SFIN - yay or nay?

[Seoulite]

Let's be real: SFIN is a hype token. It is designed to carry a high unit price, scarce as all hell, and to bring some prestige with owning a whole one. 

Cons to this: 

1. It seems like a bit of a con. So many things are shady in crypto, and many more things seem shady that are not. I am not afraid of Flare Finance stealing my tokens, but I am cautious about expecting huge returns (or any returns) from a system so obviously set up to seem more valuable than it may otherwise be. 

2. It is unwieldy. You need twenty five decimal places just to see an average amount on the screen. FF shot themselves in the foot by only having 5 decimal places on their farm interface, so the vast majority of us poors will see 0.0000 as our SFIN balance for many moons to come. Us humans, with our chimp eyeballs and lizard brains designed to count the number of mangos in a tree or to estimate how many sabre-toothed tigers is just one too many, don't deal well with values like that. Alice says: Yo Bob! Can you spot me this round? And Bob, seeing Alice is in the mood to party tonight and hoping that she may be in the mood for something else, says: No problem, I'll send you six ten-millionths of an SFIN! I suppose it's still better than sending 4 ten-thousandths of a bitcoin for 20 bucks and waiting 3 hours to receive it.

3. It's a 'governance token'. Does anyone care about governance? Honestly? I'm curious if there are people out there strongly invested in governance, because no matter how many times Mickey says 'it's owned by the commuuuunity' I can't rouse myself to care. Is there anyone in the world who is thinking: gotta get me as much SFIN as possible for those sweet sweet governance votes!

Pros to this:

1. From a psychological perspective, it's a good move. People unconsciously value things higher that have a bigger price tag. It can actually be detrimental to a product for the price to be too low, as well as too high. So SFIN is currently worth 670k or something ridiculous, and people think "if the price is that high it must be worth something!". Logical or not, the chimp brain sees other chimps giving lots of bananas for the shiny rock and can't help but think 'that must be a great rock!'. So to an extent the low supply high price approach will work, that is inevitable. 

2. The scarcity is tangible, and this is creating a race to get them. On the off chance that they will be worth ridiculous amounts someday. Again this is psychology. The monkey brain can easily calculate: if I have one of those things I will be rich. The steps required to get one almost don't even matter at that point.

3. It has already worked to some extent. There is already a lot of activity around the farms and liquidity pools. Even I, snarky cynic that I am, am diligently staking and claiming and staking my 36 quadrillionths of an SFIN in the vain hope of getting maybe to the point that my SFIN value will appear on a reasonably-sized scientific calculator screen.

So what do we think? Yay or nay? 

[brianwalden]

In general, no one cares about governance tokens except for Curve. The Curve Wars are real.

I think your analysis is spot on. Let's put it this way, I'm not gonna pay for SFIN because I don't really trust its price, but I am going to try to farm as much of it as I can because native one day it really will be as valuable as it is rare. We have to see how the governance pool, or whatever they call it now really works out.

[Guest]

3 hours ago, Seoulite said:

Let's be real: SFIN is a hype token. It is designed to carry a high unit price, scarce as all hell, and to bring some prestige with owning a whole one. 

Cons to this: 

1. It seems like a bit of a con. So many things are shady in crypto, and many more things seem shady that are not. I am not afraid of Flare Finance stealing my tokens, but I am cautious about expecting huge returns (or any returns) from a system so obviously set up to seem more valuable than it may otherwise be. 

2. It is unwieldy. You need twenty five decimal places just to see an average amount on the screen. FF shot themselves in the foot by only having 5 decimal places on their farm interface, so the vast majority of us poors will see 0.0000 as our SFIN balance for many moons to come. Us humans, with our chimp eyeballs and lizard brains designed to count the number of mangos in a tree or to estimate how many sabre-toothed tigers is just one too many, don't deal well with values like that. Alice says: Yo Bob! Can you spot me this round? And Bob, seeing Alice is in the mood to party tonight and hoping that she may be in the mood for something else, says: No problem, I'll send you six ten-millionths of an SFIN! I suppose it's still better than sending 4 ten-thousandths of a bitcoin for 20 bucks and waiting 3 hours to receive it.

3. It's a 'governance token'. Does anyone care about governance? Honestly? I'm curious if there are people out there strongly invested in governance, because no matter how many times Mickey says 'it's owned by the commuuuunity' I can't rouse myself to care. Is there anyone in the world who is thinking: gotta get me as much SFIN as possible for those sweet sweet governance votes!

Pros to this:

1. From a psychological perspective, it's a good move. People unconsciously value things higher that have a bigger price tag. It can actually be detrimental to a product for the price to be too low, as well as too high. So SFIN is currently worth 670k or something ridiculous, and people think "if the price is that high it must be worth something!". Logical or not, the chimp brain sees other chimps giving lots of bananas for the shiny rock and can't help but think 'that must be a great rock!'. So to an extent the low supply high price approach will work, that is inevitable. 

2. The scarcity is tangible, and this is creating a race to get them. On the off chance that they will be worth ridiculous amounts someday. Again this is psychology. The monkey brain can easily calculate: if I have one of those things I will be rich. The steps required to get one almost don't even matter at that point.

3. It has already worked to some extent. There is already a lot of activity around the farms and liquidity pools. Even I, snarky cynic that I am, am diligently staking and claiming and staking my 36 quadrillionths of an SFIN in the vain hope of getting maybe to the point that my SFIN value will appear on a reasonably-sized scientific calculator screen.

So what do we think? Yay or nay? 

I got out of SFIN and continue to stack SGB. I did make the mistake of triggering taxation when I ended up selling my SGB this year to try and get CAND to stake for SFIN in the first few hours, so I’m hoping SGB will go up enough by the end of the year to make up for it.

I’m not even farming for SFIN between the FTSO epochs.

There is one reason why I’d be interested in either ExFi or SFIN - passive income from a staking pool in Flare Loans. 

If Flare Loans is successful, my primary use-case is passive income. It’s the same with Probity. I have no interest in stacking new crypto tokens in the name of “rewards”. I want stablecoin income.

I’ve been able to get a very good amount of DFLR during the initial launch of DFLR and income from DFLR staking pool have been nothing short of incredible. So I might see myself buy either ExFi or SFIN or equivalents on Flare to continue getting some passive income. 

[Fireballseven]

For farmed SFIN you can actually see how much you have earned by tapping/clicking on “ 0.0000” in the farm GUI. Still pretty dumb they don’t show it from the get-go. 
 

Governance, probably something for the future when DAO start to mature. A proper privacy coin I am in, BEAM, allows risk free farming of their governance token BEAMX just now. They have roadmap plans beyond just governance votes on that too though such as getting it an actual worth with liquidity pairs coming soon. 

[Seoulite]

47 minutes ago, Ripley said:

I got out of SFIN and continue to stack SGB. I did make the mistake of triggering taxation when I ended up selling my SGB this year to try and get CAND to stake for SFIN in the first few hours, so I’m hoping SGB will go up enough by the end of the year to make up for it.

I’m not even farming for SFIN between the FTSO epochs.

There is one reason why I’d be interested in either ExFi or SFIN - passive income from a staking pool in Flare Loans. 

If Flare Loans is successful, my primary use-case is passive income. It’s the same with Probity. I have no interest in stacking new crypto tokens in the name of “rewards”. I want stablecoin income.

I’ve been able to get a very good amount of DFLR during the initial launch of DFLR and income from DFLR staking pool have been nothing short of incredible. So I might see myself buy either ExFi or SFIN or equivalents on Flare to continue getting some passive income. 

I am only stacking SGB in the FTSO, I still think it's the best play while we are still early in the ecosystem. So I haven't used any SGB for FF, and am just using the EXFI to farm for SFIN at the moment. The pools and loans and all that stuff still seem a bit strange for me, and I don't have the time right now to track positions for IP or whatever. So i'm just going for the easy do-nothing strategy.

[henne111]

Right now I'm farming WSGB --- SFIN / CAND --- SFIN / EXFI — SFIN / SFIN --- SFIN. Let's see what happens. I'll leave it that way for 14 days.

[JASCoder]

15 hours ago, Seoulite said:

Us humans, with our chimp eyeballs and lizard brains designed to count the number of mangos in a tree or to

Some great observations, friend Seoulite

I share your fascination of human behavior traits derived from our evolved survival success. I've even found one insight (and applied deliberate response) actually helpful in certain stressful situations in a poker hand.

Are you familiar with how the Flight/Fight response in stressful confrontations impairs our higher cognitive capabilities ?

The other one I recently stumbled upon, was the suspected origins of we human's proclivity and enjoyment in moving together in synchronicity ? That one blew my mind.

If you are interested to know more on either of these two examples, I'm happy to dig up the two vids that discuss this.

Cheers m8 

[xrp_sea]

I recently started farming my all of SGB and EXFI to get SFIN. Why? Pure speculation. I tend to go with my gut instinct in crypto and it's served me well so far. In my experience, jumping all in on something early usually pays off. 

[Seoulite]

8 hours ago, JASCoder said:

Some great observations, friend Seoulite

I share your fascination of human behavior traits derived from our evolved survival success. I've even found one insight (and applied deliberate response) actually helpful in certain stressful situations in a poker hand.

Are you familiar with how the Flight/Fight response in stressful confrontations impairs our higher cognitive capabilities ?

The other one I recently stumbled upon, was the suspected origins of we human's proclivity and enjoyment in moving together in synchronicity ? That one blew my mind.

If you are interested to know more on either of these two examples, I'm happy to dig up the two vids that discuss this.

Cheers m8 

Yeah I like that stuff, I used to be into cognitive biases a lot. Learned some useful stuff. Never forgot this infographic that lists a bunch of them:

https://www.teachthought.com/critical-thinking/cognitive-biases/

 

 

 

[JASCoder]

( Sorry all, I'm still off-topic here in my reply to OP @Seoulite ) 

The two items I mentioned in my previous reply are explored in a roundabout way, somewhat tangential to the content I encountered them in. 

First : The human desire to move in synchronicity with others...

It was mentioned in the "Dance Crazes" episode on Netflex's "Explained" (season 3).

While it was only suggested as dancing's origins - I would suggest it also includes tai chi sessions, line dancing, marching bands, cheerleader routines, etc. 

The reason: We evolved to do it for our own protection from wild animals

If you think about it, the New Zealand's Maori's Haka dances are a great example of our vestigial affinity to move in synchronicity.  This is what I immediately thought of when they explained the suggested origins - it's a survival trait !

Just imagine what a tiger would react !

If you want to see some great examples, here's just one video: 
https://www.youtube.com/watch?v=BI851yJUQQw

Second : Our loss of cognitive acuity during moments of high stress.

 

There was an example of this happening which went viral many years ago, of this beauty contestant who was put under the spotlight and posed a simple question... She became completely paralyzed and befuddled, unable to make a coherent response. I saw an interview with her later, she was actually very smart and articulate, and could not explain what had happened to her that night.

In the video below - I've skipped it forward to just past 13:00 minute mark - the lecturer explains how we lose some of the blood flow in our frontal lobes during stress - this is due he explains, because in a "flight or fight" situation, higher level cognitive functions are less useful for a survival response, as we needed more our best reflexes and physical coordination.

He goes on to demonstrate this on stage, and then shows how this can actually be compensated for, by forcing our breathing rate to a uniform pattern. I've actually applied this assist me in difficult spots in crucial poker hands !

"How to hack your biology and be in the zone every single day"

https://youtu.be/0xc3XdOiGGI?t=800

[WrathofKahneman]

Along these lines, I would highly recommend the book my avatar is based on, Kahneman's "Thinking Fast and Slow."

Anyways, just staking single assets to roll into SFIN for now passive income. Really only use for ExFi.

[PunishmentOfLuxury]

Staking EXFI for SFIN on Flare Farm seems to result in laughably small dollar returns. I could earn more by staking WSGB as well, but then I'd lose out on FTSO rewards because FF will apportion 50% of my WSGB to their lamentably poor oracle which returns waaaaay less than the top FTSOs.