I'll Need a New Thumbnail if I Divest from Cryptocurrency.

#SatoshisSaturday: 2021-06-26

By LoonyLiberal | Dollars and Nonsense | 26 Jun 2021


DISCLAIMER 1:

The links to the crypto sites in this article are affiliate links. Furthermore, I use shorte.st to shorten hyperlinks. I get a few cents when users click the links, and I get rewarded if users register using these links. However, my personal experiences with these sites have been beneficial enough that I can promote them without feeling like a shill.

I will gladly provide clean links upon request.

DISCLAIMER 2:

This article is not a "get rich quick" article. This refers to sites and strategies which I personally use. It is entirely possible that my actions and subscriptions could lead to financial loss. As such, constructive criticism and suggestions are always welcome.


This week's #SatoshisSatuday post will be longer than usual because I have many rants to give. The TL:DR version is that I'm generally dissatisfied by the state of cryptocurrency in general (with one notable exception). When I first started #SatoshisSaturday, the premise was that I had a limited budget with which to invest in cryptocurrency. Thanks to my girlfriend, I've established a more stable monthly budget. It's still a mess -- mostly because it doesn't properly account for emergency expenses and unplanned repairs -- but it does allow me to invest $[insert smallish three-digit number here] a month split between traditional investments and cryptocurrency. So I don't need to ask myself where I can get the best ROI on $5.

Good thing, too, because many sites that take deposits that small are scams. This is not hyperbole; a simple archive dive of the #SatoshisSaturday posts will reveal me saying -- far too often -- that a site that I used (or worse... recommended) turned out to be a scam.

You'll notice that HashShiny is no longer listed. That's intentional. In addition to high withdrawal minimums and high withdrawal fees, they're hiking their "electricity fees." My reinvestments are generating more cryptocurrency, but I'm making less profit. Screw that shit. I turned off reinvestments, vowed to never give them a single satoshi again, and set a reminder for 2023-07-21 to withdraw as much as I can.

The combination of the volatility, lack of accountability, and the toxic elements of the community make cryptocurrency unrewarding, both literally and figuratively. I'm strongly considering cashing out (with a few notable exceptions) and moving on. This temptation will grow stronger if/when Worthy Financial issues additional bonds. Some may scoff at a 5% APY, but Worthy's bonds won't depreciate the next time Elon Musk SAYS A THING. Besides, if I want high-risk-high-reward, I can shoot craps at the Cannery or the El Cortez or play poker at the Golden Nugget or the MGM Grand.


  1. Browse with Brave Browser

    I'm not seeing many BAT-generating ads, likely because I'm a significant distance from major cities. I looked into alternate browsers, but I couldn't find one that I felt would outshine Brave. My only two significant complaints with Brave are the current lack of BAT-generating ads and its consumption of resources (I have some issues if I try to game while Brave is open). Until or unless someone recommends an alternative, I'll stick to Brave.

  2. Check Publish0x at least three times a day

    I have issues with this site.

    No, it does not have to do with the updates. I admit that I'm not thrilled at the concept of earning fewer tips, but the reasoning presented sounds logical to me. And I am all for increased quality control.

    And no, it does not have to do with the admins. I'm not just sucking up here; I've interacted with the staff multiple times. They helped me when I made a crypto wallet error that temporarily made my funds inaccessible. And they answer my questions and reports in timely manners.

    The two biggest problems I have with publish0x -- and this is going to sound harsh, but so be it -- are many of the other authors and many of the commenters.

    I joke often about how BTC is Schrodinger's satoshi because of back-to-back headlines about how BTC will surge to $70,000 and drop to $100. Since these headlines are found in the "New" filter, having them at close proximity is piss-poor optics for the site and everyone on it. And remember how I said that I was all for increased quality control? It's because I'm weary of "opinion pieces" that end every paragraph with "fight me," "political reports" with blatant lies, "medical reports" with wrong and dangerous information, and "technical analyses" with fewer citations than a blog post with a recipe for pineapple upside-down cake. Yes, I post many jokes in my blog posts -- and sometimes, I post an actually funny joke -- but authors posting gibberish to try to get a handful of crypto is no laughing matter.

    And the commenters... *sigh*. I joke often about how I post about a logical fallacy and get a reply with someone unironically using the same logical fallacy I described and condemned. Whereas I do have a handful of comments that offer suggestions, corrections, and insights -- all of which I deeply appreciate -- there are a significant amount of trolls here, too. I've had to block quite a few; I treat publish0x as a side-gig, and I'm not paid enough to humor an anonymous person's misspelled rant. And on a post regarding Cointiply, I was accused of "timing the market" because... wait for it... I like Cointiply coins because 100 of them are always worth $0.01 in BTC regardless of BTC's current value. Golly, it's not like BTC dropped in value by 50% recently- OH WAIT A MINUTE- ...and oh yeah... the accuser could have taken a cursory glance at my blog posts to realize that he was full of shit before I pointed it out.

    I like the increased reach. I like the staff. And I like the genuine engagers. But this site is a fixer-upper, and I hope that the staff's increased quality control arrives sooner rather than later.

  3. Mine with Windows Ethereum Miner

    "This is my favorite miner because it doesn't crash." It's sad that this is a feature instead of a standard. And yet, programs like Kryptex, NiceHash, and EasyMiner can't make the same claim.

    In addition, it is a resource-light application. I can run it without issues while playing a heavily-modded version of Skyrim or playing a variety of video types, resolutions, and lengths.

    According to the (experimental) calculator, I'm making $0.64/day in ETH.

    My only gripe with the miner is that I will not be able to withdraw until I reach 0.2 ETH. Based on my current balance and mining rate, that will be in roughly 527 days. I sure hope that Ethereum still has value on 2022-12-05.

  4. Stake AWC with Atomic Wallet

    My stake value dropped to about $0.10/day in AWC.

    Admittedly, this is close to a gamble. However, the 17%/20%/23% APY draws me in. I'll look like a chump if AWC becomes a trash token. However, if it stays at around $1.50 or increases in value, this gamble may pay off.

    Finding a place to cash out may be a problem; between the high fees that Atomic Wallet charges for trades and transfers and the dearth of exchanges that accept AWC, I could end up with a horde of tokens with which I can do little or nothing.

  5. Build interest with USDT deposits on CoinLoan

    Still $0.03/day in USDT. If it's not broke, don't fix it.

    In theory, I may be able to link my bank account to CoinLoan to directly deposit USD. CoinLoan would then convert the USD to USDC, which would earn a 10.3% APY. That sounds good, but if I could convert the USD to USDT (or the USDC to USDT), that would be even better in case I want to use some USDT to bolster my Rollercoin rooms. However, this will have to wait until I get things finalized with my new bank account.

  6. Build interest on Cointiply

    When it comes to BTC sites, Cointiply is -- in my opinion -- the gold standard. The staff is responsive and helpful. There are many ways to earn Cointiply coins for free, including filling out surveys, tapping an hourly faucet, and maintaining a balance of 35,000 or more Cointiply coins. In addition, 100 Cointiply coins always equals $0.01 in BTC regardless of the current price of BTC.

    I have made multiple deposits and withdrawals with Cointiply, and the problems were minimal at worst. If and when I get my hands on a sufficient amount of BTC, I send it to Cointiply without hesitation.

  7. Purchase Socially-Responsible Investments on E*Trade

    My portfolio is currently at a less-than-1% loss. Considering that I'm focusing on the SRI aspect instead of... well... statistics and data, I'm pleased.

    Jokes aside: this is very much a "vote with my dollars" attempt to support companies whose products and services can or will help our planet. (As such, please let me know immediately if one of the stocks or funds I own turns out to be less socially-responsible than I thought.)

    My portfolio currently looks like:

    1. 2 shares of CYAN
    2. 1 share of EDU
    3. 3 shares of FTEK
    4. 1.106 shares of GCINX
    5. 3 shares of MKTY
    6. 1 share of SHE

  8. Shop online with Lolli

    I still use it, but I can't recommend it in good conscience. It's incompatible with Brave, and waiting 90 (or more) days to actually receive the rebate is maddening. The staff is responsive, but that's a small comfort when the service itself is a source of friction.

  9. Generate RLT with RollerCoin

    Considering my current projects, I'm far less inclined to play the games here. However, I would like to build up my rooms with generated funds and the occasional deposit. I'm currently making roughly $0.07/day in RLT. I should be able to buy another Rollerminer S7 around 2021-07-27.

To calculate my daily total, I'm being purposely pessimistic. I'm only counting income that is reasonably guaranteed. I'm excluding all investments until/unless I can demonstrate steady, provable, passive income greater than or equal to $0.01/day. For fractions of a US cent, I round down to the nearest whole cent.


Figures are based on values as of 2021-06-26 03:20am MST:

  • The price of 1 BTC was $31,113.64.
  • The price of 1 ETH was $1,767.13.
  • The price of 1 BNB was $273.99.
  • The price of 1 LTC was $122.24.
  • The price of 1 DASH was $118.95.
  • The price of 1 ZEC was $100.08.
  • The price of 1 DCR was $101.41.
  • The price of 1 AWC was $1.26.
  • The price of 1 DAI was $1.00.
  • The price of 1 USDC was $1.00.
  • The price of 1 USDT was $1.00.
  • RollerCoin equated 1 RLT with 1 USDT.
  • The price of 1 AMPL was $0.81.
  • The price of 1 ALGO was $0.78.
  • The price of 1 BAT was $0.50.
  • The price of 1 LRC was $0.20.

Atomic Wallet
$0.10/day in AWC

CoinLoan
$0.03/day in USDT

Cointiply
$0.02/day in Cointiply Coins

RollerCoin
$0.07/day in RLT

Windows Ethereum Miner
$0.64/day in ETH


This adds up to $0.86/day in reliable, passive income. That's an additional $313.90/year in reinvestment power.

Yes, removing HashShiny made my numbers plummet. However, HashShiny's random and increasing electric fees means that Hashshiny income is not reliable in any way, shape, or form.

AWC dropped roughly $0.40 in value, which explains how my stake's value fell.

And Windows Ethereum Miner's calculator is, by their own admission, experimental. It only goes back to the previous six hours. Since I've been logged on and mining for a bit over 4 hours, it's safe to say that the estimate is on the low side.

The rest... have not changed (significantly) from last week.

As soon as Worthy Financial releases their new bonds (each bond costs $10 and awards a 5% APY paid daily), I intend to buy at least 8 bonds per month. Every 8 bonds will give me $0.01/day for 5 years. That may not sounds like much ($18.25 at the end of 5 years), but it will build with each consecutive month. $0.02/day. $0.03/day. And so on. And when my interest reaches $80, I'll withdraw it, then use it to buy another batch of 8 bonds. By the time the first batch of 8 bonds mature, I'll have acquired roughly $539 in profit in the form of interest and additional bonds. That may not sound exciting. But if I want excitement, Laughlin and Las Vegas are a drive away.

With regards to cryptocurrency, my main priorities are finding a cost-effective way to deposit into CoinLoan as well as staking AWC. With regards to conventional investments, I'll continue to build my SRI portfolio until Worthy Financial releases their bonds.

This is assuming, of course, I don't reach my BTC breaking point between now and then.

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LoonyLiberal
LoonyLiberal

I have 15 years of experience as a software tester. I've been writing off-and-on for 28 years. I adapt quickly to new technologies and new methodologies. And I believe that humor is the most important social skill.


Dollars and Nonsense
Dollars and Nonsense

Are you familiar with the phrase "funny money?" Finances are no laughing matter unless we make jokes about them. The purpose of this blog is to put a comedic slant on anything related to finances. Cryptocurrency, dollars, stocks, golden parachutes... if it goes ka-ching, I'll make it guffaw.

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