iCrypto minted in Synthetix - Make money when the market is down
synthetix icrypto

iCrypto minted in Synthetix - Make money when the market is down

By Makingdigital | makingdigitals | 10 Feb 2021

Syntethix never ceases to amaze me. An incredibly original project is coming and if we can understand it we can earn a lot of money applying good strategies.

The concept of reverse cryptocurrency sounds somewhat strange, still unknown to most crypto investors. Syntethix has made it possible.

For now, keep in mind that Synthetix is ​​capable of creating and minting synthetic tokens of any cryptocurrency. It also includes commodities (gold and silver) and cryptocurrency indices. They behave exactly the same as the real asset, that is, if gold rises, the synthetic gold token rises as well. If, on the contrary, it depreciates, the token will do exactly the same. But wait, can the process be reversed? Of course.

They are called iCrypto. Inverse, synthetic and tokenized cryptocurrencies by Synthetix. To this day, there is no other platform that has proposed something similar, at least that I know of. It may be that when you read this there are other adjacent projects simulating the same activity.

Reverse cryptocurrency does the opposite of the original asset. Currently Synthetix already has the iETH and the iBTC. If the original crypto assets BTC and ETH go up in price, the synthetic tokens iETH and iBTC will go down. If, on the other hand, the originals depreciate, they will go up. That being said, if we have synthetic inverse cryptocurrencies, we will make money when the original assets they represent fall in price. Is incredible.

If we transfer this information to a real context, the only tool at our disposal that we have available to make money when an asset falls in price is the futures market. In the Binance futures market, for example, we can create a short order because we believe that the cryptocurrency is going to go down in price. It is a speculation. As a general rule, the most interesting thing for any investor is to invest his capital in an asset that can appreciate in the future. With Synthetix tokenized iCryptos we have at our disposal a very interesting investment opportunity, especially knowing that BTC and ETH are very volatile. In the nature and genetic code of any cryptocurrency the label of: growth is printed. Let's say that buying iCryptos is playing against their nature, so it is convenient to take advantage of the moments when the market is bearish or there is a correction. It is a risky investment and should be carefully considered.

Both Syntethix and Mirror Protocol are currently the only platforms where the creation of tokenized assets is considered and executed. It allows any user to invest in Amazon or Tesla shares without the need to own the underlying asset. It is a strictly virtual relationship.

Good news awaits us!!


Entrepeneur, writer and Cryptolover


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