DeFi Chronicles: A close call

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This post is proof that it is always important to do your own research and not just blindly follow the advice of others (especially me). A little over a week ago I wrote this post about my foray into the world of DeFi on the MATIC/POLGON blockchain.

Now that I have been using CUB for a while on BSC I was feeling pretty confident that I had my feet under me at least a little bit.

It turns out that was far from the case and I should have known better that to get overly confident. I had already been mildly burned by the POLYGOLD fiasco and I really should have taken that experience to heart, but I didn't.

Shortly after I wrote that post highlighting a couple of platforms including Iron Finance, something happened and the price of TITAN started to drop dramatically.

I don't know if it was a rug pull or something else. Others have written posts about the whole thing and I encourage you to check those out when you get some free time if you are really interested.

The bad thing is, I had just left on vacation and didn't take anything besides my Smartphone with me to access the Internet. While others were pulling their funds out of the platform, I was forced to simply sit and wait until I was back at a machine that had MetaMask installed.

Five days later...

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I rolled into my office around 6:30 AM on this past Tuesday morning and just about the first thing I did was log into my machine and open my browser to the Iron Finance page. I was feeling a little optimistic because even though the price of TITAN had tanked, all of my funds were locked in the USDC/IRON pool so as long as IRON was still viable, I might be able to get some money out.

I can't remember exactly how much money I had in the liquidity pool, but I think it was about $600 USD. Maybe a little bit more.

I entered my MetaMask password and connected the site to my wallet.

Imagine my relief when I saw that my funds were still there. It was short lived relief because we probably all know that just because it says the funds are there doesn't mean you can withdraw them.

I went in to remove liquidity and followed the steps. What seemed like an eternity later, I was able to withdraw my USDC to my wallet and swap my remaining IRON into USDC. I ended up with just about $550 USDC. That means I ended up with a final loss of between $50 and $100. Not too bad considering the alternative...

Many other people who had added liquidity to some of the other pools were in much worse shape than me. Thank goodness I didn't buy any TITAN to pool.

I am now sitting on about 850 worthless TITAN, but again, the alternative could have been much worse. I dodged a bullet on this one for sure. I think it is important to remember just how early we are in the whole DeFi game and you have to be very careful when investing money in a platform.

That is part of the reason CUB is the DeFi platform I put the majority of my funds into. I know I can trust it. It is relatively safe compared to most DeFi sites out there today.

The fact that IRON is still holding a bit of value makes me wonder if I should have kept that instead of swapping it into USDC. Ultimately, I think I made the wisest decision after the fact.


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23 comments
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I actually talked about this in an earlier post. Mark Cuban was whining about how DeFi should be regulated by the government because he was screwed by the Titan pool.

Sorry about the situation sir and I'm glad you didn't get too burned by it. So what's the next step? Moving it back to cub it will you power up leo fr curation? Lots of cheap coins to pick from.

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No, too expensive right now to move it over to CUB. I will likely invest it in some safer pools until they have the bridge over to MATIC up and running and then play around with that.

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(Edited)

Taking time In Making your own findings is better than relying on what others said about a particular phenomenon

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That's why we say we are not financial advisors, we just share our experiences, and thank you for sharing yours, both good and bad. Better times will come bro!

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Fingers crossed right!? Yeah, I have made my fair share of mistakes lately. Lucky for me it has been passive income from other investments, so no real loss.

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It has happened to me too, however we recovered, the good thing about all this is the learning process.

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It's definitely the wild west and with decentralized finance you're in charge. This is a double edged sword because it means you are the money manager, and not having access to your wallet for a weak could be devastating. Something we're all challenged with now, so I guess it's an additional risk elements to consider with all of this.

Glad you got out basically unscathed though, could have definitely been worse. If it's any consolation when TITAN got rugged Mark Cuban was in for $8M.

https://twitter.com/RugDocIO This is a helpful twitter to follow if you're in various DeFi platforms..

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That is a definite consolation for sure! If I had that kind of money it likely wouldn't be in DeFi to begin with. I just heard about RugDoc, I plan on using it from now on. Either that or I will just wait for CUB on MATIC. Didn't they have Meta Mask for Android at one point?

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I dodged a bullet on this one for sure

It sounds like you were very lucky with this. I haven't ventured beyond CubDefi and not sure I will. Mainly because the liquidity pools need to be managed.

I'm in CUB-BUSD and just winging it really. I haven't actaully done the stats recently. But I'm going away for a week from tomorrow and I'll doubt I'll have any time to look at it before I'm home.

I doubt I'll lack to motivation either. That would not be good if i was more heavily invested in pools.

I enjoy reading about everyone else's adventures though. 😁

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The majority of my funds are in the CUB-BUSD pool as well. It just keeps churning out CUB for me. I think eventually the price will come back up and it will all be worth it. I wouldn't be doing this if it wasn't basically free money. That passive source has really taken a hit so I am not investing like I was a month ago. For now I am just going to ride it out and see what happens.

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The majority of my funds are in the CUB-BUSD pool as well

Oops. I meant to type DEC-BUSD. I had DEC lying around so I converted half of it to BUSD and then put it in the pool. I was happy to end up with either token. But now DEC is going to be earning SPS I'm not so happy about losing any of it. But, for now, it will have to stay where it is. 😁

!ENGAGE 10

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

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(Edited)

DEFI is a risk, sounds like you got off OK though

I lost a small amount on NEON too.

As a general rule you're much safer if you don't hold too much let alone buy the shit coin of the platform.

It's why I don't even hold that much cub. It's sole purpose is to make more money, hardly a unique use case.

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Yeah, that makes a lot of sense. I do hold a lot of CUB, but I am looking forward to seeing what it can do for me in terms of BNB via the Kingdoms. On other platforms I will be much more careful about not investing in the native token. I fell into that trap one too many times now.

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We are entering a brave new world in which everything very well may be hit or miss.

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I totally understand!

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Wow I thought IRON would completely collapse but getting out with just the spread and most of your stable coins is great. I think Titan might be a dead coin though and I think I heard the devs are off to make a different platform but who knows.

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That sucks. I defintiely got lucky. It would be nice to get a little more out of it but oh well.

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