Just in: Polydoge DAO rug pulled
Whatever that means, it sucks anyway, guess DeFi is my biggest mistake. So far...
The exact way it happened I do not know. But it seems only the PolyDoge DAO team jumped ship, the captains are still on board and try to keep it afloat. Okay, enough already with the sailing metaphores, it's all about a dog not a seal anyway. Yet, it sucks in a bad way even though the original team stated that DAO v2 is being prepared. Still, the DAO team seems to be nowhere to be seen. The soft rug pull is valued at 'only' 20.000 USA Dollar, but to some that is a lot of cash of course. Those still locked in Polydoge DAO v1 are in way deeper than the 20K pulled out.
It seems though that one DeFi {Decentralized Finance} project after another shows its weak spot. Wether it is some supposed smart stable coin turning out to be more than dumb, or a believed secure DAO {Decentralized Autonomous Organization} that proves it was as leak a bucket with a punch hole, it helped to strengthen the bear that hunted the cryptocurrency market. This time it was not the threat of governmental regulations or something about mining BTC {BiTCoin} becoming illegal in some country. At least I think that it is all those new and shiny enormous profit promising projects that have been popping up one after another like crazy.
Yes, I should have known better and might this be a lesson to me. Something like that I guess. It was just like when all those Bitcoin forks popped up about 8 years ago. There were those that had huge premines, remember? Pump and dumps were the thing of the day. Meaning I could have known better. But this time it was all different, well it looked different. With fancy new tech like DeFi. Of which I won't state none are legit or do have a real use to them. Just like NFTs {Non Fungible Tokens} can have real use cases. But not those create 10.000 automated in one go speculative ones, at least not to me. It is like it states that when something looks to good to be true, than it is most of the time.
So, I speculated and lost almost everything that I put in. That was a gamble and I lost the bet. And even though I did only risked that what I was able and willing to lose, I'd rather had published a small victory than a now everything is ruined story. It is what it is. And as I published about my gains also, this time around it is about going down with this ship. Jaiks, again a sailing metaphore. Never mind, moving on. Still have some of my Cryptocurrencies left. And on the bright side this might be some big cleansing super bear thing that actually will lead to another bull run. Time will tell...
After a bear market there will be a bull run.
Image created from a photo by me, with the aid of AI.
PS Remember to only invest what you are willing and can effort to lose.
