Saturday, November 23, 2019

What Crypto Bear Market?

BTC peeked under $7k and ETH was down to $140 at one point of time yesterday.

The market is ~30% down from the start of the month.

Even my 200 ETH and then 500 ETH deposit into BlockFi is down from the time when I deposited my ETH in there.

But what is 30% down for the minority of your portfolio, if you have a concentrated position in something that is up 3000%+ YTD?

I just wanted to flex that on everybody. Now with that out of the way, it'd probably crash as the universe tries to teach me to be humble. Or maybe not. Maybe the universe wants me to be an arrogant asshole and flex on closed minded people. I know naught of the higher powers and their intentions. Wew, ramblings aside.....

Who needs to be a FA/TA guru paper trader making consistent alleged 20-30% returns annually when you can just 1 shot 1 kill 3000%+ gains in less than a year?

Not me, that's who.

Anyway, the crypto market is panicking, but I feel fine. Gonna be away for a while, so probably very quiet on my side until the end of the year. I'll probably still tweet though. But basically no new blog posts, comment or email responses until I get back. I might squeeze in the BlockFi update if I have time. Maybe I will, maybe I won't.

As always, crypto is dangerous AF. It's not meant for the weak or the lazy.

Just sit back and relax and watch me maybe get insanely rich from playing with "rat poison".

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.