- Well everyone it's no secret by now,
unless you've been under a rock that the crypto DAOs
are tanking a TIME WonderLand,
a project that I've covered on this channel before,
is in the gutter.
And today I'm gonna be covering
not only why I sold all of my TIME WonderLand
but all of my crypto DAOs in general.
I'm going to be covering how much I made or lost
on all of my investments combined,
as well as the client and the market,
my thoughts on investing in DAOs in general
and my alternative plan on different ways
I'm making passive income.
Now before he gets the rest of the DAOs,
I first wanna start with TIME WonderLand.
Not only was it my largest investment,
but it's arguably the largest and most popular DAO.
And the last time I covered TIME
it was sitting at around $2,500
and now it's sitting at just over 300 bucks.
So, what happens?
Now this story can be told from the chart.
And first let's start at the beginning of the year,
January 1st.
Buyers who were leveraging time were getting liquidated
by borrowing against their time or memory on abracadabra.
And along this whole DAO journey,
I've been getting a lot of questions saying, Chris,
why aren't you leveraging your guys on abracadabra?
And my response is, the DAOs are already a risky enough
asset class.
It didn't really start gaining any traction
until the middle of 2021.
So we're not even a year into it as opposed to (indistinct)
that started in early 2020.
And then you have Master Nodes that have been around
since pre 2016.
Now because of these liquidations,
this caused the price from about $4,000 on January 1st
to end up to be about $2,300 at around January 14th.
And this is where the stage is set for times on doing.
Now as I've said before in some previous videos,
not only does everything follow Bitcoin
but within the DAOs everything follows Olympus
because it was one of the first DAOs in this asset class.
And on Sunday January 16th,
the price went from about $186 downward to $100
and it was shortly after this
I sold all of my time and most of my other DAO investments
and I even posted this in my discord group.
And to give some context here,
Bitcoin had already been going downward this time
and WonderLand TIME and Hector DAO
were really the two last DAOs
that had not really tanked in price yet.
And the next day I woke with some messages
from some of the viewers that follow me in discord
and on Instagram.
And the summary of the messages went like this saying,
Chris, why did you unstake everything?
Daniel Sestagalli and Sifu at a meeting
basically in the summary of it saying,
"just be calm and stake on just basically keep staking".
And my response to that is is that, these two individuals
and the people working within the time,
they have financial obligations to say that
and these DAOs only work if everyone remains rational.
And the thing is is that we are not in a rational market,
especially when companies right now can be evaluated
at billions of dollars without having any kind of working
product yet.
So we are far from a rational market
and I just knew what was going to happen
so I went ahead and I pulled out.
Now this is where things get really interesting
because the treasurer of Sifu FUD
there was already some controversy around to begin with,
had to pull out $8.4 million worth of time
to prevent himself from getting liquidated.
And the argument was, was that if he got liquidated,
it would be worse for everyone.
However, after that event unfolded,
it was found that Sifu had an extensive criminal record.
So you pair that with the context
you can see how impactful this was
and why the price of time cascaded downward even further.
And I think Daniele Sestagalli is just as much at fault
here for not betting the team more thoroughly.
And I'm all for people changing after their past.
I personally don't think given the context of Sifus crimes
that putting them at treasure was necessarily the best move
and a side note that I want all of us to be aware of
is that there's a thing in psychology called the Dark Triad.
And it makes up of narcissists, psychopaths
and machiavellianism
and 10% of the population is narcissists
and 1% of the population is psychopaths.
This means that out of the entire world,
there are 70 million psychopaths walking among us.
And the reason why I bring this up
is because according to psychology today,
these types of people are gravitated towards industries
that are usually unregulated.
And this means for us crypto investors
that one out of every 100 people that you usually meet
that are psychopaths, probably is statistically higher
given the space that we're in.
So I think we all need to be careful
and aware of that going forward.
Now let's play devil's advocate
and say that Sifu was a changed person
and that this was actually in everyone's best interest
and setting the morality of all of this aside.
The amount of time holders have decreased by at least 30%.
And I personally do not think DAOs with high P wise
can sustain not only a bear market,
but just the market going sideways.
If you look at when a lot of these doubts launched
and started gaining traction
it was around September of 2021,
and this is when Bitcoin was around the 50 K mark
and they had yet to make that upward trajectory of $69,000.
And the fact that most of these DAOs launched
in the fall of 2021, with BTC of the height of its peak
of 55 K, they haven't even withstood the market
going sideways and let alone a bear market,
so as Mark Cuban would say, I'm out.
And when zooming out a bit
and taking a macro look at the crypto market,
it's hard to say if this is just another pullback
with the government printing trillions of dollars
in early 2020, inflation has hit an all time high
within 40 years.
Couple that with the fed meeting mentioning
there will have to be rate hikes
and with this being the longest time in the free banking era
of there not being a recession,
I think we all need to be wary here.
Now all that being said,
I'm still looking for ways to make passive income in crypto,
but before I tell you about the alternative ways
I've jumped into,
let me break down my DAO investments
and how much I've made or lost in the process.
So there was TIME WonderLand.
I invested about $13,200 and I pulled out $17,400.
Most of that gain is in regards to one time
that I pulled out at 3,500 bucks at the first of the year,
then there was climate out
and that was probably my worst investment of 2021.
I invested $8,000 and I only pulled out 1300 bucks.
So that was a negative $6,700.
That one hurt.
Last up were Hector DAO, MetaversePro and Jade Protocol.
And I'll put those up on the screen with how much I invested
and how much I lost.
And it turns out I lost about a grand over the three,
and then my net loss across all of them
was about negative 3,200 bucks.
So I ended up pulling out about $21,000
and what did I end up doing with that $21,000?
What areas of crypto am I really looking into?
And the two areas of crypto that I'm really looking into
that I think have a chance to withstand a bear market
aside from just investing in good projects
are Master Nodes and Passive Income NFTs,
preferably play to earn in MTS.
So out of that $21,000, I took 2,500 bucks
and I ended up capping off another strong node
which will earn me about $65 a day.
Then I went ahead and I purchased a galaxy fighter
and that galaxy fighter will earn me anywhere
from three to $400 a month and that was about $8,000
not including the cost of the coins I accrued.
And lastly, I ended up picking up a THORnode
for about 2,500 bucks,
and that makes me about $50 a day
and the rest of my investment, I just put back in my bank.
And if there's something that strikes my attention,
I'll put it back into the market.
But for now that's my plan.
Personally, I don't know what's gonna happen with DAOs.
All of this is just speculation.
This is my take on everything that's unfolded.
And I feel like it's my job as a content creator
to be as transparent with you guys as possible.
I get questions all the time asking Chris,
what are you doing?
What are you doing with your TIME WonderLand investments?
And I'm super honest to everyone that asks me.
So if you've asked me already this isn't a surprise,
I've even told people how much I've made or lost
in the meantime.
So if you guys do like videos about making money online
or just learning from my mistakes,
be sure to like, and subscribe for new videos coming out
every single week.
And if you do want more up-to-date content
with what's going on with what I'm doing,
check out the pre-Facebook and discord group
in the description below.
I go live every Tuesday in the discord group
and I go live every Saturday in the Facebook group,
just wanna connect with you guys.
So thank you so much for watching.
Take care, stay safe out here and I'll see you next time.
(bright upbeat music)