, and BTC.
The prizes are as follows:
>1st Highest P&L(%): 1200 AVAX
>2nd Highest P&L(%): 600 AVAX
>3rd Highest P&L(%): 300 AVAX
>4th-18th Highest P&L(%): 60 AVAX

What's interesting though is that a good portion of the rewards is given based off of ROI, with seemingly no lower limit from what I can tell. So here is my strategy.

> With Load up 100 wallets with $10.
> Long with 50 wallets, short with 50 wallets. 50 wallets will dies.
> Long with 25 wallets, short with 25 wallets. 25 wallets will die.
> Repeat the process of elimination until the winning wallet remains with a crazy ROI.
> Collect $16k in AVAX

Am I retarded or will this work?

This is your daily reminder to not go back to centralized exchanges. The cycle is clear, deposit your funds and they will be used to gamble with leverage.
To avoid this happening again in 4 years education is key.

> Only deposit funds onto an audited and reputable decentralized exchange.
> The yield needs to be real yield, not an inflationary shitcoin.

Binance may seem safe right now, but so did FTX before things went bust. You either die a hero, or live long enough to be the villain and no one should
be trusting a CCP plant after the Mossad/CIA plant just got done fucking you.

If you want to gamble with your money, use GMX

> Chainlink Oracles
> Real Yield
> Up to 30X leverage
> Just received 4m in additional incentives from Avalanche Rush

Daily reminder that every one of you who held assets on a CEX have learned the #1 lesson in Crypto. Dont deposit your crypto in a centralized exchange.
They ALWAYS take your money and gamble with it until they blow up. So where are you going to run now for leverage and perps since you are an addict? To Binance?

Did you not read the first line anon? This is always the trap
> "X blew up, so I'll just deposit in Y because I trust them".

Thats how you got us in this situation anon, by trusting FTX like a retard and giving him more money to gamble.
Don't deposit on Binance, gamble on a decentralized perpetual exchange so when you eventually blow up your portfolio, you are the only one to blame.

Use GMX

> Uses Chainlink oracles, so no scamwick liquidations.
> Up to 30X leverage, gamble like a retard, theres no one to stop you.
> Just received $4,000,0000 in additional incentives from the Avalanche Foundation, free money.
> Real yield with GLP, take gamblers money, no inflationary bullshit.

Learn your lesson. The only one who should be gambling with your money is you.

Thoughts on this shit? Thinking of putting a decent amount of money in but it is pretty pumped right now. But ive just got this feeling that its gonna blow past ath in the next few weeks