So just about two years ago I wrote this:
https://hackernoon.com/turning-income-into-collateralized-crypto-loans-hodl-pflrr2bzq
Just about a minute ago I wrote this:
Now, both alas and alack, I havenât been doing a good job at heeding my own best advice - hodl. I created a bunch of content awhile ago as tutorials to develop blockchain stuff and my intro was something like âmissed out on my chance for crypto millionaire a few times over.â
Is not a joke.
I found an old address I was auto-selling BTCs for CADs on at QuadrigaCX, the block explorer told me the current value of all deposits something incredibly sad - over $1m USD.
This is just one instance of an address I used sometimes for a month or two.
Anywho, hindsight is 20/20 and woe is me and such, but I claimed $70k CAD in capital gains last year for âselling eth.â Like, less than a year ago.
Ok yes that was just another more recent woe is me.
We call this âopportunity cost.â If I just would listen to myself and hodlâŚ
So, all of my income one way or another is usually acquired as btcs or eths or some kind of stable. If not, I have American or overseas companies send me wires, ACH, or any sort of nonsense to https://bitwage.com. Back in like â16 I was a significant % of their monthly volume - now Iâm just a small fry.
The real beauty about bitwage is that it really is dollar cost averaging your ctypto entries as you make regular transactions to ditch your fiats for a superior currency, whichever one you might like better.
This basically sums it up, except I made a slight booboo - I should have said I now have $18k in BTC, with an average cost of $45k.
Anywho, some might say onto me âyes Jare but now that I have all my money as crypto what do I do about bills and such?â
- In my previous article Iâd mentioned compound exclusively. Now, there are many more options - some of them powered by BSC or Polygon.
- like these guys: https://app.cream.finance/
- Grab a bunch of coins at AMM errr, tokens
- Approve n deposit em (check collat % ratios)
- Enable collateral
- Borrow what you need as stables, focus on USDT long as u can cuz they probably going insolvent? Thatâs actual factual free money
- Youâre now long a bunch of coins
- Your APY/APR may be negative, but you believe crypto explode anyways rite?
- You may liquidate inbetween deposits!
- Fear not, cuz youâre dollarcostaveraging. And youâre super, super long crypto. I assume. Irresponsibly long?
Hey if youâre in Canada donât even cash that sh#t out. use these guys to pay almost any bill payee supported by most banks: https://bylls.com/signup?referralcode=93a96f3d3bc183002c02ca4b2b0b531cca4265691a
Now you are set to withdraw stuff. Idk. Binance?