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.


Noice.

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.

7 comments:

  1. It is risky. They maybe another scam, now they act OK, later as more deposit. then they run road. Better take care. Like so many exchange saying got hack and so on..

    ReplyDelete
    Replies
    1. Nothing is riskless. You take a risk, and then get compensated with a return. The risk of "run road" is a very obvious and known risk that exists with all centralized custodians. Whether or not the return is worth this risk is up to you to decide.

      Delete
  2. I also placed my crypto in DeFi (another competitor starting with C). Some companies use BitGo as custodian. It only stop the risk of unauthorised larger transfer but not if the authorised person is out to run.

    ReplyDelete
    Replies
    1. Celsius? You can't stop anyone from running road. Onus is on you to dyor and stay updated with as many options/scenarios as possible. No free lunches in the world.. especially in crypto.

      Delete
    2. I use Celsius too.

      Yup, basically the biggest risk of all these centralized platforms is the custodial risk. Them being malicious and run road, or losing it all due to poor tech security, has the same effect - you as a user lose your deposits with them.

      The risks cannot be overstated. You only have an IOU receipt with the centralized platform to redeem your coins. If you are not comfortable taking on custodial risks, it is better not to use the above services.

      Delete
  3. The $10 BTC promo still available?

    ReplyDelete
  4. Wow what a great blog, i really enjoyed reading this, good luck in your work. Crypto Promotion

    ReplyDelete

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