How I Turned $1000 into $1650 in 2 Weeks Using DeFi App Coinseed
W. Paul Alexander
Better Call Paul
Hello to my faithful audience! After the crazy events of last night, I was unsure if I would write this article today, as attention seems to be focused on the attack on the US Capitol during the counting of the electoral votes yesterday. Damage was done to some of the government property as leadership offices were taken over for a brief period before police in riot gear took it back and stood guard while representatives returned to finish the job of certifying Biden's win.
Damage to some of the antique furniture in the Capitol Building can be seen here -- of course, this is just a small example, and you can see the window boarded up as well.
So now that we're past January 6, there is a chance that the political rhetoric will begin to calm down. This probably won't have too much of an effect on markets, though, as the markets seem to have collectively ignored the craziness of Washington, especially out of the executive branch.
But that's not what I am writing this article for... I only mention the attack to give a bit of background as to where we are at this point in time as we see all out race for the moon in the crypto realm. It's truly like looking directly into two different dimensions when you compare politics to finance.
So, back around Christmas, I mentioned that I would be starting a project that would invest an amount into a basket of cryptocurrencies and would track said project, publishing updates along the way.
Well, I settled on investing a little over $1000 -- $1057, to be exact -- into the DeFi Coinseed App. If you are not sure what Coinseed is, you can learn more about it here (not a referral link, I promise!). My plan was to invest on the first of the year, but I ended up getting it in around December 28, at which time I invested he $1057 into a basket of top currencies.
Now, Coinseed has their own basket of cryptos pre-selected for you, but I didn't use this feature. Instead, I invested in the following:
I also had BAT and XRP in the baskets, but I ended up converting them to USDT and then redistributing it among the selections above. Now, we are obviously in a bull market like the world has never seen before, but I never expected to be able to make this much, this quick, and with such a small investment.
So, between December 28, 2020 and today, January 7, 2021, this is what my Coinseed balance looks like:
So, as you can see, my balance is currently $1665.77. This profit has been realized over the course of a week and a couple of days. It's equivalent to having a part-time job without having to do any work except for research my investments and make adjustments accordingly.
This means that I have made a profit of $608.00 in this very short amount of time, and it looks like the rise will continue. To put it into an easy-to-understand explanation -- my rent is $595. My profit this week pays for my rent and leaves $13 left over to stop and pick up (drive-thru or curbside, of course!) a nice, healthy vegan meal.
As far as a percentage goes, this means that my Coinseed investments have grown by a rate of 36.51% in just over a week. This is why I have been advocating people consider investing their stimulus, as this is an amazing return that many could definitely use as their financial situation becomes more dire.
So, what do you all think? How much should I let it rise before I sell for USDT and wait for the correction to scoop more up at a cheaper price? Please leave your comments below, and I'll get back to each and every one of you, if I have the time!
Have a wonderful day, everyone -- Deo Volente!
Coin widgets supplied by Publish0x courtesy of CoinGecko.