Reddit Posts
Heads Up: Bankrupt MIDAS is going to distribute $2k among investors by Monday (and are going to steal your funds after 180 days)
I lost over $500k in CeFi yield products. Here's my reflections and message to this community
Midas investments sweeps the rug put from its users
Why MIDAS Token Delivered A 700% Return YTD During A Crypto Bear Market
[Question] Help to forecast Value at Risk with a GARCH-MIDAS model in R
Mentions
You need to import the token contract address into your meta mask in order to see it. That's the Midas contract address for metamask 0x97e6e31aFb2d93d437301e006D9DA714616766A5 1) Go to Ethereum Main Network 2) Go to import token 3) add above contract address MIDAS token should be selectable in your meta mask
So they're saying that if we hold onto our MIDAS coins we'll be investing in their next idea. great. That being said, how do I get my MIDAS off their exchange and into metamask exactly? I've never used it before and I don't see it as a token to import on metamask...thanks Or is there another exchange I can move my MIDAS to?
They lowered their rate considerably over the last year. The highest would’ve been their platform token MIDAS by 22%, followed by stable coins around 17%, BTC 9% and ETH 11%. They were high rates still but it wasn’t as red flaggy anymore and made a lot of people pour in their life savings. I read about 1 user losing $650k on their discord. And yes, i stupidly was invested as well despite the red flags but only lost what i could easily afford. Stings nonetheless.
Funny, I created a post about MIDAS investments one year ago here, portraying their shady business and it was never approved, maybe because I don't have enough moons? It's still in my post history though. Anyways, not surprising at all. When I started my research and searched for their adress on Google maps, their registration adress for the business was a normal family home in a suburb area. They had 27 other sister companies who also had numerous different other shady sister companies. It's funny how a noob like me can figure out that something absolutely stinks to hell with this company with open and easy accessible information online, yet financial authorities are like *huh??*
They collapsed. They took everyone's funds, gave them a 55% haircut (converted into useless MIDAS tokens) and then gave back the rest.
I lost money on Luna and dodged the Celsius bullet by a few millimiters so I understand your path and sentiment. But MIDAS? That was a clear scam even to me
YMMV but my Boomer parents are blissfully unaware of the rise and fall of BabyElonSafeMoonRocket coin. They think crypto is a racket because (1) they heard bitcoin plummeted in value last year and (2) FTX blew up. That's pretty much the extent of their cryptocurrency knowledge. They've never even heard of Ethereum, much less LUNA or BitConnect or MIDAS or whatever. My Millennial brother owns BTC & ETH but has minimal awareness of anything else. I think we enthusiasts get caught up in our bubble and overestimate how much information reaches the normies. I don't dispute that rampant hacks, scamcoins and rugpulls hurt the industry. Rather, I'm saying that the discrete fraction of shitcoins is a misleading and useless metric. A better measure of the problem would be: * market cap of shitcoins as a fraction of total * amount of twitter chatter about shitcoins as a fraction of total * number of crypto investors who lost money as a fraction of total * number of garbage coins listed on 'vetted' exchanges (e.g. Coinbase) as a fraction of total Things aren't great right now but "99% scam" overstates the crisis. If and when crypto reaches ubiquity, 99.999% of tokens will still be trash.
tldr; Midas Investments shut down services on its platform following the collapse of Celsius and FTX. CEO Iakov Levin said the company will focus on a new project next year that will be "fully transparent" and offer an "improved investment experience." Midas will distribute MIDAS tokens as compensation to affected customers based on their deducted amount. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Yeah I was lucky as well, I had just under 5k so I only lost 200$ that was in MIDAS. It was a stressful day yesterday and I have learned my lesson!
They even tell you how they’ll take your money. > Its target is to deduct 55% from user balances held in bitcoin, ether and stablecoins, with the adjustment being compensated for in MIDAS tokens which can be swapped in for tokens of its new project. Lol wow
"Midas disabled deposits and swaps, as well as withdrawals for some time while it makes cautions and balance adjustments. Its target is to deduct 55% from user balances held in bitcoin, ether and stablecoins, with the adjustment being compensated for in MIDAS tokens which can be swapped in for tokens of its new project." So basically minting a new coin to pay off old debts. Ponzi anyone?
“Starting on Tuesday, Midas disabled deposits and swaps, as well as withdrawals for some time while it makes cautions and balance adjustments. Its target is to deduct 55% from user balances held in bitcoin, ether and stablecoins, with the adjustment being compensated for in MIDAS tokens which can be swapped in for tokens of its new project.” I don’t like that statement
Same here, except for the MIDAS tokens, rip
I actually had a little crypto in MIDAS, but withrew it early this year. Can't image people having balls to stay with a platform offering insanely high APY through all the CEX drama this year. If you still held anything there, you had it coming...
This is crazy. They said that problem was "spring 2022" but they kept open the deposits, the registrations and the platform up and running til today. They even changed the MIDAS boost rewards just in november! They lied to all the users and burned the money.
>MIDAS tokens will be swapped for the token of the new project, which will be built on principles of full transparency and will embrace the innovations developed by the Midas team over the past six months, such as CeDeFi; In short, so we rug pulled you on this one, kindly invest in our next project too. Thanks.
I have never seen a single successor project succeed after the original collapses. MIDAS is done
> Total liabilities for BTC, ETH and Stables at 12.27.22: $115 million > > Total assets for BTC, ETH and Stables at 12.27.22: $51.7 million > > Deficit amount: $63.3 million > > Decomposition of balance deficit: > * $14 million Ichi protocol in April 2022 * $15 million DeFi Alpha portfolio in Spring 2022 * $1.5 million due to Harmony bridge hack * $3 million due to FTM token’s price change * $15 million due to balancing MIDAS token sells on an illiquid market * $10 million due to paying higher rewards in native and MIDAS Boost than what was being earned through DeFi From their [announcement.](https://blog.midas.investments/midas-closure-reasons-and-pivot-to-cedefi/)
And shilling MIDAS as well
I’m worried about MIDAS. Their token has been doing great even in a bear market, but it’s too risky right now. Withdrew everything except some play money.
BTC, ETH, ADA, MIDAS, possibly some LRC and BNB are what I most expect to accumulate, with maybe a small percentage going to other stuff.
tldr; $MIDAS is the native token of the CeDeFi platform Midas.Investments, which operates as a centralised crypto asset management firm that uses a combination of cutting-edge algorithms and the expertise of its team to deliver high yields for its investors from the DeFi space. Midas is trading in the $30-35/token range and has seen massive price growth YTD from $4. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Try Midas.Investments. They are a hidden gem and is one of the first to do a CefiDefi hybrid. Join the community and obviously do your research. Notice MIDAS performance during this "bear" market. Use my link if you like and hmu if you have any questions https://midas.investments?p=aff43300
Checked again: Midas Protocol is the shitcoin. Coingecko sent me to the wrong token. MIDAS might be ok, but it's too soon to tell.
MIDAS is a complete shitcoin. #3119 in market cap ($127,264--you can't even buy 1 Lambo with that). There was one massive pump'n'dump between 23 Oct and 12 Dec 2021 that looks like an old World Trade Center skyscraper on its chart.
Allow me to shill a personal favourite of mine, which was doing well even before this recent pump: MIDAS. I truly regret not having bought more the last time it dipped.
MIDAS, too—it seems to go up when FTM does
Sounds almost like mine, except add ADA, MIDAS and a little ALGO.
Yes, I remember that FTM rebound. MIDAS bounced back nicely along with it, I wish I’d bought that dip
None at the moment, but long term, I’m most bullish on MIDAS, ADA, BNB and LRC. Coincidentally, I hold all four.
BTC, ETH, ADA, MIDAS, possibly some LRC and BNB are what I most expect to accumulate, with maybe a small percentage going to other stuff.
I think your concerns are valid and these are definitely things that I think about (read: keep me up at night). Overall, however, I’m very optimistic. In fact, I think Midas cutting interest rates *this frequently* might be a good sign… Here’s why: 1. Three cuts in a row shows that Midas is responding to market conditions and pressures on a month on month basis. This is good because it indicates that they’re not acquiring loans/external investment to fund the interest paid to investors. Instead, they’re relying on the interest that the market can generate and make assessments on a monthly basis. That’s good! Unless Midas engages in either fraud or gross mismanagement, this strategy should allow the company to always remain cash-flow positive… 2. We actually know for a fact that Midas is cash-flow positive as they frequently carry out their “Payout Split Buybacks” where they use 10% of the interest paid to investors to buy their native token $MIDAS on the free market (raising its price). They do these buybacks once a week and the most recent one was only a few days ago (>2000 MIDAS tokens were purchased at around $30/each). They’re effectively spending $60,000/week minimum on buybacks. 3. I actually trust Midas to make good and wise long-term decisions. On the eve of the UST fiasco Midas, who didn’t have any Terra UST holdings, took the decision to move away completely from Tether’s USDT in favour of USDC. These are the kind of smart decisions you expect from a thriving company. 4. The communication (so far) has been second to none. Trevor & Team have let us know that the reason the cuts happened is because the bear market makes DeFi investments riskier and Midas has made the “cautious” decision to exit all its medium risk DeFi investments and only keep the low-risk investment ex You may disagree with the principle, but I think in light of everything that’s happened with UST/Anchor/LUNA… FAIR ENOUGH. Overall, I think Midas will survive the current bear market and I believe it will eventually thrive. Interest rates will rise when market conditions improve. The only thing that is a cause for concern is whether or not they’ll be able to find enough high yield/low-medium risk DeFi investment opportunities for their growing investor base once they grow beyond a certain point ($500M-$1B AUM). Midas is currently at $150-200M AUM.
Summary DeFi typically offers much higher returns, but with significantly more risks. Midas.Investments hopes to solve this by offering a centralised approach where they develop the algorithms and vet the DeFi platforms on behalf of its investors. This explains why they’ve been able to offer some of the highest returns in crypto since their launch in 2018. The $MIDAS token has also bucked the current bear market and has more than 10x since December 2021 (~$2) to today (~$25-30). The community on both Reddit and Discord is lively and investors can reach out to members of the team (including the CEO and COO) with questions and concerns.
And by extension, I think, MIDAS. My bag is only a small one, but I have hopes for its future.
I use [midas.investments](https://midas.investments/?p=0157) to get great returns on top coins. In order of top holds I have ETH getting 23%, BTC getting 17%, and MIDAS getting 30%. They pay to your account daily and there's no lockup period so you can withdraw at any time.
FTM-TOMB LP, HEC DAO, MIDAS DAO, then staking or lending ETH, BTC, ADA, DOT, MATIC
Don't ya worry. Soon the MIDAS engine will come out and the transactions will be faster than ever before!
Same contract developer as MIDAS which was a RUG!
Get you some MIDAS Protocol