*Nothing finance related here, just a reflection and noting down my emotions for me to visit in time to come.
As I am writing this, it is 25 December 2021, Christmas Day. As with many others, I was expecting a weekend of great company and food. However, on Christmas Eve we were told to prepare for the worst and on Christmas day, it happened. We all knew and expected it to come soon but just not having a deadline in mind, we tend to think it wasn't going to happen.
It is a relief for him, at least what I think, as he wasn't having a good appetite and was lying down most of the time. The memories do flow back as I think of the times he cooked breakfast, tied my hair and prepare me for school everyday when I was young. It was a period of time when my grandfather took great care of me and I am thankful and hence why I am feeling a sense of regret of not spending more time with him.
I think we have heard of this so many times, cherish the people around you while they are there and once you lose them, there is nothing much you can do. Even though there is nothing much you can do, the memories live on in you and I am happy that there were many happy memories made.
It still feels a little surreal but time will pass and we will get used to it. I have actually prepared a few articles that I was going to record and release over the next few weeks but I will take a short break and enter 2022 with more learnings to share. Wishing all of you a Merry Christmas and Happy New Year as we break into 2022!
I was scrolling through YouTube and came across this video by The Economist (video is very much in the context of London and the US so do take that into account, nonetheless, it is still an interesting video to take a look at), the title is definitely very eye-catching but the main point of the video is how you might think climbing the social ladder now is much easier compared to your parent’s time but unfortunately it’s not the case as opportunities are not there for the general population. The video starts by explaining how the neighbourhood you grow up in affects your chances of moving up the income levels where being at the ‘bottom’ means you have a lower chance.
The land of opportunities, America?
A Senior Fellow they interviewed mentioned that America is the poster child for rising income and wealth inequality hence making the chances for catching up (having opportunities) which make it difficult to climb the social ladder. It was also mentioned that if you are not from a priviledged background, it would feel like your child is facing failure and this can affect your political views as populist movement would appeal to them.
To get a degree or not?
The video also touches on how being in a university can affect your income as most counties move away from manufacturing and towards service-based industries resulting in lesser openings for non-degree holders. This means education is a huge factor determining your social status compared to 50 and 60 years ago. I watched the College Admission Scandal on Netflix and this video also backs it up by saying that America has legacy admissions where children of alumni does have a higher chance of getting in for example, between 2014 to 2019, 43% of white students who graduated from Harvard were student athletes, children of faculty, “dean’s interest list” and “legacy” students. This gives an impression that if your parents are rich and went to college, you are more likely to graduate than if your parents are poor and did not go to college.
Effects of starting young
It also covered how starting young and being exposed to more items or knowledge can help in the long run as well as how tuition works. It also showed how in a small island nation in Jamaica, toys that can be used to educate young children helped them in the long run as the study showed that they earned 25% more in 20 years compared to the control group and earned 43% more per hour in 30 years. Of course, the country you are in also determines the absolute mobility as emerging markets like India and China where a huge proportion of people have been out of extreme poverty as the country grows.
Social Capital
Your network matters! Having someone in the industry you are interested in and in the words of one of them is the subtle favours that people can call upon. I think this is also hugely felt all around the world as referrals do work for jobs and to be honest, you would tend to trust someone who has good reviews from a person you know than a complete stranger as you can gauge the skillsets and character of the person beforehand based on the description given by the referrer.
My thoughts
I would think that in a way, your own potential is limited by your surroundings mainly because the exposure is not there so you would think wow, it’s gonna be difficult to attain it or feel like you need certain pre-requisites to achieve things. Studies and data have definitely proven so that where you grow up and your parents can determine your opportunities in this time and age. But of course, there are many chances in life to change it but it’s not easy. We have also seen success stories and what we don’t see are the struggles and difficulties faced. I think after watching the video, a lot of the individuals who manage to break out of the poverty cycles that exists in their neighbourhood mostly aspire or have gone back to help the places that need help the most. It is not easy but slowly more opportunities can be opened for everyone and individual effort matters. Many factors are involved and it is definitely not easy to break through the cycle. As wealth inequality expands due to the pandemic, children who have no access to technology really lose out in opportunities to those who have access.
In Singapore, I would say we are lucky as help is usually accessible however, we do see the distance between the rich widen as more overseas wealthy individuals choose to buy properties or have their family offices in Singapore due to the tax benefits although it does bring certain benefits. Overall, life’s a journey and an exploration of yourself, although statistics and data show a certain phenomenon but we can make the change in one way or another no matter how small or big. I will be taking a break from making videos (but will be posting articles) in December as it is more of a reflection month for me and work is kinda piling up although it’s year-end..... Lots of looking back and reflecting posts coming haha. I might do a end of year portfolio review video at most. December is flying past and hope everyone enjoys the last 2 weeks of it.
► How I Protect My Bitcoin using Ledger: Get your ledger from HERE (Using my affiliate link will help me where Ledger will pay a small incentive that's not from
you but from them) ► How I earn interest on my Crypto (Hodlnaut): https://app.hodlnaut.com/signup?r=_JF037Nb0 Get USD20 equivalent for your initial deposit of at least USD1000 on any of the supported asset by using my referral link ►Join Celsius Network using my referral code 1169038ddc when signing up and earn $50 in BTC with your first transfer of $400 or more! https://celsiusnetwork.app.link/1169038ddc ► Where I Buy my Cryptocurrencies: Gemini (Receive $10 of bitcoin after you buy or sell $100 after signing up using https://www.gemini.com/share/558gylyhg) ►FTX: https://ftx.com/#a=41877278 (If a new user signs up with my referral code, I will receive 25%-40% of their fees, and they will get 5% of their fees back) ►Use my referral link https://crypto.com/app/evwynu4g57 or code: evwynu4g57 to sign up for Crypto.com and we both get $25 USD :) ► Where I buy my stocks FSMone Referral: P0364886 Tiger Brokers (Free stock and commission free trades, check out more here Interactive Brokers (Open an account today and start earning up to $1000 of IBKR Stock for free!*Terms and Conditions apply) ► Google Pay: v89ph61
NFTs have been the rage so far and digital assets are what people are looking at. From virtual land to ships, the possibilities are endless as almost everything can be a digital asset, it's just whether how valuable will it be. I have been following various NFT sites and do want to own an NFT, something that can be called mine and is registered on the blockchain. But of the course, the hype and prices do make me apprehensive to buy in.
On 8 December, I saw on the Chain Debrief's Telegram chat on a NFT release where they provided the link and mentioned that it was on the Cronos chain, something that I am familiar with also NFT Debrief did also earlier posted on it on Instagram. The project is the Mad Meerkat (MM), where there are 777 genesis MM on Ethereum Chain and 10,000 of it on the Cronos Chain. The one I minted was 1 of the 10,000 on the Cronos Chain. Besides getting the copyrighted materials of the MM, one other interesting feature of getting the MM is a higher daily yield on the MM.finance which is a Automated Market Maker.
Why get an NFT
A lot people might ask, why own an NFT? I think it really is intriguing and once you understand what you are buying, it changes a lot of things. Being part of a community or a project that you like and wanting to grow or just owning a piece of something that you like is one of the reasons why you should get an NFT. I know that MM is not a project as big as BAYC or Cryptopunks but this recent podcast by Chain Debrief with an owner of 2 BAYC explains very well on NFTs value. I think I liked what he said on it depends on why you are going into it, some go in for the sole purpose of making money but for him he will only really go in if he likes the community and project which means he will not get it so cheap.
For me, I think one of the reason I got in was the first the accessibility of it, using CROs was simple and easy for me. Next, I actually like the design of the Meerkats where they look kinda crazy and explains why it's called Mad Meerkats. On the community, I have only just joined the discord and so I haven't really explored much yet. This is the first NFT I have minted and it costs 299 CROs. It feels quite surreal buying a digital piece of item/art. The team behind Mad Meerkat is from Asia and consist of 6 of them, I think they are all currently anonymous. Amazing that a group of 6 can come up with a project like this (the crypto world is really filled with talents), in the FAQ, it was mentioned that some of them used to be from companies like Ethereum Foundation and consenSYS. It was really easy and straightforward minting it.
How I mint Mad Meerkat
You will of course need a metamask wallet but you can also use the crypto.com DeFi Wallet but for me, I used metamask. If you have CROs available in crypto.com, you can transfer it via the cronos network type to your metamask, do remember to transfer more as gas fees will apply on everything you do. Next, after transferring, go to https://madmeerkat.io/gallery and connect your wallet then click mint. So far, as of writing (10 Dec), it has been fully minted but I have seen many people who bought more than 1 seeing from the discord group. The top 1 holder holds about 102 MM. For me, I just minted 1, not sure where all this leads me to.
Rarity
Since all the Mad Meerkat has been minted, the creators have also released a rarity check here. The NFT I minted is ranked 1955 in terms of rarity, not too rare. You can take a look at the NFT I have minted, I love it, although some say the look is not very pretty but I love the accessories and colours. I haven't made the change of my display picture to it, still pondering but am really happy! Short video and article today, do hit the like button and subscribe to my channel if you enjoy my content.
► How I Protect My Bitcoin using Ledger: Get your ledger from HERE (Using my affiliate link will help me where Ledger will pay a small incentive that's not from
you but from them) ► How I earn interest on my Crypto (Hodlnaut): https://app.hodlnaut.com/signup?r=_JF037Nb0 Get USD20 equivalent for your initial deposit of at least USD1000 on any of the supported asset by using my referral link ►Join Celsius Network using my referral code 1169038ddc when signing up and earn $50 in BTC with your first transfer of $400 or more! https://celsiusnetwork.app.link/1169038ddc ► Where I Buy my Cryptocurrencies: Gemini (Receive $10 of bitcoin after you buy or sell $100 after signing up using https://www.gemini.com/share/558gylyhg) ►FTX: https://ftx.com/#a=41877278 (If a new user signs up with my referral code, I will receive 25%-40% of their fees, and they will get 5% of their fees back) ►Use my referral link https://crypto.com/app/evwynu4g57 or code: evwynu4g57 to sign up for Crypto.com and we both get $25 USD :) ► Where I buy my stocks FSMone Referral: P0364886 Tiger Brokers (Free stock and commission free trades, check out more here Interactive Brokers (Open an account today and start earning up to $1000 of IBKR Stock for free!*Terms and Conditions apply) ► Google Pay: v89ph61
I released an earlier article/video talking about why I convert my extra available cash after setting aside my emergency funds to stablecoins (mostly USDC). Do go over and take a look before continuing here. Today, I will be talking another platform where you can earn interest on your cryptocurrencies, they offer up to 40+ cryptocurrencies with different interest rates.
Setting up of account + Stackable promo codes to get rewards
Setting of account was pretty simple, you do have to provide some form of ID as well as with other crypto exchanges. You can also download and use the app to sign up. It doesn't auto sign you in via the app until you have some form of assets in it.
What's really cool about it is the amount of promo codes they have however, some are stackable and some are not. So when signing up first, you can put in your friend's referral code or mine 🙂 at 1169038ddc and then when you deposit USD400 and more, you will get $50 in bitcoin after keeping it in for a month. For me, after I created my account, I also used 2 promo codes, STABLE50 and STABLE10 to earn another $50 in bitcoin and $10 in bitcoin. Do remember that you cannot transfer a lump sum in but you will need to transfer $200 and then $50 in USDC/USDT as per the terms and conditions. You will then also need to lock them up for 30 days before getting your rewards. They do have multiple promotion codes here and you can see which are stackable and which are not here. It can get pretty confusing but just try to secure those that you can meet the terms and conditions.
Earning interest
Celsius pays out weekly interest similar to Hodlnaut on Monday however something different is that you cannot choose your payout preference which Hodlnaut allows where you can use your Bitcoin to pay out USDC or ETH which is really a very convenient way to build up what you want to.
It also doesn't have the continuous ticker showing the amount that you are earning (which is oh, so addictive). Other than that, Celsius offers a lot more cryptocurrencies that can earn interest like DOT, LUNA, LINK and MATIC where of course, the interest fluctuates and varies.
Borrowing
Another cool feature on Celsius is that you are able to lend and borrow based on the cryptocurrencies you are giving as collateral. I am definitely not advocating for you to borrow but this opens up a whole new world as normally, you have to go through huge steps and administrative processes (eg credit checks) with Banks to get loans. But with platforms like Celsius, you can get a loan fast based on the collateral you are providing with no credit checks.
Do note that Celsius loans does not apply at every location hence if you are planning to get a loan, you will need to check via the mobile app.
Mobile App Interface
Celsius was founded in 2017 and have made many improvements to their app. So far, I have started using the app and it's interface is pretty simple but it provides the basics that is needed to see your coins, total value and also rewards.
For me, mainly I am using it to store my stablecoins (USDC), I have paid quite a bit of fees as you need to use the ERC-20 address to transfer it to Celsius. So far, after a few trial and error, the most cost-effective way is to buy DAI from Gemini since there are 10 free withdrawals per month, transfer DAI to Hodlnaut, token swap it to USDC and once it is end of the month, you can make use of the 1 withdrawal per month to move it to Celsius. You will pay a bit in the spread to swap DAI to USDC but it is not as bad as paying the fees for sending it to a ERC20 wallet address. Of course, if your Hodlnaut wallet is not maxed, it is better to leave it in Hodlnaut as it offers a higher interest. Celsius is more like a supplement to it and it has unlimited withdrawals making it much easier to access your funds (eg sending it back to exchange to buy).
You can also use Hodlnaut as a 'holding area' since Celsius does give promo codes as and when for example, currently till 5 December 2021, using the promo code CELSIUSCARES (for new and existing users) gives you $150 in bitcoin when you deposit $5000 or more in the supported coins and hold the $5000 in for 60 days. Hence, you can build up your funds in Hodlnaut and once there are any attractive promo codes released then you can move your funds from Hodlnaut to Celsius and since Celsius has unlimited withdrawals, you can then move back your funds once the holding period and reward has been paid out to you.
If you want to open an account, you can use my referral code and get $50 in bitcoin once you transfer $400 (USD) or more in and leave it in for 30 days. Use your friend's referral code if you have so you each will earn $50 in bitcoin. Hodlnaut has been great so far and I love all the features in it but as the amount in it increases, I do find a need to have some in another platform to spread out the risk. I have been using Celsius for a few weeks so far and it's been good. Although recently there have been some unfavourable news on it, firstly on it's CFO which Celsius has addressed by saying that they have suspended the CFO and he was not involved with any Celsius funds, another one is that Celsius has lost some funds in the BadgerDAO hack. Celsius does hold frequent AMA (Ask me anything) with their CEO via Youtube where they will address questions on, which I think is great as the BadgerDAO hack was also revealed in a recent AMA video that they did via Youtube. Do note to be careful when transferring your assets in as there are some cryptocurrencies that require a certain chain and need a memo ID. This carries certain amount of risk and hence do your own due diligence before getting in. Hope you guys have found this informative and do hit the like button and subscribe to my channel to show some support. Thank you!
► How I Protect My Bitcoin using Ledger: Get your ledger from HERE (Using my affiliate link
will help me where Ledger will pay a small incentive that's not from
you but from them) - USD$25 discount coupon: THANKS-SHLRTVJ or
THANKS-V35SSK5 or FRIEND-PDWTHLT ► How I earn interest on my Crypto (Hodlnaut): https://app.hodlnaut.com/signup?r=_JF037Nb0 Get USD20 equivalent for your initial deposit of at least USD1000 on any of the supported asset by using my referral link ►Join Celsius Network using my referral code 1169038ddc when signing up and earn $50 in BTC with your first transfer of $400 or more! https://celsiusnetwork.app.link/1169038ddc ► Where I Buy my Cryptocurrencies: Gemini (Receive $10 of bitcoin after you buy or sell $100 after signing up using https://www.gemini.com/share/558gylyhg) ►FTX: https://ftx.com/#a=41877278 (If a new user signs up with my referral code, I will receive 25%-40% of their fees, and they will get 5% of their fees back) ►Use my referral link https://crypto.com/app/evwynu4g57 or code: evwynu4g57 to sign up for Crypto.com and we both get $25 USD :) ► Where I buy my stocks FSMone Referral: P0364886 Tiger Brokers (Free stock and commission free trades, check out more here Interactive Brokers (Open an account today and start earning up to $1000 of IBKR Stock for free!*Terms and Conditions apply) ► Google Pay: v89ph61
I saw an a great article by Investment Moat recently on stablecoins where he broke down the different types and the risks involved. I found it a very interesting topic as the interest rate is really much more attractive compared to the traditional banks. How much of your portfolio are you holding fiat and are you moving them to stablecoins? I started asking myself this after seeing how stablecoins are earning a huge interest compared to fiat. Of course, this is not a recommendation for any actions as there are certain advantages to holding fiat as well considering the primary medium of exchange for goods are still in fiat. I am sharing more of my experience and what I plan to do on my allocation.
Why hold fiat?
Holding fiat and having liquidity for it is important as it is still what we use on a daily basis for purchase of food, necessities and paying our bills. It's still very important to have a certain amount of fiat depending on your circumstances for example if you have a family that depends on you or if you have mortgages and debts to pay, you will need a larger pool of fiat available for usage.
We usually hold our fiat in banks for example in SG we usually have them in DBS/POSB/OCBC or UOB. In Singapore, your deposits are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law.
In the event a Deposit Insurance (DI) Scheme member bank or finance company fails, all of your insured deposits with that member are aggregated and insured up to S$75,000 by the Singapore Deposit Insurance Corporation Limited (SDIC). - Taken from https://www.sdic.org.sg/
I am sure you have heard of concerns over inflation and the Fed printing money. Chicken Genius has also mentioned in his recent video on the increase of money in the system know as M1, the M1 money supply is composed of Federal Reserve notes—otherwise known as bills or paper money—and coins that are in circulation outside of the Federal Reserve Banks and the vaults of depository institutions. Paper money is the most significant component of a nation’s money supply. From 2020, there has been an exponential increase in the M1 supply.
Hence some say to invest your money especially since the supply of fiat is increasing at such a rapid pace, your fiat will in the long run decrease in value and investing it allows you to keep up or even grow your money. I do make sure that I have enough fiat on hand for my daily necessities and 6 - 12 months expenses or salary depending on your circumstances, for me, I keep 6 months of expenses in my bank and for the rest, I invest them.
Why hold stablecoins?
I came across the term stablecoins when I started dabbling in cryptocurrencies in late 2020 but I didn't really hold stablecoins until I came across Hodlnaut which pays me interest on the stable coins.
I hold fiat-backed stablecoins (USDC) because I already have an emergency fund built up and also some cash being saved up monthly. With the excess fiat, changing it to stablecoins allows me to earn a much higher interest than leaving it in the bank however I like to emphasize that stablecoins are not insured by the SDIC and carry some form of risks. Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference. They maybe pegged to the USD (USDT or USDC), achieving price stability via collateralization or through algorithmic mechanisms of buying and selling the reference asset or its derivatives.
Stablecoins are being scrutinized by the regulators as they are growing and impacting the financial markets however there is currently no controlling authorities to intervene and manage the demand and supply of currency to maintain price stability. They do not have a central authority to control prices when required hence to individuals with a low risk perception, they seem more dangerous.
I hold stablecoins in Hodlnaut and Celsius to earn interest and at the same time to buy the dip when there is, Hodlnaut allows for 1 withdrawal a month once your account has been set up for 30 days otherwise a withdrawal fee applies when you withdraw but using the token swap allows you to buy within the whole ecosystem with no extra fees which I love.
Also, being exposed to yield farming which I mentioned in my previous video/article has also made me convert more cash into it. It's been a new experience and I am still learning along the way.
Conclusion
As I build up my cash position, I am also putting the extra into fiat stablecoins (mostly USDC) and to be honest, I always end up swapping it for ETH (itchy fingers!) so the stablecoin positions is always moving because I always think in terms of ETH growth and it is more worth it to be holding ETH than stablecoins. But I like the alternative that stablecoins provides to fiat. Of course, fiat and stablecoins are not equally the same and you need to figure out the most comfortable allocation for yourself. Hope you guys enjoy my content. Thank you.
► How I Protect My Bitcoin using Ledger (20% discount code): Get your ledger from HERE (Using my affiliate link
will help me where Ledger will pay a small incentive that's not from
you but from them) - USD$25 discount coupon: THANKS-SHLRTVJ or
THANKS-V35SSK5 or FRIEND-PDWTHLT ► How I earn interest on my Crypto (Hodlnaut): https://app.hodlnaut.com/signup?r=_JF037Nb0 Get USD20 equivalent for your initial deposit of at least USD1000 on any of the supported asset by using my referral link ►Join Celsius Network using my referral code 1169038ddc when signing up and earn $50 in BTC with your first transfer of $400 or more! https://celsiusnetwork.app.link/1169038ddc ► Where I Buy my Cryptocurrencies: Gemini (Receive $10 of bitcoin after you buy or sell $100 after signing up using https://www.gemini.com/share/558gylyhg) ►FTX: https://ftx.com/#a=41877278 (If a new user signs up with my referral code, I will receive 25%-40% of their fees, and they will get 5% of their fees back) ►Use my referral link https://crypto.com/app/evwynu4g57 or code: evwynu4g57 to sign up for Crypto.com and we both get $25 USD :) ► Where I buy my stocks FSMone Referral: P0364886 Tiger Brokers (Free stock and commission free trades, check out more here Interactive Brokers (Open an account today and start earning up to $1000 of IBKR Stock for free!*Terms and Conditions apply) ► Google Pay: v89ph61
What do you think of your current job security? For me, job security is really just something that applies maybe to certain positions or certain levels in a company, I haven't really experienced any job security since graduating from University. This is because I have been in a contract job after I graduated and ever since then have only held contract roles.
Jobs are no longer as secure as skill sets and job scopes changes as per the company's needs. Downsizing and cutting cost seems to be the norm in the ever-changing pandemic situation. I have to admit the job I am holding is not directly impacted by the pandemic but the effects of the pandemic is far-reaching.
He has taken up IT courses and project management but have been told that he does not have the relevant experiences and that he might be too highly qualified for the role which is one of the main reasons he received. WSG mentioned that Mr Siva shared at the time that he had expected remuneration on par with his last drawn salary. He’s since lowered his salary expectations but still wants to be in work that can utilise his skills and qualifications with him doing freelance QA-related work but he still is looking out for a full-time role.
Another individual, Mr Helmy Osman, 50, who set up his own events planning company after leaving his job in 2019 unfortunately had to close his business due to the pandemic. He got a contract job although it was a quarter of what he earned and he got it after numerous submissions and interview sessions. He has a TikTok account and have gone for digital course but was told he was not digitally savvy enough.
Sandwiched generation
Many PMEs are also having to deal with being the sandwiched generation, with children and parents to take care of. This poses huge pressure on them to ensure that they have their job especially so if their parents depend on them for allowances or necessities. Employers also worry about the commitments that PMEs have especially so for individuals who have taken a break due to their kids which was also explained by Ms Jayasree Balakrishnan Pillai, 40 years old who took a 2 years break to care for her 3 children. She explained that many companies asked her personal questions on her family commitments and some expected her to take a pay cut but eventually she managed to find a job that gave her an increment from her previous job.
What I think
I do feel that every job has the possibility of being replaced considering the rapid pace of innovation and automation. Companies are restructuring to face the changing situations and employees are made to adapt or leave if they are unable to keep pace. I do feel that in my current company and I think it has also instil a huge drive in me to take charge of my finances as I do not know how long I will be employed and whether will there be a job for me when I reach my 40s.
Thinking about the future is good in a certain sense as it prepares you for things and makes your goals more concrete as you prepare yourself. But of course overthinking can cause anxiety and I do try my best not to think too much about it. I heard this online, "Thinking about the past produces pain, thinking about the future produces anxiety, learn to be in the present and live now."
I do not have a solution to ensure job security but I believe financial planning is the way to go. I have noticed a rise in financial planning information in our local news scene from TODAY to CNA and even Straits Times. I think Singaporeans are seeing the need for investing as a buffer for retirement and having just a main income from work or trading your time for money is not the only way to grow your money. Here are 2 videos (Part 1 & Part 2) I came across on CNA and I think definitely we can see a lot of advocating of financial planning and retirement fund (CPF was heavily mentioned in the part 2 video haha) in the past year since the pandemic. Hope you guys enjoy the content. Do like my pages to stay informed every time I release new content. Stay safe and happy that Covid-19 curbs are easing up from 22 Nov 2021!
► How I Protect My Bitcoin using Ledger (20% discount code): Get your ledger from HERE (Using my affiliate link
will help me where Ledger will pay a small incentive that's not from
you but from them) - USD$25 discount coupon: THANKS-SHLRTVJ or
THANKS-V35SSK5 ► How I earn interest on my Crypto (Hodlnaut): https://app.hodlnaut.com/signup?r=_JF037Nb0 Get USD20 equivalent for your initial deposit of at least USD1000 on any of the supported asset by using my referral link ► Where I Buy my Cryptocurrencies: Gemini (Receive $10 of bitcoin after you buy or sell $100 after signing up using https://www.gemini.com/share/558gylyhg) ►FTX: https://ftx.com/#a=41877278 (If a new user signs up with my referral code, I will receive 25%-40% of their fees, and they will get 5% of their fees back) ►Use my referral link https://crypto.com/app/evwynu4g57 or code: evwynu4g57 to sign up for Crypto.com and we both get $25 USD :) ► Where I buy my stocks FSMone Referral: P0364886 Tiger Brokers (Free stock and commission free trades, check out more here Interactive Brokers (Open an account today and start earning up to $1000 of IBKR Stock for free!*Terms and Conditions apply) ► Google Pay: v89ph61
*Please note that returns are not guaranteed and even your capital are not guaranteed as the prices of CAKE fluctuates and this is considered high risk so do your own due diligence and start small.
I have been hearing decentralised finance and how you can earn up to 3 digits % APY on it and was always intrigued but with no process sources that can really onboard me, I have mostly stayed with centralised finance like Hodlnaut and the exchanges (FTX, Crypto.com, Gemini) to earn about 3% - 12% APY. I was already pretty satisfied with the returns but of course, I knew there is higher yield though it might also be riskier.
Just the other weekend, I came across Chain Debrief's video on YouTube teaching how you can create a metamask wallet and accessing Pancakeswap and other platforms to yield farm and get up to 70% APY. The tutorial is really simple and easy to follow, do go take a look, I will also be doing a short tutorial on how I set up everything.
Getting introduced
The whole concept was really cool as they explained how banks were earning huge amount from the deposits of people like you and me but what we get back are sub 1 interest rates. The video from Chain Debrief is a step by step video where they will show you how you can create your metamask wallet and then add the Binance Smart Chain Network before connecting it to Pancakeswap. I have to say I think I am pretty late to the game as Clinton (one of the speaker from Chain Debrief) mentioned that the APY was previously 3 digits but have since dropped to 2 digit as more people stake and it becomes more stable.
Setting up the Metamask Wallet
If you have experience setting up a cold wallet (ledger or Trezor), this set up is pretty much the same with a password and seed phrases to be written and kept securely. I used the Firefox browser as that is my usual browser but google chrome works fine with it too. After that, you will need to add the BSC Mainnet which is as shown below or here.
Buying BNB to transfer to Metamask
I use FTX to buy BNB and then after buying it, I transfer is to my Metamask, when transferring, copy your Metamask address and use the BSC network to send it over. It should be in after a few minutes. You will then connect your wallet and swap BNB for CAKE to be able to stake it in the pool.
Using Pancakeswap
You can then go to Pancakeswap and at the top right hand corner, click connect to wallet. It is pretty intuitive and all you need to do is wait for it to connect. After which, you can click Earn at the top left corner and then proceed to pools. You will come to a page showing Syrup Pools and the first option, Auto Cake where you earn Cake by staking Cake. Do note that you will require BNB for transaction fees and because Pancakeswap is a automated market maker (AMM) on the Binance Smart Chain. You will need to swap your BNB for CAKE before enabling staking and there are gas fees throughout the whole process so do keep some BNB for the fees.
After staking, you will be able to see the returns and there is even ROI calculator where you can anticipate how your returns might look like, do remember that the APY fluctuates and is not fixed. But it is a really cool feature to have as you can see the numbers. *APY fluctuates and value shown below is not confirmed.
Cashing out your returns
You can then swap the CAKE tokens for BNB and send it back to your exchange. I will be using FTX exchange as after you have send your BNB via the Binance Smart Chain to FTX, you can then sell the BNB to USD and then exchange it to SGD before sending it over to your bank account.
If you were to send your BNB to Gemini and then get USD, do remember that there will be a charge of $10 for DBS if they were to receive a foreign currency like USD. So for me, I think if I were to cash out my returns, FTX would be the best choice.
My experience so far
I have shared my cryptocurrencies portfolio previously and most of holdings are in Bitcoin and Ethereum. I have utilised HODL for most of my cryptocurrencies and only recently have got into yield farming since my portfolio has reached a certain size. Of course, those who started earlier really got the juicy APY and I am just so intrigued by this whole system of DeFi. Returns are definitely not guaranteed but to be exposed to something that has substantial returns are crazy after years of chasing for the 1% interest rate from banks. This definitely comes with a larger risk as the CAKE token could drop drastically diminishing my profits, there is always the risk as we can also see that within 1 year it had a high of $44 and is currently at about $16. I am still very new into this and I only put in a small amount, although this means that my returns are low, I am still getting used to it and am comfortable with that amount. Do remember to do your own due diligence before getting in. Hope this video has been interesting for you.
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Dividends was a huge driving force behind why I started investing back in 2017. I loved the concept of having dividends paid out by holding a certain stock, I mean who don't love a constant payout of money throughout the year? However, with my investment returns not turning well with dividend investing due to my small capital, I have moved away from dividend investing and more towards riskier but higher growth stocks and assets.
Aiming for that cashflow monthly or growth in portfolio value?
As I have shown in my previous portfolio reviews, I tabulate the dividends I receive monthly and annually I receive about a 3 digit amount which to me is not bad. I liked it but my portfolio was growing at a low pace as dividend companies tend to be stable in their prices means no fluctuations and what more when they are SGX-listed companies. Hence, I changed my strategy by investing my money to US stocks as well as cryptocurrencies. I think being young, I wanted to take on more risk plus volatility with my money on asset that can grow at a faster rate.
Putting cash to other areas as I have a constant income
I have stopped investing in dividend companies or rather SGX listed stocks like REITs as I divert my cash to US stocks and cryptocurrencies like many others as the returns are really attractive. Of course, I have to say that the market have been in an uptrend specially so for the US market as interest rates are low and the Fed has been printing money to buy assets hence maintaining the prices of assets and the market.
I watched some videos and some mentioned that once interest rates are raised, there might be a stock market crash but no one knows. We will have to see how it goes. With my salary coming in every month, I put a portion to stocks and another portion to cryptocurrencies before splitting the remaining amount for expenses and savings.
In Oct 2021, with Tesla shares hitting $1000, my total portfolio is now about $80,000. VWRA and VT which are the next few substantial holdings are also hitting ATH. Of course, the market doesn't only just go up but I have found a way of investing that I am comfortable with and that is to dollar cost average. Even though I might missed out on the lows but at least there is a fixed routine of putting in money.
I came across a few Seedly community questions where people asked, "VOO is now at ATH, should I wait before investing or should I just invest now?" I too also face this dilemma, especially so every month, it hits ATH, I will wonder should I save it up first before investing but knowing myself, it is better to have a regular investing plan then to time the best (bottom point) to invest because by then I wouldn't dare to put my money in.
With the strong market sentiments and the growth of the stock market, it is pretty scary thinking about when the next market crash is coming. I haven't experienced any market crash and when it comes, I am sure I will be shocked. So, I am also trying to build up my cash position and maybe keeping a portion as stablecoins to earn interest on Hodlnaut. So that is my plan currently. Just staying invested and keeping to my DCA plan towards the end of the year. Hope you guys enjoy this summary, do hit the like button and subscribe to my channel. Thank you:)
► How I Protect My Bitcoin using Ledger (20% discount code): Get your ledger from HERE (Using my affiliate link
will help me where Ledger will pay a small incentive that's not from
you but from them) - USD$25 discount coupon: THANKS-SHLRTVJ or
THANKS-V35SSK5 ► How I earn interest on my Crypto (Hodlnaut): https://app.hodlnaut.com/signup?r=_JF037Nb0 Get USD20 equivalent for your initial deposit of at least USD1000 on any of the supported asset by using my referral link ► Where I Buy my Cryptocurrencies: Gemini (Receive $10 of bitcoin after you buy or sell $100 after signing up using https://www.gemini.com/share/558gylyhg) ►FTX: https://ftx.com/#a=41877278 (If a new user signs up with my referral code, I will receive 25%-40% of their fees, and they will get 5% of their fees back) ►Use my referral link https://crypto.com/app/evwynu4g57 or code: evwynu4g57 to sign up for Crypto.com and we both get $25 USD :) ► Where I buy my stocks FSMone Referral: P0364886 Tiger Brokers (Free stock and commission free trades, check out more here Interactive Brokers (Open an account today and start earning up to $1000 of IBKR Stock for free!*Terms and Conditions apply) ► Google Pay: v89ph61
Saw an article recently from South China Morning Post on how a lady saved her way up to having 2 properties however Chinese netizens are criticising her due to the way she is living. I think it is really harsh to be giving negative comments about how one is living their life if they are happy with it although her way of living does affect her husband.
Summary of the article, you can read the full article here
The article is titled, "Money-saving tips from a Chinese millennial who owns two properties". It's a great title and I would say that it attracts a certain audience particularly the millennials especially so in a time when properties are so high. We all struggle with property rising but wages staying and even fresh graduates are having a tough time finding a job. The article focuses on Wang Shenai whose is frugal to the point of being stingy. She is 32 years old and owns 2 properties in Nanjing.
Over the past 9 years, she has saved 90% of her salary to buy 2 flats in Nanjing, she is married with 1 kid. It has received large number of views, about 500 million times on Weibo but of course, many are debating whether her extreme lifestyle is worth it. She feels anxious and nervous when she spends money and her husband uses a mobile phone that is so outdated, it only has enough memory for 1 app.
Some said that there is no meaning to life living like that and that the media should not be promoting this kind of lifestyle, others supported her for being wise in saving and getting 2 properties at a rather young age. She said property gives her a sense of security hence she don't mind spending all her money on it.
The money tips which she provided are:
Do not buy new clothes; try to borrow old clothes from friends
Only use public transport, and try to find discounts if possible
Never join feasts
Stay away from luxury products
My thoughts
I think the tips that she provided are really useful as a guideline, not saying that you have to abide by all of it but if you can just choose 1 or 2, I am sure it will help in saving a portion of money. Of course, some would say that the lifestyle she is living is very extreme where spending causes nervousness and anxiety but it's really on an individual level. She feels more secure with having properties at the expense of not enjoying luxuries or experiences but if she likes it, that's good. I think there is always something to learn from everyone. Having 2 properties is a dream to most and she has achieved it however she had to sacrificed some things as well. Her frugality has moved to the point of being stingy and I think that is something that might need some adjustments (?) since she already has 2 properties on hand. Definitely, I am in no position to talk about how she is living her life but a lot of sacrifices has been made. I find myself frugal but stingy is not for me to evaluate but for others to say, haha. How would you live your life?
► How I Protect My Bitcoin using Ledger (20% discount code): Get your ledger from HERE (Using my affiliate link
will help me where Ledger will pay a small incentive that's not from
you but from them) - USD$25 discount coupon: THANKS-SHLRTVJ or
THANKS-V35SSK5 ► How I earn interest on my Crypto (Hodlnaut): https://app.hodlnaut.com/signup?r=_JF037Nb0 Get USD20 equivalent for your initial deposit of at least USD1000 on any of the supported asset by using my referral link ► Where I Buy my Cryptocurrencies: Gemini (Receive $10 of bitcoin after you buy or sell $100 after signing up using https://www.gemini.com/share/558gylyhg) ►FTX: https://ftx.com/#a=41877278 (If a new user signs up with my referral code, I will receive 25%-40% of their fees, and they will get 5% of their fees back) ►Use my referral link https://crypto.com/app/evwynu4g57 or code: evwynu4g57 to sign up for Crypto.com and we both get $25 USD :) ► Where I buy my stocks FSMone Referral: P0364886 Tiger Brokers (Free stock and commission free trades, check out more here Interactive Brokers (Open an account today and start earning up to $1000 of IBKR Stock for free!*Terms and Conditions apply) ► Google Pay: v89ph61
If you have been keeping up with my posts and videos, you would know that I have a FTX and Gemini account that I use to buy my cryptocurrencies. I do also have a Kucoin account just to buy Algorand which is one of the alt coins that I am DCA-ing into every month. Crypto.com offers more options than Gemini as it offers over 150+ cryptocurrencies compared to Gemini which offers about 50+ cryptocurrencies. I am also creating an account after seeing so many reviews on the crypto.com credit card, I have decided to also create an account to buy some CRO to get started. Matt Damon has most recently also became the face of Crypto.com
I set up my account basically just using the app (Crypto.com) that I downloaded. After downloading the app, you will be prompted to use a referral code if you have, you can use mine if you would like to create an account (both of us will get USD25 once you stake for a Ruby card or above, referral code: evwynu4g57). Next you will have to do the normal KYC, providing your details and ID. Then creating your log in credentials and a log in passcode. The verification was pretty quick for me, all in a few hours. You can choose to view the prices in USD or SGD, which you can also update in settings anytime after that.
Creating and using StraitsX (Xfers) account to transfer SGD to Crypto.com account
To get funds into your account, you can transfer from other exchanges eg using Gemini to send DAI over for your purchases, just make sure you copied the correct address. Otherwise another easier way is to create a StraitsX account, which was previously known as Xfers. I had a Xfers account as I used to use it for Binance.sg it's really simple where after you have created an account, you have to use a bank account that is under your name and transfer your funds to the bank account of StraitsX then your funds will be available under the fiat tab. The funds are send over pretty quick.
Putting in your buy or sell orders
Buy is simple, just click at the bottom centre and you will be able to put in your buy or sell orders accordingly. Since I deposited SGD in, the prices I purchased in are set in SGD. So far, I have bought some CRO and will slowly build up that position and then apply for the card. Having different exchanges can be confusing but mostly, I buy and move them to for example, my Algo to my Algorand wallet, ETH and Bitcoin to Hodlnaut or cold wallet while I stake SOL and LUNA. So it's really about transferring the holdings around.
Another thing that I like about crypto.com is that you can create recurring buys through weekly, bi-weekly or monthly. This is really for those who wants to automate all the investing which is great. I haven't really explored this function yet.
Why I am going for the credit card
The Turtle Investor wrote about the card a long long time ago and recently released another article on it. It really explains the benefits of having the card and how the rebates work. The card benefits differ based on the amount of CRO you stake but it's interesting to have a card that give you rebates back for Netflix and Spotify. I am thinking of getting the card but you will need to purchase and hold the CRO for 180 days approximately 6 months and then you can transfer it back to your wallet. I am debating on this point as I want the Jade Green card but it requires $5000 SGD worth of CRO and for me, it is a rather large amount to begin with and I will also need to lock it up for 6 months. Otherwise, I will go for a Ruby Steel card first which requires $500 worth of CRO but to upgrade in future, a SGD 50 is needed for the replacement card. Overall, after downloading the crypto.com app, I would say that I am so far pretty pleased with it. Staking of CROs can further amplify the benefits you get just like with FTX with the FTX token.
If you are considering to open a crypto.com account, you can use my referral code otherwise, you can give Gemini or FTX a try too.
► How I Protect My Bitcoin using Ledger (20% discount code): Get your ledger from HERE (Using my affiliate link
will help me where Ledger will pay a small incentive that's not from
you but from them) - USD$25 discount coupon: THANKS-SHLRTVJ or
THANKS-V35SSK5 ► How I earn interest on my Crypto (Hodlnaut): https://app.hodlnaut.com/signup?r=_JF037Nb0 Get USD20 equivalent for your initial deposit of at least USD1000 on any of the supported asset by using my referral link ► Where I Buy my Cryptocurrencies: Gemini (Receive $10 of bitcoin after you buy or sell $100 after signing up using https://www.gemini.com/share/558gylyhg) FTX: https://ftx.com/#a=41877278 (If a new user signs up with my referral code, I will receive 25%-40% of their fees, and they will get 5% of their fees back) Use my referral link https://crypto.com/app/evwynu4g57 to sign up for Crypto.com and we both get $25 USD :) ► Where I buy my stocks FSMone Referral: P0364886 Tiger Brokers (Free stock and commission free trades, check out more here Interactive Brokers (Open an account today and start earning up to $1000 of IBKR Stock for free!*Terms and Conditions apply) ► Google Pay: v89ph61
*Do exercise due diligence in your investments and I am not recommending for you to buy any of the products I have mentioned. Cryptocurrency has high volatility, sharing my thoughts and things I have read up on. I am not a financial advisor nor a millionaire, information published here are purely opinions or feedback and should in no way be taken as guaranteed.
I have been putting money into other cryptocurrencies as Bitcoin and Ethereum hit new highs. Although I am still contributing small amounts into Ethereum, I am exploring putting money into alt coins although most that I am exploring and putting money in are hitting ATH (all-time highs). I have to say that I usually take notice of cryptos after they have high adoption rate and are in the top 20 ranks based on market capitalisation. So, I am sure many of you have invested into these projects earlier and have profited but I still find them interesting and having room for growth. Do correct me if any of the information is inaccurate. We all know that blockchains are often forced to make trade-offs that prevent them from achieving all 3 aspects (trilemma) which are namely:
Decentralised which is a blockchain not relying on a central point of control
Scalability meaning if the blockchain can handle an increasing and growing number of transactions.
Security which is the ability for the blockchain to operate and defend from attacks and other unforeseen events.
All right, so let's dive right into the other cryptos beside Bitcoin and Etherum that I am investing in.
Chainlink (LINK)
Chainlink was particularly interesting to me because it involves bringing data from the outside world onto the blockchain and I realised that there were so many used cases for it. Ok, let me first explain a little more on what it is based on what I have read up, do feel free to correct me. Chainlink helps expands the capabilities of smart contracts by enabling access to real-world data and off-chain computation while maintaining the security and reliability inherent to blockchain technology. Chainlink is a decentralised blockchain oracle built on Ethereum.
Smart contracts are very secure and reliable for value exchange but lacks in the ability to extract external data or send data but through the use of oracles, Chainlink extends the functionality of the blockchains by connecting smart contracts to external real-life data like weather.
Some real life use cases where Chainlink brings financial prices and data feeds for many CeFi and DeFi applications. These includes Celsius, AAVE and many more. Besides financial data, Chainlink also has the ability to connect with any API to perform off-chain computing. LINK is an extension of ERC20. Tokens act as data payloads, feeding the required data from off-chain sources to smart contracts, which then act accordingly in response to the data provided by the token.
Besides it being with it's uses, there are definitely some things that are not it's advantage.
Firstly is that the token distribution, a huge amount of the token LINK is being held with the team and treasury and this is a pretty large amount.
For projects that uses Chainlink, they need to hold a certain amount of the LINK token as collateral hence if there are people who are hoarding/holding LINK, there could be none left for the network to operate.
Solana
Solana has definitely soared in recent months. I only invested in it after the rise of it, I entered at about USD 156 and am a proud owner of 1 SOL. Haha, I saw Solana after it's meteoric rise and went to find out more on it. More popularly known as the "Etherum killer", Solana fast speed and low fees is a huge factor in it's popularity and also, there are many projects that uses Solana, from Defi, NFTs and games. It has risen up in ranks as per coinmarketcap and with more users, it has achieved economies of scale and kept application fees extremely low. So for projects finding Etherum too expensive, Solana is also great for them. Of course, it is not without it's cons. Some have argued that it is not decentralised enough. Solana experienced a DoS (Denial-of Service) attack that made services inaccessible to users. The Solana Team said the attack was due to resource exhaustion as bots sent a flood of 400,000 transactions per second causing them to shut down. Community members have criticised Solana's semi-centralised structure which helps the blockchain achieve higher speed. However, the price recovery was quick and it seems to not have affect the adoption of Solana.
Algorand (Algo)
Algorand is a blockchain-based cryptocurrency platform that aims to be secure, scalable, and decentralised, it supports smart contract functionality and it's native cryptocurrency is called Algo. The basics of Algo is to perform like paper money/fiat currency but being digital. It can be used to buy items and transactions are instant unlike credit and debit cards. Being low or virtually no costs, it also triumphs credit cards as there is a transaction fee being charged to the seller.
Algorand believes in being fully decentralised and also allowing the Algorand community to help shape the future of it. Hence, holders of Algo can join the governance program and vote to decide the future of Algorand. Governors will be rewarded for their efforts, based on their participation stake in governance. I have missed the sign up for the governance program in October but am looking forward to join the December one. Currently, I have my Algo in the Algorand Wallet earning interest. In the latest news, El Salvador is developing a blockchain infrastructure using Algorand as a layer 1 solution in a continuation of its work
Terra (LUNA)
Chain Debrief has a really good explanation on what Terra is and it's token Luna. Terra has a decentralised stablecoin which is UST and from it's website, it promotes as the programmable money for the internet. That it is the most attractive to hold due to the stable yield and ease of spending because of the low fees and instant settlement. Just like what is mentioned in the chaindebrief's article, the Terra blockchain and payment ecosystem will affect the attractiveness of LUNA as an investment.
Conclusion
So like to share and show the breakdown of my crypto holdings. Accurate as of 31 Oct 2021, you can see I have about 58% in Ethereum and 33% in Bitcoin. The rest are really negligible as the amount is currently very small compared to both. I am having fun exploring and slowly building up my portfolio and of course, nothing is fixed and it might change from time to time.
Just a video to explain the cryptocurrencies that I am currently interested in, of course this might all change from time to time. Please do note that this is not a recommendation to buy, I am not a financial advisor, just sharing and recording my journey. Getting into cryptocurrencies, I wouldn't say that I understand a lot about it, majority of my holdings are in Bitcoin and Ethereum. With so many new projects everyday, it does get overwhelming but as you learn and read more, you realise how much you don't know and it's like a never-ending cycle. I am still putting very small amounts in although my crypto portfolio is now at a 5 figure as I explore other cryptos beside Bitcoin and Ethereum. What projects are you guys in?
Affiliate links/Codes:
► How I Protect My Bitcoin using Ledger (20% discount code): Get your ledger from HERE (Using my affiliate link
will help me where Ledger will pay a small incentive that's not from
you but from them) - USD$25 discount coupon: THANKS-SHLRTVJ or
THANKS-V35SSK5 ► How I earn interest on my Crypto (Hodlnaut): https://app.hodlnaut.com/signup?r=_JF037Nb0 Get USD20 equivalent for your initial deposit of at least USD1000 on any of the supported asset by using my referral link ► Where I Buy my Cryptocurrencies: Gemini(Receive $10 of bitcoin after you buy or sell $100 after signing up using my link) FTX: https://ftx.com/#a=41877278 (If a new user signs up with my referral code, I will receive 25%-40% of their fees, and they will get 5% of their fees back) Crypto.com referral code: evwynu4g57 ► Where I buy my stocks FSMone Referral: P0364886 Tiger Brokers (Free stock and commission free trades, check out more here) Interactive Brokers (Open an account today and start earning up to $1000 of IBKR Stock for free!*Terms and Conditions apply) ► Google Pay: v89ph61
