Do not lock your tokens
I repeat, do not lock your tokens no matter how tempting the rewards are.
I learnt this the hard way with my $CRV tokens. I bought a bunch of $CRV at $0.70-$0.80 back in 2021. And being new to crypto, I was exploring the curve.finance’s eco system, and learnt about boosting rewards through locked $CRV.
And so I stupidly locked my $CRV for 4 years. 4 years in crypto land is like 40 years in tradfi. At one point, I almost 10x my $CRV bag. But I couldn’t cash it out, because it was locked. No amount of rewards I earned (unless you are a whale) can repay me that amount.
So yea, don’t do it.
Everything in crypto is a Ponzi until it is not.
I remember years ago, my colleague was lamenting how expensive gold is, and he cannot understand why it is so expensive. To him, gold is just a piece of yellow metal, mined out of nowhere, backed by nothing but seems to be up only. Sounds like a Ponzi, doesn’t it? But everybody collectively thinks gold is valuable and therefore gold is valuable.
Bitcoin is the same. It was minted out of nowhere, backed by nothing. Bitcoin is just a digital contract if you think about it. At least with gold, you can still wear it and show it off.
But sir, then how come Bitcoin is so expensive? It’s the same, perceived value. There are people out there that thinks one Bitcoin will be worth a million dollars in the future, and there are others that thinks its going to zero. If more people thinks it’s going to be worth a million dollars, then bitcoin will continue its up only trajectory.
You just need people to think that something have value, and if enough people think that it has value, then it shall have value.
The same goes for all crypto tokens. Remember, it cost nothing to mint those tokens. And those rewards you get when you earn, those are in native tokens too. It cost nothing to give away those reward tokens.
But sir, I’m in it for the tech. The blockchain technology is great. But did you know, you do not need any of the crypto tokens to use the technology? In simple terms, blockchain is just a ledger that records transactions. The only difference is, instead of one trusted entity keeping records, you can have as many entities you want to keep records. Any business can just fork the code to use it.
I’m not saying that you should not invest speculate in cryptocurrencies. But just remember that everything is a Ponzi for now. If you have made life changing money, cash it. And don’t put your life savings in it.
I leave you with this tweet. Decide which side you want to be.
Stumbled upon your blog last year and enjoyed reading the posts esp the topics on crypto and bot trading. Understand you didnt like to have your assets staked over a long period of time, what around roi dapps? The initial will not be returned but in exchange you collect a fixed percentage over a period of time. I have been scammed and rug pull many times last year but thankfully managed to find a team that has integrity and values transparency and community. I invested in 3 of their projects and have done well so far even though naysayers have predicted that these projects normally do not last long. At this point of writing, the farm has lasted 150days and going strong. If you are interested, I hope to be able to share how I grew my deposits in the project from 30+BNB to 150BNB. Every 5 days I will be able to withdraw 10% of the deposit value and by reinvesting a portion of it to help fulfil next person’s withdrawal request, part of the sunken funds will not be required and can continue to earn interests in syrup pools and Dexfinance, thus working towards 0% ponzi. Currently it is already on reduced ponzi.
thanks, but I’m not interested 🙂
Just want to say i’ve been following your blog for a while and its been super-encouraging and given me the confidence to dabble. I’m going to try and play around with bot-trading, they definitely take time to master but i’ll keep plugging away. Keep up the good work and good luck with achieving financial freedom.
Thank you for your kind words.
My main advice for bot trading, is to trade the pair that you are ok to hodl. Cause a lot of times, you do end up holding the bag for a couple of weeks, before it ranges up to your trading range again.
All the best too 🙂