How to Avoid Bitcoin Scam, Theft and Fraud (2020 Updated)

I've just watched the latest AMA with Forex on Crypto Mike's channel (https://www.youtube.com/watch?v=VVWTf0Iek1Y) and the amount of alpha dropped by Forex is astonishing. He talked about the Piggy Bank, new DOGS and DRIP use-cases, upcoming partnerships (both for the Farm and Drip) and many more. I decided to try to synthesize the details and share with you all the TL;DW version, as I think this is some major news!

Forex has also shared the Piggy Bank lightpaper (a few pages), which should be published soon, but at the moment it's available on his Telegram: https://t.me/forexsharkcalls/930
Prepare for a longer read and consider using my referral (link in my profile), if you find this information useful. Let's get started.

On Piggy Bank:

Official announcement on Tuesday (22 Feb), with launch within a week since Tuesday (so latest 1 March)
The development, testing and frontend UI polishing is happening until Tuesday, then all focus is on marketing and promotion until launch
Piggy Bank will be a time-locked staking of PIGS/BUSD LP strategy that rewards more the longer you stake
If you're compounding at the same or higher rate than the others, the expected ROI is \_up to\_ 3% daily (variable) on all stakes + additional rewards based on the time-lockup multiplier. If you're compounding less than the others, your ROI will start to drop
There are no fees for compounding, but there are 5% fees for depositing and withdrawing (as in the DRIP Garden)
The BUSD part of the PIGS/BUSD LP fees (so half of the LP) goes to the development team to further grow and keep the ecosystem sustainable. The PIGS part of the LP goes back to the ecosystem directly in a form of a lottery (more on that later)
The rewards will be automatically added to your initial investment through the course of the staking period, further increasing your final ROI. Other projects tend to give a flat reward after you finish your staking period, usually meaning it's worth less (due to inflationary aspects of the token) and is not compounded. This is not the case with Piggy Bank
The rewards applied to the principal of the staker make the contract protected from defaulting
The rewards for staking longer will be non-linear, meaning if e.g. you stake for 1 year for 40% additional reward, the 2 year staking period will not give you a flat 2x on your reward (netting 80%), but rather something like 120% and so on with even longer staking \[The above are arbitrary numbers, just for the sake of an example\]
The rewards distributed to you will be growing exponentially the closer you are to the end of the staking period, specifically the first 30% of the rewards will be added to your initial capital in the first 75% of the staking period and the last 70% of the rewards will be added in the last 25% of the staking period. This also incentivize to focus on your compound even more the closer to the stake period end

https://preview.redd.it/tybb6zk9g7j81.png?width=651&format=png&auto=webp&s=92d284fae072d7d69647681a33546d89c62fe27e

There will be multiple staking periods and you can stake in multiple lock-ups from within the same wallet, allowing for different staking strategies
The longest staking period will be 5 years, but you can stake for 1 week, 1 month, 1-2-3 years or even stake in a non-lockup vault
You can compound your dividends as often as you want during your lock period, not resetting your lock period. The compounded dividends will generate even more rewards, which again you can compound to further increase your total ROI at the end of the staking period
There will be an emergency withdraw option, so you can withdraw earlier if you really need to, but it will always result in a penalty of 50% of your principal and locking you from participating in that particular stake for the rest of life of the project, which will make it not worth it if it's not really an emergency. All 100% penalties will be distributed to the others staking in the Piggy Bank

On DRIP Garden:

The system is so thought, that the people who come later have about the same buying power as the people who joined earlier, making it always attractive for new capital to flow into the ecosystem
The price of plants is calculated based on the existing plants in circulation and the total DRIP/BUSD LP contract balance. The plants are not a sellable asset - the seeds are. The total number of plants is constantly increasing and the multipliers (the contract balance multiplier and the time multiplier) put on fresh capital joining is also increasing, making that the new capital joining in has about the same buying power as the capital joined earlier
Hence you don't have to worry about the price of the plants, which will gradually go down as more plants are in the ecosystem, since plants are not sellable. You should only be concerned about the seeds value, since this is what you can sell. The seeds value increases as long as the total contract value is increasing (meaning new capital joins the garden)
The contract balance is currently at all time high. It dropped noticeably with the new projects launching (Manor Farm, Animal Farm, same expected with Piggy Bank), but eventually came back and reached new all time highs
The contract multiplier grows with the contract balance growing, but it stops growing the moment the contract balance stagnates or decreases (meaning the multiplier is not dropping with the contract balance dropping, staying even more attractive for the new capital to join). The time multiplier grows independently 0.1% per day
Hence, even if more people are harvesting than compounding, the time and contract balance multipliers make it very soon a very attractive proposition for the new wave of capital flowing in

https://preview.redd.it/9wa1eciag7j81.png?width=498&format=png&auto=webp&s=9161a6b6e06148bb41d4611e84d54d0dc82614a0

On Lottery:

You can participate in a daily lottery by buying tickets with DOGS or DRIP and have a chance to win a significant amount of PIGS. Very similar to Pancakeswap lottery system
This gives another utility for DOGS and DRIP
As mentioned earlier, PIGS for the lottery are taken from the PIGS part of the PIGS/BUSD LP deposit and withdrawal fees from the Piggy Bank (so they're not additionally minted/not creating inflation)
Forex is considering adding BUSD and BNB to buy lottery tickets, but it's not decided yet, and it will still be preferred to buy tickets with DOGS or DRIP (e.g. by applying a better rate)
The DOGS used for buying lottery tickets are burned, reducing supply and DRIP used for buying tickets is sent to the Faucet

On DOGS and referrals:

The referral bonus will now be dependent on the amount of DOGS you're staking in the single staking pool

https://preview.redd.it/tapmpfwbg7j81.png?width=450&format=png&auto=webp&s=0c48c839a9e21a28143e70231e624a6365f34abe

For 2 DOGS you get 1% bonus for your referrals, 3 DOGS = 2%, 5 DOGS = 3%, 8 DOGS = 4%, 13 DOGS = 5% (max)
Of course you still earn PIGS by staking DOGS in the pool
This is an idea taken from the previous successfull project (BR34P), which allows for better referrals bonuses in the DRIP Faucet, but instead of just holding the token, you have to stake it. In general DOGS are expected to follow BR34P price action development

https://preview.redd.it/7osvroycg7j81.png?width=1585&format=png&auto=webp&s=4dedb8c674128a457296fcb82a94ad439bbe9b28

There's also a built-in mechanic that prevents self-referrals (leeches)
There's an ability to airdrop time-locked stakes to your referrals, so the airdrops are not immediately dumped on the market. Those stakes can of course be further compounded within the time-lock period by the person receiving the airdrop
Right now, there's no tax on buying DOGS, adding DOGS to a liquidity pool (LP) or staking DOGS. There's only tax on additional transactions (like withdrawing from a stake) and selling DOGS (this applies for undetermined period of time)

On development and self-development:

What successful people do is maintaining a positive momentum: compounding their daily work, stacking and building on what they have achieved yesterday, with another improvement today and tomorrow, just like with compounding interest it allows you to stay ahead of the competition and reap compounded rewards later on

On the first Partnership:

Most probable next partnership will be with a NFT platform (competing with OpenSea itself) called LOOT - https://lootnft.io/ (not to be mistaken with $LOOT token associated with https://lootex.io/
This will be the main focus after the Piggy Bank launch and promotion
Forex puts a lot of emphasis on integrity of the LOOT Team, promising long-term results
They're working on a "first-ever, cross-chain NFTs that have utility on two major platforms, on two separate chains utilizing the same NFT simultaneously"
There will be a NFT mint event and the rarity of the NFT minted will depend on the amount of DRIP locked in your DRIP Faucet and a range of possibilities
The range will work as follows: the first (lowest) bracket can mint anything between "Common" and "Average" rarity, the second bracket can mint anything between "Average" and "Uncommon", the third bracket can mint anything between "Uncommon" and "Rare" (but never Very Rare or Average), the fourth bracket is anything between "Rare" and "Very Rare" (but never Uncommon) etc.
The use case of the staked NFT on the DRIP platform will be to earn part of the taxes that now goes to the deployer wallet, meaning you'll earn a share of ownership of the deployer wallet
The same NFT can be staked on the LOOT platform to get a plot of land in their metaverse and reward off of that (for example enabling DRIP-based gaming in the LOOT metaverse)

On the second Partnership:

The next partnership in a pipeline is with a "largest platform on BSC to implement lending protocol on DRIP", which will allow to take a loan against your DRIP Faucet amount
In-between the two partnerships (which are mainly DRIP-focused), the Animal Farm partnership vaults will be introduced, allowing to get PIGS and DOGS tokens with external tokens

Phew, that was a lot. Of course I encourage you to listen to the AMA yourself, as Forex has great attention to detail and talks about his projects with huge enthusiasm.

My few cents to add:

The DOGS token referral use-case will inevitably drive the price upwards
The Pig Pen, which was largely omitted in the AMA, will probably lose a lot of stakers, who will prefer the time-locked stakes in the Piggy Bank, but that will allow the remaining Pig Pen stakers to get better rewards from the BUSD Vault (since there will be less participants to divide the 3% Vault dividend). The rewards will further increase with the total BUSD Vault value increasing

I'm eager to hear your opinions on the AMA and the future of the ecosystem as a whole. Again, if you've enjoyed reading this, I'd appreciate if you use my reflink on the Animal Farm: https://theanimal.farm/referrals/0x3720B40F5ed9A72971b8B7b3290870a963818a54

How to Avoid Bitcoin Scam, Theft and Fraud (2020 Updated)

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