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Crypto Update 12-1-2021 by joshman

View this thread on: hive.blogpeakd.comecency.com
· @joshman · (edited)
$49.47
Crypto Update 12-1-2021
So I'm basically so far deep down the crypto rabbit hole, it's almost a full time job.  That's a lot of eggs in one basket, so I've been branching out into real estate a bit.  I figured I might as well share some of my crypto journey with the world, so here you go.  For the most part I'm not going to share numbers unless they are public numbers (like my HIVE account).

### Binance Killed Their BSC-ETH Bridge

![image.png](https://images.hive.blog/DQmc9ReVnbRUrr28BKLX59fMDug9DXXEvpF2gUxTrkMhnyK/image.png)


This is a shame, because the fees were pretty low.  I am pretty much forced to use Binance.US to move the popular assets off of BSC back to ETH or another base chain.  I did discover that the Crypto.com app allows me to deposit several BSC wrapped assets directly to their app.  This is great, because I can just swap them for USDC and load them directly to my debit card in order to buy beer.  This is just one more reason why you need to have a Crypto.com card in your arsenal.

And those 'trustless cross-chain solutions Binance suggests?  The fees are insane, especially if you are moving around small amounts.

![Untitled design.png](https://images.hive.blog/DQmXq356zS8yBcygigWGQiXkRK6jCyojRq3GGJmnWth7iSw/Untitled%20design.png)<hr>

### Chasing Fcking Yield

![image.png](https://images.hive.blog/DQmPe1SHs986sPcyggiTXXt5p4J5Fj5baZgHbko1vGaavsG/image.png)

Let me start by saying I understand that CeFi companies want to stay solvent, but the way they constantly change tiers is frustrating and make long-term financial planning impossible.  BlockFi for instance, went from 2 Bitcoin down to 0.1 Bitcoin, and have also dropped their rates.  I do still like the fact you can hold several coins there and get all of your interest paid to you in Bitcoin.  Because of that, my altcoin holdings there have massively flipped my Bitcoin holdings.  Ledn, which I am a huge fan of, has dropped their tier from 2 Bitcoin down to 0.5 Bitcoin.  Celsius dropped their top tier down to 0.25 Bitcoin.  This tier shifting forces people to shift their Bitcoin around in order to maintain a decent risk/reward.  Believe me it sucks a bit of air out of the room every time you make a large Bitcoin withdrawal.  So I've been trying out Nexo, but it requires a 1-month lock up to get 5%.  With my staking level at Crypto.com, I need a 3-month lockup to get 6.5%.  I'm not willing to custody my Bitcoin for any less than 5%.  I have a feeling the higher the price goes up and the more competition comes online, the more these tiers will shrink.  I don't mind spreading out smaller amounts across multiple platforms.  I feel it helps mitigate the custodial risk.

I hope that Bitcoin DeFi continues to mature so I can deploy some there.  I have a little bit wrapped on Binance Smart Chain, but I prefer to have an on chain solution as well.  In that same vein, I plan to start taking a look at ThorChain, but I haven't got there yet.

![Untitled design.png](https://images.hive.blog/DQmXq356zS8yBcygigWGQiXkRK6jCyojRq3GGJmnWth7iSw/Untitled%20design.png)<hr>

### Splinterlands

![image.png](https://images.hive.blog/DQmVAFCmADi5Gf4kb5ceAFMtE682gk8yihweruC2AzybdWV/image.png)

I never would have thought that a game would be my beast investment.  Cards, land, SPS, Tournaments, seasons, DEC rentals, Vouchers, Airdrops, holy crap.  Splinterlands go BRRRRRR.  This topic will require its own blog...  I feel as though at this point the momentum is there and isn't stopping.  The major risk is the team doing something to torpedo the game mechanics and causing everyone to bail.  @splinterlands team, don't screw this up!  Anyhow, I'm not going to claim any more SPS until January because taxes are eating me alive.  I did sell a decent-sized chunk of SPS to seed some DeFi.  Since everything Splinterlands went apeshit recently, I felt like I needed to branch out a little bit more.

![Untitled design.png](https://images.hive.blog/DQmXq356zS8yBcygigWGQiXkRK6jCyojRq3GGJmnWth7iSw/Untitled%20design.png)<hr>

### Ethernet Name Service

![image.png](https://images.hive.blog/DQmZePaGYBnLRSy5TAvBEB7E4FvHsDVRaWWVAuipoXW8Xri/image.png)

So because I am vain I registered the joshman.eth domain a couple years ago.  I didn't think twice about it.  I was also sleeping the news of the ENS airdrop.  I finally got around to checking and yes, I got it.  One more thing I'm not going to claim until January because of the tax man.  I've got until May to claim it.  More on this later.

![Untitled design.png](https://images.hive.blog/DQmXq356zS8yBcygigWGQiXkRK6jCyojRq3GGJmnWth7iSw/Untitled%20design.png)<hr>

### Bitcoin
The final thing I'd like to say today is that all of my activities in this space have the end goal of acquiring more Bitcoin.  That doesn't mean I don't feel like there can't be a thriving crypto economy outside of Bitcoin.  I have no interest in capturing reward in dollars.  I can do a lot of stuff, but that focus is singular-- to accumulate the hardest digital asset possible.  Everything else is 100X the risk on, and a possible 100X the reward, but all could go up in smoke.  When a gain is locked into Bitcoin, I breathe a sign of relief.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@joshman/crypto-update-12-1-2021)
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 97 others
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vote details (161)
@joshman ·
$0.02
#### Crypto.com
This app and card is like a Swiss Army Knife of crypto.  You should get one if you're eligible! Go to https://crypto.com/app/zfvuhwrsrp to sign up for Crypto.com and we both get $25 USD :)
👍  ,
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@sanjeevm ·
$0.62
I registered using your referral, but it takes me to app download. Reading there, it says Crypto.com Visa Card is now available for Google Pay in the United States, can we use the card at any place ? Need to explore a bit.
👍  
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@joshman ·
Cool! The app and the card work together.  You reload the card with the app. You also request the debit card in the app.
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@sanjeevm ·
And if I read the ratings, it seems to be doing worst in terms of KYC verification.
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@joshman ·
$0.72
You're going to use the visa network,  KYC is unavoidable. 
👍  , , ,
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@mintfinch ·
$0.61
Amazing stuff..Almost all in is an understatement you are crypto..Thank you for the article as I work on becoming more vain and watch all my eyes can see in this rabbit hole 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@mintfinch/re-joshman-2vpra8)
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@joshman ·
We must all strive to be more vain!
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@pappyelblanco · (edited)
$0.62
> When a gain is locked into Bitcoin, I breathe a sign of relief.

Sounds like pretty good financial advice considering how fickle most other assets could be.
👍  
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@joshman ·
Yup, my bitcoin holdings are like a black hole 🕳.  I'll leverage them but never sell them. 
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@realitavshaluan ·
$0.22
Thank for update information friends.
👍  
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@joshman ·
$0.02
Welcome 
👍  ,
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@world-travel-pro ·
$0.62
"I have no interest in capturing rewards in dollars."

I'm with you on that, especially when it comes to exiting crypto trades.

Good to see you posting more! Hope you have been well! :)
👍  
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@joshman ·
$0.10
Been good! How's the nomad life treating you?
👍  
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@world-travel-pro ·
That's great. Nomad life has turned into Island Life. With all the hoops to jump through and sudden changes with international travel.....I'd rather just stay here in Koh Phangan Thailand. I basically live in my bathing suit so I can't complain.
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