Tuesday, November 19, 2019

Stop Getting Scammed by Trading Systems, Trading Bots, Market Gurus

This might upset a lot of people.

It'll upset the really naive people who actually believe that such things exist.
But more importantly, it'll upset the people that market and operate such "services".

It irritates me to no f**king end that YouTube displays these kind of shitty ads to me:

"Buy 500 properties with no money down and be a landlord"
"Hi I am 20 and I am already retired from trading"
"I help a 90 yo ahma sell shit online for $10,000 in her first month"
"My trading strategy has helped a lot of people quit their jobs and trade from home"

Bloody shit.

So whatever.

I don't want to name names, but think about it and riddle me this:

If you have any kind of strategy that is +EV (positive expected value), would you,
a) borrow a shit ton of money and engage in the strategy and earn all the profits
b) share it with internet people for a low low price of $999 for the 1st secret

I'm so sick of hearing about naive and low IQ people getting scammed because they are greedy and lazy.
Actually, if you are greedy and lazy, I suppose it's going to be a super effective lesson, lol.

You want to sign up for some trading course? Buy some trading bot?
Go ahead and throw away your money.

If it was a good thing, I'd never share it, unless the opportunity is so wide, that I can't capture all of it alone.

You might THINK that crypto sounds just as scammy, but hey, that's totally like, your opinion, mannn. And that also proves just how little people understand about the crypto market.

Saturday, November 16, 2019

I deposit 500 ETH ($120,000 SGD) to earn Crypto Interests

I first blogged about Blockfi on Oct 15. I had put in a casual 200 ETH with them with the intention of earning an easy 4.1% a year of interest in ETH.

Fast forward to the start of November, I blogged about receiving that interest. A nice and expected 0.67 ETH.

One of the reasons why I decided to blog about Blockfi is to force myself to be more organized about segments of my crypto and to also demonstrate to curious people how wildly different the crypto space is from the "traditional" stuff.

Well, the interesting news of November is that Blockfi announced that they would be raising the maximum deposit limit eligible for interests from 200 ETH to 500 ETH. You can check the latest rates here, but here's the screenshot of the page since y'all probably lazy.

I would imagine that this change probably does not affect most people. I mean, how many of you have spare 500 ETH just lying around?

I mean, I do. But I'm a crypto degen that has been in the business for quite a while, and I have actually had some success in my degen habits, so I suppose my situation is not really the same as everyone else. Anyway, since I had spare ETH lying around, I decided to spring clean a few accounts and top up my BlockFi account to 500 ETH and milk it good for those sweet interests.

And how much is that worth in SGD? As usual, just punch in "500 ETH to SGD" into Google and you get the answer.

Hot diggity damn. ~$120,000. That's a nice lil' stack of ETH I got in there, eh?

So why am I putting in ~$120,000 worth of crypto into a recently launched crypto fintech startup with no real operating history for some piss interest?

Because I can, kek.

That's just how I roll. I'm a big pp chad.

There's a reason why crypto is so wild wild west - because it actually is. Please be very aware and walk in with both eyes open regarding the risks of custodianship with a foreign entity. Please, I beg you. If you are a humji chicken shit, please do NOT do what I am doing. If I lose my 500 ETH, then what? I suck thumb and move on. Life is like that. Life is all risk, and then you die. What are you gonna do about it? But I digress...

I am planning on sharing the results of the interest next month. However, since it's already mid month and I had my liquidity a bit scattered, to calculate the amount of interest for the month of Nov is going to be very messy. I'd estimate that the interest I'd finally get paid out for this month on the 500 ETH deposit balance is going to be ~3%, probably a bit under. Roughly just over 1 ETH, I reckon.

Anyway, the interests for December should be better since my whole 500 ETH should be earning interest the entire full month (unless they play around with the eligible balances again!). In which case, I'd probably be looking at roughly ~1.7 ETH paid out at the start of Jan 2020.

Phew, it looks like I'm getting a bit ahead of myself!

I'm still patiently waiting for USDC to be enabled as a deposit type and eligible for interests on Blockfi. I might put in a chunk of USDC to continue my experiment.

Okay, that's it for my post on BlockFi. I probably won't have anything to update until the interest payout at the start of Dec. However, if they do decide to add USDC, I'll definitely update about it and canvas for interest in me making a simple SGD -> USDC -> BlockFi guide.

<insert usual disclaimer that crypto being super freaking dangerous and you shouldn't do anything that you don't understand what you're doing>

Obviously, since crypto is volatile, that 500 ETH could well be worth $50,000 in a few months. Likewise, if the resurgence of interest in crypto comes round again, ETH just needs a simple 8x for that to be worth ~$1M... so roughly all it has to do is go back to all time highs, haha.

If you already own some crypto and are just sitting on it in your Coinhako, Coinbase or Binance SG account, why not consider if it is worth the risks to move it over to BlockFi and earn some returns on it?

That said and done. if you want to give BlockFi a try, remember to sign up with my referral link and you'll be blessed with many many luck, huat ah!

Saturday, November 2, 2019

Collecting my Crypto Interests (Oct 2019)

It's the start of the month, and the best part of every month will always be me getting credited interests from my previous month of deposit balance in my crypto interest account!

As a refresher of exactly what the hell I am talking about, at the start of October, I deposited in 200 ETH into my BlockFi account, which is ~$50,000 SGD.

BlockFi pays out interest according to the table below (they do change the amount and limits so be sure to check here for the latest):

So as predicted from a 200 ETH balance earning 4.1% interest, it works out to be roughly 0.67 ETH. Roughly about $150, depending on the prevailing ETH price, which isn't too shabby, eh?

Boom. What do we have here?

Aww yeah. My interest payment of ~0.67 ETH, very promptly paid.


I hope you guys read my earlier post about the $10 BTC promotion that was going on at BlockFi and signed up using my referral link. Actually, I am pretty sure that quite a few of you did sign up and got the promotional deposit, because I received my end of the promo too.

Good lobang right? You win, I win.

Not only that, but now you also know about and have access to an account that can pay you interest in crypto and also stablecoins.

Feels like a scam to you? Withdraw everything and go sell. With that promo, it's a 1 month 10% ROI with enough profit that you can go buy yourself a few bubble tea. Like it so far? Continue watching me and if you feel comfortable, do it for yourself. Feeling uncomfortable? Link your financial sexpert friends to my article and ask them to call me a ponziman rat poison scammer chicken nugget chocolate banana pie.

I plan to blog about my BlockFi interests every month, along with my scrutiny of their business and changes about their rates and tiers.

I will be expecting them to be announcing that USDC will be available as a deposit type soon, in which case I have plans to deposit quite a bit of USDC with them. I guess I might also do a post on HOW to get from SGD to depositing USDC with BlockFi, which requires a Circle account.

Tell you what. If enough people register through my referral links, I'll probably do a post like that to teach step-by-step how to earn interest with USDC on BlockFi. If no one cares, then I'll probably not do a post like that, since it's probably a waste of time. I'm sure most people are here just to watch me blow up with my crypto investments, rather than learn how to earn 8.6% pa on a USD stablecoin.

Anyway, I'm quite enjoying BlockFi so far. Of course it has risks. Everything in life is risk, and then you die. Like I always say, if you scared or humji, don't do. I never ask you to do. Only saying if really ownself want to do and want to know how I do, this is how I do it. And if it is good enough for me, perhaps it could be good enough for you too? I don't know la. You lose money don't find me. If you make money, I also won't go find you.

For those that are now onboard the BlockFi train, welcome! Look forward to my monthly posts! If you have any suggestions or questions about BlockFi, feel free to comment below. I do want to make it such that people that wander on my blog or get shared a link from friends can easily understand what is actually going on and how to start, IF THEY CHOOSE THEY WANT TO TAKE ON RISKS AND DO IT.

I can't stress this risk thing enough. A lot of people seem super mega humji about a lot of things. Obviously there are risks. And in crypto, there are plenty. Stay safe out there.

Tuesday, October 29, 2019

China WILL launch its own "digital" yuan aka CRYPTO RMB

For all intensive purposes, any "digital" crypto from this point onwards in the world is probably referring to the crypto version of the fiat currency. And once a country rolls that out, there will no longer be as distinction between crypto fiat and all other forms of the fiat itself. In fact, I dare to say that any non-native forms of the crypto fiat is merely a representation or abstraction of the direct ownership of the crypto fiat (custodial risks).

Govs won't want to say "crypto", because that sounds scary, so they will just stick with the very neutral "digital".

While I totally 100% expected this, I am just blown away by the absolute speed that this is progressing. The digital RMB is announced and will be rolling out over the next few quarters, though trials are expected by the end of the year.

So their digital yuan is actually crypto yuan which will be running on their DCEP network. I guess? As if my Chinese is good enough to read technicalities on blockchain, lmao.

I did just freaking say yesterday that:

Looks like China is being very smart to not only go digital, but go with blockchain. This is very clearly a stepping stone for them to educate people before they can roll out their digital / crypto RMB.

I think that within a few years, all RMB will be crypto-based, which means Alibaba and Wechat will not be simply processing internal database updates of balances, but they will be connected to the RMB blockchain. Of course, nothing in life is certain, but in my opinion this is blatantly obvious as to what will happen in the future. 

Am I an oracle?

No, it is bloody obvious. As with many other things.

(such as which of my crypto will pump and make me a multi millionaire, but I jest)

What is also very obvious is that this will cue a lot of other countries to begin to digitize (READ: crypto-base) their fiat.

While the US and most of western Europe take turns blocking Libra and shitting on the notion of a corporate cryptocurrency, China has just surprised buttsex everyone by going straight to a national cryptocurrency.

At this early stages with so many unknowns, what I can see is that Alipay and Wechat will basically transform into a giant front end wallet UX for accessing and storing the crypto RMB rather than do the direct processing of money transfer. Transactions will be done by the DCEP, while they try to add value by connecting those payments to auxiliary services they provide. Nothing new, except that basically they will take a massive hit on anything payment/banking/finance/investing related, though I do see it entirely possible for them to be kickbacked a certain amount for funneling that volume. Jeez, sounds like affiliate revenue, doesn't it? Hah.

Anyway, that is honestly just the small issue. I already mentioned the bigger issue before.

Depending on how quickly other countries react and proliferate their own national cryptocurrencies will ultimately decide their future if crypto RMB will become in the future what the USD is today.

I have to say, China's massive footwork, background homework and current progress and position is putting them is a YUUUUGGEEE headstart compared to almost any other country in the world. I find it extremely unlikely that the US can do anything about it. The most "obvious" counter to this crypto RMB is actually backpeddling on Zuckbucks and make it a China vs the Rest of the World situation.

Whatever the bloody case, I continue to happily stack censorship and seizure resistant cryptocurrencies because unlike regular people I actually care if my money is actually MY money.

Imagine being so grossly naive and still thinking that in 2019 blockchain technology is simply an expensive database (and not what the implications of controlling that technology entails) and that cryptocurrencies are a scam.

Just imagine that.


Monday, October 28, 2019

"Blockchain" Booming in China. Good for money, Bad for freedom.

Gonna blaze through this post with some facts, then end with some thoughts.

China "blockchain" stocks are limit up 10%.

Even talked about on CCTV2.

Blockchain and Bitcoin searches spike in China.

Politics aside, I think it is quite clear what Xi has done for blockchain.

It is now political and career suicide in China for any individual or business to carelessly make public remarks and say that blockchain/Bitcoin is a scam or a ponzi.

Looks like China is being very smart to not only go digital, but go with blockchain. This is very clearly a stepping stone for them to educate people before they can roll out their digital / crypto RMB.

I think that within a few years, all RMB will be crypto-based, which means Alibaba and Wechat will not be simply processing internal database updates of balances, but they will be connected to the RMB blockchain. Of course, nothing in life is certain, but in my opinion this is blatantly obvious as to what will happen in the future.

As most regular people simply fail to understand, the blockchain makes this exceedingly TRANSPARENT where everyone knows every transaction. This makes it probably the WORST form of money when transacting in illegal activities.

Of course, China knows this very well. Do you know what will happen once the crypto RMB rolls out? Tax evasion and money laundering will drop to near zero. It will be near impossible to do any illicit transaction since everything will be recorded and it will be impossible to evade since the system mandates that you use crypto RMB for everything.

However, this also means that you hand over complete authority over your finances to your government. I don't know about you, but that is something that I will definitely NOT be doing, at least not for the majority of my wealth.

China's social rating system is already live and at a level where people can be totally locked out of basic goods and services because the government has blacklisted them for whatever reason. Imagine the grip they have over your balls if they can control your bank accounts too - all of them.

Obviously, this crypto RMB will GREATLY extend and enhance the reach, power and control that the Chinese government already has over it's entire population, but also anyone in the future that will ever hold or transact with digital RMB.

So while I think it is an excellent development that China has officially recognized blockchain technology (and Bitcoin and Ethereum are IMPOSSIBLE to be censored or avoided when understanding and teaching blockchain), I am almost certain that this technology will be used for nefarious purposes.

Bitcoin and crypto may pump on this news, but I would be wary and understand what is actually going on.

Unlike the future digital crypto RMB or USD or even SGD that WILL appear all over the globe in the near future (whether you like it or not), Bitcoin and Ethereum will always be outside of any government's control.

If you're snoozing on "blockchain", wake up your idea. Most of you are greedy and want to be in it to make the sick 1000%+ gainz. But when you understand the power of open and decentralized cryptocurrencies and what that means for financial and personal freedoms, only then will you truly realize why they are so valuable and why idiots like me are willing to throw down $10,000 to buy a Bitcoin.

When the time comes for Singapore to go crypto (they will call it "digital"), I can bet with you that the issues over privacy and financial control will barely even be mentioned, and the entire initiative will be rubber stamped and executed without so much as a squeak from the population. Mainly because everyone is too uneducated on this topic.

My only hope and wish is that normal people can wake up and understand what the hell is actually going on here. Probably not gonna happen. Most people are sheep. Bitcoin baaaaad. Rat poison. Baaa.

The future has just gotten significantly more scary.