Thursday, February 13, 2020

Opportunities are Alive and Well in Crypto World: Profit of $200,327.67 SGD in 6 weeks (+114%)

At the start of Jan, I posted about my BlockFi balance.

I had $126,435.72 USD worth ETH, which in SGD today is $175,489.25 SGD


I just logged into my BlockFi account today. Guess what I saw?


It is now worth $270,780.10 USD, or $375,816.92 SGD.

Casual unrealized profit of $200,327 SGD.

Is this a flex?


Maybe it is.

But it is entirely truthful as well.


Anyway, whatever.

Plebs will always be plebbin'. It's a fact of life.

This will probably net me more enemies in the local space, but meh, I don't give a shit.

My views on all trading courses, seminars, MASTERCLASSES are all the same - extremely low.

Very low opinion of people that go for these classes.
Even lower opinion of people that "professionally" teach these classes.

If you were such a god-like trader, why the FUCK would you teach plebs for $5k?

The crypto market is liquid AF for the major pairs. Bitmex 24hr volume today was $3.1 BILLION. The only logical reason is that you're a LARPer.


Anyway, I decided to take out some liquidity from BlockFi, so my balance next month probably will not be 1000 ETH anymore. I'll see how. Opportunities are appearing before me, and the expected ROI is more than 3.6%.

Don't even bother to message me about what it is.

I have got nothing that I want to sell you or shill to you.

Yes, it is very unfortunate, but I don't have a masterclass.

Wednesday, February 12, 2020

GMGH's Crypto Starter Pack v3.0

I think there's actually a lot of people already interested in the crypto space and are just not sure how to start, or are getting interested with the recent headlines on price, so here's my refreshed v3.0 starter pack to hopefully help out a bit, since my last post was last 2017 and a lot of things have changed since then.

Password Manager

Essential for enhanced security since you will be solely in charge of managing your digital assets.

I shill Dashlane a lot, but I don't need to include a ref link because I've referred so many family and friends to use it, that I have free membership up to their max, which is til 2023, lol. But if you want to use my ref link, it's on the right sidebar.

I have heard that Lastpass or 1Password are good too.

Honestly, really doesn't matter that much, as long as you have one.

2FA

You can use Authy or Google Authenticator.

You should NEVER use SMS 2FA because your telcom can be attacked through identity impersonation or even a rouge employee.

Use one of the above, or something similar.

SGD/USD Bank

Since most exchanges accept deposits in USD, the question is how do you get SGD to USD to enter, and later USD back to SGD to exit?

Personally, I use DBS and DBS Remit, but basically any bank with USD sending and receiving capabilities will work.


Fiat-Crypto Exchange

There's a ton that you can choose from, but I can only speak for the exchanges that I have used myself which I personally found to be pleasant and fuss-free.

Binance.sg (SGD) (ref link for bonus $20 SGD after first $100 traded)
Coinhako (SGD)
Gemini (USD)
Bitstamp (USD)

USD Stablecoin Tokenizers

With the rise and popularity of stablecoins, an alternative route of sending SGD as USD to crypto-fiat exchanges is to actually send SGD to USD tokenizers, and generate a stablecoin, which you can send to the crypto-crypto exchanges for trading instead, or to use as deposits for lending platforms or DEX lending.

I think Circle (USDC) is the great. Paxos (PAX and BUSD) are good too, while Trust (TUSD) is the least popular. I have accounts with all of them, but that is because I am a crypto power user.

Crypto-Crypto Exchange

Goes without saying that the hands-down best crypto-crypto exchange is Binance. From then onwards, it really depends what kind of niche altcoins you want to trade at. I find both Kucoin and Bittrex to be legit, smaller exchanges. My referral link for Binance gives you back 20% rebates on all your trading fees (the maximum possible kickback)

However, a new breed of decentralized exchanges are becoming very popular, but requires high level understanding and familiarity of using Ethereum. Instead of directly using the different individual decentralized exchanges, I'd recommending using a trade and liquidity aggregator (something like skyscanner or agoda lol) to source the best price for trades.

1inch.exchange, DEX.ag and Paraswap are your best choices for Ethereum liquidity aggregators.

Crypto Lending / Interest Earning

One of the biggest new sectors that have emerged but was non-existent in the previous bull market (for regular people, anyway) is the existence of crypto lending (and borrowing) platforms.

For the custodial options, obviously you know that I have a massively strong preference for BlockFi and have myself put in a sizeable amount of crypto assets there. Not only do they support earning interest in BTC and ETH, but they also support USDC, so you can earn 8.6% pa on USD with no restrictions. If that isn't mind-blowing, I don't know what would be.

Other custodial options include Celsius and Nexo. I have also used both, and I believe that both are fine, although I have a better impression of Celsius, while Nexo has a nicer interface,

For non-custodial options, similar to decentralized exchange liquidity aggregators, you should bypass the lending platforms directly and instead use the yield aggregators, which will automatically shift your assets from platform to platform to ensure that you are always earning the best rates.

Idle Finance, iEarn, Staked's RAY are 3 such products in the market now. Topo Finance is in beta and coming out soon.

Hareware Wallet

Once you have a decent amount of money in crypto, you would want to get a hardware wallet.

Get a Ledger or a Trezor. Personally, I have both and have used both. I used to prefer Ledger, but now I prefer Trezor.

I have bought a couple from Pennywise, which is an authorised retailer. You can shop around, there's probably more sellers now.

Closing Thoughts

The crypto place is scary and dangerous.

If humji, please don't do.

If want to do, please use your brain, get yourself educated, and go out and take risks and make the returns.

Don't listen to anyone without identifying their agenda or bias. Even me. For example, I'd prefer if all of you sign up with my BlockFi ref link and swap all your SGD into USDC and just earn 8.6% pa there. That is my obvious bias. But I walk the talk. I have been a customer and depositor for over a year. Yet many people out there be shilling shit that even they wouldn't touch themselves, if not for the perverse incentives for them to shill it.

There's so much bullshit in the space, you need to be able to smell it and cut through it.

Be wholly and fully responsible and walk into every action and decision with eyes wide open.

The crypto place is not for lazy silver spoon crybabies.

I have seen most people in the space get rekt.

Too much greed. Too much risk. Too much trust.

Not enough skepticism. Not enough diligence. Not enough brain.

Just assume that everyone is out to scam you or screw you, and you'd probably be fine.

I even have people impersonating me and trying (and some have been successful) to scam people.

No kumbaya or hand holding in the crypto space. It's a dog eat dog world out there, and it's best to be entering in with a steeled mindset about all the crap and nonsense that goes down in there. It is brutal and ruthless and lawless.

If you are ready and willing to risk it all in the pursuit of glory, suit up, and roll out.


Remember, no one else is watching your back, so stay safe out there, you hear?

Friday, February 7, 2020

Calling Out Blogger Bullshit

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Edit: Adding this because it was brought to my attention that WRX is now 500%+ profits lmao
=============================================================

Rarely do I do this, so you best be sure when I do, I have a reason to.

I was linked from someone to read this Dr Wealth post about "Opportunities are Alive and Well in Crypto World: 200% Gains on Wazirx". Please read it for important context.

Facts:

Fact 1 - it is very CONVENIENTLY left out in the entire post that to qualify for the IEO, you are REQUIRED to hold onto BNB tokens to increase the number of LOTTERY tickets you can get to POSSIBLY subscribe to the IEO (LINK)


Fact 2 - You need to hold 500 BNB to maximize the number of lottery tickets (10 tickets)
Fact 3 - You must hold at least 50 BNB to even qualify for 1 ticket
Fact 4 - 500 BNB at today's price is ~$14,000 SGD
Fact 5 - 50 BNB is ~$1,400
Fact 6 - Each ticket only has a 7.31% chance of winning a single allocation (LINK)


Fact 7 - Chris Long sceenshot shows the allocation of 1 ticket
Fact 8 - His profit was ~$600

Fact 9 - (to my best memory) every single Binance IEO has listed immediately in profits


Fact 10 - you do *not* need to attend a Cryptocurrency Masterclass to know this

Since I have been excommunicated from the circle of SG Finance bloggers after I went 100% all-in on crypto in 2017, I just keep my head down and have just been doing my own shit.

But when people start blogging about cryptocurrencies, and in such a greasy fashion, I am OBLIGED to come out of my psychiatric ward and spread some FACTS about the situation.

My problem with that post is two-fold:
- massively LACKING essential information to appear skillful
- "free" class at the end that will lead to an actual paid class

As far as I know, there has never been a Binance IEO that did NOT list in immediate profits. So an amazing 200% trade? Meh.

I took part in plenty of Binance IEOs. Missed some. Got into plenty. Made good % gains, but because of the lottery style allocation, you can only put in tiny amounts of money to gamble in this.


But hey, what the hell do I know, right? I don't even have my own trading school, lol.

This is literally the first time I have heard of anyone flex that they "picked" a good IEO. That person that linked me the Dr Wealth post literally said "omg this is damn lol, like this can conduct masterclass liao".

Hey hey hey hey hey.

Not I say one hor. Someone else say. I am only just quoting. Don't shoot the messenger.

Anyway, outside of Binance IEOs? Universally almost all of them are now massively underwater. Actually, I think even a couple of Binance IEOs are now underwater too. They usually list at a profit, then slowly bleed out and die. The point is that IEOs are very risky and will likely be UNPROFITABLE, but the Binance ones are, as based on past performance, always a shoe-in at listing.

This is all public info, if anyone bothered to give a shit.

While you ABSOLUTELY DO NOT NEED TO ATTEND A CRYPTOCURRENCY MASTERCLASS TO KNOW THIS, I suppose you could. You could get that guy to tell you freely available public data.

I have spent absolutely $0 paying anyone to teach me anything about cryptocurrencies. Maybe I am really really smart? Or maybe I am not lazy and I actually bother to go out and learn stuff? Personally, I don't think I'm that smart, so I'd go with #2.

But hey, maybe it works out for you - paying someone to spoonfeed you information that you are too lazy to find for yourself.

I'm just gonna leave this here, from a post I did in 2017. (Oh that link has quite a few crypto resources too, but be warned, they are outdated AF, and most of my views have changed.)


I mean, when has any free trading or investing class not turned out to be a sales lead for a several thousand dollar course?


But hey, maybe I am wrong about everything. 

That free masterclass could make you a crypto millionaire. I guess there's only one way to find out, lol.

Thursday, February 6, 2020

Passive / Income Investing SCAMS and Ramblings

I was listening to YouTube videos the other day (I have been learning a lot about nutrition lately), and in between my videos, I was shown an ad.

An ad about "Passive Income". Wow okay, let's hear it.

"Instead of putting your money in a banks savings account
And instead of putting it into a 2-year (?!?) fixed deposit
Why not sell ebooks on Amazon for passive income?

No need to be good in English
No need to be good in writing
No need to be computer savvy and know how to publish a book

Come join the FREE seminar by D_____ and learn how YOU can be an Amazon entrepreneur!"


The Singaporean obsession with passive income is so bleedingly obvious that I get targetted dumbshit ads like that, and I put it down to our "kiasu AF" nature.

Drawing down on capital? NO NO
Living off dividends or interests? YES YES YES

This is literally 90% of all Singaporean finance nerds.
Don't get me wrong, it is quite appealing to me as well, haha!


To be fair, at least saving with a goal is better than not saving at all, so I guess I shouldn't really nitpick at "income" investors.

Personally, I made the conscious and very mentally hard decision to stray away from the very nice, cushy comforts of income investing and instead focus aggressively on pure, RAW, absolute returns.

It is in my opinion that "income" investors are actually getting less returns due to the ease and comfortability of their strategy. It is simply crowded out. Giving up that comfort of "income" stability in exchange for the pursuit of absolute returns is actually the higher reward seeking method, in my humble opinion.

Anyway, after I heard that stupid ad and also remember seeing so many new blogs always focusing on "passive income", I thought it might be a good idea to link The Woke Salaryman and his comic "There's nothing Passive about Passive Income" since I think it is hands down one of the best comics for Singaporeans who are so deeply allured by the concept of passive income, that it clouds their judgement and narrows their investing strategy.

By the way, I think really like The Woke Salaryman and I agree largely with a lot of their views and points. It is rare for me to see someone else with such similar alignment as me. I would strongly recommend checking them out!

Personally, my goal is to wind down on my aggressive investments in the future once the returns are no longer outsized and worth the risks anymore, and then with my JUMBO UPSIZED capital base, I will cycle into income investments, or create a simple system to simply sell off a percentage of my assets to simulate a "dividend" or an "income".

The point of this isn't for me to trash YOUR (accurate for 95% of readers) style of investing, but to merely suggest that perhaps restricting your investing style and strategy might end up being a disservice to yourself and your own financial goals.

That's said, better to be slow and steady at what you know you are good at, rather than to blaze out in something new and sexy.

Whatever your strategy is, I wish you all the best.

Also, don't fricking go to any stupid free seminars on selling Amazon ebooks lmaowtf.

Tuesday, February 4, 2020

Collecting my Crypto Interests (Jan 2020) on my $260,000 account

It's that time of the month again.


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

Since the start of Jan, BlockFi has had some new changes:
- BTC tier 1 drop from 10 BTC to 5 BTC
- BTC tier 1 rate drop from 6.2% to 5.1%
- BTC tier 2 rate up from 2.2% to 3.2%
- ETH tier 1 drop from 1000 ETH to 500 ETH
- ETH tier 1 rate drop from 4.1% to 3.6%
- ETH tier 2 rate up from 0.5% to 2.0%
- LTC uncapped for 3.8%
- USDC uncapped for 8.6%

Pretty much the main change is the cut in BTC and ETH tier 1 ceiling and rates, but also the increase in tier 2 rates. I don't necessarily see this as a bad thing since most people wouldn't be anywhere near the limits anyway for BTC and ETH, and there are no limits for USDC / GUSD to affect it.

All in all, with the inclusion of USDC (finally!), I think it was a pretty good month for BlockFi users since we now have more options!

Here's the rates, note the changes of the limits and the interest rates.


My ETH balance at the end of last month was 1000, so I suppose mathematically my expected interest is should be just slightly lower than the "perfect" 4.1% x 1000 / 12 of about 3.4 ETH interest.

Here is the actual interest payment for the month of Jan 2020.


3.38 ETH at today's current rate is ~$870 SGD. Almost a 75% increase from last month's $500! Well, it's all variable and depends on the prevailing price of ETH, though now that my interests are in, I can convert it to BTC or to USDC if I want.

Oh, another change that I wanted to add is that the daily trading limit on the platform across the different currencies that carry 0% fees, has its limit up'ed from $10,000 USD a day to $50,000 USD a day. Honestly, that's really really good for people who want to use BlockFi to rebalance their portfolio or to book profits and send back interests in USDC to be cashed out for USD/SGD for simulate "income".

One thing that I did mention last month is that I am planning to fill up my BTC tier 1 limit as well. This is because the BTC tier 1 rate is higher than the ETH tier 2 rate, so I do enjoy a small yield pick up. I converted my excess ETH over 1000 ETH last month into BTC to capitalize on this, even though I do have the view that ETH will outperform BTC moving forward. I did the same this month as well.


Last month my balance was worth $126,435 USD, which was about $173,000 SGD.
This month my balance is $189,130 USD, which is about $260,000 SGD.


Up ~$87,000 SGD in 1 month.

Not too bad, lmaokek.

I would like to remind people that what I have here in BlockFi is but a small portion of my total portfolio.

The worst thing about this strategy so far is of course crypto being so volatile. ETH price has collapsed from $180+ USD when I deposited to about $120+ USD last month and now it is back up to $190 today. Oh well, what can you do about it? Does the volatility surprise you? Welcome to crypto.

Of course, the workaround to this is to farm and eat the ridiculously high 8.6% yields in USDC and not worry about the volatility. Honestly, I think this is a pretty good idea for people that understand how stablecoins work and the risks of custodial services + lending platforms.

Anyway, if you have idle BTC and ETH just sitting around in exchanges or your hardware wallet, and you don't mind assuming some custodial risks for interests, then this is my ref link if you wanna be a degen like me and earn interest with BlockFi. Personally, I have a preference for USDC since it is just so much more widely accepted than GUSD. The only exception is that if you already have a Gemini account and feel very comfortable with keeping your USD deposits in GUSD instead of USDC. Even then, I would still thing it is prudent to open up a Circle account to have direct access to create / redeem USDC.

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.

I know many people are hesitant to buy volatile crypto to earn 3-5% but possibly lose much much more. If you don't already own crypto, that is probably a stupid thing to do.

But I also know that there are many people who are scratching their heads about how to earn 8.6% in USD stablecoins, and honestly I think that using BlockFi is a perfectly good strategy if you understand the risks involved and are willing to assume it.

Sunday, January 12, 2020

How to set up a BlockFi Interest Account (with screenshots)

So you want to earn the disgusting high interest rates on USD and take on crypto custodial risks? You have come to the right place my friend. (see post for how I am doing this, but for 1000 ETH)

Here's the quickie version for all those big brain bois that need minimal G hand holding.


Here's how to do it:

Step 0: Register your BlockFi account with my referral link

Step 1a: log into your verified Circle account and submit a "Tokenize USD" request


Step 1b: use DBS overseas to send the matching deposit request in USD to Circle


*USD deposit is usually confirmed by Circle usually within 24 hours on weekdays*

Step 2: in BlockFi, find out your BlockFi USDC address (Deposit  > Select USDC)


Step 2b: in Circle, paste in your BlockFi USDC address and transfer out your USD as USDC to Blockfi


Step 3: USDC is deposited into BlockFi, and you earn interests monthly
(screenshot of my GUSD balance, since USDC only just launched)


Step 4a: in Circle, locate your USDC deposit address under "Transfer USDC In"


Step 4b: in BlockFi, go withdraw your USDC back to Circle (Withdraw  > Select USDC)


Step 5: "Redeem USDC" which sends back USD to your bank account


Step 6: money appear back in your local bank account
Boom.
Done.

What are the risks? Plenty of them, mainly custodial related. When you sign up for your Circle and BlockFi account, there's a whole section on risks that you're probably not going to read and just agree to, but they are there. Don't be a lazy shit. Go and read them.

Also, since I am NOT BlockFi or Circle customer support, I'll probably ignore any stupid or lazy comments.

I hope this guide was helpful as a REFERENCE.

At the end of the day, it's your money, your choices, and you clicking all the buttons. You better damn well know what you are doing and what risks you are taking!

Thursday, January 9, 2020

BlockFi now let's you earn 8.6% pa in USDC!

Remember my last post about a week ago when I did my Dec 2019 interest update, that I was saying that USDC should be coming as a deposit option very soon for BlockFi?

Well, it's here!

I just wanted to make a quick post to inform people about it. You can check the rates here.


I plan to write a much more comprehensive post later in the future, but I'll give you the rundown.

GUSD has always been a BlockFi option, but GUSD is a dying USD stablecoin. GUSD has a marketcap of less than $5M USD, which is ridiculously pitiful! USDC on the other hand has a marketcap of over $450M USD. So, much larger marketcap, widely accepted as a stablecoin on many platforms, and it is a very viable alternative to DAI in the DeFi sphere. If all those words mean nothing to you, then oh well.

USDC is a fiat-redeemable stablecoin. This means that you wire actual USD to a company, they receive it and keep your USD safe, and issue your IOU tokens to collect back your USD, and those tokens are called USDC.

So you can use these USDC as if it is USD, and earn 8.6% interest on platforms like BlockFi, and then you can send the USDC back to the company, and request for the USD to be sent back to your bank account.

I have done this several times. It works for me, and I love it.

You know what's better than a stable, fast, digital money? A stable, fast, digital money that can help you earn 8.6% a year!

Anyway, USDC is great. I have some lying around here and there. I am considering depositing some USDC into BlockFi and eat those delicious delicious interest rates which get paid out monthly, with no lock-up. Yes, no lock-up. This is NOT a fixed deposit account. It's an interest savings account.

So if you're interested, sign up with my referral link.

With USDC finally released, I am thinking of doing a very detailed and comprehensive guide to explain stablecoins, the BlockFi platform, the deposit process and the withdrawal process. For people who don't want the crazy volatility of crypto investments like Bitcoin or Ethereum, I actually think that earning interests with stablecoins is a pretty straightforward and simple way to get a massive yield pick up, while being taking on very minor risks (by my own assessment).

I'll probably make an entirely new page and sticky in blog posts. I'm thinking of this as the contents:
- Stablecoins, what and why?
- The different type of stablecoins
- Crypto lending and borrowing (and the risks)
- BlockFi as a crypto lending platform (and the risks)
- How to send USD and get USDC
- How to use USDC to earn interests in BlockFi
- How to withdraw USDC from BlockFi to get SGD in your bank account
- The future of crypto lending and borrowing

As of now, those are the ROUGH posts that I am thinking of doing.

As you can see, I really would rather prefer on slowly EDUCATING people on what I AM PERSONALLY doing and how I do it. If you want to do it too, then great, at least you can refer to my guide and hopefully not mess up.

Please do let me know if you have any suggestions or questions regarding my new series of posts that I have planned.

Remember, there are no stupid questions! Only stupid people asking them! Lol, just kidding. Please, ask away!

Wednesday, January 8, 2020

PSA that you probably don't have the stones for crypto

*actually drafted this out yesterday, but I seem to have forgotten to post it

Recently, I have been getting a few messages from readers.

Many were curious about SNX, since that has been the biggest driver of return to my portfolio.

Look at SNX today.


Boom. 

-42.5% dump.

Some people might shit themselves seeing a move like that. But this is crypto, and moves like that happen all the time.

In all my correspondence with readers that have reached out to me, I purposely make it a point to stress like 2-3 times that crypto is extremely complicated, and SNX is one of the most difficult crypto out there to understand.

If you can't even understand Bitcoin, it is impossible to understand SNX.

1st week into 2020, and SNX already got rekt, almost being sliced in half since its high just a while ago.

Crypto is volatile and dangerous.

If you guys do not know what is going on and have no clue what you are doing, please, do NOT try your hand at crypto, you will be massacred.

I'm still long and strong though, and I have quite high hopes for SNX and RUNE for this year.

In other news, I'm still a millionaire, so no worries. Haha.

Friday, January 3, 2020

Collecting my Crypto Interests (Dec 2019) on my $170,000 account

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 Dec, BlockFi actually has not done anything fundamentally different from the previous month.

However, I would like to clarify that the $10,000 daily trading limit on the platform across the different currencies actually carry 0% fees, so it is a perfect place to rebalance crypto!

Here's the rates, which are the same as the previous month.


6.2% for up to 10 BTC.
4.1% for up to 1000 ETH.
8.6% with not limits for GUSD.

Simple and straightforward.

Since my 1000 ETH balance last month was not deposited on the 1st day of the month, mathematically my expected interest is lower than the "perfect" 4.1% x 1000 / 12 of 3.416 ETH interest.

Here is the actual interest payment for the month of Dec.


2.916 ETH at today's current rate is ~$500 SGD. Kind of shit, but hey the price of ETH has been shit lately, so that's to be expected, haha!

I must say, the upgraded interface is a lot more pleasant to look at, more modern and professional.

One thing that I did mention last month is that I am planning to fill up my 10 BTC limit as well. So since my ETH in my Blockfi account in excess of 1000 ETH is earning only 0.5%, I decided to convert the excess to BTC so that BTC can earn 6.2% instead. So here we go, a solid 1000 ETH balance. Well, except the conversion engine was slightly a bit shit and the rate moved while I was doing the conversion, so I have to deal with this fugly ass 999.966 ETH balance instead. Lol, oh well.


$126,435 USD is about $170,000 SGD.

Anyway, that move to convert excess ETH to BTC means I get a nice 5.7% yield pickup while also "diverisfying" away from my heavy ETH position. In absolute dollar returns over a long period, this early conversion to BTC might actually lower my returns, but as an isolated portfolio, I think it is fine. It's nice to mentally know that I am working towards building a "capital base" of 10 BTC / 1000 ETH and I that I may one day possibly just live off the interests. And mind you, what I have here in BlockFi is but a small portion of my total portfolio.

The worst thing about this strategy so far is of course crypto just naturally being a shit. ETH price has collapsed from $180+ USD to about $120+ USD today. Oh well, what can you do about it? Does the volatility surprise you? Welcome to crypto.

Of course, the workaround to this is to farm and eat the ridiculously high 8.6% yields in GUSD and not worry about the volatility. In fact, I have very reliable information that USDC will be available as a deposit and interest option in Blockfi soon. I think USDC deposits is a fantastic idea, and I will probably do that as well.

Initially, I was not very appreciative of the new trading interface that Blockfi had launched. However, I think I was thinking about it the wrong way. The trading interface is more to allow users to rebalance their portfolio, especially management of the interests. If you want to convert a sizeable chunk of your portfolio from one asset to another, you should probably use an actual exchange for that.

With USDC coming, I am looking forward to the time when I can "forward" all my interests from BTC/ETH collected for the month, and convert it to USDC to actually drawn down for my expenses.

Of course, this is front running a future feature, so I guess when it does get finally integrated, I'm going to be doing a long post about how you can get money into Blockfi to earn the high yield on stablecoins, and also how you can get it out. It is stupid if you can only put money in, but you don't know how to take it anyway.

Anyway, if you have idle BTC and ETH just sitting around in exchanges or your hardware wallet, and you don't mind assuming some custodial risks for interests, then this is my ref link if you wanna be a degen like me. Or if you're smart enough to navigate into GUSD before the release of USDC and prefer that instead, then power to you.

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. I am currently thinking of making a Blockfi series because I think it is the most actionable thing that people would want to do, and also because I have a ref link (yes, obviously I am driven also by personal interests, but hell I am a happy customer, as you can see above lol).

I know many people are hesitant to buy volatile crypto to earn 4-6% but possibly lose much much more. If you don't already own crypto, that is probably a stupid thing to do.

But I also know that there are many people who are scratching their heads about how to earn 8% in USD stablecoins, and honestly I think that using BlockFi is a perfectly good strategy if you understand the risks involved and are willing to assume it.