OHM

tylerhbrown

For me it’s Songbird, but I’m not sure if that counts since it was an airdrop. OHM is my second worst, actually lost money on that one.

Smiling_Jack_

I had fun ~~playing Hot Potato~~ chasing OHM forks last cycle. Good times.

noviwu97

That's called leverage, not ponzi. Using it at low leverage (less than x2) can be good. x10 is too degenerate. There are plenty of crypto ponzis not related to stablecoin like the infamous Bitconnect and those OHM with 65000% APY

Logical_Lemming

These OHM-forks were all the rage around that time. OHM had just gotten through its first big dip and was climbing out towards new ATHs. It was DeFi 2.0, protocol-owned liquidity was a genius invention, a new financial paradigm. (3,3) and all that. All bullshit, of course. @ohmzeus just started tweeting again recently, so I guess they're gonna try to run the ponzi again soon.

infratexture

The main price driver in cryptocurrency at present is narratives with the main narrative for XRP being: payment routing, liquidity pathfinding and tokenization. Most chains nowadays seem to be more focused around the integration of turing-complete smart contracts and the XRP narratives seem to have been sidelined for the most part by retail. There were talks early on in the development of the chain, when Vitalik was an intern at Ripple as to whether or not to include smart contracts on chain. Stefan Thomas, the CTO at the time argued that off-chain smart contracts would be more robust and that the on-chain token should only serve as a value transfer mechanism being low friction for the sake of payments. With an off chain service that would process smart contracts (codius). After Vitalik left, he decided to stick with the on-chain solution for smart contacts when he went onto develop Ethereum (which sacrificed monolithic scaling for programmability) This approach had more obvious use cases for retail, creating dapps which would initially parallel some of the use cases in tradfi markets (lending/borrowing markets/ on chain exchanges) and eventually some more experimental financial instruments like Ampleforth, OHM, Curve, Frax, DAO's, liquid staking derivatives etc. Leading to more TVL for the chain / greater price appreciation. DEFI on XRP in comparison has been garbage compared to the rest of the space (despite it being the first project with an integrated DEX prior to ETH). Any wallet could issue assets to the ledger but without smart contract functionality or codius there was only so much that you could do to spur interest. I suspect that, despite retail being able to develop to a limited extent on the XRPL, it is not the ultimate target for its use which pertains to liquidity sourcing for cross-currency / cross-asset remittance. Having two formally obscure trading pairs (with conventionally low liquidity) of assets tokenized on ledger like swapping a milk derivative for a uranium CFD and being able to do so with the same liquidity as cash instead of having to wait for T+2 settlement or operational market hours. XRP is able to do this because the liquidity is sourced from the protocol level and not silo'd inside different DEX's and L2's like it is in ETH and due to the way in which validators process transactions, there is no MEV /frontrunning/sandwich attacks to contend with. The narrative that XRP is vying for isn't to be another bitcoin, litecoin or ethereum, its trying to be something else entirely. (A bancor perhaps?) Thing is that most of the parties that would use XRP for said remittance are generally heavily regulated and won't touch anything crypto with a 10 foot pole until it has received regulatory clarity, hence the flaccid price action (which is mostly just retail speculating).

marcman623

You should check out SHEZMU. It's a project similar to OHM & TIME in that you get high APR returns. The idea is that you buy SHEZMU > burn it for an NFT > the NFT pays out more SHEZMU. This is a NFT loan protocol which will allow users to use their NFTs as collateral to take out loans. It's also cross-chain compatible. Oasis is the loan platform which has a testnet that launches 1/29 (end of month). This project is still VERY under the radar with a market cap below 4 million dollars. I highly recommend reading about the project before test-net launch. https://shezmu.gitbook.io/shezmu/introduction/welcome-to-shezmu

xKnight0

if you buy stake with code: ** LFG ** for a big ass discount on fees/rebates And this shit is gonna be the next OHM/HEX

Crully

My unpopular opinion is still that the massively inflationary tokens like OHM/TIME were more revolutionary than most realise. People get upset that they weren't going up in price, but they miss the whole point of those tokens which is to _go to $1_. If they had a good inflation amount, a solid runway, and used the invested money responsibly, then they could work, and be profitable. I think with the ability to sell for backing, people should be able to assess them and decide if they think it is a good investment, which is different to most other coins that rely on partnerships, or random defi tech, or even just a bull market to pump. Inflationary tokens are a totally different kettle of fish, and either people are stupid, or intentionally shit on them when they go down 50% in a month, like that isn't the whole point when you now have twice as much!

treatmelikeawhat

For sure, I think the market will mature and ditch some of the gimmicks of the past like OHM, insane APYs, reflections, burns, etc. But that just means more capital will go to projects actually building something. Current cap is still just drop in the ocean of global markets.

ComprehensiveRead161

There was just like money being generated out of thin air on so many different protocols. OHM forks, yield farming. I think we’re past those glory days.

ComprehensiveRead161

One of the most riveting, yet disastrous for many, parts of the 2021 bull run was the APY DAOs, OHM Forks, and staking gain protocols. In another bull run, do you think they would make an appearance again for those who want to attempt to get in early? Or have people learned their lesson and developers wouldn’t bother.

Ditto_B

OHM forks

spamohh

Tomb Forks, OHM forks and degen farms, those really were the days! Man I can't wait for the next bull to find out what the next generation of ponzis will look like!

Feeling-Inside5147

Olympus DAO's OHM too. That ponzi is completely broken now.

Smiling_Jack_

Heh, remember when OHM wasn't down 99.21% form ATH?

EcoFin101

TIME is such a throwback, were you in OHM too?

kodiaktfc

Got too emotionally invested into FTM. Rode it for years. I began my crypto journey with OHM. I can’t consider that really my fuckup because I was shilled by a friend. I did however learn to DYOR.

cassiopeiamedusa

bought it somewhat early at <300k market cap - was really just a derivative of another ponzi coin called OHM which was huge back in the days during the bull.

cryptodesigngroup

Hyped based on category IOT Oracles DeFi Summer GameFi OHM MemeCoins Rebase Layer2 Storage AI Shitcoins Telegram Bots And now SocialFi

swap_catz

The older I get the more I like OHM, tolerate USDC, and avoid USDT like the plague.

DoragonMaster1893

18% Apy? that's nothing. The real thing were the OHM, Wonderland and forks offering million % APY. That were the times! /s

chuck_portis

APY's can also be very misleading. They are often used as bait in DEFI farms to spark greed in people and convince them to deposit. APY's truly are exponential on high APR's which compound frequently. Here's an example. Your 4% APR compounded daily becomes 4.14% APY. A modest increase of 0.14% or 3.5% higher than the 4% APR. However, 200% APR compounded daily becomes (1 + 2 / 365) \^ 365 = 734% APR. The APY is 267% higher than the APR! **500% APR compounded daily becomes an APY of 14,300%!!** The tricky thing here though is that the majority of growth happens towards the end. Initially, the APR and APY track closely. The impact of compounding is not linear, it is back-loaded. This is how ponzis on crypto lure you in with the illusion of high APY. You'll be blinded by the 5-6 digit APY and think that you will just pull out after a few days or weeks and pocket a bunch of profit. Perhaps even making a very common mistake in assuming that the APY will be spread evenly over the year, so you will expect to earn the APY/365 every day. Some real DEFI examples that come to mind are OHM and OHM Forks, along with a bunch of Pancakeswap clones in 2021. All of them were plastering their 5-6 digit APY's all over the platform, and tricked people to invest billions of dollars in aggregate. People quickly realized that the token they were forced to buy somehow decreased in price faster than the 100,000%+ APY rewards.

whinylittlesardine

Ah yes, the OHM frenzy, featuring the 3500% APY.

Ankzar11

I think there's a small difference between "liquidity games" and simple rug pulls. For example, OHM or CAKE were liquidity games, not 100% fair but not a complete rugpull either, you needed to understand very well the risks you were taking and act accordingly. Some people made money on those besides insiders/founders, however with rugs it's usually just the founder/insiders that do. With that said, I think rugs should be treated like IRL ponzi schemes, so victims should get the money back where possible, and the thieves go to jail. Gamblers should take the blame if they loose, sure, but the casino should be taken down if they are just giving you 0% win chance.

jzia93

It's a good question. Goes down to tokenomics and where yield comes from. Staking 10% rewards in the same token you deposit with indicate that some form of inflation is happening. Look at Bitcoin or Ethereum for examples where, yes there is inflation, but there are mechanics to limit or mitigate the impact of it from a financial standpoint. The next thing you want to ask is: what value is accruing to the token. Network fees paid in said token are, of course a counterpoint that is valid. It could well be that other operational activities accrue value to the token. In DeFi, you might have other revenue sources *directly* linked to the token. Liquity, for example, captures the liquidation value of undercollateralized ETH troves and the value goes to LQTY holders. On the other hand, some yields are pure ponzi nonsense (looking at you LOOKS or OHM), and just print the staked token unsustainably.

slackify

Not selling my OHM and Klima tokens 😞

Drew-Money

OHM Fork season That was peak stupidity for me.

Visible-Ad743

And Harmony One, OHM, Loopring, Avax…. Soon Cardano :)

Matth3w_95

That's an interesting concept, it looks similar to OHM by Olympus DAO

WickedRatios

They have DAO bonds… it’s OHM and the whole protocol owned liquidity spectrum

Matth3w_95

I honestly don't know. When I first read how UST/LUNA worked, I found it fascinating to have something that remains stable thanks to math, without having to rely on physical funds. Clearly, it didn't work out, but maybe similar improved experiments will be successful in the future. I know for example that Olympus DAO has modified the tokenomics of his asset OHM to make it "backed by ETH and other coins" and they assure that its value can go up but it can't fall beyond 1$ due to a burning mechanism. I'm not convinced and I haven't invested in it, but I'm curious to see how it will develop.

BusinessBreakfast3

This has to be either $OHM or $TIME 😂

diomediocre

There's a difference between scams, pump and dumps/memecoins, and bad calls that gets really blurry in this space. Coffezilla and Zachxbt are two fairly prolific scam hunters on youtube and twitter. Make no mistake, they're thorough, well documented, and willing to give the benefit of the doubt but they make serious accusations against people. And they frequently get shit on for it. Sometimes for not calling out scams where people were just good at covering their tracks, or they go after someone popular but they get a lot of grief for doing very good work. With memecoins like PEPE, they often aren't scams but simply silly tokens that get created and people willingly participate in. BAYC, DOGE, SHIBA all started like this and even evolved into legitimate projects with serious development. You can look at PEPE's websites and see what it claims to be, anyone putting money in understands it's at their own risk and if they lose the pump and dump game it's their own fault. Worse is when everyone like developers and buyers are well-meaning but they run into issues like security vulnerabilities, they can't make the tech actually work like they thought or in the right timeframe, or there isn't an actual audience for their usecase. These are perfectly legitimate projects that get eaten by the market without malicious intent. (security vulnerabilities left as backdoors not withstanding) I won't call any out here but there's plenty of top 100 MC coins that fit this definition currently. So what should people call out? Often times you can't prove or it's difficult to prove the minutia of a scam (Anubis DAO), or it's hard to find the exact whole in a project even though you know conceptually it doesn't work right (LUNA/UST death spiral for example), or you can call out something which later becomes or the community makes legitimate (OHM).

poopysmellsgood

My brother has the same experience with OHM. Somehow he was in the discord server, and got in soon enough to profit like 40k. He told everyone he knew about it, all who lost money lololol. I did not partake for the record.

Knotley-Hunt-Brick

I’m referring to near a thousand APY auto compound projects like OHM and Titano.

Wendals87

I paid $200 in fees to buy, stake and wrap OHM (turned into WSOHM) on ethereum. I sold it all a short while later and broke even. I then found out that avalanche had the WSOHM token. I could have gotten it for <$1 in fees

Knotley-Hunt-Brick

It is stupid. 10,000% APY Projects 😂😂 Titano, OHM etc

turbo5vz

Question about the revoking process. I'm seeing that on the ETH network I have various asset types with an unlimited allowance, however, I don't really care about them because they are shitcoins (eg. OHM). Does it matter if I just leave it as is? It costs $$ to revoke these contracts.

assoziationshauberk

Those stupid OHM forks like TIME or jade, it was completely clear from the beginning that they were just giant house of cards waiting to fall, but I still thought a few weeks with the ridiculously high APY won’t hurt

RSTat2

OHM for $800

onemoresi

OHM and Klima, sold or gambled 3 ETH and lost 99% of its value. AFAIK they have stayed under water at -99% for the last 2 years.

Knotley-Hunt-Brick

Dude same , got into Titano by looking at OHM staking. Worst degen move i ever made.

ngutheil

I don’t know about OHM, but ICP staying dead ☠️

ABABAPPA

No bro I don’t think so.. it’s a shame because I think the concept had potential but at the end of the day, it minted tons of coins so OHM ended up devaluating (besides other stuff that happened).

adamdmn

If OHM makes the comeback, it would be a surprise to be sure, but a welcome one

YigithanUnlu

Wtf is OHM? never heard of it

BusinessBreakfast3

Fully agree. Two examples from my side: I bought SPA (Spartacus Finance) because it was a OHM/Wonderland fork in the time they were booming. I lost half of my money and sold it without looking back. On the other hand, I was buying ETH in the $100-300 range and sold it in the $3k-4k range. Not everything is a long-term hold. Currently, I'm accumulating a **lot** of Bitcoin and a bit of ETH, RUNE, and ATOM.

Justin534

Was that OHM?

Rastifar

What will come back: DEX and CEX tokens. We don't like it, but as long as there is a bull market and a lot of transactions, BNB won't lose its value. Same goes for CAKE and SUSHI, once altcoins started mooning they will moon again too. What's totally dead: Rebase tokens. They were super hyped when Olympus OHM launched, and now most of them are sitting at -99%.

SuppiluliumaKush

Since 2016, I've done pretty well but could have done a lot better if I didn't make a few mistakes along the way. I got SUPER lucky with airdrops and got them for dydx, uniswap, mirror, 1inch, shapeshift, nrg, acx, optimism and just got my zigzag airdrop today. I can't even remember them all just by memory, and a conservative estimate is close to 50k$ in airdrops. I bought Kadena at .20 and sold around 20$, buying chainlink since it was under a dollar, and I made around 20k of OHM rebase token. I sold most of my crypto in 2021 and felt like a genius for that but I also made many bad bets. Gincoin masternode was a big loss around 5k and I chased a few terrible airdrops like unilayer and bought tokens at 4$ and staked them and watched it drop to pennies, sent my entire FOX airdrop to the wrong address. Fat fingered a few bad trades because I was still very new at trading. A bunch of shitcoins like substratum, neo, betx , krl and other failed projects I lost more on. Overall, I am still up a lot and dollar cost averaging my favorite projects and still hunting for airdrops. I don't buy alts unless I really like the project now.

Wendals87

spend over $250 worth of eth gas fees to buy OHM, stake and wrap to WSOHM. I later found that WSOHM was on avalanche and it would have cost me <$2

BusinessBreakfast3

No. It will either just cover the price dump. Or the price will go to 0. Many people lost much money on OHM, Wonderland, Spartacus, and all those juicy yielding forks.

Mongooseroo

We have decent forex markets already. Fixedforex for one by keep3r, so fuck the dollar if need be. Then we also have things like Meterg that uses electricity as stable. OHM which has a long way to go but has the goal of becoming a stablecoin for crypto.

Wendals87

I was naive and stupid and paid over $200 worth of eth in fees to buy into OHM on ethereum back in 2021 They were just mining rewards so I didn't feel so bad about it, but it was a lot. every step was fees Transfer from my exchange to wallet? Fees Approve transaction to swap? fees actually do the swap? fees wrap into Wrapped OHM? fees to approve and fees again to wrap. I later found that the wrapped token was on avalanche. Worth the same amount but would have been <$5 in fees

Logical_Lemming

In Nov. 21, probably "Go all-in on OHM forks and HEX"

assoziationshauberk

Time and Jade, those stupid OHM forks

Awkward_Potential_

OHM has almost $250 million in their reserves while the MCAP is $220M. I don't own any but am wondering if I'm sleeping on a future Goliath. They're providing a ton of liquidity with it too so it can grow a shit ton.

onemoresi

LRC OHM Klima ETH (bought at £2k AVG).

Patohm

Mate, you know what "real" yield is? If lunc is hiiiiighly undervalued and gas fees make a looot of money, high real yield can be true. But there is no where in this world we're this is true.. High fees and earnings = higher valuation of the token = smaller yield. It is an absolute market, just like real market. You need to understand this to be long term profitable.. High APY have a catch... Do you remember OHM and the likes? When you only look for yield without brain... You will lose in the end :)

kevzenn

Buying OHM and a strong node.

Tsubasa_sama

- Any doggy/meme coin during the spring of 2021. There were several that went 100x or even 1000x that were all mocked. - Heavily shilling LRC at the most obvious top (I know some of you shills are still holding). Same with ALGO and a lot of the subs darling coins. - Bagholding forgotten alts of prior cycles that never returned to ATHs in dollar terms, let alone BTC (EOS, NANO, XRP etc). - "CRO is the next BNB" - half of the sub at 60 cents. Mostly though it seems the sub did a lot **right** too by avoiding or being distrusting of the major collapses this year. Wonderland and other OHM forks were recognized as ponzis by most people, as was LUNA. Not too many people seemed to have held funds on FTX and while some people got burned by Celsius, most people used that as a warning sign to get their funds out of CEFI.

cj020

OHM.

shmoculus

Likely Reserve Banks will fall back on a gold backed currency, bitcoin will likely gain some popularity during the process For crypto, there is OHM which is Olypus DAO's solution (reserve assets based on a basket of crypto assets)

poopymcpoppy12

OHM - but they're trying. Lol.

bogdanofquadruplets

OHM really got me

coinfeeds-bot

tldr; OlympusDAO, a decentralized reserve currency protocol launched in May last year, was the target of a cyber attack that led to the siphoning of 30,000 OHM *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

0moorad0

Buying OHM at the end of last year…

coinfeeds-bot

tldr; OlympusDAO lost $300,000 to a hacker who exploited its OHM bonds but later returned all of the stolen funds to the DAO's treasury. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

ImperialSoldiers

Tldr; The hacker who exploited an Olympus DAO (OHM) smart contract for $300,000 worth of assets is already returning the stolen funds. According to blockchain security analytics firm PeckShield, an error in one of Olympus DAO’s smart contract bonds resulted in a $292,000 exploit earlier today. “It seems the related OlympusDAO’s BondFixedExpiryTeller contract has a redeem() function that does not properly validate the input, resulting in ~$292,000 loss.” Saved you a click!

coinfeeds-bot

tldr; An apparent white hat hack saw OHM tokens drained and then returned to the Olympus DAO just hours later. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; The hacker who exploited an Olympus DAO (OHM) smart contract for $300,000 worth of assets is already returning the stolen funds. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; Peckshield revealed that a hacker exploited 30,437 OHM tokens (worth roughly $300,000) from an Olympus DAO's smart contract *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

lomosaur

On the bright side, if they had drained the same amount of OHM earlier in the year it would have been like a $100 million.

DesperadoLost

***In the official Discord, the Olympus team acknowledged the exploit and said: "This morning, an exploit occurred through which the attacker was able to withdraw roughly 30K OHM ($300K) from the OHM bond contract.” The team said the rest of $217 million staked on Olympus DAO was safe and that it planned to compensate users hurt by today's incident.*** Things could have been a lot worse, someone really needs to audit these contracts!

coinfeeds-bot

tldr; A hacker drained 30,437 OHM tokens ($300,000) from Olympus DAO's bond contract on Ethereum. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Jumpy-Echo7534

I bought OHM at over $500. It’s now sitting at around $12

UrbiwanKenobi

OHM forks

Lord_Kuruk

I wish I could say it was a handful but the number of these... what I can remember now: LUNA (was huge on it, couldn't even sell since it was staked), a huge number of BSC shitcoins like Titano, Jade, Fino, safemoon (yes I was really that dumb then), etc., rebase tokens like TIME and KLIMA (stayed away from OHM cause of gas fees, I'm so glad I didn't lose even more money), etc. There are several coins too, that haven't gone down 90%, but quite a lot- XRP, XLM, ALGO, WAX etc. Even diversifying didn't help in this market.

Blekiz

OHM hurts me...

RSTat2

OHM

joshyoowa

Top 3: Storing my BTC in Mt Gox. Turning down a free Bored Ape. 50k split into $TIME & $OHM near the top. 🙃

Wendals87

I invested 2k into Klima and OHM late last year before they both plummeted. my Klima is worth $65 but I dumped my OHM for about $200

EastCoastGrows

You too? I got wrecked by DAOs. I was deciding between the new memecoin SHIB, or TIME and OHM. My time and ohm are worth pennies, the amount of Shib I'd have got would be worth hundreds of millions.

RSTat2

I’ve only been in for a little over a year, but I’m pretty numb. After I I watched my OHM drop to $12 after staking in at $800 nothing is phasing me now. Now I just hold and wait and buy more when I think it’s at months low whenever I can afford to drop more in.

EastCoastGrows

I would literally be a billionaire if i did less research. Everything i read pointed to TIME and OHM at the time being great investments and SHIB being a worthless shitcoin.

EastCoastGrows

Would have bought $8000 worth of Shib instead of TIME and OHM

africanasshat

Only god if you bought good things. I stayed in OHM. That did not go well.

Smiling_Jack_

Your next step should be taking part in DeFi. Don't just sit on your assets. DeFi lets you be the bank and reap rewards on assets just as they do. Staking some ETH in Lido? Why not earn yield on a ETH/sETH pool on Curve? There are lots of relatively safe options with reasonable yields out there. As long as you stay diverse and don't go chasing OHM forks, you can get returns on your assets while waiting for them to appreciate with minimum risk.

W1ndhors3

I bought 4 ETH at like $110 and sold when it reached $160. I thought I was a genius. And not selling some OHM when it was at $1400

strider55555

Don't bet on greed. I put all my money into an OHM fork. Never again.

NFT_fud

I am making the assumption that despite the current move up we are still in a bear market and very likely to dump at some point soon when jobs drop, recession finally hits. But hey, lets makes some money while the sun shines. Just watching market looking for some quick gains but very limited exposure. My main thing is DCA Stake BTC, ETH and l2s I am just not convinced anything OHM or rebase is worth getting into anymore although Titano seems to be working hard. Game, metaverse I really want to get into but there is shakeout happening and its going to get worse, dont know whats going to remain standing, not to mention that there could be a something newer and better coming down the pipe. The bottom is not in and many will never bounce bck.

cryptowizarddd

I put a lot of money in OHM and lost way too much.

strider55555

I lost all my money in an OHM fork... Pump and dump indeed

_-_agenda_-_

Take a look at OHM

StockTrix

you think that's bad? I invested in Terra/Luna/UST, OHM, WAGMI, Celsius, Cake, Wondrland, EUPHORIA, Harmony, Viperswap, Voyager, magic internet money...and pancakebunny Still livin life ;)

princeali97

They lost all their customers holdings buying OHM and stETH at the top

Smiling_Jack_

I tend to stay away from nascent DeFi projects until they've been battletested for a bit, but in general I trust the trustless environments far more than a centralized entity if I'm looking for yield beyond staking and holding. And of course, not all DeFi projects are the same. Don't go chasing OHM forks, people.

Visible-Ad743

Effin OHM. 😡

onemoresi

. OHM and KLIMA was an expensive lesson in crypto. If it's too good to be true....

deedopete

WAGMI with the ViperSwap team - all the OHM forks suck