Tuesday, October 29, 2019

China WILL launch its own "digital" yuan aka CRYPTO RMB

For all intensive purposes, any "digital" crypto from this point onwards in the world is probably referring to the crypto version of the fiat currency. And once a country rolls that out, there will no longer be as distinction between crypto fiat and all other forms of the fiat itself. In fact, I dare to say that any non-native forms of the crypto fiat is merely a representation or abstraction of the direct ownership of the crypto fiat (custodial risks).

Govs won't want to say "crypto", because that sounds scary, so they will just stick with the very neutral "digital".

While I totally 100% expected this, I am just blown away by the absolute speed that this is progressing. The digital RMB is announced and will be rolling out over the next few quarters, though trials are expected by the end of the year.

So their digital yuan is actually crypto yuan which will be running on their DCEP network. I guess? As if my Chinese is good enough to read technicalities on blockchain, lmao.

I did just freaking say yesterday that:

Looks like China is being very smart to not only go digital, but go with blockchain. This is very clearly a stepping stone for them to educate people before they can roll out their digital / crypto RMB.

I think that within a few years, all RMB will be crypto-based, which means Alibaba and Wechat will not be simply processing internal database updates of balances, but they will be connected to the RMB blockchain. Of course, nothing in life is certain, but in my opinion this is blatantly obvious as to what will happen in the future. 

Am I an oracle?

No, it is bloody obvious. As with many other things.

(such as which of my crypto will pump and make me a multi millionaire, but I jest)

What is also very obvious is that this will cue a lot of other countries to begin to digitize (READ: crypto-base) their fiat.

While the US and most of western Europe take turns blocking Libra and shitting on the notion of a corporate cryptocurrency, China has just surprised buttsex everyone by going straight to a national cryptocurrency.

At this early stages with so many unknowns, what I can see is that Alipay and Wechat will basically transform into a giant front end wallet UX for accessing and storing the crypto RMB rather than do the direct processing of money transfer. Transactions will be done by the DCEP, while they try to add value by connecting those payments to auxiliary services they provide. Nothing new, except that basically they will take a massive hit on anything payment/banking/finance/investing related, though I do see it entirely possible for them to be kickbacked a certain amount for funneling that volume. Jeez, sounds like affiliate revenue, doesn't it? Hah.

Anyway, that is honestly just the small issue. I already mentioned the bigger issue before.

Depending on how quickly other countries react and proliferate their own national cryptocurrencies will ultimately decide their future if crypto RMB will become in the future what the USD is today.

I have to say, China's massive footwork, background homework and current progress and position is putting them is a YUUUUGGEEE headstart compared to almost any other country in the world. I find it extremely unlikely that the US can do anything about it. The most "obvious" counter to this crypto RMB is actually backpeddling on Zuckbucks and make it a China vs the Rest of the World situation.

Whatever the bloody case, I continue to happily stack censorship and seizure resistant cryptocurrencies because unlike regular people I actually care if my money is actually MY money.

Imagine being so grossly naive and still thinking that in 2019 blockchain technology is simply an expensive database (and not what the implications of controlling that technology entails) and that cryptocurrencies are a scam.

Just imagine that.


Monday, October 28, 2019

"Blockchain" Booming in China. Good for money, Bad for freedom.

Gonna blaze through this post with some facts, then end with some thoughts.

China "blockchain" stocks are limit up 10%.

Even talked about on CCTV2.

Blockchain and Bitcoin searches spike in China.

Politics aside, I think it is quite clear what Xi has done for blockchain.

It is now political and career suicide in China for any individual or business to carelessly make public remarks and say that blockchain/Bitcoin is a scam or a ponzi.

Looks like China is being very smart to not only go digital, but go with blockchain. This is very clearly a stepping stone for them to educate people before they can roll out their digital / crypto RMB.

I think that within a few years, all RMB will be crypto-based, which means Alibaba and Wechat will not be simply processing internal database updates of balances, but they will be connected to the RMB blockchain. Of course, nothing in life is certain, but in my opinion this is blatantly obvious as to what will happen in the future.

As most regular people simply fail to understand, the blockchain makes this exceedingly TRANSPARENT where everyone knows every transaction. This makes it probably the WORST form of money when transacting in illegal activities.

Of course, China knows this very well. Do you know what will happen once the crypto RMB rolls out? Tax evasion and money laundering will drop to near zero. It will be near impossible to do any illicit transaction since everything will be recorded and it will be impossible to evade since the system mandates that you use crypto RMB for everything.

However, this also means that you hand over complete authority over your finances to your government. I don't know about you, but that is something that I will definitely NOT be doing, at least not for the majority of my wealth.

China's social rating system is already live and at a level where people can be totally locked out of basic goods and services because the government has blacklisted them for whatever reason. Imagine the grip they have over your balls if they can control your bank accounts too - all of them.

Obviously, this crypto RMB will GREATLY extend and enhance the reach, power and control that the Chinese government already has over it's entire population, but also anyone in the future that will ever hold or transact with digital RMB.

So while I think it is an excellent development that China has officially recognized blockchain technology (and Bitcoin and Ethereum are IMPOSSIBLE to be censored or avoided when understanding and teaching blockchain), I am almost certain that this technology will be used for nefarious purposes.

Bitcoin and crypto may pump on this news, but I would be wary and understand what is actually going on.

Unlike the future digital crypto RMB or USD or even SGD that WILL appear all over the globe in the near future (whether you like it or not), Bitcoin and Ethereum will always be outside of any government's control.

If you're snoozing on "blockchain", wake up your idea. Most of you are greedy and want to be in it to make the sick 1000%+ gainz. But when you understand the power of open and decentralized cryptocurrencies and what that means for financial and personal freedoms, only then will you truly realize why they are so valuable and why idiots like me are willing to throw down $10,000 to buy a Bitcoin.

When the time comes for Singapore to go crypto (they will call it "digital"), I can bet with you that the issues over privacy and financial control will barely even be mentioned, and the entire initiative will be rubber stamped and executed without so much as a squeak from the population. Mainly because everyone is too uneducated on this topic.

My only hope and wish is that normal people can wake up and understand what the hell is actually going on here. Probably not gonna happen. Most people are sheep. Bitcoin baaaaad. Rat poison. Baaa.

The future has just gotten significantly more scary.

Saturday, October 26, 2019

Bitcoin up +36% in the last 24 hours

Lol, crypto markets be lit af.

My stupid flex post yesterday had SNX +1625% when I used yesterday's price of $0.773.

Well it is now...

Damn it. If I had posted that today instead, it would be +1861% instead, and that looks more chad.

Anyway, why the pump? People saying it is because Xi Jinping talked positive stuff about "blockchain". No one really knows though, for this is crypto and it is the wild wild west.

If you are feeling like a filthy degenerate and want to waste money on fake rat poison internet ponzi money and devolve into a lesser human being by throwing away all concepts of traditional financial investing, then you should consider these GMGH approved options:

Binance SG as your SGD to crypto exchange. Basically, you can buy Bitcoin and Ethereum with SGD. Sign up and you get $20 with $100 traded. Easy money for you, easy money for me.

If you wanna whale, Gemini is probably better because you aren't restricted by silly, financially prudent purchase limits, lol. If you have the size, Gemini will upgrade you from the retail pleb tier to the active trader tier which knocks down fees from minimum 1.49% to just 0.25% if you are a maker.

Binance is hands down the best exchange. They have recently launched a new referral program, so if you register with my link, you get a 20% "cashback" on your trading fees. Why am I shilling the referral link with the maximum 20% to me + 20% kickback to you, instead of the original referral link where I would eat the entire 40%? Because I really don't care too much about referral income and if yall can benefit from it, that's great too.

Blockfi is where I personally store some of my crypto. It is a custodial solution, but they pay interests. So pros and cons. I happily max out my limits there, but that's just me lol. Sign up and you get $10 by depositing and maintaining a $100 balance. Free money, just take, amirite?

All the links above contain referral links where I get something, but you also get something too. If I have managed to convince you to explore crypto, please sign up through my links.

Anyway, in all seriousness, what goes up also probably will come down. The crypto markets are volatile af. Just as easily as you can make extreme profits over a short period of time, you can also lose a lot of money very quickly.

If you have no idea wtf you are doing, then simply be a spectator, do NOT participate and just watch me crush it. Not everyone was built and design to seize the glories of crypto.

Anyway, back to the degeneracy. Talk to you guys later.

Friday, October 25, 2019

One of my Crypto Investments is up 1625% since March

Back on 25th March earlier this year, I tweeted that I was buying heavily a low cap altcoin called Synthetix (SNX).

It was just a ~$3M USD market cap cryptocurrency back then, making it an extremely risky small cap crypto play. Are there even companies this small on the Catalist?

*checks SGX website*

Lol okay, so there's just 10 companies on the Catalist that are under $3M SGD that aren't suspended or on the watchlist. Anyway....

I have mentioned Synthetix by name once on my blog in Dec 18. But actually, I've been talking about it since April 2018 and I even said that in May 2018 that it was my favourite project! I'm sure no one noticed the rebrand that happened late 2018, but before that Synthetix was originally known as Havven.

Anyway, for reasons that I have been incessantly tweeting about since forever, I was strategically buying into the depressed prices heavily. You can go onto Twitter and check for how long and how often I have been tweeting about SNX. Audit it. All the evidence is there.

7 months on, what do we have here?

+1625% increase in price.

Oh my. I guess it is probably about that time for someone to say that I am so "lucky" to have magically owned such an investment.

Firmly in the triple digit percentage profits now.

You know what is going to be absolutely ridiculous?

When I decide to flex in a blog post that I made $1M of profits in crypto.

Y'all think it's a meme and I'm just joking, right? Maybe I am. Maybe I'm not.

Anyway, I'm not ready for that yet. But maybe soon? I'm working on it.

Monday, October 21, 2019

Come see my public $50,000 Ethereum address

One interesting thing about the blockchain is that all addresses are psuedo-anonymous.

Do NOT confuse it with being anonymous. It is not.

PSEUDO-anonymous means the whole world can see the address and its balance, they just have no clue who owns that address.

For example, an Ethereum address looks something like this: 0x4E60bE84870FE6AE350B563A121042396Abe1eaF

It's kind of useless, but throw that address into a block explorer like Etherscan, and you get something like this:

I probably don't need to do the math for you, but the balances in that account are in USD, and that brings it to be worth just under ~$52,000 SGD.

Anyway, block explorers are basically like yellow pages or the search engines of the blockchain.

What's so special about that address above compared to any other random address? Well, actually it is 1 of my many Ethereum addresses. I'm more than happy to share that with you because I actually post updates on my Twitter every week about what I do with that account.

Now I have ~$50,000 worth of some tokens in there, which I use to stake and earn money. All publicly verifiable information, just cross reference my Twitter thread and my on-chain transactions on the blockexplorer if you bother to audit me.

Interestingly, the "income" that I made in the last 4 weeks of staking? ~$3600 SGD.

Yes it sound's absolutely ridiculous that I made $3600 in a month with rat poison fake internet money, but hey, it is what it is.

But what is actually more ridiculous is that 117 days ago when I deposited my tokens into this particular address, its value was only ~$17,500 SGD.

So in a span of about 4 months, it's value has nearly tripled and I'm up 191% in profits since then.

Now I've ~$50k worth of tokens in this public address staking and I've another ~$50k worth of ETH in a BlockFi account earning crypto interests. That's just what I've chosen to share with you guys. I know a lot of bloggers like to post their account values and stuff, so I figured y'all might like this kind of post as well? Of course, crypto is a much more private thing, so I'm definitely not sharing my entire portfolio.

Months ago when I said that my lack of blogging activity has been because I've been busy pursuing opportunities in crypto and busy making money, I really meant it.

Friday, October 18, 2019

Deposit $100, get $10 of BTC

Remember my last post about earning high interests? Well, BlockFi just rolled out a new promotion 3 hours ago. So, fresh off the press.

Well, GMGH is here to give away that free promo money.

Step 1: read that post and UNDERSTAND
Step 2: if you like it, sign up here with my link
Step 3: deposit and maintain at least $100 til 1st Nov
Step 4: you get $10, I get $10

Good deal, right?

You can deposit BTC, ETH or GUSD.

For me, I obviously have ETH deposited in there. A humble 200 ETH working hard to generate for me interests every month.

A reminder on the yields you can expect in the BlockFi account.

Also casual reminder that life is all risk, and then you die.

Do your own due diligence.

Tuesday, October 15, 2019

Earn High Interest on your Crypto? I deposit 200 ETH ($50,000 SGD) to find out.

Okay, so I know I've talked about earning interest on stablecoins before, specifically with the DeFi and centralized platforms.

What actually is a very well kept industry secret that most people probably don't know is that you can also earn interest on your crypto!

Yup. I bet you didn't know that, right?

Question: What's the rate that we are exactly talking about here?

6.2% on your first 5 BTC (~$55,000 SGD) is pretty damn good.
4.1% on your first 200 ETH (~$50,000 SGD) is also pretty damn good.
Also 8.6% on GUSD (which is a crypto token that is 1:1 redeemable for actual USD via Gemini) is pretty damn dope.

Interest for the current month is paid out on the 1st working day of the next calendar month.
There is NO minimum deposit.
There is NO lock up.
This isn't a fixed deposit. It's a freaking high yield savings account.

So let's ASSUME that
1 - you max out Tier 1 for BTC and ETH
2 - the interest rate stays constant for the whole year
3 - the price of BTC and ETH does not go up or down

Then you'll be depositing $106,000 and end up with ~$5560 worth of crypto in a year. Obviously, pretty much the average between the 2 rates since the capital amounts are roughly similar. About 5.2% APR.

And that's assuming you don't use put in any USD at all either.

And that's assuming that crypto prices doesn't change. Though, it's a double edged sword in this case. If that worries you, perhaps you're *only* cut out to earn FREAKING 8.6% ON A USD STABLECOIN. Which is still pretty damn good.

Lol, btw guess where I got the current rate and conversions from? DIRECTLY FROM GOOGLE!

Anyway, since they go up to 200 ETH, I thought I'll throw in a bit of my ETH into this BlockFi interest account. So, I have deposited 200 ETH into my account. Perhaps it's rounding error because of my previous deposits and withdrawals, but it displays as 199.9999999 ETH. Oh well, lol.

I'll think about putting in BTC or GUSD later. But actually, I listened to a recent interview with the CEO of BlockFi (yes, I actually do due diligence) and it seems like USDC will likely be an offering by the end of the year.

I'm thinking to put in a nice phat and T H I C C amount of USDC then. Hmmm, what do you guys think? On top of me updating this thread on my 200 ETH deposit, would you also like to see my put in USDC?

I'm thinking maybe $10k, $20k or maybe even $50k. Hmmm, we'll see about that. Let me know!

Also, in the following posts, I'm thinking of doing a walkthrough on how to deposit crypto with BlockFi. When USDC comes out, maybe I'll do a similar guide on how to set up a Circle account and link your bank to USDC to send over to Celsius? Does anyone want to know how to send over GUSD to BlockFi? Personally, I think it's better to just wait for USDC, since I have strong suspicions that GUSD is gonna get shelved by Gemini soon, but that's just my speculation.

Oh yes, risks. What are the risks of this?

Well, everything in life is risk, and then you die. Haha! Okay, but real talk. It is almost entirely custodial risk. You are entrusting BlockFi to not only keep your money safe and later give it back to you (and not get hacked in between), but to also stay solvent in their lending business by having prudent risk management.

By the way, in case you were wondering, BlockFi can afford to pay interest on crypto deposits because they lend out the crypto to borrowers. To date, they haven't lost a single penny. Also based on the recent interview I heard, their Risk Management officer has been doing something very similar to this for 15 years and during the 07-08 financial crisis, his department never lost any money either. Of course, past track record has no bearing on future performance, but I thought it's an interesting thing to mention.

I have actually been lending and earning interest with BlockFi for months now, but I decided to share this little secret that I have with people since (1) I've been doing rather well for myself in crypto lately and (2) they have a referral programme now lol.

So, who might BlockFi be for?

1a) You are interested in earning 4-6% on your BTC/ETH
1b) You are interested in earning 8.6% on USD
2) You understand that there's custodial risk involved (the same class of risk as money in your bank)
3) You go and do your own damn follow-up research!

In that case, sign up with my referral link and follow me on a magical crypto journey!

Obviously there is a lot more to know and learn about BlockFi, but since I am now happily referring people to them (and since I also use them), I will probably be talking about them more in the future.

Thursday, October 3, 2019

Can I Outperform the "Market" with my Crypto USD savings account?

I know, I haven't had any content in a while.

Anyway, I've been thinking of this idea, funding 2 crypto "savings" accounts with $1000 USD each and then watch as I outperform everyone else without even breaking a sweat, taking only black swan risks, and have almost no liquidity issues.

Should I do it?


I'm thinking of throwing 1000 USDC into Celsius, and 1000 DAI into Compound / Idle Finance.

Data from loanscan

8-9% APR with minute/daily interest payouts and no withdrawal penalties or restrictions?

I'm sure most of you are asking yourselves "is this a scam?!?!", lol.

Anyway, I've been busy making money, so maybe when I'm more free?

I'm open to suggestions for what I should use as the benchmark. I suppose maybe a 100% STI ETF portfolio to amp up those risks so that returns might have a chance to be comparable until there is a risk-event. Is there a local REITs benchmark? I know all you "passive investors" love REITs, heh.

The general crypto market has come down, but guess what? I'm still doing great, lol!