Icarus OIP 63 Proposal Olympus Has Fallen

Icarus OIP 63 Proposal Olympus Has Fallen

By Jinno | The Flippening | 28 Feb 2022


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  The goal of the Olympus protocol has always been to create a decentralized, censorship resistant reserve currency for the emerging Web3 ecosystem. What is a Reserve Currency?

 In general, a reserve currency is one that:

 

  • Has the depth and liquidity to allow for reliable and efficient international transactions.
  • Can be freely and easily exchanged for other currencies.
  • Is held by many monetary authorities and institutions, in significant amounts.

 

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  Things aren't looking too good for the protocol right now with all time lows within a few hours from now. I just want to know do I abandon a sinking ship? I'm not here to spread FUD about the protocol but I want an analytical cold perspective. Does Alucard's Expansion Theory apply? 

"Just getting more tokens or units in your wallet does not correspond to more value. As I stated in the "Forget about..." article, people too often mistake the "price" of a token listed on Coingecko as an actual price. It represents only one trade — the last trade involving that token within a liquidity pool. The "price" does not tell you how deep that pool is (although there is some very valuable information about the pools at the bottom of every Coingecko page that you should check out before investing in any token. Pay special attention to the 2% depth listings. You want the numbers below those columns as big as possible)."

 

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I compared what these Depth numbers should look like with AVAX and OHM's specs don't look healthy in comparison. But what about my fellow Ohmies do they still believe in the protocol?

 

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The ratio should look like 90% to 10% not staked some have lost confidence but the majority are ride or die supporters. But the real question for me is what type of innovation is going to push the market cap to a point where the Ohm token maintains it's purchasing power. I'm just bargaining at this point I probably should've sold at $80 but I'm slowly realizing with other OHM clones that it doesn't matter how many tokens I have if the protocol is losing market cap then the protocol is losing me value. I want to keep the faith in the protocol because on snapshot I do see the OGs have the best interest of the protocol at heart; they damn well better they have more invested interest then myself. But I'm not here in the crypto sphere to lose value or money. Two of my senseis have brought it to my attention to abandon ship, I need to learn when to pivot and adapt and shift as market conditions dictate.

 

 

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I did time the top and looking back I should've been more greedy but I wanted to keep coming back to the cookie jar. Just 2 months into the protocol I 3x my initial investment and any profit I take today is still profit so no the protocol was not a scam but unfortunately it was not sustainable long term. Godspeed to the rest of the Ohmies I did not abandon you lightly.

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Jinno
Jinno

Shisō hanzai-sha


The Flippening
The Flippening

Raw unfiltered nerve mad lad luddite that enjoys references to the Matrix and authenticity to the core

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