Ever wondered how the mechanics of node season and Ponzinomics led to devastating losses for many crypto investors? Or how influencer marketing played a crucial role in driving the hype behind failed projects? Join us in this week's eye-opening Baking Profits episode as we share our personal experiences and unravel the mysteries of node season in DeFi. Don't forget to pour yourself a glass of Jefferson's straight bourbon whiskey to sip on while you listen!
We'll dive into the dark side of incompetent teams like Ring, who lured investors with promises of high returns but failed to deliver, and explore the potential connection between the teams behind these projects and their investors. We also discuss the rise of various rug projects that emerged during this time, such as Fire, Univ, Pirate Nodes, Tavern, Atlas, and many more. Learn how the lack of expertise and security measures contributed to significant losses for many in the crypto community.
Finally, we'll explore the exciting world of gamification and NFTs in MMO games, and how the lessons learned from node season can help shape a more sustainable future for DeFi. We discuss the challenges associated with adoption and liquidity and the potential of generating revenue within these spaces. So, buckle up, and let's uncover the truths behind node season and its impact on the DeFi ecosystem together!
Recorded on 5/23/23
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Node Season Nightmares