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datadanne
@datadanne.eth
slowly getting there ⌐◨-◨
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@pip
any thoughts on how/why this is better than just stacking eth? Nouns auction doesn't accept $nouns so u limit urself to whatever is in the pool, and if u change ur mind u can't exit without massive loss bcos no liquidity, hard for me to make sense of it from the pov of wanting a noun, but also I want it to make sense I guess
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datadanne
@datadanne.eth
I don't really think it makes sense from a financial pov, but I don't think buying a noun from auction does either :D I like it because it feels like a piggy bank that I'm using to save for a noun, eth is the general onchain currency but $nouns is only for buying a noun. Plus: - it is nice to earn $nouns from rounds. if it was eth I would think of it as money, but when it is $nouns I think of it as part of a noun - there have been some good opportunities to buy $nouns way cheaper than what a noun costs at auction Good point about limited liquidity but you can always exit by buying enough $nouns so that you can swap for a noun and then sell the noun into a OS/blur bid
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@pip
Yes that is the only way to exit but you'll end up losing there too because the erc20 rn costs 3.5e but the bid you could sell at closer to 2e... Would lose so much. Appreciate the view of seeing it as % of noun and nothing more (which it is, just not very efficient imo) thanks for sharing ur thoughts
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datadanne
@datadanne.eth
Yeah that’s the problem with such low liquidity.. but I think you could get the erc20 for close to the noun bid price though if you’re a bit patient, afaict there’s only a few ppl that are actively trying to stack towards a noun so I’m guessing some rounds winners will end up selling etc
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@pip
There's also a new token about to drop: $⌐◨-◨
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datadanne
@datadanne.eth
oh really? where can I read up on that? also I looked at buying more $nouns yesterday & realized how bad the liquidity situation is right now, if you want to buy 0.1 eth worth of $nouns there's a price diff of ~7%, and for 1e the price diff is over 30% :(
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@pip
Yep not good right now and feels irresponsible to not make that clear to people. Here is the other token that is finished apparently just requires audit: https://www.nouns.camp/proposals/537 of course this will run into same issues without sufficient liquidity but I am hoping 50+ nouns in this pool...
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datadanne
@datadanne.eth
Ah interesting, thx! Did they post an update somewhere that the implementation is done? 50+ nouns in that pool would be good for both tokens since you can always swap $nouns -> noun -> $⌐◨-◨ -> noun
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