Sunday, April 18, 2021

Scams are Thriving in Crypto

If you weren't already aware, we are deep in a raging crypto bull market.

When money is flowing freely and new incoming people are greedy and looking to make quick money, it is the perfect environment that breeds scammers.


There are many "projects" coming out now that are absolute scams.

Worthless, pointless projects raising money / selling worthless tokens.

I won't hold you back from making money from stupid retail buying these trash.

Free / easy money is still money, after all.



Also, there is nothing wrong *TRADING* meme coins / shit coins.

Like DOGE, LTC, ETC, BCH, etc etc.

But if you don't understand the technology and the crypto landscape, it may not be a good idea to HODL.

I won't hold you back from making money from stupid retail trading these trash.

Free / easy money is still money, after all.


Personally, I am not invested in any scams. If I do farm scams, I stay in Pool 1 and immediately dump the scam token into the Pool 2 brainlets. Bless the Pool 2 farmers for being my exit liquidity.

I also do not trade the meme / shitcoins this cycle, because I am just focused on my holdings. I made a lot of money trading LTC, BCH, BSV, TRX, XRP in the past - there's really nothing wrong with doing it. However, my experience from last bull market was that splitting my attention to trading actually negatively affected my overall PnL since it diverted my attention from the more important bigger picture of the markets. I am focused on improving my method and to continually keep winning.



When the selling pressure from early players overwhelms the buying demand, that's when things goes to shit.

We're literally in genius season where everyone is making money on anything.

You actually need to be certified mentally retarded to lose money in this market.


What makes me sad is knowing that a lot of really stupid / naive people are going to lose a lot of money.

But I suppose, this is the exact kind of market that will brutalize the stupid / naive people.


I wish you guys all the best in playing this crypto cycle,

But I know for a fact, not everyone is going to make it.

I hope you at least, have fun.

Saturday, April 17, 2021

Thoughts about people joining in Crypto now

First off, probably you want to slow down.

If you're only interested because of recent news and seeing the recent gains, you're literally the retail speculator that everyone is waiting for to come, so that we can dump on you as you buy the top.


But say you're brainwashed into the magic scarce internet bean money meme and you think it's going to change the world,

You should probably slowly dip your toes in, rather than dive in on the deep end.


Personally, I always tell people interested in crypto to start with USD stablecoin lending. Plenty of CeFi platforms to lend your crypto.

A big big big point to know is that you must *KNOW* that the platform is actually lending it out. If not, how do they pay the interests?

A few scamming projects will promise yield and interests, but strangely, they have no borrow demand at all. Hmmm. 

If you can't even borrow from them, then who is actually borrowing from them?

Lending only, but no borrowing? 

LOL. You stupid is it?

Avoid.


Once you're familiar with CeFi stablecoin lending and understand the environment better, especially regarding addresses, transferring, block explorers, fiat on and off ramps and the general overview of the infrastructure, you can start getting a bit dirtier.

Withdraw out some funds to an actual Web3 wallet and mess around with yield farming. There's several ecosystems to do this. This is how you can get access to the higher risk premia of defi yield farming.

Why?

Because there is no customer support. 

No insurance. 

No guarantees.

You are completely solo and on your own.

You mess up and sent your money to a wrong address? BOOM. GONE FOREVER.

You mess up and call the wrong function? BOOM. GONE FOREVER.

There's so many attack vectors and possibilities for things to end badly.

So this is why the "yield" is much higher than the centralized platforms.

No guts no glory.

No brain same story.


An alternative route to defi farming is basis trading. This would suit people from tradfi with financial background, and is probably simpler to execute while still being a very high return strategy.


And if defi farming and basis trading to earn 40%+ yield is not enough for you, then I guess you can probably upgrade yourself out of the basic delta neutral strategies and actually start speculating in tokens.


However, I prefer to start people off and send them down a path of easy winning, and then they can branch out to "harder" stuff once they understand the entire space a lot more deeply and have familiarized themselves with the landscape and environment.


That said, I think because it is the bull market now, too many people are too greedy and too impatient and want to have the insane sick gainz NOW.


Speaking from experience, I think that crypto is a long term survival game, not a quick get-rich one-and-done, once-in-a-lifetime opportunity sort of deal.


If you think crypto is just a passing fad (like the previous times lmao), then all I can say is 

Have fun staying poor.

Friday, April 16, 2021

Crypto Exposure Through Stonks Herp Derp

I always remember the saying, "When you have a hammer, everything looks like a nail".

I recently read this post by Seedly, and thought to myself,


"When you're a stock investor, every investment has to be a stock"


IMO, proxy crypto exposure through stocks is really stupid.

(By the way, I can swear and be non PC now because I have closed my AdSense account, KEK)


When people talk to me crypto, I try very hard to help them understand that significantly superior risk/rewards strategies exist without them having to take on crypto price risks.


Unfortunately, no one wants honest low-risk, high returns strategy (10-40% returns in a year).


If they are going into crypto, they just want to degenerate and yolo go for 10-100x returns.

Because, it's all stupid anyway, and it's just a gamble.

Just fun money to have some excitement.

Win or lose, all based on LUCK.


If that's how you think, you can

Have Fun Staying Poor

Monday, April 12, 2021

I would not touch CakeDeFi

I read KPO's post on this.

Usually I try not to comment so much on what other people are doing.

He is in their "pool 2". (the podcast link explains pool 2)

If you don't know where the yield comes from, boi, it's coming from you.

(that said, I have been in pool 2s - you just to need to know damn sure what you're doing / risking)


Me explaining to people how pool 2 works


But hey, maybe this time is different.

You never know, right?


By the way, I have a recent post about retarded magical money printing machines.

Anyway, it's a free world.


I PERSONALLY WOULD NOT TOUCH THIS WITH A 10000 FOOT POLE.


But hey, that's just me.

Perhaps I am being irrational, since I am not giving any reasons and will not be elaborating.

You live by the sword, you can die by it as well.

Good luck Cake bois.

Friday, April 9, 2021

Crypto Skeptics or Uneducated Armchair Critics?

As crypto goes higher and higher,

the salt level increases

and I see more absolutely shit takes on crypto.


It is actually really sad to see seemingly smart and financially trained people with such dogshit takes.


I talk about the "yield" in the crypto markets often.

Yet people still don't know that you can earn yield while taking on zero price risk of cryptocurrencies.

It's not hyperbole, it's a fact.

You can think Bitcoin is a scam and be completely USD denominated and based, and still make steady and predictable returns regardless of BOTH upwards or downwards price movement. (Delta neutral)

But critics never talk about this. Why?

Cos these critics don't know jack shit, that's why.


Again, this is the risk premia that the educated and adventurous are allowed to harvest.


https://cryptohayes.medium.com/all-aboard-4d50435190d6 (supplement to understand the Nakadollar fixed rate bonds)

https://open.spotify.com/episode/4G0x6TTb751RNB8Hzafi3u


If you have any sort of financial background and the above 2 pieces did not convince you, 

then I have nothing more to say other than that you're pretty much destined to

Have Fun Staying Poor.