Months ago in 2021, many people keep asking how come the Crypto are so bullish? When the dip come so that I can buy?
The dip (Crash??) has come, are you brave enough to buy?
Btc Eth, Avax, Atom, Near etc were way much higher price before. Now many of them 60-90% down from ATH. It is very likely that quite a number of ATH may never come back again. In fact, most of the alt coins may be gone by then.
No one know when is the bottom.
If you believe in long term for Crypto, please consider to dca BTC, ETH and some L1s, L2s etc that you have done your due diligence in.
Don’t regret and ask the same question as per my first paragraph again if you miss this drop. Once the buying interest/use case for Crypto is back, the upside will be enormous.
Let’s bookmark this post. In few years down the roads, I am sure most of the Alt coins will be replaced by new coins whereas BTC and ETH should be way higher price than now!
One of the key issue that investors face is to on-ramp SGD to USD into Crypto CEX.
As you may have already know, DBS and Crypto.com etc the spread for the conversion of SGD to USD rate are very bad. Most of the time, people will use 3rd party platform like Moomoo to convert SGD to USD, then send USD to DBS before sending USD via DBS Remit to FTX.
For those who have used interactive Brokers before know that their currency conversion rate are excellent and even at spot rate with about $2 commissions.
Let me share this guide with you!
Step 1: Refer to my guide (Guide: Fund FTX by sending USD from Singapore DBS Remit) to get the receiving bank account information of your FTX. Initiate a transfer amount (e.g. $5 USD) in FTX. Always remember to use small amount to test if you are not confident.
Step 2: Login to Interactive Brokers -> Withdrawal -> Select “USD” as the currency that you want to withdraw -> Choose Use this Method under Bank Wire -> key in the receiving bank details and the account identifier as per what is shown in FTX.
Note: Your unique identifier at FTX should be input to field “Account Number at Financial Institution”, and the “Financial Institution’s Bank Account Number” is the account number for the bank of FTX.
Step 3: Go to Interactive Brokers to initiate the withdrawal from Interactive Brokers to FTX.
You should see this after you have successful added the account in step 2. You can click the “!” to double check and it should show the screen below.
The withdrawal is very fast if you do during US daytime. I initiate the transfer around 11.50pm and got the fund in FTX on 12.32 am about 30 minutes later.
Step 1: Plugin and activate ledger using pin -> Go to Ledger Live -> Manager -> Allow Ledger Manager on your device.
Step 2: Install Bitcoin (BTC) app into your ledger.
Step 3: Go to Accounts icon at left side of panel -> Add Account -> Choose Bitcoin (BTC) -> click Continue.
Step 4: Open the app bitcoin in your ledger.
Step 5: Click Add account -> next screen will show account added successfully -> click done to go back to main ledger page.
Step 6: Click Receive on left side of panel -> choose the account that you have created in the previous step -> click continue
Step 7: Verify the Bitcoin address in your Ledger Live and the app is the same. Press the ledger to confirm and verify the address. -> press done to go back main ledger screen (save this Bitcoin address)
Step 8: Send your Bitcoins to the address generated in step 7.
For those who invested in stocks, funds, etf, typical dividend yield is usually 1-5%. Those that gives you 8% – 12% are rare, or highly leverage, or something fishy about it that should warrant further investigation.
If one is first introduced to DeFi, you will see the yield (apy) to be commonly at least 20% and above, with some even hit few hundreds or few thousands %.
For those who are long enough in Crypto, should have remembered this Lamborghini calculator narrative story in OHM, Wonderland Time!
For example, 80000+% APY will give you 80x return to your capital in a year. Putting in a capital of $900 will give you $800,000 in a year! 3 Lamborghini! WOW! Why bother to invest in stocks anymore? Let’s just farm CRYPTO!
However the truth is often otherwise.
For those who are long enough in Crypto, you will realized that high APR APY (be it 1000% 10000% etc) only sounds good on the surface. Most important is still the underlying crypto coin.
If the underlying rewards token price crash, no amount of high APR/APY can save you. Look at the legendary example of Wonderland, OHM. What happen to your capital? Even with the high APR/APY, one will still lose badly.
Hence the key is to preserve your capital, buy good coins and survive the bear. Once that’s happens , profit will come automatically! Remember do your due diligence, only buy coins which you have conviction to hold even in bear and not just listen to “Guru” shilling of coins.
Recent coin that can make into history is Jewel and Crystal which drop 90% from ATH. Remember 4000% APY of Crystal in early April with price of $40 per Crystal. Current price is $2 is Anyone suffer from it?
There are literally thousands of Cryptocurrencies in this world, more are being minted every single day, or even hours etc. One key question that came to all Cryto investors:
What common type of coins are there? Summarized overview as below:
BTC: King of Crypto. About 800B Market Cap as I wrote this.
ETH: Queen of alternate coins. About 400B Market Cap as I wrote this.
If we add both ETH and BTC, they almost made up half of the total Market CAP of the entire Crypto Market! That’s why they are called the King and Queen!
Stablecoins: are cryptocurrencies that attempt to peg their market value to some external reference. Two main types:
pegged to a currency like the U.S. dollar. Example: USDC, USDT etc
achieve their price stability via collateralization (backing) or through algorithmic mechanisms of buying and selling the reference asset or its derivatives. Example: UST, FRAX etc
GameFi: Play to earn coins where you get to earn some cryptocurrencies while playing the games! Usually there will be a native game token or NFT where you can purchase in order to play the game. When you level up, you can sell them to other players!
Metaverse: The metaverse is a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually. Augmented reality overlays visual elements, sound, and other sensory input onto real-world settings to enhance the user experience. (Definition given by https://www.investopedia.com/metaverse-definition-5206578). This is still a very new area, people are learning innovating, imagining on what the future Metaverse will be like. Maybe one day we can work virtually in Metaverse and don’t need to go physically to work!
Meme coins: coins created as part of a joke or a theme which is often not seen as a serious coin. Doge coin is one of the famous meme coin and make many people millionaires! Would you want to be next person?
There are other coins such as FaaS (farming as service) where the owner of the coin help you to do all the degen farmings, centralized exchange coins, node coins etc.
