Reminder!: If you still have any crypto in CEX like Gemini, KuCoin, Crypto.com, FTX etc or any lending platform, please withdraw them into your own hardware wallet (e.g. Metamask), ideally with Ledger.
NOT your keys, NOT your coins!
Please do not wait until the CEX/lending platforms starts to make announcement like Hodlnaut today. It will be too late!
Another lending platform – Hodlnaut suddenly gone today.
P.S. I already took out all my funds from Hodlnaut few months ago when news such as Celsius, 3AC dying… such things are usually contagious. 2nd half of the year will be worse.
Soulbound tokens (SBT) were first mentioned in his website, follow by in a paper published by Vitalik Buterin and others on May 11th, 2022. In the paper, Buterin et al suggest that even until now Web3 focused on “transferable and financialized assets, rather than encoding social relationships of trust”.
Web3 today centers around expressing transferable, financialized assets, rather than encoding social relationships of trust. Yet many core economic activities—such as uncollateralized lending and building personal brands—are built on persistent, non-transferable relationships. In this paper, we illustrate how non-transferable “soulbound” tokens (SBTs) representing the commitments, credentials, and affiliations of “Souls” can encode the trust networks of the real economy to establish provenance and reputation. More importantly, SBTs enable other applications of increasing ambition, such as community wallet recovery, sybil-resistant governance, mechanisms for decentralization, and novel markets with decomposable, shared rights. We call this richer, pluralistic ecosystem “Decentralized Society” (DeSoc)—a co-determined sociality, where Souls and communities come together bottom-up, as emergent properties of each other to co-create plural network goods and intelligences, at a range of scales. Key to this sociality is decomposable property rights and enhanced governance mechanisms—such as quadratic funding discounted by correlation scores—that reward trust and cooperation while protecting networks from capture, extraction, and domination. With such augmented sociality, web3 can eschew today’s hyper-financialization in favor of a more transformative, pluralist future of increasing returns across social distance.
What are Soulbound Tokens (SBT)?
In short, Soulbound Tokens are publicly visible, non-transferable tokens, which can be issued to wallets that are called Souls. Once issued, the tokens are bound to the “Soul”, thus enabling personal identification that was not possible in the past only with NFTs.
In summary, SBTs are NFTs that can’t be transferred once received. You will hold it in a Soul wallet forever.
This will be a method for defining “social identity” in Web 3.0 and De-Fi. SBT will be you in future. So Cool!
What would SBT be used for?
There are several use cases for Soulbound tokens (or non-transferable NFTs), likely there will be even more cases in future.
Certification and Documentation – example your University Degree, your driving license etc
Proof of Attendance and Presence – Verify applicants/attendees of an event
Facilitate Lending and Borrowing – Your credit report can be represented using SBTs. This will offer lenders a borrower’s complete credit profile.
Voting – replace your national identity during voting. So cool!
Wallet Recovery – Buterin introduced the idea of a social recovery wallet in a January 2021 report
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In whatever investment that one do, we would always like to know if the big sharks are invested in the particular investments which you are in. How do you find out? In Traditional Finance, we can know from SEC filings, announcement from companies investor relations etc after the trades are done. If you want more real time trade, you can use Bloomberg but that would usually set you back about 5 digits cost monthly, which is impossible for most retail traders.
However, Crypto is very very different. We can see real time trade using simple tools.
Yes! Blockchain scanner Etherscan, Arbiscan etc.
How much does it cost? Free!!! All transaction are transparent to all users of Crypto regardless if you are retail or sharks. You can even track their public wallets if you know how to find them (also see what are Crypto wallets?).
The main idea is that these whale wallets usually have an unfair advantages of information/trades as compared to typical retails (similar to Traditional Finance). We can see their trades and decide if we should do the same trade or simply just learn from how these sharks think. .
For example, if you suddenly see many whale wallets (not just one) put in their money to buy a token of a particular DeFi, we can conclude that the token price will move soon (of course please do your usual fundamental research on the Crypto, e.g. Tokenomics). Of course, the vice versa is true. If you see many sharks start to run/sell the token, it is better that you run too before it is too late.
The key question is: How do we Track Whale Wallets?
Method 1: Most simple method (but you need to pay)
Use Nansen’s Smart Money – they have done the hardwork for you but of course you need to pay.
Another method is to create and keep your own whale wallets simply using Blockchain scanners.
How?
Let’s do an example of the recently very popular GMX Tokens (with repeat shilling by many CT).
Three Simple Steps:
Step 1: Go to Arbiscan. Search for GMX. You should be able to find the token.
Step 2: Click “Holders”, you will get the top holders of the token “GMX”.
Step 3: Copy the address of the “Whale Wallet” that you want to find out more and put in example Debank (of course you can use Zapper, Apeboard Etc. You can refer to here). For example, I have copied the 7th Wallet in the screenshot above into Debank. From there I can observe what this whale is selling/buying/trading etc. After which, I need to decide if I wish to add this wallet into my Whale Wallet list.
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I have shared using Metaphysics in investment – Moon Phase Theory before.
Look at the two charts below for ETH and SPX (symbolize the two major market, Cryto and US). I have posted the charts since 2021.
Black is Full Moon. White is New Moon.
Bars between full and new moons are colored accordingly, as growing or waning.
Once you see a full moon (local bottom) then it will slowly fade and around 15-16 days later, you will see the moon round again. In astrology this is new moon (local top).
Let’s see if this time if it is accurate again. If you see the charts below, it is accurate for years. Eth has rallied over 70+% since the low of 880. Btc has rallied till 24000+ since 17000+. Many people say that ETH will rally till 2k whereas BTC will rally to 30k.
Image source: Tradingview
Image source: Tradingview
We are now at the White Moon, which mean is New Moon – LOCAL TOP.
Based on this co-relationship of Moon VS Market (not causation relationship) using astrology, the market will be going down next week. we will see if it is accurate next week.
Personally I am doing short term shorting to earn from this new moon using FTX (see this post on how to short). Let’s see if I can earn something.
Do note that Moon Phase Theory shows the local bottom whereas Eclipse sees major bottom (more downside will come after Oct 2022 eclipse, which coincide with bad world macro at 2nd part of the year 2022).
Please be safe and keep cash for the 2nd half of the year so that you can capture the marvelous opportunities that will be coming for you to generate your cross-generation wealth 🙂
However, when the time come, you will need GUTs to whack. It won’t be easy to be brave to whack in your cash when the Crypto/Market keep dropping, but that’s where you earn the best risk reward ratio. Definitely, you can’t pick the exact bottom, but when it is near bottom/reach very good price, do make your necessary purchases in order to HUAT!
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This is an article for the Careyourpresent series. This article is about gold and not about gold. CONFUSING? Yes it is. Let’s read on to find out more.
This article is about Careyourpresent, thinking of what is the more important things in life. I believe that Library is a favorite place for many kids. Many parents will go libraries with their kids regularly. One of the more popular section of the library will be comic books. Recently I have borrowed a series of book from the library. My kids love this series.
Story of Stupid Wolf
What is this story about? Who is stupid wolf?
The main character of these series of comic is “Stupid” Wolf. He is not the big ass evil wolf that want to eat pig or little red riding hood. Instead, he is very different. He is stupid and yet not stupid. He is a depiction of what many of us have lose as we progress into adulthood from childhood – Innocent mind of a child. When we grow up, every second we need to busy, things that we do must have a purpose/benefit, we no longer be happy with small things, always thinking positive about things etc. In the story, his friends like to laugh at him for his “stupidity” but he don’t feel anything, simply still happy with what he do. When we were child, we are able to do that. But as an adult, I think this is no longer possible. Anyway, if you do know how to read Chinese, please go read these books. For now let me share one of the story with you.
Every book in series comprises of small little stories in each book. For this book it is titled “Insomnia at a Field“. I was intrigued when I first read the title of this book. How can a Field can’t sleep? This is weird. As I read on, the more confusing I get but the more intrigued I get too.
This story is a follow up of the previous story where Stupid Wolf left his hometown to search for this parents (keeping long story short, his parents quarreled over stupid reasons and left him alone in his house for world travel). He travelled day and night across rivers, mountains, seas, villages, forests and eventually reach this green field. While he was walking along this field, he is very tired and wanted to find a hotel to stay. However, he can’t find. Eventually he fell asleep at the road side. Then something very interesting happen…
A group of animals appeared, walking aimlessly in the field. They are big wolf, fox, rat, raccoon and badger. What are they doing there? Apparently they have something in common – insomnia. They have not yet close their eyes to sleep for even a moment for half a year! What happened? Let’s read on.
While walking aimless on the field, they hear a very nice sound….the sound that they have never heard for so long.
ZZZZZZzzzzzzzzzzzzzz
They heard the snoring sound of the Stupid Wolf. They missed this sound and keep wondering how come this Stupid Wolf can sleep so well and even at the roadside. However, they can’t! After some discussion, they decided to bring him home and ask him to teach them!
They tied him up with a road with the help of an owl (who is also insomnia) and bring him to the house of Raccoon so that they can question and ask him when he wake up later. At the racoon’s house, that racoon keep wondering how come Stupid Wolf can sleep but he cannot? Why? Why?
As the racoon keep wondering, while listening to the nice snoring sound of the Stupid wolf…. he accidentally felt asleep.. Few hours later, Stupid Wolf woke up. He is confused and wonder where is this place. He keep thinking and finally concluded that he might be captured by robbers! and the Racoon should be captured too. He tried to save racoon by pulling himself and the racoon out of the house.
When is he out of the house, he was beaten up by the animals and fainted. Haha. The animals thought the Stupid Wolf has killed their friend – raccoon who was actually sleeping. After some clarify and discussion, then they realized what has happened! Racoon did not die and in fact Stupid Wolf has cured racoon of his insomnia! The racoon also managed to start to eat well. The animals are excited and asked the Stupid Wolf to help them too! However, the Stupid Wolf is fainted now due to their beating. Hence, they have to wait for him to wake up.
The night came. Stupid Wolf wake up and discovered that racoon is beside him and asked him what happened. He explained to him that the animals can’t sleep. Stupid Wolf asked why? Racoon explain what have happened….
Half a year ago, the animals found gold in the ground. All the animals wanted the gold. Some of their animal friends die because they went to steal the gold at night – for example the owl’s wife was killed because she secretly hang the gold on her neck at night while flying off. As a result, the big wolf said that the gold belong to him and the other animals cannot touch them or else he would attack them. The other animals also wanted the gold and scared that the big wolf would come attack them at night. Guess what happened?
All the animal become insomnia since that night. They can’t sleep as they are wary of one another.
Suddenly the Stupid Wolf asked racoon.
Why do you need the gold? Can the gold be eaten? Or you want golden teeth in your mouse?
Racoon answered. No. Cannot…
Then why do you need the gold?
Suddenly, the Racoon see the light. He don’t want the gold! He only wanted to marry the girl racoon that he met half a year ago at the river opposite the field However, he didn’t go find her because he is worrying about the gold! He missed out other great things in life because of useless gold! Hence, he went to find the girl, marry her, solved his insomnia.
Other animals also realized their stupidity and the fact that they don’t need the gold. In the end, everyone felt asleep happily at the field….except the wolf and his gold… There are more story about the wolf and his gold later, but keep thing short, he eventually realized that he don’t need the gold too and went to pursue more important things in life.
Dear Readers, what are the morals of this story?
Some things like gold and wealth, may seem to be very important in your life. Of course I agreed that they are important for survival. But there are other more important things in your life – your family, your goal, your life, your health, your happiness, your sleep etc. Sometime we need to stop and think, let your innocent mind of yourself when you were a child to take over and find out what are really important to you. Enough is enough, wealth beyond a certain amount are just numbers in bank. Do you really need that much? When you hit your goal of 1 millions, suddenly you think of inflation, need save more for the future, you want to get 2 millions, 3 millions…..10 millions….hence you work harder and harder grinding at the work you don’t like (of course if you like the work, it is different story). What if suddenly you died next day? Stop shifting your goalposts for wealth. One day when you are old on your death bed. Can you bring all these money/gold/wealth/condos with you? Or would you regret not spending more precious time with your love ones or spent more time to do things that really matter to you?
CAREYOURPRESENT!
Please feel free to let me know your thoughts about this story too.
Let me end this post with a comment from a guy which recently took a career break because of family. Do read the orange box part.
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If you notice the Crypto Market trends recently, it has been sideway trading in a range. There will be sharp movements eventually but meanwhile you can do some trading to earn some profits 🙂
To do so, one need to know how to long/short the coins. If one only know how to long, you can’t trade to earn in the winter.
Most people are long only investor, be it stocks, reits, etf, unit trusts etc. However, to survive and thrive in rough market, one should equip themselves with more financial tools and knowledge. As this blog mainly talk about Crypto, I won’t cover shorting using things like options like TradiFi (of course some DeFI site in Crypto offer options too, but I won’t cover this for now).
Back to Crypto, many people only know how to buy the coin and long the coin. But how do we short to earn? One of easiest method would be using using Perps in FTX.
What are Perps? I won’t explain this in details but you can spend sometime to the details via FTX for more information. In a brief summary, you can leverage long or leverage short OR simple long or short coins via perpetual future derivatives. One very important key point to note is FTX supports up to 20x leverage. You can adjust your maximum leverage on the settings page. Note that the maximum allowable leverage on FTX is lower for large positions.
Hence if you leverage, please manage your risk carefully Recently I have completed a fast scalping trade using BTC perps in order to demonstrate how to use FTX. I have leverage 20 times and trade with 50 points drop in BTC to earn 4% within 2 days.
Let me share with you on the steps to short using FTX.
Step 1: Login to your FTX and find BTC-PERP to trade.
Step 2: If I want to short BTC at 21300 and take profit at 20000 (stop loss at 23000) using $100, you can key in the following.
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