Users are incentivised to stake Uniswap liquidity provider tokens. Fees from these tokens are farmed. A percentage of these fees goes toward the autonomous strategies like liquidating LP tokens, and performing an (ETH-ETHY) buy back (increasing the price). Any purchased ETHY tokens will be distributed to stakers/farmers.. Learn More?
ETHY implements a strong deflationary force on each token. Every time an ETHY token is transferred, a small fee is taken, which is returned to the farmers. This mechanism incentivises holding and farming.
ETHY holders will be able to vote on proposals– so long as they have staked liquidity in the pools. The community will decide everything from developer fees and site design to the exact farming options available.
Step 3 // Once you’ve generated RFI-ETHY LP tokens, you can “Deposit” in order to claim further ETHY rewards. Please remember that your coins are locked according to your contract’s time agreement. This can be between 1 – 4 months.
You can Claim Rewards and leave your RFI-ETHY farming or Withdraw when your contract’s time limit has passed.
“Yield is a DeFi lending app with fixed, guaranteed interest rates. Lending and borrowing on the platform is individualized (i.e. not pooled). Lenders earn guaranteed rates while borrowers that maintain healthy loans and repay on time earn YLD, the native token.“
Dec 9, 2020 8:11pm /Price: $0.00211547 Price history after recommendation. 1a. Dec 11, 2020 3:58pm /Price: $0.00109203
CryptoBet About Us “CryptoBet is a online casino and sportsbook Powered by RGT.
You’ll find thousands of the hottest slots, table games, live casino dealers, sporting events (including live in-play betting), and poker to keep you entertained for hours.“
The story so far… This chart would typically scare me. However, after my conversations with the RFI Telegram group regarding its recent backstory pertaining to CBET and the upcoming plans, here’s my overview and strategy.
For the month of November, I’m going to ignore everything, except the $0.001 – $0.0014 baseline during development. As I understand it, the spike in price in early December was due to premature marketing/awareness, before development was complete, causing a dump. After the launch of RFI (more later), the new bottom’s baseline increased to the development period’s previous high+.
2. RFI Telegram Info With RFI’s explosion, automatic rewards, and their personal connection with the people behind CBET, it only adds to CBET’s potential. Development between the two is already live (limited time) for a staking opportunity. http://RFIstaking.com allows you to stake RFI and earn CBET, with a GYSR multiplier option. The app worked better than expected. Be aware that there’s about $9 in CBET staking/unstaking fees and I’d only recommend it for those with decent stacks of RFI.
While one of the leads behind RFI couldn’t confirm, he seemed optimsitic about CryptoBet using RFI. Casinos use all sorts of crypto, but with RFI’s automated return functionality on all transactions, it gives casino operators more incentive to push RFI over others. How is this good for CBET, since it sounds like a plus for RFI? When CryptoBet adds RFI as a payment option, gambling sectors have the most transactions in crypto, CryptoBet will benefit/profit far more over usage of the others. This will generate passive income on top of their normal operation efforts. This aids in funding growth, which include a CBET casino already in the plans, that will use CBET as its native currency.
3. Online Reputation No red flags popped up for CryptoBet, but seeing as how they are new, it’s not too surprising. The backing/service company RTG (RealTimeGaming) only had one big story about a payout dispute, which was settled.
4. The Market Gambling/casino sector leads the crypto dApp market. Not much else to say.
Expect large dumps of CBET as buying and unstaking of it for CTLR will temporarily cause abnormal action.
Recommendation: Limited Buy (1)
Strategy: Short (2) or Swing (3) Item (1): Low amount of initial funds Item / Short (2): 1 – 3 month hold, possibly mid to long depending on developments. Item / Swing (3): If you’re not going to buy and hodl for the next 3 months to see what develops, before price exploration stabalizes, there’s plenty of time/room to swing trade very soon. Theory being, larger swings during the initial period than after it levels out.
This document will be continously updated. I’ll be posting more about what’s in the whitepaper and other CBET uses currently available, but I just wanted to get this live before it starts to move.
Last Update: Dec 11, 2020(Originally written Dec 4) NOTICE: Due to the success of RFI, other attempted clones with similar symbols were created by others and NOT ASSOCIATED with RFI. Please do not confuse the two. Thanks.
Dec 5, 2020 4:04am / High Moon Potential / Price: $0.448322 Price history after recommendation. 1a. Dec 6, 2020 12:38am / Price: $0.74484398 1b. Dec 6, 2020 7:24pm / Price:$0.90400255 1c. Dec 7, 2020 4:40pm / Price:$1.91993168 1d. Dec 8, 2020 6:02pm / Price: $1.71893218 1e. Dec 8, 2020 9:49pm / Price: $2.25778681 1f. Dec 11, 2020 4:04pm / Price: $2.69587861
What Is RFI ? “RFI is a DeFi protocol that envisions 1% of all money moved being automatically redistributed to all holders of the network, all done without staking. With RFI and their innovative tech, they have created a way to earn yields without staking or having to claim rewards, thus eliminating the cost of GAS in this innovative and ground breaking build. It all just ends up in your wallet through a new method they like to call a “reflect”. In addition to this reflect, they have a black-hole that is also compounding interest on all transfers. So not only is the balance in your own wallet increasing, the supply decreases around your wallet at the same time.“
1. Frictionless & gasless dual yielding opportunities since the network is structured to reward holders of RFI automatically, while allowing hodlers to stake/use them in 3rd party yield farming apps.
2. Officially launched December 2nd 2020, so market activity was ignored for November when analyzing.
3. Limited max supply of 10,000,000 tokens. Stable bottom support after two major marketcap volume injections during the initial stages show signs of positivity.
6. Project community is currently looking to secure the marketing services of https://twitter.com/davidgokhshtein 6a. 12/6/20 UPDATE Confirmed in Telegram, they secured David Gokhshtein’s marketing group.
7. The “blackhole” burn address receives the 1% transaction fees of RFI tokens, that every RFI token holder receives automatically by the protocol. This deflationary mechnanim, while rewarding its holders, is truly a unique DeFi experiment.
8. The theory behind RFI’s overall effect.
9. There is no “leadership team”, there is no roadmap, the project is simplistically complete as is when it launched.
Hold Type: Mid (1) to Long (2) / 3 – 6 months / Item (1). Due to the nature of the project, there is nothing more on the roadmap, this one should have a longer span of hyper growth initially. Item (2). Recurring network fees are paid to holders of RFI tokens, giving reason to hold for longer than some other tokens.
That said, Bidao’s deviation from what was stated in their Token Agreement Sale could not allow me to confidently recommend them. Their actions during the sale still cause me concern as their team continues the development of the project and market hype plays its course.
Sponsered videos with U.S. YouTube influencers when $BID was banned in the United States.
Assignment of tokens before the November end date. The Token Sale Agreement clearly stated that tokens would not be assigned until weeks after the Token Sale Ends. So why the early move of $BID tokens? My theory is that BaFin’s (Germany’s financial authority) KYC deadline was also at the end of November and Bidao didn’t want token sale investors from banned countries to lose their tokens over any new KYC laws. These are just thoughts of mine, nothing conclusive. If this is true though, while good of them I guess, it makes me question their business ethics. And while, I invested knowing it was banned, it may not say much about my ethics either, but least I’m not taking people’s money.
Poor history of communication, this last Telegram experience aside.
Update October 19
I, unbelievably, have received my tokens from Bidao.
I’ll write up a conclusion summary of everything as their practices still cause me concern.
Update October 13
Bidaochain.com Cloudflare issues are resolved. Make sure to update your ETH address for receiving your tokens.
Update October 11
I spoke with a rep in their Telegram group. Apparently the token sale is over (previously Nov 2020 end) and BID has been moved. I submitted what was requested and now I wait. They’ve also changed their main site to https://bidaochain.org/ from http://bidaochain.com/ – Will update accordingly.
Reminder; Please reach out to people marked as Admins in Telegram groups, as a lot of scam/fraud happens from unsolicited messages.
If they executed token assignment this early, then it contradicts what is stated in their token agreement.
Update October 7
Conclusion Summary; While this report started off as exploratory, I’ve concluded that it’s a legit project, but with scam elements regarding their token sale agreement for / marketing to U.S. investors. I won’t be investing any more money into them.
As a reminder, despite the price increase from exchanges, the official tokens are not assigned out to investors until weeks after the token sale ends in November. My concern about the scam is their efforts to get U.S. based investors without KYC, during the token sale time and then not assign the tokens purchased to those U.S. investors, based on BaFin’s restrictions in section Bad / Item 5, listed below.
Reference 1: Anyone can create a token and put it on exchanges. While legit on Uniswap, it’s still just price speculation.
Reference 2: The true “value” is still 1 cent per BID.
Reference 3: Speculation until the tokens are officially assigned in December, after the token sale ends and KYC begins.
– Original Report –
On March 29th I bought the minimum ($150 USD) into their Initial Token Offering sale to further research before staking more in their DeFi project. With such a low amount, the driving force behind this report isn’t financial- it’s to spread awareness and provide a fair collection of data about Bidao in a centrally located source. So over the following weeks, this is what I found, as I did my own research. I encourage you to comment, whether agree or disagree, in hopes of collectively determining if the Bidao is a scam or just the typical high risk crypo project with amazing upside.
Partnerships and collaborations?
Confirmed partnerships/collaborations with Binance, Chainlink, Tron, Ontology, QTUM, and possibly still with Tellor.
Social media / customer support presence?
Confirmed cases of Bidao blocking users for asking questions, lack of email responses, and bots to inflate follower numbers.
Legal for United States residents?
While a legit company in Germany, Bidao is not collecting KYC info, but will be required to at the end of their token sale by Germany’s BaFin. Token agreement clearly states that it’s not open to U.S. residents.
Confirmed that the non-propitiatory code is on GitHub with eyes on June 18, when their prototype will be released.
Between the fake followers, lack of transparency, social media/support interactions, inability to stick to staking schedule, and lack of dev quality with tech demonstrated thus far, this remains to be seen.
This update happened just hours before I posted the report. This, obviously, would have factored more favorably in my conclusion.
There were no concerns with what I’ve seen shared between ChainLink’s official announcements regarding the Bidao collaboration, unlike what I later found regarding Tellor. When verified projects confirm a working relationship with a start-up, it lends some of their validation their project too.
Bidao’s CTO, Brian Condenanza gave a speech and seemed to speak sincerely about the future of blockchain. He’s obviously educated in the space, so I focused more on other details of the talk. One small detail, that stood out in his favor, was his inclusion of speaking about bringing more women into the blockchain/STEM space. This inclusion, while not relevant to the Bidao project, was out of the blue and spoke well of his character to me.
5. Code on GitHub
Bidao has 74 commits with 140,000+ lines of code (as of March 4th, 2020). While the number of lines isn’t a barometer of good or bad code, it is open for review at Github, which is always positive. I have a programming background, but not in the blockchain space. Any developer feedback on this area would be appreciated.
6. Proven Talent (but brief)
While I couldn’t (officially) confirm Bastian’s claim to winning 3 Apple WWDC scholarships (2013, 2014, 2015) on their official scholars website, there’s no reason to doubt it. Per Apple’s own documentation, they reward up to 350 out of 5,000 (top 7% or less) developers a year and there are no where near 350 profiles per year on their official site. My guess is that they just haven’t been able to add all the winner’s profiles yet.
Bidao has a solid business/technical plan for the DeFi space, in a model already proven successful by the collective; $ETH, $MakerDAO, and $DAI’s collaboration. While utilizing Binance-chain and $BNB to start as the collateral token in their 3 token ecosystem, they hope to not be tied to just one collateral coin in the future.
Another small detail, but worth mentioning, there is no type of referral bonus of $BID tokens for getting others to buy-in to their ICO. It’s a Proof of Stake setup, so funds have to back the coins. I feel safer that the Bidao team didn’t try to incentivize with free tokens or try to setup a structure that is geared more toward virality. To me, that would have cheapened the project and caused me to be a little more hesitant.
1. Twitter Sell-Offs
I’ve seen quite a few crypto Tweets of users trying to sell their $BID, for 50% off, what they bought it for during the token sale ($.01/$BID with $150USD minimum = 15,000 $BID). Upon registration to buy tokens, they only require an email, username, password, and form of payment. People are selling at a discount for their own reasons, I’ve linked to one example below. If you’d like to have yours added to this page, please message me so I can add it.
Devil’s Advocate:There’s all kinds of half-context information being shared and people react at different extremes than others. They’ve reached their personal breaking points, but until Bidao is officially exposed as a scam, they could be wrong to trust their conclusions and sell.
2. Combat Nerd
The timing of this stands out as very odd to me, as stated in my Tweet above. Combat Nerd opens up during the same time Bidao kicks off their token sale and it ends up having only one “staff member” written review of any ICO, and it happens to be for Bidao, giving them a 4.9/5 rating?
To me, this just adds to the suspicion raised when someone posted this video about website similarities between Bidaochain/CombatNerd/LibertOS, that I had originally brushed off. The fact that the domain has been shut down after the rising #Bidao tagged Twitter tension. furthers my suspicion. I, personally feel, that the “staff member review” was bias and may have been written to enhance SEO readability/exposure to generate more support for the Bidao project.
Update 4/21: Since I’ve been blocked from @Bidaochain’s Twitter, a user was kind enough to share this update after my report went live. Since Tellor never stated the relationship was off, hopefully this originally bad/concerning item can be confidently moved to the positive column.
Devil’s Advocate:They could have found that the partnership wasn’t a right fit for them and they’re working with another, unannounced, service.
4. Bidao Wallet
This is something I personally found and notified the company about, over two weeks ago. I never received a response.
The wallet is clearly not actively online, despite it saying so. In testing, I left the wallet and my account on the website up over the course of days, the wallet never updated until you close and reopen. The wallet seems to just grab your account’s static data on initial load, with a meaningless animated “node online” gif added, and that’s it. For a company handling a project like Bidao, the wallet (overall, not just this bug) is a poor representation of what they need to be capable of.
Devil’s Advocate:It’s a bug and nothing more. They’re limited on time and resources and just wanted to get any form of a wallet up.
5. Illegal Countries & KYC
According to the Token Offer Agreement, the following countries can not participate; • People’s Republic of China • Singapore • United States of America • Canada • Hong Kong • South Korea • Afghanistan • Crimea Peninsula • Cuba • Eritrea • Gaza Strip • India • Iran • Iraq • Kosovo • Lebanon • Libya • Myanmar • Palestine • Somalia • South Sudan • Sudan • Syria • Venezuela • Yemen • North Korea
Residents and other persons and/or entities subject to the jurisdictions of such countries, therefore, may not participate in this Initial Token Offering and the Operator will decline any offer to acquire BID Tokens in the course of the Initial Token Offering and will actively prevent the participation of such residents and other persons and/or entities in the Initial Token Offering to the extent possible.”
Since their sign-up form doesn’t have any KYC (Know Your Customer) requirements, they are allowing investors from these countries in. My concern is, since KYC isn’t implemented now as money is flowing in, what happens when it’s implemented? Those regulations, in Germany, are coming. When? Ironically, in November 2020 the same time Bidao’s token sale ends.
Once Bidao runs the course of their token sale, they’ll be required to enforce KYC laws by BaFin.
Devil’s Advocate:It’s the risk you take in the crypto space. Dealing with these sort of regulations hasn’t been the first time investors had to face them, won’t be the last and aren’t specific to Bidao.
6. Power Staking Schedule
On April 16, Bidao posted the following. It was a generic and brief video, without any updates regarding the Bidao project.
I posted a comment within the first 10 minutes of it being up, with no response from the Bidao team. Until this is clarified for me, it is still a concern.
The cynic in me feels it’s being left at the 30% mark for two reasons; 1. It’s a legit project, but they aren’t hitting their token sale goals, so they’re keeping Power Staking rewards at the token sale amount levels actually sold, instead of the token sale time schedule. Or 2. If it’s not legit, maybe they are keeping Power Staking at 30% to play with investor psychology. Ie; “I missed out on the 50%, but can still get in at the 30%!?” FOMO induced mentality.
UPDATE 4/19: A Twitter follower shared the following info regarding their Power Staking schedule delay.
Devil’s Advocate:Power Staking levels during an ICO is somewhat new and predicting a schedule can be more difficult than can be expected.
7. Media Claims & Involvement
On http://www.Bidaochain.com they claim to have been featured in the following media outlets. My research could not confirm these claims.
Bidao’s lack of doing this is concerning, because if you are a start-up, raising capital, and have been featured and written about, then you should link to those sources to validate your claims to give your project more support.
Devil’s Advocate: “A website’s search engine doesn’t always index everything . They could have been featured in other components of those media outlets.“
The lack of social media involvement, despite having a CMO, is baffling. When the Bidao team does respond to YouTube/Twitter comments, it’s only when it involves their t-shirt/hoodie giveaways and payment problems with people buying tokens. There are questions out there, which is what inspired me to start this.
Devil’s Advocate: They could have been advised by their lawyers to not discuss any token sale / Bidao progress / relationship type questions during the offering period.
Devil’s Advocate: Brian could have built up (paid for) his numbers for past consulting projects to help his short years in the industry. It may not be an indicator of false hype for Bidao, since the official Bidaochain account is about the same as other tokens in its space.
(The Inconclusive or Still Developing)
Update: 4/25: Class Action Lawsuit?
With this investor claiming his group possessed 1.8 billion BID, more than likely makes this claim inaccurate, as the total BID up for sell during the token offer is 1.95 billion total.
*Note 4/28: The original poster responded publicly, waiting for more detail to be provided.
Four months ago, in an interview with Mr Kristof, Brian told us to ask questions. We are, but there has been a lack of answers being provided and actions unexplained. Even more concerning (personally) is that during the process of writing this, Bidaochain blocked me from their Twitter account for asking such questions and it wasn’t the first time they’ve done this to investors.
Am I selling my $BID? No. Will I be buying more? Not now.
I feel the best thing to do is wait for the June 18th deadline when they’ll be releasing their prototype. Re-evaluate then and take the risk of them actually lowering the Power Staking incentive from 30%. It’s the only way I currently see to balance out the risk/reward ratio.
(Please bookmark and/or share this page, if you found it useful, as I’ll be adding to and updating as the Bidao project progresses.)