Thoughts on the Statera AMA and what I did with the 20DAI

By Sugarfix | Some Crypto Things | 9 Aug 2020


The other week there was an AMA with Statera. They said we could ask any question in the comments and a member of the team would endevor to answer it. Now having some experience in the financial sector in the real world I get a bit annoyed ..... make that more than a bit ..... by chancers that think they can pull a fast one. Especially if they use some fancy words that sound pro, shove in some maths that no one is going to actually read, (I'm waiting for the special theory of relativity to turn up in a whitepaper to see if people notice), don't have a lawyer on their team and are fronted by a marketeer who usually only usually deals with SEO but "the benefits were just too hard to resist and besides I need the health insurance because I think I have picked up an allergy to quinoa" errr, cough well you get where I am coming from.

Now Statera had just been subject to an exploit on their Balancer pool contract a couple of weeks ago. Someone who understood the pitfalls of deflationary models rather too well had completely drained the fund. Deflationary models are not the gleaming solution they are often painted out to be in crypto circles. You can get into deep water exceptionally quickly. It was a deflationary economic experiment in France in the early 18th century that bankrupted the country and paved the way for the French Revolution. You can thank a Scotsman called John Law for that. On return to Britain he received a tickertape parade (yes I know ticker tape hadn't been invented yet but I can't think of another way to put it. it's late and I'm tired and grumpy) despite the fact that he was wanted for murder after a duel got a bit out of control ....like they do when you are out of your tree.

Anyhow ...the AMA ....I have to say I was a bit brutal; hitting Statera with questions that you would reserve for a wet Monday morning with a banker who had a weekend hangover and breakfast that consited of, in no particular order, coffee, ibuprofen and a couple of nostrils of Colombian "instant wanker" in the men's washroom. I even butted in on some of the answers to other people's questions to make matters worse. I have to say the Statera team took it very well - they could have been very defensive. It's a mistake, but very easy to do if you are caught offguard or are tired, however instead they were firm but courteous going with the punches, which is how every good business person should behave if they want to commandeer respect and maintain credibility. They awarded me 20 DAI for asking one of the better questions. Again Kudos.

I thought that it would be only fair/appropriate to turn that DAI into Statera. This was a freebie after all. I was going to wait till the Monday when Publish0x sends out its payments to do this but I got impatient and onboarded $20 of fiat into ether on the Thursday evening. The withdrawal charge was 70 Statera from the exchanges, steep, so I went off to the flavor of the month Uniswap. Got 795 Statera for the $20. The gas fee was an astounding $1.61 F*%^&$rs. Butarin has to be taking the piss - feeless trustless rip off! it's a license to print money! Errr yes ....because that is what they are actually doing.His mother really should be ashamed and willing to pay out reparations. I know I had to have a beer.

To maintain your attention I have decided that it would be a good thing to include a picture of a beer even though it isn't really appropriate. For those that don't like beer (Get behind thee Satan) imagine that it is a bar of chocolate or a kitten.

I made this beer

 

In order to invest in the Statera fund and (potentially) make money you need to go to the Statera Balancer Pool ........which I did and prepared to fund the pool with my recently obtained shiny Statera tokens. After connecting my Metamask I hit the "feed me" button and up popped a pop-up that said you need to create a proxy fund. I had no idea what that was but thought "ok what the hell". That will be $27 in gas fees .....not a chance ....time for another beer.

I went back several tmes over the next few days and the cheapest I saw was $6.11. I had/have $3 in ether.

So that's the story so far, except that when I checked the price of Statera it had DOUBLED. No shit, in that one hour I was messing around that $20 had become $40. It shot up less than 5 minutes after I bought the Statera so this is one time that my lack of patience paid off. Since then it has been bopping up and down and at the time of writing that $20 is now $125 !!

If you give me something for this I will use it to buy Ether and fund your Balancer pool. It could lead to a Part 2 ....cough.

 

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Sugarfix
Sugarfix

Jack of all trades master of nine. Lived in many countries. European.

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