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Rebasing DAOs & Olympus OHM: Tokenomic Revolution Or Ponzi Scheme? - Part 1 - YouTube
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[0]
so we've got a few months of sort of
[2]
left of 8 000 percent
[4]
people have been hunting roi for as long
[6]
as humans have been around and
[8]
when i talk about roi i mean more like
[10]
cash flow assets now historically it's
[12]
always been lending lending was probably
[14]
one of the first cash flowing assets out
[16]
there
[17]
and then as you know
[20]
those lenders turned into banks um and
[24]
the old-fashioned way of a bank was you
[25]
know they take money in they give two
[27]
percent out and then they literally lend
[29]
that money out at four percent and make
[30]
a nice little arbitrage that's basically
[33]
what banks how banks started it hasn't
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been like that for thousands of years
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um and then all of a sudden um the in
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the sort of 1600s we had the invention
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of the limited company now
[44]
the limited company is quite fascinating
[46]
if you ever read up on it because what
[48]
happened is the british empire was
[50]
expanding massively and loads of ships
[53]
just never returned you know they sunk
[54]
they got lost they just didn't come back
[56]
and so all of the families you know
[59]
whoever invested in a trip would just
[60]
lose loads of money and whoever sort of
[63]
funded that trip their families will
[64]
come hunting them um oh you killed my
[67]
son or all that sort of stuff so um
[70]
big british fat cats well ah there must
[72]
be a way that we can sort of chin off
[74]
this risk so they created a limited
[76]
company a limited liability
[78]
incorporation that's that's literally
[80]
the invention of the limited company so
[82]
they could pass off the risk so what
[84]
they would do is they set up a limited
[86]
company they put some money into it and
[88]
that company would then go out and
[89]
source a you know a ship a crew the
[91]
supplies and then when the ship doesn't
[94]
return
[95]
they were sort of safe because they're
[96]
one knuckle away from the the risk and
[98]
everyone well oh the company and then
[100]
they can just wind down the company so
[101]
that's how limited companies came around
[103]
and so yeah you could invest in
[104]
companies and get cash flow
[107]
fast forward to the internet we then had
[109]
all sorts of cash flowing opportunities
[111]
and capital arbitrage opportunities
[115]
and then crypto and then since crypto
[117]
really came around the amount of roi in
[120]
terms of percentage yield has just been
[122]
ridiculous so we have been ingrained
[125]
into our lives that
[126]
percent ten percent per year is a good
[129]
return on investment
[131]
um
[132]
yes in the 1950s but these days you are
[135]
losing money
[136]
you have to remember that the global
[138]
hurdle for or the cost of capital is 15
[141]
last year the u.s expanded its currency
[143]
supply by 26
[145]
so if you're a saver in the u.s and made
[147]
didn't do any investing you were 26
[150]
poorer and you don't know it and it's
[152]
insidious because your bank account
[153]
still says 10 dollars or ten dollars
[156]
whatever so you still think you're flat
[158]
but you're not you're purchasing powers
[159]
just being like kneecaps and you don't
[161]
even know it and in the uk we grew our
[163]
um currency supply by 15
[166]
and every central bank across the world
[167]
is expanding the currency supply by
[169]
about 15 per year so you need to you
[172]
absolutely must make more than 15 per
[174]
year otherwise you're bleeding money
[177]
and then
[178]
so with crypto it's sort of showing the
[181]
world that it doesn't need to be like
[182]
that you can beat the global hurdle
[185]
cryptos have been an interesting thing
[187]
because
[188]
there's been
[189]
like i've always said 99 of cryptos are
[192]
pure one percent have real
[194]
utility value
[196]
and it started out like any other
[198]
business they would bootstrap it they'd
[199]
get private equity or venture
[200]
capitalists to come in and basically
[202]
give them a bunch of seed money they'd
[204]
set up a project and and give it a go
[206]
then from 2017 to 2019 we had those icos
[209]
initial coin offerings um which is like
[211]
the ipo but for crypto
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and we saw all sorts of uh fun and games
[215]
there
[217]
and then we had all sorts of platform
[218]
launches so you know by binance would
[221]
have like a a launching pad where new
[223]
cryptos would basically give half their
[225]
project to binance and then binance
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would shill it for them
[228]
and other such things and then you had
[230]
all sorts of so we had icos and then sto
[233]
there's all sorts of i insert any letter
[235]
there oh these days is ideos initial
[238]
discord offerings which is just
[239]
hilarious um so what pla platforms are
[242]
doing is drumming up loads of hype and
[244]
interest join our pla join our discord
[246]
group they get thousands on it and then
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they launch the whole crypt crypto and
[250]
the discord we've seen some amazing
[252]
launches and now
[255]
we have the high-yielding dow launch
[258]
which is just nuts
[260]
uh i think that obviously my students
[262]
here knows what adao is but for those
[264]
who don't know a dao is a decentralized
[266]
autonomous organization okay so if you
[268]
take a government that is a governing
[271]
organization it's full of humans and
[273]
humans are the weak link
[274]
always
[275]
and what a dow is it's basically a robot
[278]
that is programmed to do you know to
[280]
govern stuff and it would just do it so
[282]
no corruption no nothing and whenever
[284]
there's a big thing that it's completely
[286]
democratic or go up for a vote and
[288]
everyone that owns the token of whatever
[290]
dow is gets gets to say
[293]
um
[294]
and so for the next hour we're going to
[296]
be talking about one of the
[297]
game-changing dowels out there and it's
[299]
called olympus dow
[302]
and uh
[303]
it is
[304]
i think it is an innovator of d5 2.0 so
[309]
traditional finance is called c5
[311]
centralized finance so banks governments
[314]
etc defy is decentralized finance
[318]
and d5 starts off with you know cryptos
[321]
like rv where you could do crypto loans
[323]
where you could basically borrow money
[325]
in like two minutes without signing any
[327]
contracts and it's been great now defy
[330]
2.0 is like the next sort of iteration
[332]
of this and olympus is leading the way
[334]
and it's done so well that everyone is
[336]
now just trying to copy them like
[338]
it just happens in any industry someone
[340]
does really well they just try and copy
[342]
them
[343]
so
[344]
first of all i need to unders um
[347]
explain what a pegged stable coin is so
[349]
for the newbies here in crypto you have
[352]
these stable coins now a stable coin is
[354]
a crypto
[355]
that is pegged to the u.s dollar so if
[358]
you take tether one tether equals one us
[361]
dollar okay
[363]
now the dollar is obviously controlled
[365]
by the federal reserve and so you have
[366]
all of these stable coins which are
[368]
pegged to the dollar but it's absolutely
[370]
ridiculous when you look at it from a
[372]
first principal's point of view because
[373]
wait a minute the dollar is deflated or
[376]
is inflating away 15 per year and losing
[378]
purchasing power so why on earth would
[380]
you put money in a stable coin when you
[382]
know it's just going to flitter away
[384]
down the loo
[385]
down the toilet like the dollar is
[388]
and so you then have non-pegged stable
[391]
coins now i don't like the fact that om
[393]
is in this non-peg stable coin because
[395]
om is not a stable coin um it's it's a
[398]
it's a fully backed reserve currency is
[401]
a slight difference okay now
[404]
here is the problem when you're setting
[405]
up a new crypto if i wanted to set up
[407]
siam coin um i'd probably promote it to
[410]
everyone i know and i would then have to
[413]
go to different places to effectively
[415]
rent liquidity i'd have to go to uh
[417]
centralized exchanges or decentralize
[419]
exchanges say hey here's my crypto can
[421]
you put it on put me on your platform
[423]
and they'll go hmm what's in it for me
[425]
and i'll give you i know 25 of my tokens
[428]
or i'll give you this discount this
[429]
discount this discount and it's
[431]
basically renting liquidity and what you
[433]
there's a huge group of crypto
[436]
participants that will basically do or
[439]
basically go from
[440]
they're like nomadic investors so
[441]
they'll go from one project they'll
[443]
they'll pile into it get all the
[444]
freebies and then they'll get out and so
[447]
if you look at the market cap it tends
[448]
to look like this big old pump and then
[451]
big old dump there's a bit of a rug pull
[453]
there
[454]
and so
[455]
renting liquidity is is um is not good
[459]
so what olympus has done is thought hmm
[461]
this is not good how about we own all of
[464]
our own liquidity that way there can't
[466]
be any rug pulls there can't be any you
[468]
know groups that come in and ravage us
[470]
and then leave us you know devastated
[473]
so when you own your liquidity
[476]
your your market cap appreciation looks
[478]
like that
[479]
so what this means is that the protocol
[482]
as an olympus dow
[484]
owns all of the liquidity which means
[486]
that if anyone wanted to come and buy a
[488]
whole you know huge amounts of their
[490]
coin they could if anyone wants to sell
[492]
huge amounts of their coin they could
[494]
and and it wouldn't crash the system
[496]
and as as a result olympus now has just
[499]
done just that and it owns almost all of
[501]
its liquidity so you don't need to worry
[504]
about you know oh
[506]
let's say you have the champagne problem
[508]
going oh i've got 20 million dollars
[509]
worth of i wonder if i can sell it you
[511]
can um which is good because that's one
[513]
of the things if you dick around with
[514]
coins
[515]
sometimes you could do really well but
[517]
you can't sell so you may think oh i've
[519]
made a hundred thousand pounds profit of
[521]
this coin you go to sell it but
[523]
there's no liquidity you get slipped you
[525]
get negatively slipped so you may end up
[527]
only extracting 50 grand or 10 grand
[529]
so you've got to be careful
[531]
and this is the market cap
[533]
of olympus it's ridiculous
[536]
and we'll talk about that in a sec
[538]
so
[539]
let's say i want to buy ten thousand
[541]
dollars worth of olympus
[543]
i go to
[544]
one of the exchanges sushi swap and i
[546]
buy oh
[548]
that's what it's called ohm is the is
[550]
the symbol so that ohm goes into the
[552]
olympus treasury
[554]
and then i get 10 ohm let's just say the
[557]
price is a thousand dollars which i mean
[558]
it's higher than that but let's just say
[560]
it's a thousand dollars easy maths
[562]
simple enough so far right
[564]
but the beauty of this is it's what's
[566]
called a rebasing down
[568]
so
[569]
because the currency supply of olympus
[571]
is always increasing what it doesn't
[574]
want is its shareholders or its stakers
[576]
to be left out
[578]
so just like you are in the pound or or
[579]
the dollar because the the fed or the
[581]
bank of english is constantly printing
[583]
the value of your pounds in your pockets
[585]
is getting weaker every single second so
[588]
olympus doesn't want that it doesn't
[589]
want uh you know deflation so to speak
[592]
um in terms of your purchasing power so
[594]
what it does is it does this thing
[596]
called a rebase where every eight hours
[599]
you will receive an
[601]
more ohm
[602]
okay so that way the moment you buy
[604]
olympus you have effect to be locked in
[606]
your your little
[608]
sliver of market cap so no matter how
[611]
much ohm is printed in the future
[613]
you still own let's say i buy one
[615]
percent of home of olymp you know all
[617]
the home out there no matter what
[619]
happens as long as i stake it
[621]
um
[621]
basically where you lock it up in on the
[623]
network you will always have one percent
[625]
no matter what happens whether the
[626]
market cap goes like this or goes like
[628]
this you still own one percent which is
[629]
great you don't get that with a dollar
[631]
or the pound
[632]
and so every eight hours roughly eight
[634]
hours you get more home which is great
[637]
so it maintains your share of market cap
[641]
and as you've seen this is what the
[643]
market cap has done since its inception
[645]
it's only been around seven months um
[649]
and here's the thing because all this
[651]
money is going into the treasury
[653]
it has something which can back up the
[655]
system so if you take bitcoin everyone
[657]
loves bitcoin right but what backs
[659]
bitcoin
[660]
just code there's no monetary element
[662]
that backs bitcoin bitcoin could go to
[664]
zero in theory highly unlikely but it's
[666]
not backed by anything ethereum isn't
[668]
backed by anything most cryptos are not
[670]
backed by anything whereas with olympus
[673]
they're backing their whole um
[675]
currency not by the market cap but by
[678]
their treasury so oh yeah so this is the
[680]
market value of treasury assets as of a
[682]
couple of days ago it was about 400
[684]
million which is absolutely amazing and
[687]
therefore as i did these slides that
[689]
means
[690]
with all of that money
[692]
each home is backed literally backed by
[694]
190
[695]
and that's rising as as this project
[697]
grows it's going up so that means you
[699]
know that the base floor
[701]
is 190 at the moment uh last time i
[703]
checked it was about 1200
[706]
so at the moment it's about 10 of it but
[708]
it's better than nothing
[710]
and as you can see you'll see this chart
[712]
again later um
[714]
because we have this treasury it means
[716]
we have a runway because by the way the
[718]
yield is just ridiculous and so people
[720]
think oh
[721]
surely this yield can't go on forever
[722]
well because of the treasury it sort of
[724]
can
[725]
so
[726]
it's saying here with a 500 yield it can
[730]
last the treasury can last for 888 days
[732]
so that means if the project were to
[734]
stop and all the money would stop
[735]
pouring in everything just ground to
[737]
halt there's enough money in the
[738]
treasury to pay out that sort of yield
[740]
for 888 days or a 20 000
[744]
yield it can last for 270 days etcetera
[746]
so you can see um the runway is backing
[748]
oh sorry the treasury is backing the
[751]
currency
[752]
so
[753]
stakers so by the way for the newbies
[755]
here if you stake something you're
[756]
basically just locking it up on the
[757]
network so they're incentivized to stay
[760]
staked with a really high yielding uh
[763]
rebase um and also game three theory so
[766]
this is sort of a play on the prisoners
[768]
dilemma
[769]
i think you'll probably be familiar with
[771]
it you know two people commit a crime or
[772]
maybe they haven't committed a crime and
[774]
you know the police are trying to play
[776]
one off each other and if someone gives
[778]
up the other person they get a lighter
[780]
sentence blah blah blah but if they both
[782]
stay quiet it's win-win sometimes so
[785]
what they're saying here
[787]
is so when you when you look at group
[788]
game theory
[789]
if you and i stake we both win and the
[792]
project wins so it's in our best
[794]
interest to buy and stake it or you can
[796]
do a thing called bonding where you
[797]
basically you
[799]
you basically give a loan to the um to
[802]
the protocol and then you get a discount
[806]
um and the worst thing you can do is
[807]
unstake and then sell so that that is
[809]
the work the worst thing and so because
[811]
of this sort of game theory this group
[813]
game theory everyone is buying and
[814]
everyone's taking hence everything's
[816]
going up
[817]
at the moment
[819]
and as a result
[820]
over 90 percent of people that have ohm
[822]
are staking it which is great and this
[825]
probably will probably stay around 1995
[829]
now there are three buoyancy aids to
[831]
protect the price which is why by the
[833]
way the tokenomics the sort of how um
[836]
how it's all set up is just is i think
[838]
it's game changing and i think pretty
[840]
much any crypto that's not
[842]
deploying a dow a rebasing dow system is
[845]
just not going to last really
[847]
so first of all
[849]
here is here's a a price okay so let's
[852]
just say it's around a thousand dollars
[853]
and there's a log chart um
[856]
so the first thing is that
[858]
if you have a bit of sell-off that's
[860]
because some people are unstaking and
[862]
then selling
[863]
so what it does is that if and you
[865]
normally that'll probably happen when
[866]
price is going down right people
[868]
panicking they're selling
[870]
so the the protocol is also
[872]
automatically done it's not a human
[873]
having to press anything the protocol
[875]
the code just does it
[877]
so the apr that you get increases
[880]
as the percentage of stake is decreased
[882]
so if this were to drop a bit
[885]
the roi that you get so the apr will go
[888]
up
[889]
and therefore incentivizes people to
[891]
just stay staked just sit it out
[895]
which is good so that's the first
[896]
buoyancy aid
[897]
the second buoyancy aid is this one so
[900]
let's so
[901]
the the hard hard hard base is that for
[903]
every ohm there is it's backed by one
[905]
die a die is a is a peg to stable coin
[908]
um so basically one dollar so that is
[912]
the hard hard floor even though it is
[914]
backed with the treasury assets to about
[916]
190
[917]
but what it means is that if the price
[919]
were to ever plummet
[921]
this the moment it hits one dollar
[923]
before it gets near there actually the
[925]
the dow because it sat on a huge
[927]
treasury will actually burn ohm
[930]
and buy ohm to ensure it remains above
[932]
one dollar so the code will
[934]
automatically deploy its vast treasury
[936]
to protect the price
[938]
so yeah obviously you can't you know um
[940]
stop it
[942]
i mean in theory if we had a massive
[944]
sell-off yeah it could spike below a
[946]
dollar but it won't stay below one
[948]
because it will just deploy its treasury
[949]
just to burn ohm to help push price up
[953]
and also buy it which will push price up
[955]
and that's why the stock market is
[956]
all-time highs at the moment because
[957]
companies just buying their own stock
[959]
that's the only reason the stock market
[961]
is soaring corporate buybacks companies
[963]
are borrowing money unlimited amounts of
[965]
money from the bank of england or the
[966]
federal reserve at like half a percent
[968]
or 0.25 percent apr and then they're
[972]
just going into the market just buying
[973]
back their own stock what do you do
[975]
price goes up so it's sort of the same
[978]
thing
[979]
and the third one is the bonding
[981]
mechanism
[982]
so
[983]
you can buy ohm on the market and just
[986]
stake it that's the easy way or you can
[988]
do a bond now
[989]
every time you hear the word bond for
[991]
the rest of your life just replace it
[993]
with three letters iou
[995]
so all it's doing is if i were to go
[997]
ignore this one this is a bit of spirit
[999]
spirit it's sold out obviously because
[1000]
but let's take this one here so what
[1003]
this means is if i had a whole bunch of
[1004]
dye
[1005]
i could basically give that dye to the
[1007]
protocol
[1009]
and
[1010]
as a loan they take that and they will
[1012]
give you a coupon which is like a an roi
[1015]
so you the is basically a five day loan
[1018]
so you give them a five day loan and at
[1020]
the end of five days they'll give you
[1022]
some ohm but at a four point seven nine
[1024]
percent discount
[1026]
so what you'll see at the moment because
[1027]
price is going up the bond
[1030]
isn't it's not much point because at the
[1031]
moment you're making something like six
[1032]
percent over five days just by staking
[1035]
so there's no point trying to do the
[1037]
bottom thing but as price is going down
[1039]
what you'll find is that
[1041]
these bond prices will be going up so
[1044]
then so it then incentivizes people to
[1046]
go ah sweet i can you know give them
[1049]
some of my ether
[1050]
and get like i know 10 roi over a five
[1053]
day period and and i get you know like a
[1056]
really cheap home
[1058]
so the lucky bastards who got in on this
[1061]
pond they were able to um do a liquidity
[1064]
pool um
[1065]
token and get 117.8 discount on their
[1069]
own
[1070]
lucky gets um
[1072]
so yeah obviously that's sold out really
[1074]
quickly
[1075]
so there's three buoyancy aids again if
[1077]
this doesn't make sense don't worry
[1079]
now obviously if you give if you're
[1081]
offering you know thousands of percent
[1084]
apy um
[1086]
that can't last forever okay
[1089]
and and it won't it mathematically can't
[1091]
i mean unless you're a ponzi scheme and
[1094]
so here there's this is the emission um
[1097]
cycle so
[1098]
this is where we are right now so the
[1100]
apy i'll talk about apy and apr in a
[1102]
minute the apy is between a thousand
[1104]
percent and ten thousand percent so as i
[1106]
checked last night it was like 8 000
[1108]
something percent
[1110]
but as the circulating supply increases
[1113]
the yield drops so we're about 3 million
[1116]
circulating coins when it gets to 10
[1118]
million coins we're then going to drop
[1120]
into uh into this tier so the the yield
[1123]
will drop to about 500 to a thousand
[1125]
percent some something like that and as
[1127]
it goes on
[1129]
obviously and then eventually if if we
[1131]
get over here this means this is like a
[1133]
this is like as big as bitcoin in terms
[1135]
of in terms of market cap
[1138]
and therefore the yield will be pretty
[1139]
pants
[1141]
now
[1142]
how long will it take there so we're due
[1144]
to hit this level here
[1147]
uh in january which is over here so
[1149]
we've got a few months of sort of left
[1151]
of 8 000 percent and then in january
[1153]
it's gonna drop down to about one to
[1156]
yeah about a thousand percent um
[1159]
yeah or thousand percent max
[1161]
um
[1162]
yeah so make hay now
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