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Machi Big Brother
3.4K posts
Why do i even need to back my NFT with ETH? would be more fun if it was just NFT’s and i didn’t have a choice
Justin Taylor@TheSmarmyBum
if @token_works @Rhynotic wants $FWA to be successful they have to limit the amount you can put against low floor NFT's collections. Because right now you're basically just ripping packs for ETH. This is "legendary" pulls right now
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A nft history lesson for you, last cycle I had bought hundreds of apes while farming blur.
Bought all of Mando, Franklin, Jimmy, pretty much everyone’s apes. Cost over 12K ETH.
They always talk about the NFTs that I sold, but forget that you can’t sell anything you didn’t buy first and that I still hold/own the greatest nft collection.
۟@MINHxDYNASTY
mando made +$18 million from one trade everyday when we log into twitter, we see amazing pnls from single trades, usually took a few days to a week to make there is another side, where high conviction plays out over time, this is one of those examples
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I’m still hodling 11,000,000 FRIEND. Waiting for Racer and @paradigm to sell friendtech to me then we can run it back @blknoiz06.
Ansem 🐂🀄️@blknoiz06
friend tech was really a lit time
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Machi Big Brother retweetledi
People love a good downfall.
Gives them a nice little excuse for why they never had a meteoric rise of their own.
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@Barthazian @OttoSuwen Not all grails are for sale, it would be cool if FWA could make it possible.
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@machibigbrother @OttoSuwen well so woud i , but if the backing is higher than 20-25% its trait floor unless aesthetic over the floor id take the backing sell buy and pocket teh differnce
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Why would anyone risk a grail nft as the top prize, when you can game the system with no risk? Feels like fake bids on Blur, no risk while stealing value from others.
Otto Suwen@OttoSuwen
@token_works Can you also put a cap on ETH value to NFT deposits? Like 10:1 or something so people can’t keep abusing with tons of ETH and a TTT deposit? These deposits just rake the rest of the field.
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@slimNFT Someone people value their NFTs. Current top prize in FWA only the ETH is at risk.
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@machibigbrother Not if it’s backed by the same amount of eth you’d be willing to sell it for
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@Barthazian @OttoSuwen I don’t know about you but I would like to spin for a hoodie ape punk.
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@machibigbrother @OttoSuwen and even if it was any other nft and the backing is above the nft value peeps are gonna choose the backing.
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Imagine a priceless grail NFT, ape, punk, mega mutant, fidenza as the top prize on FWA. Volume would be 10x. The problem is how do you pair ETH to something priceless? How do you incentivize someone to put a grail up to be won? Currently top prize is being gamed.
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@Barthazian @OttoSuwen That’s what’s happening now. Nobody is choosing TTT, everyone is choosing the backing.
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@machibigbrother @OttoSuwen if you have the 40eth punk with the 100 eth backing anyones choosing the backing.
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@Barthazian @OttoSuwen It’s not the same when they choose the Eth every time and not the NFT.
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@OttoSuwen @machibigbrother it is not , the risk is the same you have a binary choice
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@VelvetHONETE Correct. Current system is just farmers not collectors.
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@machibigbrother the risk is the whole point though
a grail prize draws real collectors not just farmers
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@slimNFT Ok. Less risk. It’s not the same risk as a grail punk/ape with 200 ETH.
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okay you two get to work on figuring out how to accurately price an NFT (including rares) without manually setting it by a permissioned actor or using oracles
implementing ranges as you say opens up a whole other can of worms
quit's take is the one I most agree with, and focuses on the period post-initial emissions
x.com/0xQuit/status/…
Quit@0xQuit
seems reasonable to disregard the nft as a depositor if you're just farming rewards. but I imagine once farming slows down we start to see more nft listings. EV on any deposit that's not the top is positive, but barely. May as well deposit to aave. however barely positive EV as a way to list an NFT still makes sense. Assuming you're not getting the top listing bonus: - backing a low value NFT with 100 eth, you expect a return of roughly 3 eth profit (and your nft back) - backing a grail nft worth ~100 eth with 100 eth, you expect a return of approximately 3 eth, with the added potential of effectively selling the nft for ~100 eth. The difference is subtle but I think it tips the scale in favor of backing nfts with fair valuations. At least I hope so.
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@AvgJoesCrypto @Rhynotic @OttoSuwen Adam asked the two of us to figure it out. I’m a high school drop out and 53 years old. Good luck brother.
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@Rhynotic @OttoSuwen @machibigbrother I mean it’s objectively not, no?
All the top deposits are massive ETH positions with TTT paired and I’ve pulled countless TTTs paired in the 0.1-.3 range
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@OttoSuwen @Rhynotic Here is his reply. Not good. He needs to fix/improve the protocol. It’s doing numbers now, but can be so much more.
Adam@Rhynotic
@OGDfarmer it's not my job or the protocols to know the price of an NFT what about golden apes? alien punks? this allows depositors to try to set a "fair" value and purchasers to decide if it's mispriced. x.com/0xQuit/status/…
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@machibigbrother @Rhynotic Then this gets gamed and vamped super early
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@OttoSuwen Yes. @Rhynotic fails to see this. I saw a recent reply that his protocol isn’t responsible for valuing NFTs.
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@machibigbrother The crazier thing is pairing with a Punk/BAYC with 100eth is MUCH riskier than pairing with a TTT…
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