Phew... what a rollercoaster couple of days, and I guess the worst of it is still to come as the secondary effects of the LUNA/UST cataclysm start to become known. Well, let us hope that there aren't too many crypto treasuries of projects and firms that were chasing the stupidly high rates of return on the Anchor Protocol. I guess we will see, but the early indications seem to be that many had exposure, but few had concentrated exposure... so, if we are all lucky, then there should only be a few that are severely affected.
Sadly for me, the sorting of crypto affairs was on hold for a month or two whilst other real-life issues were taking place... moving into a new house, settling into a new life... you know, boring but important stuff! That meant that I was seriously behind on being prudent and taking profits to build a war chest for a rainy day.
... and the rainy day beat me to it, which means that I have less than I would have hoped to spend at the moment. The thing is whether to hold out a bit longer to see what the secondary effects are... or just to spend the little bit that I have in reserve. Honestly, at the moment... I have no desire to run around looking and researching things... and I'm just going to purchase some extra tokens of two projects that I had been meaning to pick up a bit more on.. plus a little bit more BTC and ETH for luck!
So, the two projects that I have been hoping to bolster a little bit more have been HOPR and SNX. Thankfully, both of these projects are on Ethereum L2s (Gnosis/xDAI and Optimistic Ethereum respectively), as the gas fees on main-net are crazy high..... most likely due to DeFi traders trying to unwind positions or chasing "opportunities". Me... I'm just a casual long term investor who just hopes to bolster a position or two.,,, ooops, that reminds me to fix my collateralisation ration on Synthetix... hang on just a second!
... okay, back! I sort of forgot in the back of mind that all of crypto was plummeting due to this contagion. As far as I can remember, I only have a single borrowed position due to the staking of SNX for sUSD. Lucky it was on Optimistic Ethereum, so that was a pretty cheap problem to resolve.... although, I did need to purchase some sUSD to shore up my position... I guess I could have taken it out of the Uniswap pool, but I just can't be bothered at the moment and I had spare ETH to exchange, so definitely took the lazy route. However, one little benefit from the falling prices means that the staking rewards are higher in terms of escrowed SNX, which will potentially be quite a pleasant surprise when it vests in a year or so.... after all, the last time bear market rewards were quite a nice surprise when they vested in the bull season!
HOPR is an interesting project that hasn't seen too much attention... a Swiss based project, they are a trying to build out a privacy protocol that utilises cover traffic to hide transactions within. Sort of like a decentralised VPN if I understand it correctly... the problem with current VPNs being that they are still being operated by a centralised entity that can be compelled to hand over records. So, instead of trusting your ISP to do the right thing, you are trusting a VPN provider to do the right thing... and as we know, the ideals of crypto is to reduce the amount of unverifiable trust required for networks to function.
... oh, I and just for some shits and giggles I bought some LUNA as well. I had already some exposure that was staked with a validator... I guess that is pretty much worthless now! But I should just check in some time to see that the validator hasn't cracked the shits and left... leaving the delegators with some hefty slashing!
Anyway, the drop stings... but in the end, it is only a phantom sting. I've been lucky enough to have been playing with house money for a while, and I'm never never never going to take more risks than I am happy with... which means no borrowing, no leveraging, and no debt even if it is stupidly tempting (like yesterday... the temptation to short was strong!). Because I'm a chicken with a long-term horizon... but mostly, I'm a chicken!
Handy Crypto Tools
Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
Kucoin: My second choice in exchanges, many tokens listed here that you can't get on Binance!
FTX: Regulated US-based exchange with some pretty interesting and useful discounts on trading and withdrawal fees for FTT holders. Decent fiat on-ramp as well!
MXC: Listings of lots of interesting tokens that are usually only available on DEXs. Avoid high gas prices!
Huobi: One of the largest exchanges in the world, some very interesting listings and early access sales through Primelist.
Gate.io: If you are after some of the weirdest and strangest tokens, this is one of the easiest off-chain places to get them!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
Stoic: A USD maximisation bot trading on Binance using long-term long strategies, powered by the AI/human system of Cindicator.
StakeDAO: Decentralised pooled staking of PoS assets.
Poloniex: One of the older regulated exchanges that has come into new ownership. I used to use it quite a lot, but have since stopped.
Bitfinex: Ahhh... another oldie, but a goodie exchange. Most noted for the close affiliation with USDT and the Basic "no-KYC" tier!