Some time ago I wrote my article on Cake Defi and since then I have had some time to really get a good taste of Cake.
And so far my first-hand tasting has been really positive.
I have withdrawn some of the earnings I made. I have added and withdrawn funds all without any issue. I get very nice weekly reports on my rewards everything looks great at first sight.
Now, why I am saying first-hand & at first sight...?
Well because there is a lot of FUD out there regarding CAKE Defi, Publish0x has got a very fanatic account that will call scam on any Cake-related article....unfortunately when asked to provide proof this does not seem to be possible.
Why?
Because right now there is no proof that there is anything wrong with Cake....it is just very sweet Cake. Because honestly their rewards when you join the referral program are just insanely good...and yes that is highly suspicious. Especially now with that Olympic Bake-Off:
From July 22, 2021 10:00 AM UTC to August 8, 2021 10:00 AM UTC, each successful (verified identity and $50 deposit) referral earns the referrer $25, and the referee $50. Get medal bonuses the more you refer. Refer to table below. All bonuses in DFI.
This is even better than what I got when I joined. As in those good old days, you got a $30 dollar bonus if you verified your identity and deposited at least $50......right now that bonus is almost doubled.
Historical Facts
Now last time I did some checks on their Freezer offering. Because I thought it was really steep that my $30 could make me 50K.
What I needed to do to get that 50K, was to just stick my sign-up bonus in the Freezer for 10 years (120 months).
Hence, I made my deposit, which has a $50 minimum, to get the $30 bonus on CAKE DEFI
The bonus is automatically staked for 180 days....but you can just go to the freezer and change 180 days to 120 months and so I did do just that.
BitcoinBaby Holmes
But the investigative reporter in me would not let go of the idea that this all sounded a bit too sweet. So as per the previous article, I found that the earnings on 120 months could indeed change a lot. Please keep in mind the next pictures are from the April 30th Peak of Bull Run.
As you can see I used the same 8.21917 DFI every time and in April that was worth $30 (DFI was worth around $4).
If I would use that same amount right now this is what we would get:
My Bonus in 10 years would........... have doubled?
Only doubled???? Where is my 50K, I can see there is a very different curve now, but the Base APY, Rebate, and freezer impact hardly changed.
I have been trying to do the math on this story based on the assumption that CAKE DEFI is now worth 50% less. This will have a huge impact but in essence, I should end up with half. So that does not explain this huge ass drop.
Yeah, I found it!
It´s the small print that does, look below the graphs from April vs the New one and read the small print:
Future lowering of block rewards are considered for shown amounts, but price changes are not considered.
Where it used to say:
Future lowering of block rewards and price changes are not considered.
But it´s not all bad news that I am bringing, look at this....you make most profit staking your current referral bonus
Staking the $50 dollar referral a year and yes I am using 25 DFI to keep it easy in reality it will be between 45-55 DFI.
In one year my $50 dollar bonus is almost doubled ($44 profit based on the current bearish market value of DFI)
In two years my $50 dollar bonus makes $85 profit based on the current bearish market value of DFI.
In five years my $50 dollar bonus makes $160 profit based on the current bearish market value of DFI.
And in ten years my $50 dollar bonus makes $180 profit based on the current bearish market value of DFI.
So based on this new Freezer situation you can best stake your reward for 1 or 2 years and basically double money that is not even yours.... This means I do not have to wait 10 years for the best return on my investment.
Yes, my dream of buying a Lambo campervan has gone out the window. But still, I see almost 100% profit in a year based on the current bear market. Now if that turns bullish again.... yup start taking out your calculator because your 25DFI would at least double in that scenario.
So what can I say, this current freezer situation looks way more realistic to me than the previous one & way less sweet as well.
But and there is a huge big ass butt here....yes this baby likes big butts indeed.
There is more good news!
Because for those who get worried at some point in time(.....like I did reading this article by a good virtual friend of mine, yes the same guy that got me into this Cake story indeed). The good news is: you can withdraw your deposit.
Yes indeed, you can withdraw whatever you have deposited to get that $50 dollar referral reward
The article Adam wrote made me doubt this whole Cake story, and although he received some good feedback from the Cake Team, and was not able to find any current shady activity, still, I got slightly cold feet. Mainly due to this Dr. Julian Hosp who does not have the cleanest of track records.
Now over the last month, my cold feet got warmer again (it´s summer that helps) and with this new freezer, I think we see a more realistic picture. But my frozen toes made me withdraw some of my initial deposits, which I was using for liquidity staking.
And the cost....... 0.2 DFI
Yes indeed, I only paid 0.2 DFI for removing 20DFI from CAKE DFI to Kucoin. Of course, I had to swap the BTC I used for the liquidity staking to DFI because fees on sending BTC would have been much higher.
Once on my Kucoin account, I swapped it back to BTC and there it still sits as good as new. While I still have my $30 DFI referral bonus locked for 10 years....
Do I worry about that?
Not at all, I have my cake in the freezer, and CAKE that´s in permafrost will stay delicious forever. And if it turns bad, not my money not my problem.
So, now let's get to the bottom of this Cake.
- As I mentioned in my previous article this sounds too good to be true
- But for 50 dollars I do not mind taking a little gamble
- Especially with the current 50 dollars sign-up bonus
- Yes I do know more about Cake DFI now and so far they have perfectly allowed me to withdraw my funds when I wanted
- Yes I do know more about Cake DFI now and there might be shadiness if you look at the fact that Dr. Julian Hosp is involved
- Dr. Julian Hosp has traveled in the gray area, but many businessmen have done the same
- The new freezer reflects a much more realistic profit
- The new freezer would allow me to double my sign up bonus in a year
- While allowing me to withdraw my $50 dollar minimum investment with hardly any fees
This still sounds sweet to me...more realistic but sweet. So I told my girlfriend that I would to the work and come up with the $50 if she would just do the Cake DFI KYC, because I am just a way too curious baby. This still sounds to me like very easy money, with hardly any risk.
I might be fully wrong and in the worst case, I will be $50 dollars lighter next year. But if not I promised to take my girlfriend out to dinner in 2 years from now paying for it with free money.... but I told her we will be having CAKE that night.
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