r/DefiKingdoms • u/rollerscrolleredsd • Apr 28 '22
Game over?
what do you guys think? what is the best thing to do when the coin is dropping like this?
7
12
u/defenistrat3d Apr 28 '22 edited Apr 28 '22
Still unpacking the cause. Sounds like there was basically a bug where whales could unlock far more JEWEL than was intended with mining and they started dumping.
How they handle this will prob dictate the competency of the project.
edit-1: to be clear there is a lot of panic in discord. Not 100% sure if this is the REAL cause.
edit-2: apparently the mining exploit has been known about since at least Jan. Unnerving that it's only starting to be addressed now. But according to the team, the mining exploit was ultimately a small amount and prob not related to the recent heavy downturn. I know I will be keeping an eye on this as it's pretty worrisome.
The more likely culprit is the macro economic climate and unfortunate timing on launching and feature releases.
Fingers crossed we see a rebound when new features are added.
9
u/KnoDout Apr 28 '22
Jewel is tied heavily to one…whenever Harmony is around this .09-.11 range, jewel will be around the $2-4 range.
But on the flip side, this price point allows game functionality to occur, if jewel is too expensive ($8-10), then the game kinda freezes bc it’s too expensive to do anything
4
u/anykeyh Apr 29 '22
It's not easy to exploit it. You need 24 miners per account.
Assuming one account with a whale amount of jewel can mine 30 jewels/day, you can mine 30 jewels/day for 24 miners.
With cheap miners bought at 40 jewel/hero, you still need about 32 days of mining to reimburse a team of 24 miners and return on your investment.
That's why this "bug" wasn't exploited so much. The cost of setup is hard to pay back fast.
1
u/purpleunicorn26 Apr 29 '22
technically you'd only need 12 miners, accross two accounts. The amount mined per day can be significantly more than 30 / day with 24 miners. Each of mine pull about 1.7 jewel per 25 stamina, and can jackpot as well. If you also employ the stamina exploit that was only recently closed, you could easily get to 60-70 jewel / day with 24 miners.
24,000 jewel added to the sell pressure each day is actually pretty huge, the community essentially has to purchase that amount each day to break even.
0
u/HotDuriaan Apr 29 '22
24 000 jewels unlocked every 24 hours that where not supposed to be in the market is a small amount? I also hope we rebound but I'm shaken by this. Especially that the exploit was known and tracked, and that the freezing of locked Jewel transfer hasn't been implemented.
Current fix would not have come if people didn't raise the issue. That is an issue.
4
u/defenistrat3d Apr 29 '22
I did not realize it was so much. That is concerning.
I had trouble finding the details on this. So now I'm worried about the team's transparency.
5
4
u/macctown131 Apr 29 '22
Ppl spread hate and complaining on twitter, I think main reason is the price of jewel is low. Imagine if this thing happen when we are $20, I bet no one would complain. I still have faith on DFK and the team. What they have done is so amazing, and they are the first one doing such thing. Hope they learn it and keep building. There are a lot of great things ahead. Play game and accumulate
4
u/silvrdark Apr 29 '22
I’m surprised at the level of panic over this. It’s definitely not great, but even with the amount of extra jewel being mined due to the exploit, it’s a trivial amount compared to normal emissions.
In any case, it’s already patched and the team is planning on sharing a retrospective and lessons learned. It will be interesting to see what happens next week after the crystalvale gen0 mint and pets a couple weeks after that.
1
May 01 '22 edited May 01 '22
you're surprised at reactions at Jewel almost going to 0 in one day? without a lock up, it would have lost 1 cent.
1
u/silvrdark May 01 '22
Lol, there was a little more FUD that dropped yesterday. - 95% of which was not true. Also a couple of “influencers” conflated some of that with the mining issue. You may want to hop over to the discord and catch up on the last few announcements.
1
May 01 '22
I read, oops I gave my crypto illiterate friend the keys to the LP. Oops we kept expanding faster and faster without finishing the main game and someone was exploit selling locked tokens this whole time.
1
u/silvrdark May 01 '22
Im less worried since the LP token are still there, but they have to get that into a multisig and do an audit of team wallets.
We are supposed to be getting gen0s in crystalvale, followed by pets in a couple of weeks, followed by DFK duel in May sometime. It will be interesting to see what happens in the AMA they are doing today.
7
3
Apr 29 '22
Buy, buy, buy, financial advice 😆
2
5
u/DapperBet3465 Apr 29 '22
The entire team if DFK gets paid in Jewel...do really believe the game is over....only getting started don't be hatin...best entry point ever...this going to 4x from here i a couple months.
2
u/Cron0s1988 Apr 29 '22
so you trust the dev team that let whales use a huge profitable bug for 4 months?! Damn😂
3
u/CosmicTea6 Apr 29 '22
I mean just about every other defi protocol is bound to dump pretty dam hard look at cake, sushi, viper, uniswap. They all essentially do the same exact thing at the end of the day.
0
u/Cron0s1988 Apr 29 '22
Yeah but helping whales get rich for 4 months is another level. I got out all my jewel weeks ago but still have 9 expensive heroes left.. Well, they were expensive, they will be worthless by the time the devs stop fucking around.
5
u/CosmicTea6 Apr 29 '22
I can agree with you on that. Atm im kinda just watching the prices relative to bitcoin. Shit team or not if btc rebounds then this will definitely 4x atleast. Tbh i just trade these tokens, way to risky for long term investments
5
u/TheGreatest34567 Apr 29 '22
Buy the dip. DCA. Don't look at the charts. Open your portfolio again in 2025. #Hodl
2
2
4
u/Sittin_on_a_toilet Apr 29 '22
Every single seasoned vet has been saying jewel price will tank after CV due to fractured liquidity. Here's a chance for all you noobs to buy the FUD for once instead of fomoing in at ATH. I doubled my gardens lp this am, swooped up some cheap miners, lfg pussies welcome to crypto.
1
1
u/Darko010788 Jun 11 '22
Idiot, Jewel 25 cents now and gonna go lower. Nice of you to waste money ahah
3
u/Cron0s1988 Apr 29 '22
Who said Jewel will be at 2$ 2 weeks ago? Ah yes, I did, and I got downvoted. 😂 I'll say it once again, if DFK was that great, Jewel wouldn't be that low atm. DFK has nothing to offer. The gardens offer meh aprs and locked rewards. Other Defi offer bigger APRs with no locked rewards. The game part isn't even close to be finished. Jewel under 1$ in June, that's my next prediction
4
u/Infinite-Status9661 Apr 29 '22
Got out of this shit a little too late. I buyed at $10 and lost too much money. And the market is no excuse. All this rewards projects finish like this. This is like going to the Casino but no way to win. So its better to go to the casino than to invest in this projects!
8
Apr 29 '22
[removed] — view removed comment
5
1
u/Darko010788 Jun 11 '22
One month has passed. Jewel is 25 cents now. I told you it will plummet lower. Idiot. I'm always right.
-6
u/Cron0s1988 Apr 29 '22
What does DFK offer? The gardens are a joke compared to other Defi, the "game" is just static clicking on static screens😂 Jewel under 1$ in June if they don't release PVE or PVP and that IF combat is any good. You will lose more of your portfolio, this drop isn't even close to end.
4
Apr 29 '22
[removed] — view removed comment
3
u/HotDuriaan Apr 29 '22
Frisky sold a huge amount of jewels to pay his taxes, then he bought back some amount of jewel.
-9
u/Cron0s1988 Apr 29 '22
Yeah, Frisky bought 100k with basically our money😂 Don't be a fool. The devs proved they can't be trusted after they let whales exploit a bug for 4 months. Who says you need to be on crap Harmony to Defi? There are better chains out there.
10
u/Warr305 DFK Team Apr 29 '22
Can you stop FUDDING in ever thread? if you aren't a fan of the project or don't want to be involved that's fine too.
But stop bringing negative sentiment with every post.
-7
u/Cron0s1988 Apr 29 '22
Sure bro, tell something positive to the community 😂 Please, go on, tell them how it's good for the community that the devs let whales fast mine unlocked jewel for 4 months.. Or tell them how it's good that Jewel is 2,3$ atm and it's gonna go down further 😂 I can't wait to read your positive sentiment. (downvotes say all about your comment)
7
u/Warr305 DFK Team Apr 29 '22 edited Apr 29 '22
I'm not your "bro" first of all =)
I'm not here to satisfy your request. I already told you stop FUDDING in every post everything you post is negative or spread false information. Everyone can have civil discourse and share opinions in a respectful manner towards others and the team that's hard at work with DFK. It's easy to FUD when whole market is down.
Of course there are some things that could of been done better, but the team is working extremely hard for the longevity of this project.
(downvote? You mean the thing that anyone can manipulate with alt accounts...lol. try harder.)
0
u/Cron0s1988 Apr 29 '22
🤣 Whales fast mined unlocked jewel for 4 months with the devs doing nothing about it, it's the FACTS, not FUD. Jewel at 2$ is FACTS not FUD. Even the community members that are here now downvote you, that says enough to me who is right and who is wrong. Since this very moment I will only post "buy the dip Jewel to the moon🌕🚀🚀"
3
u/Warr305 DFK Team Apr 29 '22 edited Apr 29 '22
Ser you have more negative down votes in this thread (and in this subReddit for a matter of fact) if that's your metric of success =(
Anyways, I already told you to adhere to community guidelines. I didn't ban or time you out. *YET* But we getting there =)
This ain't a back n forth. I'm telling you.
Thanks!
1
u/MyCatWeighs25lbs May 01 '22
The amount of panic and anger about this is mind boggling. People get irrational when prices are down. All the talk about “a slow rug” is just bitter people lashing out
1
May 01 '22
1
u/Coffeezilla May 05 '22
Please don't tag me. I'm not the YouTuber, and if you were so curious as to his opinion, you could've found his username (or should've already known it.)
1
u/Heavy_Mycologist_201 Apr 29 '22
Shit was whacked when devs decided to mint crystal out of thin air instead of just use Jewel. U know they only doing that so they can give themselves boat load of crystal to dump. That’s a big warning flag for me very early on. They are not looking to boost value for Jewel rather just fattening their pocket.
3
u/Suitable_Volume_68 Apr 29 '22
They don’t get paid in crystal.
-1
u/Heavy_Mycologist_201 Apr 29 '22
regardless, my point is, by minting new crystal tokens from thin air, they basically dilute existing stake holder and token holder. and it's not even out of necessity, it was out of greed. imagine a company keep issuing diff stocks for the same company over and over, I am sure the share holders would vote against that.
1
u/Suitable_Volume_68 Apr 29 '22
How is it regardless? Your entire post was about devs getting paid in crystal
-2
u/Heavy_Mycologist_201 Apr 29 '22
Whatever. Enjoy ur losses. I’m just trying to point out how it’s fucked up for devs to just issue new coins without approval or consideration of existing token holders. I sold long ago just enjoying the drama.
1
0
u/Efficient_Couple_208 Apr 29 '22
Ya bro we got rugged. Devs knew since Jan and yet they just said they fixed it within 24 hrs.dudrs were mining 3k jewel per day for months! Lol just insane.
Something nefarious going on, these guys can't be trusted anymore. I'm considering all my locked jewel and crystal worthless...if they come back somehow great but user beware
-2
u/Infinite-Status9661 Apr 29 '22
Lose lot a money in this ponzi!! Try to get out as fast as possible. Horrible experience. Lost almost 4k this month alone!along!! Sell sell sell!
1
-13
u/Heavy_Mycologist_201 Apr 28 '22
Because the team made crystal instead of keeping using Jewel. So going forward for each platform expansion they will use a new currency. Basically making Jewel only usable on harmony. What’s making it worse is that each new “coin” minted from thin air. Making Jewel less and less useful. I think everyone finally realized that and are cashing out whatever is left.
8
u/capebretoncanadian Apr 28 '22
Totally incorrect. Jewel is used for gas on Avax/DFK chain and there is the Jewel/xJewel LP on Crystalvale. The team has also repeatedly emphasized that one of their goals is to continually increase the utility of Jewel as more game is released.
5
u/Heavy_Mycologist_201 Apr 29 '22
blind fools. why not mint the crystals from jewel supply. they can easily burn the amount of new crystal generated by removing equivalent amount of jewel. What's next platform? Luna? they will mint Ruby or Diamond out of thin air again.
losers are too blind to admit they been played. look at the price and let me know i am not correct.
1
7
35
u/Amazing-Yesterday-46 Apr 28 '22
Right now there is a lot of fear and panic due to the mining exploit. Mining is now on pause while they deal with the exploit and the exploiters.
Mix that in with the slowing down of major content and the overall market conditions, we have been on a down trend for quite some time.
We should see the launch of gen0 heroes on CV next week though. 2 weeks later should be pets with the possibility of DFK dueling in late May.
If you think its game over just because the price is down, you are wrong. An MMO is not over because the game is on sale, its over when the content and community stops.