Today I closed a project I had worked on for three years... the No Loss Lottery
And I feel like there is a hole in my soul.
- I thought it was such a great idea, and thought if I just kept working on it to make it great it would succeed.
- But a few months ago I found myself giving up.
- It had failed to catch popular attention, and even if it was one of my great ideas, it was growing very slowly and I had to acknowlege that I could make more money investing my time in something else.
- I thought for a while that maybe it was the bear market, but everytime I gave away a 100 Leo in prizes I couldn't help byt think...does no one else see this?
- I decided to objectively look at the pros and cons of continuing the project.
- But the cons outweighed the cons and so I decided to close it.
- So this weekend I decided to end it. I wrote the anouncement post and pulled the plug.
- The hard part was not just writing but organizing the excel spreadsheets, removing the @ sorting by alpha and then the painstaking process of returning funds through wallet transfers.
- It all requires constant attentionto details or else you send the funds to the wrong place or send the wrong amounts.
- I feel like I did a hundred wallet transfers last night.
- Cryptocurrency is an amazing technology, but it's hard, and time consuming and it requires constant attention to detail or else you have to repeat things and you can lose money.
- I think one of the ironies I learned is that I was building something to save people time and effort, but I think that unless you actually learn how to do it yourself you probably don't grasp the amazing time savings the project has to offer.
- I decided I was offerring something of value, which people who knew how to do, didn't need, and people who didn't know how to do it, didn't value.
- Ouch.
- That one hurt.
Life is a learning experience
- I have always told my children that nothing they do for their brains is ever wasted.
- And I certainly have learned many things from running these projects for three years.
- For example, last night I spent over an hour moving the EasyDefi investment funds to a new wallet.
- The Sushiswap hack exposed wallets which had previously given permissions to Sushiswap to drainage of tokens.
- The first step of protection was revoking permissions.
- The next step was to move cryptocurrency tokens to new wallets.
- When you are responsible for other peoples money you have a big responsibility to keep them safe.
- I wondered if revoking the permissions was enough.
- What if the hacker drained all the 30,000 Leo people had entrusted me with?
- So I decided to move the funds to a new wallet, to be extra safe.
- It's an easy process conceptionally: create a new wallet, fund it with a token to pay transaction fees, then withdrawal the LP tokens from the farms, cash out the LP tokens into their component pieces, transfer the component tokens to the new wallet, attach the wallet to the DEX, redeposit the funds into the LPs, acquire LP tokens, deposit LP tokens into the farms, paying transaction fees, for each move.
- The process is of course complicated by glitches, wallets don't attach, webpages don't recognize wallets, you have to search for answers on wallet website and then question answer user pages.
- But a few ours later the funds are safe.
- The investors are all sleeping, enjoying careless bliss, while the project administrator moves their funds to safety.
- It's a challenging and satisfying process.
- The beauty of decentralized finance is anyone with the persistence and a talent for research can learn it and profit.
- The challenges of defi are many, and one is keeping your ear to the ground, staying abreast of the news of hacks, explouts, rumors and moving funds and investing accordingly.
Last Words
- To my many customers of the No Loss Lottery, thank you. Close to 100 people shared my enthusiasm for this product: No Loss Lottery, and some will share my sadness at it's closure.
- To Cubfinance and Leofinance thank you for the project, and the opportunity to learn so much about decentralized finance.
- I am stepping back from projects right now to re-evaluate how I spend my time and efforts.
- It is a time of sadness and resignation, but I hope to emerge from it with better ideas and renewed sense of purpose.
@shortsegments
Many experiences are "seasonal"... you gained a lot in many ways, and what you have gained will manifest in whatever you apply yourself to next.
Posted Using LeoFinance Beta
True, I hope to apply what I learned to my next project.
Posted Using LeoFinance Beta
Smart Investments and smart contracts, I like those names and will use them.
I would like your analysis of this project suggestion.
I would like to incentivize people to invest in easydefi by changing the program.
The program would allow investors to buy tokens on hive-engine which can be redeemed at a certain rate at a time.
For example you buy 300 easydefi tokens for 250 LEO tokens.
And in exchange for your 250 Leo tokens and you are allowed to sell 6 Defi tokens per week for 6 Leo.
This means that at the end of 50 weeks you will have sold all 300 defi tokens and earned 300 Leo tokens in exchange for your 250 Leo investment.
I pay investors 20% APR over time, and it is permissionless to a point, in that the investors don't have to wait for me to send them Leo, they just sell the DeFi tokens every week to get their Leo earnings.
Now, I know there will be those tempted to sell back more then six tokens each week, but I will reward those who don't do this 3.0 Leo upvotes for comments with screen shots documenting their Hive Engine token sales of 6 defi tokens and screen shots of their balance remaining. This 3.0 Leo upvote will give 1.5 Leo per week or 75 extra tokens per year and doubling their yearly return to over 40%.
I think this is a win-win.
What do you think?
Thanks
Posted Using LeoFinance Beta
It was a good run and I benefited from it with ease I’ll say a huge thank you for that.
You’re an innovative thinker and I’m sure you’ve gained more experience carrying this out, I’m sure with a little break and more time you’ll come up with something even better and more interesting. And I’ll be looking forward to that.
Thanks again.
Posted Using LeoFinance Beta
Thank you for your words of encouragement.
Posted Using LeoFinance Beta
Smart Investments and smart contracts, I like those names and will use them.
I would like your analysis of this project suggestion.
I would like to incentivize people to invest in easydefi by changing the program.
The program would allow investors to buy tokens on hive-engine which can be redeemed at a certain rate at a time.
For example you buy 300 easydefi tokens for 250 LEO tokens.
And in exchange for your 250 Leo tokens and you are allowed to sell 6 Defi tokens per week for 6 Leo.
This means that at the end of 50 weeks you will have sold all 300 defi tokens and earned 300 Leo tokens in exchange for your 250 Leo investment.
I pay investors 20% APR over time, and it is permissionless to a point, in that the investors don't have to wait for me to send them Leo, they just sell the DeFi tokens every week to get their Leo earnings.
Now, I know there will be those tempted to sell back more then six tokens each week, but I will reward those who don't do this 3.0 Leo upvotes for comments with screen shots documenting their Hive Engine token sales of 6 defi tokens and screen shots of their balance remaining. This 3.0 Leo upvote will give 1.5 Leo per week or 75 extra tokens per year and doubling their yearly return to over 40%.
I think this is a win-win.
What do you think?
Thanks
Posted Using LeoFinance Beta
Thanks for running the project for so long. I hope the experience from running the project will help you and I definitely thought it was a great project. It's too bad that it didn't take off though.
Posted Using LeoFinance Beta
Your welcome. I want to build something better and bigger for try number two.
Posted Using LeoFinance Beta
You gave it a good try and congrats for doing it and learning from it. I am sure this experience might push you forward with a new initiative which might have more traction to the userbase from here.
Thank you for your words of encouragement. I plan to take a brake and hopefully come back.
Posted Using LeoFinance Beta
Smart Investments and smart contracts, I like those names and will use them.
I would like your analysis of this project suggestion.
I would like to incentivize people to invest in easydefi by changing the program.
The program would allow investors to buy tokens on hive-engine which can be redeemed at a certain rate at a time.
For example you buy 300 easydefi tokens for 250 LEO tokens.
And in exchange for your 250 Leo tokens and you are allowed to sell 6 Defi tokens per week for 6 Leo.
This means that at the end of 50 weeks you will have sold all 300 defi tokens and earned 300 Leo tokens in exchange for your 250 Leo investment.
I pay investors 20% APR over time, and it is permissionless to a point, in that the investors don't have to wait for me to send them Leo, they just sell the DeFi tokens every week to get their Leo earnings.
Now, I know there will be those tempted to sell back more then six tokens each week, but I will reward those who don't do this 3.0 Leo upvotes for comments with screen shots documenting their Hive Engine token sales of 6 defi tokens and screen shots of their balance remaining. This 3.0 Leo upvote will give 1.5 Leo per week or 75 extra tokens per year and doubling their yearly return to over 40%.
I think this is a win-win.
What do you think?
Thanks
Posted Using LeoFinance Beta
I have tried to build different products and failed but they are all lessons to know the right direction to build. If you sit back and brainstorm, you will surely come out with bigger and a successful project. You are one step to the success.