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The older protocols that were built in the depth of 2018-19 bear markets will survive. Many of them are also doing wonderfully well in terms of revenue. COMP, M

by spaceman_2020 4y ago

The older protocols that were built in the depth of 2018-19 bear markets will survive. Many of them are also doing wonderfully well in terms of revenue. COMP, MKR, AAVE, CRV all make a ton in revenue and have a well-defined product-market fit. Crypto projects are tough to value. Their sheer global scale means that they can ramp up revenue and even profits extremely fast. StepN, a move-to-earn app reportedly made $120M in profit in its first year of operation. That might not be sustainable, but what business wouldn't give an arm and a leg to make $120M profits in just one year of operation? Imo, crypto projects should be valued on 2-3x multiples at max.

lalaland1125 4y ago
> StepN, a move-to-earn app reportedly made $120M in profit in its first year of operation StepN is literally a classic ponzi scheme. You buy in by paying out earlier investors in the hope that a greater fool will in turn buy you out.
stiltzkin 4y ago
I do use StepN and should be noted that the $120 million was from the first quarter and the project has less than a year online. But that quarter GST and the sneakers were at ATH before the crash and people "invested" more than $1K for a pair of sneakers, earning were $30 dollars a day with a single common shoe and you could reach your ROI in 30 days. The numbers are different now as GST has crashed 98% and people who invested a lot in the first quarter have their ROI in years. The FitnessFi space has so much potential but StepN has new competition in the space which they are already starting with better ponzinomics and in web3 projects are community driven and StepN community will ape to the next one.
- spaceman_2020 4y ago
  The problem with any -Fi project (GameFi, FitFi, etc.) is always that the tokeonomics get derailed by speculators. In-game economics become unsustainable when outside investors who have no real interest in the game itself start pouring in money. Suddenly prices that might have made for a sustainable year long run become too expensive, pricing out real users.
  - stiltzkin 4y ago
    The way I see it "Move To Earn" is a new web3 business model StepN gets the credit. It is an Australian star-up who has earn $120 million in the first quarter and pivoted their tokenomics each month. The shoes of StepN as company have not been easy to fill in by the team.
    - nradov 4y ago
      This is bullshit. There is no sustainable revenue model for "move to earn". Ultimately who would pay for it when the investment capital runs out?
      - stiltzkin 4y ago
        Who are we to say there is nor sustainable way?, but in the case of StepN they have been using a ponzinomic way to run it.
pfraze 4y ago
StepN sounds like a ponzi scheme with extra steps.
pavlov 4y ago
> “StepN, a move-to-earn app reportedly made $120M in profit in its first year of operation. That might not be sustainable, but what business wouldn't give an arm and a leg to make $120M profits in just one year of operation?” Shady securities in the past offered that kind of short-term unsustainable returns too. That’s why it was heavily regulated. This iteration of the same concept should be as well. It’s good news that SEC is now inspecting all of Coinbase’s listings as potential security offerings — better late than never. Nobody wants to use these move-to-earn, play-to-earn and whatever-else token flywheels if there isn’t a market attached where you can dump the tokens. And those markets aren’t attractive unless the tokens are essentially securities.
arcticbull 4y ago
> That might not be sustainable, but what business wouldn't give an arm and a leg to make $120M profits in just one year of operation? $120M in profit-profit? Or $120M in revenues dumping tokens on retail booked as profit?
- spaceman_2020 4y ago
  I don’t know the exact breakdown but the bulk of it was apparently in-game items.
threeseed 4y ago
> StepN, a move-to-earn app reportedly made $120M in profit in its first year of operation Not bad. But nothing compared to the $1T in threeseed dollars I earned last year.
- thedrbrian 4y ago
  What's the ratio of threeseed dollars to TheDrBrian nickels?
burkaman 4y ago
> StepN, a move-to-earn app reportedly made $120M in profit in its first year of operation. Did they actually, or did they make a bunch of Solana, which is now worth about 20% of what it was when they launched?
Geee 4y ago
Ethereum is a casino, DeFi provides financing for players, and all other crypto tokens are games in the casino. It's all dependant on degenerate players gambling on these ponzi tokens. There's no other purpose for Ethereum or DeFi.

lalaland1125 4y ago

> StepN, a move-to-earn app reportedly made $120M in profit in its first year of operation StepN is literally a classic ponzi scheme. You buy in by paying out earlier investors in the hope that a greater fool will in turn buy you out.

stiltzkin 4y ago

I do use StepN and should be noted that the $120 million was from the first quarter and the project has less than a year online. But that quarter GST and the sneakers were at ATH before the crash and people "invested" more than $1K for a pair of sneakers, earning were $30 dollars a day with a single common shoe and you could reach your ROI in 30 days. The numbers are different now as GST has crashed 98% and people who invested a lot in the first quarter have their ROI in years. The FitnessFi space has so much potential but StepN has new competition in the space which they are already starting with better ponzinomics and in web3 projects are community driven and StepN community will ape to the next one.

spaceman_2020 4y ago
The problem with any -Fi project (GameFi, FitFi, etc.) is always that the tokeonomics get derailed by speculators. In-game economics become unsustainable when outside investors who have no real interest in the game itself start pouring in money. Suddenly prices that might have made for a sustainable year long run become too expensive, pricing out real users.
- stiltzkin 4y ago
  The way I see it "Move To Earn" is a new web3 business model StepN gets the credit. It is an Australian star-up who has earn $120 million in the first quarter and pivoted their tokenomics each month. The shoes of StepN as company have not been easy to fill in by the team.
  - nradov 4y ago
    This is bullshit. There is no sustainable revenue model for "move to earn". Ultimately who would pay for it when the investment capital runs out?
    - stiltzkin 4y ago
      Who are we to say there is nor sustainable way?, but in the case of StepN they have been using a ponzinomic way to run it.

pfraze 4y ago

StepN sounds like a ponzi scheme with extra steps.

pavlov 4y ago

> “StepN, a move-to-earn app reportedly made $120M in profit in its first year of operation. That might not be sustainable, but what business wouldn't give an arm and a leg to make $120M profits in just one year of operation?” Shady securities in the past offered that kind of short-term unsustainable returns too. That’s why it was heavily regulated. This iteration of the same concept should be as well. It’s good news that SEC is now inspecting all of Coinbase’s listings as potential security offerings — better late than never. Nobody wants to use these move-to-earn, play-to-earn and whatever-else token flywheels if there isn’t a market attached where you can dump the tokens. And those markets aren’t attractive unless the tokens are essentially securities.

arcticbull 4y ago

> That might not be sustainable, but what business wouldn't give an arm and a leg to make $120M profits in just one year of operation? $120M in profit-profit? Or $120M in revenues dumping tokens on retail booked as profit?

spaceman_2020 4y ago
I don’t know the exact breakdown but the bulk of it was apparently in-game items.

threeseed 4y ago

> StepN, a move-to-earn app reportedly made $120M in profit in its first year of operation Not bad. But nothing compared to the $1T in threeseed dollars I earned last year.

thedrbrian 4y ago
What's the ratio of threeseed dollars to TheDrBrian nickels?

burkaman 4y ago

> StepN, a move-to-earn app reportedly made $120M in profit in its first year of operation. Did they actually, or did they make a bunch of Solana, which is now worth about 20% of what it was when they launched?

Geee 4y ago

Ethereum is a casino, DeFi provides financing for players, and all other crypto tokens are games in the casino. It's all dependant on degenerate players gambling on these ponzi tokens. There's no other purpose for Ethereum or DeFi.