Category: Got Money Got Honey

The Only Game I Play Now

The only game I play now is crypto.The score is how well I do.I used to play a lot of games. Heck, I think I was a top tier player for some of the games that I played.I like playing FPS, since it requires way less thinking. I have dabbled is some RTS, …

What the IMF Head thinks about Crypto

Even the IMF Head understands that there are good stuff about crypto.Summarized:1) Fast and inexpensive financial transactions2) Self-executing and self-enforcing smart contracts eliminates the need for some intermediaries3) Secure storage of informati…

Does IMDA think that crypto is a scam?

MFW people say crypto is a scam.IMDA would like to disagree with you and offer hundreds of thousands of dollars for winning blockchain ideas.Here’s the PDF factsheet which is more detailed.Got a good idea? Toss it to them and make it to get $50k or $10…

Sold some DGD

Just btw fyi.Sold some DGD a while ago.Yes, my previously most bullish position that I have shit tons of.+225.93% profit in ETH.Lowest lot sold was 202% profit, highest was 336% profit.Why am I highlighting this?In Jan I said that : “To be complet…

Guide: How to Self Leverage with MakerDAO’s Dai

Background Context: I wrote this post and drafted it out a while ago, didn’t have time to proof read it until now. Not sure if anyone is still interested, but here you go anyway. As mentioned in the last post, I went leveraged long on ETH at $377, and this is how I did it trustlessly.

I’d say that I’m not an expert and I opened up my first leverage position today.

The beauty of the Maker system is that you can decide how much to leverage and when.

Anyway, it was a rather confusing and complicated process, but a learning journey all the same. This is highly NOT recommended for anyone that is not familiar with making on-chain transactions and have a low risk tolerance.

Opening up a CDP
1) Have ETH in your Metamask account
2) Go to dai.makerdao.com/
3) Enable all the token allowances on the right (each is 1 transaction)
4) Wrap ETH to WETH
5) Convert WETH to PETH
6) Open a CDP
7) “Lock” PETH into CDP

Boom, now you have deposited collateral into the Maker system, and this allows you to draw out the Dai stablecoin.

Leveraging up
8) “Draw” out Dai
9) Trade Dai for WETH

That’s it. Boom, you’re leveraged.

Protips:
– use the Gas Station to figure out how much gas you should be using. I recommend “Standard” setting
– trade Dai for the best rate by comparing Oasis and Radar Relay
– remember to set Dai trading allowance on Oasis or Token trading permission on Radar Relay
– at 150% collateralization ratio, your leverage determines your max drawdown before you get liquidated
– 10% leverage affords you a 85% drawdown
– 20% leverage affords you a 70% drawdown
– 30% leverage affords you a 55% drawdown
– in my humble opinion, 30% leverage is already risky and above that, you’re just asking for it

Closing your position
10) Trade WETH for enough Dai to close your position
11) Buy some MKR to pay the governance fee
12) “Wipe” will clear off Dai debt position and pay the MKR fees
13) “Shut” will close off the CDP
14) Excess / Deficit of WETH or DAI will be the profit / loss of this entire process.

*Back to 15 Apr*

The process of self-leveraging with Maker is pretty complicated and I can see massive hurdles from them scaling up and increasing supply in the future since the demand for Dai stablecoin creation is the by-product of self-leveraging. However, their partnerships and first mover advantage cannot be overlooked. With both Havven’s Nomins and DigixDAO’s Digix Gold going live, 2018 may very well be the start of the stablecoin revolution!

Anyway, price of ETH is already 30% above my entry price, things are looking good for my position. In my humble opinion, I think the worst is over and the markets have formed a pretty decent bottom.

I’m waiting for ETH to recover back over $800 and then I will begin my obnoxious gloating, please stay tuned for that. Probably by July.

When Lambo?

yo if the market is getting to you and you’re thinking of quitting, you absolutely should, you fucking pussy.

— cachemoney (@CacheBoi) February 21, 2018

I’ll be really busy the next week or 2, basically a forced hodl for me.

But I’ve some drafts near completion that I can post if I have the time to finish cleaning them up.

Seriously though, a lambo in SG?
I rather take half of its value in cold hard cash.
10% discount if you can pay by crypto.
Extra 5% discount if it’s Monero.

Btw, I opened (yet another) long position at $378.
I’ve also opened my first ever *crypto leveraged long* at $377.
Stop loss under $150.
Come and get it boys.

I really don’t like using leverage, but these kind of opportunities don’t come too often.

What’s the worst that could happen guys? Just lose money lor.

Stay Solvent in these Irrational Markets

Efficient markets? Bullshit.We all know that the traditional markets are shit at pricing stuff.The crypto markets are even worse, with more people at the extremes. Extremely intelligent people pushing the frontiers of this technology, and extremely stu…

I lost 40% this Crypto Crash

Portfolio is so rekt right now guys.These days, I cry myself to sleep every night.I was stupidly buying the dip.From $740 to $686, I kept buying it as it went lower and lower.Started dipping into my warchest finally and was buying from $645 and lower a…

Sunday Humour (What I know vs What you think)

Source: @_jillruth”GMGH, why are you so confident about cryptos?”Because I know a shit ton about them.You think I don’t know about traditional investing? Heh. But please,Feel free to illuminate me with your deep knowledge on money and technology.