Crypto - BTC & Alts

Scottex99

mooneysaver said:

Scottex99 said:

Literally the whole point of this, should we merge the 50 Vanguard threads too?

The title is BITCOIN in capital letters and it has about 90 pages. Pretty difficult to miss.

Yeah same with my initial post on here if you had actually bothered to read it

terratus

mooneysaver said:

Scottex99 said:

Literally the whole point of this, should we merge the 50 Vanguard threads too?

The title is BITCOIN in capital letters and it has about 90 pages. Pretty difficult to miss.

99.9% of new crypto investors start by delving into Bitcoin so it makes sense to keep that as seperate thread so people can find the information they want and not to clutter it up.There are over 9000 other coins/tokens on the market, that's what will be discussed here.

Although the thread title here is BTC & Alts, it's probably done so newer invester at least know what the thread is about. The 1st post explains it all.

User232002

Think this is a very good idea. Happy to let the naysayers debate in the Bitcoin thread.

I had most of my BTC in BlockFi, but they've been nuking their rates consistently over the last few months so I've now moved to a combination of Celsius and Aave. Gut feel is that Im not a massive fan of Nexo but I'm also not super researched on them. My BTC is both put in a Celsius interest bearing position and borrowed against via Celsius/Aave and this capital used to farm stablecoin pairs. Its a fairly conservative way to earn 5-10% (pedestrian really) whilst also maintaining exposure to BTC price appreciation. Not completely sold on giving up my keys though, and think that is a reasonable concern, but its hard to have the amount I have just sitting there not generating a yield (in theory).

I've found IL difficult to deal with and usually ended up making significantly less than the advertised rates on invested capital, so I decided early on to stick to stable pairs and/or staking (particularly focusing on assets I was happy to hold for some time) rather than chasing the latest high yield farm. Its ultra conservative and I am aware that I'm leaving money on the table, but its far easier to manage.

NFTs; I distinctly remember considering buying a BAYC when they were mostly 1-2 ETH but decided against it. I didnt like the aesthetic and thats the real problem, because I also passed on 0n1 for the same reason. My view of good art seems to not fit with what the public are willing to spend money on. Evaluating whether people are going to go nuts over a duck, rabbit or penguin as a profile picture is a different skillset and both projects I've bought in to because I liked the art havent really gone anywhere. That said, stories of people going from 1 ETH to a few hundred ETH abound (over a time period where ETH itself has gone up anywhere from 50 - 100%). Whilst I believe punks, rocks and the other high value NFTs will retain value due to historical reasons, I don't think the majority of these projects are going anywhere long term. As people on twitter keep pointing out, the 'floor' is where you can buy, not where you can sell. If liquidity dries up due to a pullback, you're going to left holding pictures that nobody wants to buy - ie. they go to zero very quickly. Also think that fractionalised NFTs, whilst interesting, are a borderline scam. The gas fees on ETH are terrible though, so I can definitely see another wave of the NFT bubble occurring on lower cost chains before the inevitable implosion. 

TimSynths

I started with £100 of BTC on Jan 1st 2021, and by May 1st have spent £6,600, currently its valued @ approx £8250 but its been as high as £11k and as low as £5.5k. Bake has been the most profitable and I did take some profit from it to equally spilt towards ETH and BTC. My worst performer has been my OMI tokens, I am -72% but in for the long haul.

All except the OMI is staked and earning me interest. I work for a bank in resources so nothing to do with finance and am in a crypto club with some colleagues who know way more than me hence my diversification away from BTC and ETH. It has been exciting and interesting and below is my "clear the mortgage early" fund.

I'll put my money were my mouth is- these are my largest holdings-

Adyinvestment

darren232002 said:

Gut feel is that Im not a massive fan of Nexo and that seems to have been vindicated over the last 2 months but I'm also not super researched on them. 

That's interesting - I have been looking at a place to park my crypto in the future to earn some yield and I had kinda decided on Nexo, why do you think they are no good?

Not an issue at the moment as I can't swap it over without creating a taxable event which I don't want to do yet, but will be looking to get some in somewhere earning yield in a future bear market.

User232002

Not much really. Just think there are better (ie. more transparent, more visible and therefore more trustworthy) options out there. I have plenty of friends who use Nexo, but they are also the friends that are degen farming on every chain/protocol in 5% chunks of their portfolio...

Scottex99

darren232002 said:

Think this is a very good idea. Happy to let the naysayers debate in the Bitcoin thread.

I had most of my BTC in BlockFi, but they've been nuking their rates consistently over the last few months so I've now moved to a combination of Celsius and Aave. Gut feel is that Im not a massive fan of Nexo but I'm also not super researched on them. My BTC is both put in a Celsius interest bearing position and borrowed against via Celsius/Aave and this capital used to farm stablecoin pairs. Its a fairly conservative way to earn 5-10% (pedestrian really) whilst also maintaining exposure to BTC price appreciation. Not completely sold on giving up my keys though, and think that is a reasonable concern, but its hard to have the amount I have just sitting there not generating a yield (in theory).

I've found IL difficult to deal with and usually ended up making significantly less than the advertised rates on invested capital, so I decided early on to stick to stable pairs and/or staking (particularly focusing on assets I was happy to hold for some time) rather than chasing the latest high yield farm. Its ultra conservative and I am aware that I'm leaving money on the table, but its far easier to manage.

NFTs; I distinctly remember considering buying a BAYC when they were mostly 1-2 ETH but decided against it. I didnt like the aesthetic and thats the real problem, because I also passed on 0n1 for the same reason. My view of good art seems to not fit with what the public are willing to spend money on. Evaluating whether people are going to go nuts over a duck, rabbit or penguin as a profile picture is a different skillset and both projects I've bought in to because I liked the art havent really gone anywhere. That said, stories of people going from 1 ETH to a few hundred ETH abound (over a time period where ETH itself has gone up anywhere from 50 - 100%). Whilst I believe punks, rocks and the other high value NFTs will retain value due to historical reasons, I don't think the majority of these projects are going anywhere long term. As people on twitter keep pointing out, the 'floor' is where you can buy, not where you can sell. If liquidity dries up due to a pullback, you're going to left holding pictures that nobody wants to buy - ie. they go to zero very quickly. Also think that fractionalised NFTs, whilst interesting, are a borderline scam. The gas fees on ETH are terrible though, so I can definitely see another wave of the NFT bubble occurring on lower cost chains before the inevitable implosion. 

Yep so i've been mucking around on Opensea and its pretty fun but I have no real clue what I'm doing. Gas makes it very expensive right now too. I don't have time to be following all the projects to see which rocks, llamas, badgers or nuggets are going to moon for no reason. The rocks are just rare and expensive because of FU crypto money that people now have, which is fine, it's like a status symbol to drop 700k on a jpeg and pretty funny too.

I've had a little look on MATIC and SOL, they have decent marketplaces without the crazy gas but there is already 10,000 Poly Punks and 10,000 Sol Punks with near enough the exact same set up as the originals from a few years ago, I doubt they'll get any traction or ever be worth anything major.

For Staking, I know a legit crypto company from Bulgaria (where Nexo originate) who know of the Nexo Founders. They say no evidence of anything scammy but they wouldn't trust those guys either. On the flipside I have had zero issues using them and have clients who have 6 figure balances there too. I prefer Celsius for a stash of my coins. I have mine spread in about 5 or 6 venues.

The IL is interesting and whilst I understand it, I naively don't keep track and assume if the APR is high enough then I'm probably making money regardless. Which is defo not the way but works for me.

Highest farm I have on PS is 140%+ APR and farming CAKE. If the either of the coins in the pool rocket then you end up with a lot of IL but then you can harvest the CAKE and stick it in a standard staking pool for 90%+ right now too. Stablecoin staking at 5-15% is probably the simplest easiest way to make passive income, agreed on that.

I quite like Hotbit for good staking rewards on random alt coins. They got hacked a few months ago but I got access back to everything, obviously you need to have a decent tolerance for counterparty risk for almost all of this stuff!

Scottex99

TimSynths said:

I started with £100 of BTC on Jan 1st 2021, and by May 1st have spent £6,600, currently its valued @ approx £8250 but its been as high as £11k and as low as £5.5k. Bake has been the most profitable and I did take some profit from it to equally spilt towards ETH and BTC. My worst performer has been my OMI tokens, I am -72% but in for the long haul.

All except the OMI is staked and earning me interest. I work for a bank in resources so nothing to do with finance and am in a crypto club with some colleagues who know way more than me hence my diversification away from BTC and ETH. It has been exciting and interesting and below is my "clear the mortgage early" fund.

I'll put my money were my mouth is- these are my largest holdings-

I've got OMI somewhere too, cant remember where and in no rush to find it as my entry price is as bad as yours.

Why RSK?

ETH biggest bag, cant argue with that, same for me

TimSynths

Scottex99 said:

TimSynths said:

I started with £100 of BTC on Jan 1st 2021, and by May 1st have spent £6,600, currently its valued @ approx £8250 but its been as high as £11k and as low as £5.5k. Bake has been the most profitable and I did take some profit from it to equally spilt towards ETH and BTC. My worst performer has been my OMI tokens, I am -72% but in for the long haul.

All except the OMI is staked and earning me interest. I work for a bank in resources so nothing to do with finance and am in a crypto club with some colleagues who know way more than me hence my diversification away from BTC and ETH. It has been exciting and interesting and below is my "clear the mortgage early" fund.

I'll put my money were my mouth is- these are my largest holdings-

I've got OMI somewhere too, cant remember where and in no rush to find it as my entry price is as bad as yours.

Why RSK?

ETH biggest bag, cant argue with that, same for me

I've staked it on Sovryn as SOV. (RSK)

Sovryn

I also had a dabble with staking on Delta

DELTA Financial

but I couldn't get it to work and after burning through about £100 ETH in gas fees I gave up. A valuable lesson learnt that one.

I don't plan on swapping or trading anything at the moment, I've made my bed....

Might have some more funds in December so will have another look then. For now i'm Hodl.

Scottex99

I've staked it on Sovryn as SOV. (RSK)

Sovryn

I also had a dabble with staking on Delta

DELTA Financial

but I couldn't get it to work and after burning through about £100 ETH in gas fees I gave up. A valuable lesson learnt that one.

I don't plan on swapping or trading anything at the moment, I've made my bed....

Might have some more funds in December so will have another look then. For now i'm Hodl.

Had a look at Sovryn in the past but couldn't be bothered with yet another blockchain or BTC derivative to keep track of. Rates look god though.

As another option for staking I like Swissborg. Has been my preferred on-ramp for fiat for a good while and yield vaults are easy to use. Rates are nothing special but still a little bit of passive earning