Tuesday, December 31, 2019

Goodbye 2019, Hello 2020

I had actually drafted an arrogant flexing year end wrap up blogpost, but one of the things I am trying to do lately is to be less of an asshole, so I decided not to post that.

I would like to say that 2019 started off as a tough year for me, as the crypto markets began in the shits. However by mid year, the performance of SNX was doing so well that things was all okay for me. Naturally being in fat profits is a happy thing, no?

Unfortunately, most people I know in crypto have their portfolios languishing quite terribly. I do honestly still think that the future for crypto as an asset class is bright (and will be much broader and encompassing than what most people imagine it to be), but these days I also think that it will be a long drawn out recovery, and lots of people are going to get shaken out of the market. I really do hope that we all can make it through.

There isn't really much to say which is not finance related other than that I am very glad 2019 turned out to be a great year for me in terms of investing, and I am quite keen and looking forward to 2020 for the other crypto projects that I am invested in to mature and also give good returns.

In fact, I am thinking a lot more about 2020 than I am about reflecting on 2019.

There are lots of things that I want to accomplish, and I feel that I have been holding myself back from accomplishing them.

Life needn't be so complicated.

You want something. You break it down into steps and work backwards what you need to do. You do it.

There's quite a few things that I want to do in 2020, and also plans for the next few years. I find the notion of "calendar year" planning to be a bit silly, especially if I have goals and plans that stretch out further than that.

One of the things that I really did not expect is to obtain the amount of wealth that I have right now, bright and early, even before I turned 30.

At this point, I honestly and sincerely do believe that I can quit my job and never work another day in my life specifically for money. Any work that I would do, would be work that I want to do and voluntarily subject myself to do.

Crazy, isn't it?

I've heard of this question before, but unfortunately it seems that I have not pondered on it seriously or deeply enough.

"If money was no longer an issue, what would you want to do with your life?

I guess for me, 2020 is going to be mainly about inwards soul searching and thinking about life and what I want to do with it, while also going auto-pilot with my day job and managing my crypto.

Financially, getting a house, setting up a retirement fund and having a draw down plan, blah blah blah, all those are the boring and easy bits. Please bitch, I am GMGH.

Well, don't mind me. I'm just agonizing over my "rich people problems".

I'll still be on crypto Twitter for a while. Gotta keep hustling and pumping my bags, amirite?

Anyway, I hope you all had a good 2019 and I hope 2020 will be great.

Tuesday, December 24, 2019

Collecting my Crypto Interests (Nov 2019) + topping up to 1000 ETH ($170k)

It's that time of the month again. Sorry I am late, I was busy at the start of the month.

I'll try to follow the same format as last month, but of course with the updated figures.

Since the start of Nov, BlockFi has:
- increased their limit to 500 ETH
- further increase their limit to 1000 ETH
- further increase their limit to 10 BTC
- updated their interface
- added the functionality to trade between cryptocurrencies DIRECTLY on the platform

This is probably really good news for the big Bitcoin bulls. Personally, I'm very lukewarm about BTC, but that's just me. Hence my heavy allocation in ETH and me having so much spare liquidity that I can max out my BlockFi limits.

So, as predicted last month with my estimate of "roughly just over 1 ETH", here is my interest payment for the month of Nov.

As you might've noticed, it looks different from last month, and that is because they upgraded the interface to look a lot more modern and professional. I quite like the new look, although it of course does take some time getting used to the new look to quickly navigate to where I want to go, but overall still very intuitive.

Of course, with the new 1000 ETH tier 1 limit, I have also increased my deposit with BlockFi to 1000 ETH.

If I feel less lazy to consolidate my different BTC UTXOs, I might fill up that 10 BTC limit too, which looks very juicy...

Anyway, my pathetic 500 ETH has gone down in value from about $120k to ~$86k. Oh well, guess I'll just be poor then, haha. At least I have another 500 ETH just lying around, eh?

The new trading interface is very handy. The only problem is that there is a $10,000 daily limit. I suppose the biggest convenience of it is that for people with BTC and ETH collateral and receiving BTC and ETH as interest, they can very easily convert that interest in GUSD (or other stablecoins in the future) and in a way, "live off" their interests. Of course, assuming that the interests received are large enough to cover the forecasted expenses that it should be covering.

For people with larger trading requirements, I suppose they can just simply transfer it out to Gemini and do their trading there. Then again, it is also another nice way to "throttle" your moves and forces you to be gradual and less binary if you're a lazy person, and that can actually help prevent making rash decisions. But I digress.

Anyway, as per usual, this is just G doing big boi G stuff. This is my ref link if you wanna be a degen like me.

There's lots of risk in leaving your money with a custodian. This goes even for the traditional finance space. If humji please don't do. BlockFi tomorrow run road, what will I do? Just move on with life lor. Lan lan suck thumb, what can I do? So please don't put all your eggs into one basket. This is simple and basic risk management.

That is all. Stay tuned for the update next month. (Probably late next week)

Saturday, December 21, 2019

Checking on my $50K Crypto Account

I just read the Q4 summary of the Unintelligent Nerd and that reminded me that I have shared about my public ENS address which I use to "stake" my SNX.

I thought I'd revisit my old post where I shared about it. You can go read there first if you've never heard about it.

So first thing's first, let's go look up my ENS on Etherscan. This is what we have now.

So if you remember 2 months back, the value of my tokens were worth $37,689 USD, or ~ $52,000 SGD at that point of time.

Since then, the price of ETH has slide from $174 USD to $128 USD, or -26%.
Yet at the same time, my portfolio here is up 85%.

At today's exchange rate, the value of the tokens here is ~$94,000 SGD.

So about $42,000 SGD profit in 2 months. Lol. Madness. I know right, haha.

But actually hor, it is even more. One thing that the Unintelligent Nerd did not really elaborate on is that the SNX rewards you receive are locked up for a year, and only then you can claim it. This means that Etherscan does not show the amount of escrowed rewards I have received from staking since it is credited to my account but is being held in a different address because I can only access it after 1 year.

Anyway, long story short is that I actually have another $27,000 USD worth of tokens which are currently locked up for a year. Or about $36,000 SGD.

Lol, yes, even more insanity on top of the existing ridiculousness.

So if you trust my math, I've crunched the numbers and the actual absolute value of my account after you consider the complicated debt part about the Synthetix system is... about ~$115,000 SGD.

Anyway, I know you guys get massive erections when talking about passive income, so what is my "dividends" from SNX staking?

Just 2 days ago, I collected my rewards due to me for the past 2 weeks. It was $2100 USD, or about $2800 SGD.

So yeah, my "income" from just this SNX investment from doing all the staking work is about $1400 a week. That's about 1.2% a week, which are roughly similar numbers that UN has testified to.

Anyway, let me make this crystal clear, this is NOT a solicitation for you to buy SNX and stake it. SNX is extremely complicated. As with crypto (and all things in life), there are risks. I understand the risks, and I am willing to assume those risks in exchange for returns. So far, good deal. But I know how to manage my risks. I know how to spot upcoming risks within the platform. I know how to exit my positions. I have the knowledge to do all these things, and I also have the capital and time to execute them. You, my lovely dear reader, probably do NOT.

To conclude, I'm currently making money in rat poison and you should just burn with jealousy and watch this degenerate gambler get even more rich as you cup Uncle Warren's hairy balls, got it?

Jokes aside, I might do a 2019 review, I might do a flex "woo im a millionaire, bitch" post, I might do a "2020 and beyond" post. I have not really thought about it yet. Between me having a real life (job, family, friends), shitposting on twitter and making bank with crypto, writing blog articles has fallen quite low on the priority list of things that I plan to do. I also got to remember to do the givingweek for 2019. So much things to do, ugh. Hustling is tiring.

In fact, there are some crypto things I need to refresh my skills on to prepare myself to become insanely rich in 2020. I should focus on that, since that's an activity that will give me money, but then again me flexing in the bloggosphere strokes me ego and that will give me a sick sense of pleasure. Oh well. Perhaps if I need to take a break, I'll pump out a post or two.

Happy holidays folks.

Tuesday, December 17, 2019

Small Quiet Announcement

I purposely did not have a clickbait title today because just wanted only the long-time readers and people who follow me to know the update, as opposed to trying to draw in a newer audience to observe my financial recklessness.

Notice anything different?

I would like to announce that your friendly GMGH is now a millionaire.

I have done the probably unimaginable and have actually managed to bring my net worth to over $1 million before I turned 30.

Yes, a large chunk of it is crypto net worth.
Yes, if crypto crashes hard from here, I probably will not be a millionaire anymore.

Mind you, Bitcoin is at around $6k+ USD and ETH is at $130+ USD, and the whole market is still being a piece of shit for the last 2 years, but yet my portfolio is relatively doing quite well. Maybe I am "lucky", or maybe I just happen to be really good at this game, but hey, profits is profits.

You can hold off the congratulatory messages if you have any, because I am still planning to hustle hard in crypto for a while more, so I am not retiring soon, although I probably can. I'm not much of a FIRE investor like most of you guys anyway.

While prudence would tell me to take my profits and run, if you could see what I see about how ridiculously easy it is to make money in crypto, you would not leave until you milked this cow dry either.

I'll leave the elaborations and flex memes for another post on another day, but as 2019 closes and me going into my 30s, I just thought it would be a nice announcement to make.

That is all, hope you all had a great year too.

Monday, December 9, 2019

Get "Woke" about "Passive Income"

Just read this comic by the Woke Salaryman. It describes the ever popular trend and fad of "passive income" investing and it's allure. I doubt we'll ever see it cease to be a popular investing strategy. Even personally, I like the concept and idea of free-rolling on interests. It is just overall a very appealing concept.

I would implore all to read it. There seems to be a very unhealthy obsession within the Singapore financial blogging community about "passive investing".

At some point, people will see the common sense that simply banking THICC capital gains and drawing down on it can be superior to "omg yay my dividends are in".

Then again, I am not surprised that so many people value the passive income strategy at an immense premium, given that the majority of people still think whole-life insurance has ANY part to play for your regular Tan Ah Beng.

ImAgINe pAyiNg TeRM pREmIuMs AnD gEtTinG nOThiNG bAcK LOLZ

Yes, I am mocking people who unironically think that whole-life products are good for anyone other than their insurance agent.

The TLDR; is that passive income investing either requires a lot of effort + skill (which many people lack), or requires a ton of capital (which many people lack). And that's the cold hard truth, sorry not sorry for getting you "woke".

Of course the counter argument is that everyone has to start somewhere, and I agree on that. What I disagree on is that the "passive income" process is the superior process. In fact, I think that it's the overrated and harder process. But that's just me and my insane ramblings.

What do I know about success investing anyway? I "gamble" with rat poison and its variants.

Anyway, regular programming of crypto posts should be coming back soon.