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/biz/ - Business & Finance

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22087928 No.22087928 [Reply] [Original]

Newish fag here. I have about 950 LINK. I see that I can stake this on yfv.finance for 29% weekly. That's a lot. What are the risks here? Why would I not do this?

>> No.22087993

Wtf i clicked that link and ALL MY LINKS ARE GONE FROM METAMASK
Whay the fuck nigger i am callijg the fbi

>> No.22088098
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22088098

Your funds could get stuck or stolen if there's something wrong with the staking contract. Your LINK could get drained out of the LP pool if someone could mint infinite YFV. You could get scammed out of the staked funds by the devs changing the contract calls you use on the interface.

>> No.22088205

>>22088098
I see, sensible anon. So the risk exists in whether or not it's a scam. What are your feelings on the matter. Would you do it? Maybe just a few hundred LINK?

>> No.22088712

>>22088205
I have like 100k in it. They were just audited by Arcadia Group so I'm a bit less concerned about the smart contract risk but remember the probability is always non-zero. They've handled problems pretty well so far. There was some risk about tokens getting stuck if they pulled some shit but it would only apply after the epoch is over.

I always check the contract I call by copying the address from the Metamask popup first, opening it on Etherscan, then making sure it's the same on my Ledger before signing. They could e.g. make you do another approval tx for a foreign contract that could then swipe your balance.

Haven't done the math on it but you could end up losing money if it dropped hard enough and your impermanent loss became permanent. It's a 98/2 ratio so it's not as bad as Uniswap would be though.

>> No.22088726

>>22087993
old but gold

>> No.22088770

>>22088712
sry anon, but what is impermanent loss? Have heard it being tossed around but am too much of a brainlet to figure it out

>> No.22088791

Dont do it you dont have enough link

But if do use this link
https://yfv.finance/?a=2GcuYZcL22f1gxk79ASVBZyTL5Ma

>> No.22088842

>>22087928
>29% weekly
this return doesn’t raise red flags to you guys?

>> No.22088971

Can somebody explain to me what is the use of all these YFI clones and these dozens of DeFi lending protocols. I mean, competition is good I guess but isn't there a threshold where they don't add value anymore? I think we are in a DeFi bubble right now, people dont look at the token anymore. They just want to get in at the top of the pyramid.

>> No.22089015

29% weekly

> not a ponzi

>> No.22089130
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22089130

>>22088770
When someone sells YFV in the LINK/YFV pool there's going to be less LINK and more YFV afterwards. You own a portion of the pool so as the rate drops you're basically buying more and more YFV. Here's a pretty hand chart.

>> No.22089166

>>22088842
Yeah it definitely does. Hence the original post.

>>22089015
It's from fomo, not ponzi

>> No.22089225

>>22089015
Full retard market with lots of hype and people just generally aren't as comfortable giving their monies to a smart contract vs buying a shitcoin.

>> No.22089416

So I shouldn't have sold my LINK, but put them in a DeFi for maximum gains with maximum risk?

>> No.22089651
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22089651

>>22089130
It is an interesting one. Ive got about 1% of my LINK stack staked there (roughly 2.5K Linkies) And at this stage I'm pulling in 24 YFV a day - which I'll sell back into LINK to mitigate the risk. I hope that, obviates it, a little

>> No.22089711

>>22087928
With smaller amounts it takes longer to make back the gas fees.

>> No.22089727

>>22089130
thanks anon

>> No.22089796

>>22089651
REEEEE I WAS HERE FIRST STOP STEALING MY GAINS I ONLY HAVE 1k LINK TO PUT IN

>> No.22089897

>>22089166
>It's from fomo, not ponzi
literally zero difference retard

>> No.22089991
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22089991

>>22089796
Just stake more Link, Dear Boy, and the gains will be yours again

>> No.22090096

>>22088971
The whole defi shit is a bubble, no one is using this money.. they just buy shitcoins with it inflating the price and then buying even more shitcoins.. the bubbel will not burst soon though cause the 1st coins That are put in are legit

>> No.22090153

>>22089991
I DONT HAVE ANY MORE AND I DONT WANT TO CASH MY YFV IN YET TO SNOWBALL MORE IN FOR FARMING

yfv is gonna moon i gotta sit tight for now but goddamn so many more people joined in the past 48hrs

>> No.22090212

>>22090096
think of yfv as a bank. tfv lends coins for money and gives it back to the people. banks lend money and keep profits for themselves. yfv has been audited twice and is legit. lots of money to be made here.

>> No.22090338
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22090338

>>22090153
I wish I could help. But, I'll probably throw a few more at it tomorrow

>> No.22090399

>>22090338
have you calculated how link youre gonna lose if the price plummets