Wednesday, April 18, 2018

World's 14th most popular site now accepts cryptocurrency

Boasting monthly pageviews of 3,608,000,000 views per month, this is a massive website.

Ranked 7th in the USA and 14th globally based on SimilarWeb (Alexa puts it at 16 and 34 respectively), this website is only trailing behind mega global heavweights like: Google, Facebook, Youtube, Baidu, Yahoo, Twitter, Wikipedia, VK and Instagram.

It is actually ahead of websites like Yandex, Live.com, Amazon, QQ, Taobao, Reddit, Ebay, Netflix and Naver.

I think you might know it.

It is....



Pornhub.

I would show you the sign up page, but it's super NSFW. You still can click it if you want (NSFW).

As much as I shit on Verge (XVG) as a shitty currency (it still is), this partnership is huge and impressive.

*cue the "that's what she said" joke*


Seriously.

I mean, 3.6 BILLION monthly pageviews, that's pretty sick. That's 120,000,000 pageviews a day. That's freaking 83,000 people every damn minute. People that don't know or haven't been exposed to cryptocurrencies might slowly find their way into crypto now with this big partnership. Plus, with XVG considered a "privacy" coin, I can see how people would prefer to pay for their premium porn subscriptions to something that cannot be easily linked back to them.

As Ivan on Tech was saying, this is a pretty big thing for the crypto space. You don't need to like or to own XVG to be able to admit that this is a pretty big deal. The porn industry have been pushing the frontiers of a lot of technology, such as VCRs, e-commerce, streaming services and affiliate marketing. It's not surprising that porn has been quite accepting of cryptocurrencies and have embraced this seriously mindblowing technology.

Slowly but surely, cryptos will be adopted.

Not just for paying for premium porn, but for everything.

Not because I say they will be, but because it just makes sense.

"You don't have to understand it or like it. You just have to accept that this is the future"

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 transactions
2) Self-executing and self-enforcing smart contracts eliminates the need for some intermediaries
3) Secure storage of information (ability to give permissioned access to confidential data)
4) Increases asset ownership rights in places with subpar record keeping

Admittedly, she did come out with another post a month ago about the negatives of crypto, it is clearly obvious that the IMF have been studying virtual currencies quite intensely.

One important point that I find her post missing, almost on purpose, is regarding that view that (at least the legit ones) virtual currencies are a form of private money, which is free from government intervention. The monetary policies of these currencies are fixed and abided by, and they can, and (in my opinion) probably will be a superior form of money and store of wealth compared to fiat and many non-tangible assets.

In my view, I think that her "vision" of the future is rather accurate, where both traditional finance and future fintech ideas will co-exist and neither will reign supreme and eliminate the other. We have propertyguru and online insurance portals, but for goodness sake, we still have property and insurance agents. Why? For the uneducated, the lazy or the people that are willing to pay a premium to not do it themselves, of course.

However, I do believe that before I die, virtual currencies will be the preferred currency for international trade and wealth saving. It is only natural for people to gravitate to the actually scarce and limited asset compared to the infinite one, if both offers extremely similar utility (which obviously, virtual currencies have not reached those levels of utility yet, but they are catching up, FAST).

I'm way past the "It's okay to speculate, just put in a small sum" stage of crypto investing.

I am unashamed to say that the majority (more than 50%) of my networth is in cryptos and I am happily keeping it that way.

Tuesday, April 17, 2018

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 $100k.

Here I am spreading the good word about crypto and people look at me like I'm the crazy one.



I personally find it amusing how the MAS Managing Director spoke about Gresham's Law during his speech last month. That does explain a lot why people hoard the most valuable cryptos instead of spending them, doesn't it? Hehe.

People ask me, is crypto a scam?

I'm not sure. What do you think?

Monday, April 16, 2018

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 completely frank, I have almost no ETH. I spent it all buying DGDs at ridiculously cheap prices. Stupid move? We shall see about that soon. After DGD finally makes it move and it is no longer cheap, I will continue stacking ETH."


This is me doing just that.

I'm not abandoning DGD. I still have a lot of DGD left, but I decided to rebalance my portfolio because my DGD position had ballooned too big. This is a happy problem of making too much money. The ETH gainz were too sick to resist not banking some profits.

200-300% returns in ETH for a 3-6 month "fixed deposit"?

Not bad.


"GMGH, are you selling to USD?"

Nope, I've sold to ETH, because imo ETH is deliciously cheap af. You do know that my average USD buy in price was $60, right? You can do the math yourself to calculate the fiat gains. Even now at these depressed $200-$250 prices, it's pretty respectable.

Admittedly when DGD was at $600, I could have sold for more than double the current fiat price, but then the ETH ratio was only ~0.5. I managed to sell at a ratio approximately 35% higher than that, which means I got 35% more ETH.

Don't get me wrong, both USD and crypto returns are important. Obviously it's best to win on both fronts. If I was cashing out, USD returns is more important. If I'm a happy stacker and think that crypto prices will go up in USD, I'll gladly take the crypto profits. As long as I'm not down on both fronts, things aren't that bad.

In a nutshell, I'm keeping my profits in ETH because I think ETH is gonna go up from here.


Can ETH go lower to $300? $250? $1? $0?

Sure, why not? (Possible and probable are 2 different things.)

This is crypto after all. It's a dangerous world out here.

Don't get rekt like me lads, do stocks or some other stuff.

Sunday, April 15, 2018

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.