Bitcoins/Litecoins/Virtual Currencies

Rajaah said:

Splitting my VET up into other things (Eth, BTC, MATIC) yea or nay? I've got less confidence in it than the others. Would be fine with keeping it, but I also don't have any BTC, and don't have enough Eth.

Click to expand...

You’re not going to lose anything by doing so In my opinion. VET will definitely rip some day though.

Jackie Treehorn said:

I might be wrong but I don’t think there’s any laws governing crypto like there is stocks in regards to manipulation.

I‘ve more than doubled my money on MATIC thus far, so I’m up around $40k up in two weeks or something, whenever it was last 70 cents. I’ve added about 3500 extra coins from arbitrage. I’m not selling any raw coins, but whenever it dips good I take out a loan of DAI or USDT then repay it with stronger MATIC.

Click to expand...

Would you mind doing a little TLDR again about the loan part? Going to fish back to your last convo on that with ummm Haus, maybe, and see what I can pick up. Thinking long term about this and haven’t sold anything nor am I desiring to, and how to let all the recent and future stuff sit and marinate for a few years with minor involvement.

Intrinsic said:

Would you mind doing a little TLDR again about the loan part? Going to fish back to your last convo on that with ummm Haus, maybe, and see what I can pick up. Thinking long term about this and haven’t sold anything nor am I desiring to, and how to let all the recent and future stuff sit and marinate for a few years with minor involvement.

Click to expand...

I just marked up my AAVE page for the benefit of discussion.

There's two strategies here. One is borrowing MATIC, let's go over that first.

You deposit your MATIC in AAVE. Simply having it sitting there pays out, as of this screenshot, 1.94 percent MATIC and 5.16 percent wMATIC (wrapped MATIC.) Just doing this alone, you're making money.

But, there's no reason JUST to leave it like this. So what you can do is, actually take a loan OF MATIC with your own MATIC as collateral...which doesn't make sense, why would taking a loan net you money? Well, it does, because they're giving a bonus to borrowing to get people using the site and providing liquidity.

So as you see, BORROWING MATIC costs you 6.14 APR. BUT...look right under that...you actually get 13.09 percent BONUS wMATIC for borrowing...which makes you borrowing money get paid more than what you pay to borrow it.

This wMATIC bonus accrues every 10 seconds. Then you collect it, and it goes into your wallet, and you can convert it to regular MATIC on QuickSwap for no real cost because MATIC is cheap as fuck to deal with.

That's the 1 easy, lazy thing you can do...and since you're borrowing MATIC *with* MATIC, you don't have to be worried about being liquidated because it obviously goes up and down with itself. The even cooler thing is, you can redeposit the MATIC you borrow and borrow more MATIC against it, just enhancing your gains of bonuses.

STRATEGY NUMBER TWO:

You borrow a stablecoin - - USDT, USDC, DAI - - all pegged to $1. These also have a base APR and bonus wMATIC, but those numbers you can more or less ignore, because that's not the point of borrowing stablecoin.

Let's say you borrow $10,000 worth of USDT, which is obviously 10,000 coins, when MATIC costs exactly $1 a coin. You borrow these 10,000 coins, you go to QuickSwap, and convert them to $10,000 worth of MATIC, then redeposit that in AAVE.

You wait a day, and MATIC goes up to $1.50. Well guess what...since your MATIC is worth 50 percent more now, you can go to QuickSwap, convert the MATIC back to USDT, and pay it back with half the coins you used to buy it...which nets you essentially 5000 "free" MATIC in arbitrage. Get it?

Now you DO have to be careful here...see the "health factor" below in the image? If that gets to 1, you get liquidated...so if you borrowed that USDT and MATIC goes half price, and you overextended, you're fucked...so you want to keep that at, in my opinion, 2.5 or so to sleep good at night and not worry about it. Don't get greedy...if you keep it at 2.5 or so there would have to be a catastrophic dip for it to be liquidated. This number matters very little when you're borrowing MATIC as it stays stable, but when you're borrowing anything else...

Jackie Treehorn said:

I just marked up my AAVE page for the benefit of discussion.

There's two strategies here. One is borrowing MATIC, let's go over that first.

You deposit your MATIC in AAVE. Simply having it sitting there pays out, as of this screenshot, 1.94 percent MATIC and 5.16 percent wMATIC (wrapped MATIC.) Just doing this alone, you're making money.

But, there's no reason JUST to leave it like this. So what you can do is, actually take a loan OF MATIC with your own MATIC as collateral...which doesn't make sense, why would taking a loan net you money? Well, it does, because they're giving a bonus to borrowing to get people using the site and providing liquidity.

So as you see, BORROWING MATIC costs you 6.14 APR. BUT...look right under that...you actually get 13.09 percent BONUS wMATIC for borrowing...which makes you borrowing money get paid more than what you pay to borrow it.

This wMATIC bonus accrues every 10 seconds. Then you collect it, and it goes into your wallet, and you can convert it to regular MATIC on QuickSwap for no real cost because MATIC is cheap as fuck to deal with.

That's the 1 easy, lazy thing you can do...and since you're borrowing MATIC *with* MATIC, you don't have to be worried about being liquidated because it obviously goes up and down with itself. The even cooler thing is, you can redeposit the MATIC you borrow and borrow more MATIC against it, just enhancing your gains of bonuses.

STRATEGY NUMBER TWO:

You borrow a stablecoin - - USDT, USDC, DAI - - all pegged to $1. These also have a base APR and bonus wMATIC, but those numbers you can more or less ignore, because that's not the point of borrowing stablecoin.

Let's say you borrow $10,000 worth of USDT, which is obviously 10,000 coins, when MATIC costs exactly $1 a coin. You borrow these 10,000 coins, you go to QuickSwap, and convert them to $10,000 worth of MATIC, then redeposit that in AAVE.

You wait a day, and MATIC goes up to $1.50. Well guess what...since your MATIC is worth 50 percent more now, you can go to QuickSwap, convert the MATIC back to USDT, and pay it back with half the coins you used to buy it...which nets you essentially 5000 "free" MATIC in arbitrage. Get it?

Now you DO have to be careful here...see the "health factor" below in the image? If that gets to 1, you get liquidated...so if you borrowed that USDT and MATIC goes half price, and you overextended, you're fucked...so you want to keep that at, in my opinion, 2.5 or so to sleep good at night and not worry about it. Don't get greedy...if you keep it at 2.5 or so there would have to be a catastrophic dip for it to be liquidated. This number matters very little when you're borrowing MATIC as it stays stable, but when you're borrowing anything else...

View attachment 354048

Click to expand...

That makes pretty perfect sense I think. Thanks for taking the time to do that.

Rais said:

Tell me what one you want to do. I will reinvest into everything opposite as you.

Click to expand...

Rajaah is the Dennis Gartman of crypto. Most of you won't get the reference.

Jackie Treehorn said:

I just marked up my AAVE page for the benefit of discussion.

There's two strategies here. One is borrowing MATIC, let's go over that first.

You deposit your MATIC in AAVE. Simply having it sitting there pays out, as of this screenshot, 1.94 percent MATIC and 5.16 percent wMATIC (wrapped MATIC.) Just doing this alone, you're making money.

But, there's no reason JUST to leave it like this. So what you can do is, actually take a loan OF MATIC with your own MATIC as collateral...which doesn't make sense, why would taking a loan net you money? Well, it does, because they're giving a bonus to borrowing to get people using the site and providing liquidity.

So as you see, BORROWING MATIC costs you 6.14 APR. BUT...look right under that...you actually get 13.09 percent BONUS wMATIC for borrowing...which makes you borrowing money get paid more than what you pay to borrow it.

This wMATIC bonus accrues every 10 seconds. Then you collect it, and it goes into your wallet, and you can convert it to regular MATIC on QuickSwap for no real cost because MATIC is cheap as fuck to deal with.

That's the 1 easy, lazy thing you can do...and since you're borrowing MATIC *with* MATIC, you don't have to be worried about being liquidated because it obviously goes up and down with itself. The even cooler thing is, you can redeposit the MATIC you borrow and borrow more MATIC against it, just enhancing your gains of bonuses.

STRATEGY NUMBER TWO:

You borrow a stablecoin - - USDT, USDC, DAI - - all pegged to $1. These also have a base APR and bonus wMATIC, but those numbers you can more or less ignore, because that's not the point of borrowing stablecoin.

Let's say you borrow $10,000 worth of USDT, which is obviously 10,000 coins, when MATIC costs exactly $1 a coin. You borrow these 10,000 coins, you go to QuickSwap, and convert them to $10,000 worth of MATIC, then redeposit that in AAVE.

You wait a day, and MATIC goes up to $1.50. Well guess what...since your MATIC is worth 50 percent more now, you can go to QuickSwap, convert the MATIC back to USDT, and pay it back with half the coins you used to buy it...which nets you essentially 5000 "free" MATIC in arbitrage. Get it?

Now you DO have to be careful here...see the "health factor" below in the image? If that gets to 1, you get liquidated...so if you borrowed that USDT and MATIC goes half price, and you overextended, you're fucked...so you want to keep that at, in my opinion, 2.5 or so to sleep good at night and not worry about it. Don't get greedy...if you keep it at 2.5 or so there would have to be a catastrophic dip for it to be liquidated. This number matters very little when you're borrowing MATIC as it stays stable, but when you're borrowing anything else...

View attachment 354048

Click to expand...

Forgive my ignorance, is that binance or an AAVE browser itself? I’ve never used binance since I’m in NY and cuomo sucks cock

Threelions said:

Forgive my ignorance, is that binance or an AAVE browser itself? I’ve never used binance since I’m in NY and cuomo sucks cock

Click to expand...

That’s on AAVEs website.

MATIC about to hit $1.60 in a new ATH. This shit might get to $2 fast.

Jackie Treehorn said:

You’re not going to lose anything by doing so In my opinion. VET will definitely rip some day though.

Click to expand...

Rais said:

I had 300k vet in 2019 and sold in Jan 2020. Needless to say, I am still salty. It will creep up there one way since it is actual in-use crypto. I think Eth and dog will rip harder sooner than later.

Click to expand...

Yeah, I'm sure VET will rip someday, what I'm wondering is would I be better off say, doubling my Eth or MATIC when those are showing a lot more promise of rippin' now. I guess this really does come down to a personal judgment call. When VET does blow up it's going to have a ton of potential, starting so low.

Currently I've got my main crypto acct split 3 ways between them at about a 38/38/24 ratio between VET/MATIC/Eth, which is why I'm thinking about merging the VET money before Eth and MATIC take off further than they already have. Also have a separate acct for TrueBit that I'm totally hands-off with until gas prices go down. I'll probably keep VET and just keep adding extra USD to Eth until it gets to where my goals are.

Rajaah said:

Yeah, I'm sure VET will rip someday, what I'm wondering is would I be better off say, doubling my Eth or MATIC when those are showing a lot more promise of rippin' now. I guess this really does come down to a personal judgment call. When VET does blow up it's going to have a ton of potential, starting so low.

Currently I've got my main crypto acct split 3 ways between them at about a 38/38/24 ratio between VET/MATIC/Eth, which is why I'm thinking about merging the VET money before Eth and MATIC take off further than they already have. Also have a separate acct for TrueBit that I'm totally hands-off with until gas prices go down. I'll probably keep VET and just keep adding extra USD to Eth until it gets to where my goals are.

Click to expand...

For what it's worth, I'm not leaving MATIC. The daily interest I'm getting in DeFi, the arbitrage bucks when it drops, etc...even if I took all my MATIC profits out right now I'd probably just put them all in ETH and put it in DeFi also.

I truly believe MATIC will net me more money this year than ETH would. With how strong it's blowing up I can see $10 easily later this year, which will be over 10x my buy in of 70 cents.

swayze22 said:

Why would Coinbase show this?

View attachment 354074

Click to expand...

They’ve had it like that for a while, it doesn’t mean anything. Think it’s just a placeholder.