The Good, The Bad, and The Hideous. Part One - The Bad and The Hideous.

-


So it has been about ten months since I started dabbling with various crypto DEFI projects.  How have I done?  Have I made lots of loot?

The short answer is NO.  In fact, to date I have lost $3,675 USD!  But, fool that I am, I have not lost all hope in DEFI projects.  I am still in two of them, and if either one delivers, (you know the chance of both of them succeeding is minimal), I should at least break even, and possibly make a nice profit.

In this post, I am going to quickly describe all the cruddy projects I wasted money on, with the hope that with those turkeys out of the way, in the future I can lavish praise on the projects that actually worked out well for me.

Below is a spreadsheet showing my various DEFI "investments".  Yeah, it's probably too small to read, but if you have a massive display, or fantastic eyes, maybe you can discern some of what I'm about to describe written there.



The first bad investment I made was something called THORWallet, which is an application I downloaded to my iPhone.  The theory behind THORWallet is that you make money by investing in "liquidity pairs", or something like that.  I put $400 into good ol' "Thorn" back in March/2022, and to date I have only gotten back $78, for a $322 loss.  I still have the "Thorn" app on my iPhone, so maybe someday if the value of LTC and BCH go up again, I can get some more of my money back?

In April of 2022, I got excited and threw money at four ludicrous projects, Baked Beans, COTP (a.k.a. Cryptos OTC Trading Platform), MetaFiYielders, and Turd Burglar.

Baked Beans is a "miner"; in the DEFI world, a "miner" is simply a Ponzi scheme.  I put $200 into it, and was able to get $42 back.

COTP looked great at first.  Folks were getting paid, and I too got paid, once.  For a $200 investment, I was given back $15.

MetaFiYielders was just a copy of COTP, and like COTP, it was nothing but a scam.  My $200 investment returned me $10.

Turd Burglar was a "fork" of Baked Beans done by some YouTuber to prove that he could imitate Baked Beans.  His imitation was very good; of my $100 investment, I only got $25 back, which was nearly the same behavior as Baked Beans.

Battered but not bowed, in May I put $200 into the odious Swapnex, which then immediately rug pulled and stole all my money.

In June I put $355 into Pegasus, then in August I added $360 to that amount.  Pegasus was great!  It was paying quickly and reliably, until one day it didn't.  This one broke my heart, as I thought I had finally found a winner.  From my investment of $715, I only got $390 back, for a loss of $325.

In July I invested $100 into something called Martel Club.  Martel Club gave me back $15, and kept the rest.

In August I put $530 into something called Envifx, which was being promoted as a good thing by several prominent YouTubers.  By November these financial wizards had managed to shrink the value of my account to $205, so I just cashed out.  

I started dollar-cost-averaging into Drip in September, and OPT3 in October.  To date I have put $260 into Drip, and $255 into OPT3.  The OPT3 token is now basically worthless, (being valued at a fraction of a penny), and as I write this Drip is worth about 35¢.  Phooey!!

Those are my Bad or Hideous DEFI investments to date.  Note that Novatech and Cryptoprogram are NOT included in with this sorry bunch, as both of these investments are still performing admirably.  It is my hope that in my next post I can gloat about all the wonderful wealth these two projects have generated for me.

But don't hold your breath!

Comments

Post a Comment

Popular posts from this blog

Phooey on Making Money Online!!

-
Image
  Well poop!  With the latest make-money-online fiasco, (coinpot.co turned out, after two years, to be a scam), I've pretty much given up on all these "instant online riches".  Yeah, if I had listened to my own advice , I'd be better off.  But no one has ever accused me of NOT being hard headed.  (Hey, wanna buy some really cool mosquito t-shirts? ) Since the goal of raking in vast globs of wealth via this blog seem to be nothing more than an illusion, the question arises: what the heck should I do with it? Well ...... just because I absolutely SUCK at all forms of sales and salesmanship, doesn't mean I can't use the internet to increase my wealth.  I'll just have to stick to investing, (or speculating, as the case may be). Another blog on investing?  Ugh.  Listen, just buy a good, low cost mutual fund, (most Vanguard funds are safe choices), and use dollar cost averaging to add to your investments.  Do this faithfully, and you'll eventually be wealthy
Read more

Play it Safe, or Shoot for the Moon

-
Image
One of the dilemmas anyone attempting to make money online will eventually face is whether to play it safe, and make a guaranteed, but tiny amount, or go for the big payout, with the risk of earning absolutely nothing. " Slow but steady " may indeed win the race, but if your income is only pennies a day, I don't see how you can't help but be overwhelmed by expenses. At this point I feel obligated to point out that the prudent path in life is to acquire a skill or three people are willing to pay big money for, (said skills are often difficult and time consuming to learn), and then WORK HARD AND LIVE BELOW YOUR MEANS .  Ideally then your income will exceed your expenses, and you can blow the excess on wild living place any leftover loot in the stable investments of your choice.  Like they say, it's not rocket surgery .  However, this is a blog about making "easy" online money , so we'll just ignore that sage advice. So you majored in Art Appreciatio
Read more

Brief Recap - Novice Affiliate, and a History of Failure

-
The purpose of this blog is to test a few of the multitude of " Get Rich Quick! " schemes on the unholy-tube , and see if just maybe any of them will actually generate a buck or two.  However, before launching face first into this fool's errand, we thought it might be wise to give a quick summary of our " success " generating online income to date. Years ago we managed to snag the fantastic title, " Novice Affiliate " for our fledgling channel.  If you look at our videos , (a sometimes painful task!), you'll discover that we really have NOT done all that well. We did have an Amazon based tea store, using a method we learned about from Franklin Hatchett .  That store was slowly building up a customer base, when the poop heads at Bluehost accused us of introducing viruses onto their servers, and yanked our webpages.  (Beware of ANYONE trying to get you to signup with Bluehost!!)  With the loss of our online tea store our affiliate income basically d
Read more