Crypto Investments

Good New For Binance – France as their headquarters?

Do you remember several months ago where there were rumours that Binance might make Singapore their headquarters? Well after our government authorities decided to go ahead and start banning their services to Singaporeans and residents, it seems that they are looking elsewhere to list as their headquarters. I don’t blame them right? I mean the sad truth about the Singapore government is they tend to want to follow what others are doing, even when it doesn’t make much sense. I had thought that Singapore wanted to be a fintech hub but it certainly looks like the government isn’t really that into it. I am honestly not too sure what all the fuss is about regarding Binance. It is just a crypto exchange. No matter where I look, I don’t see them claiming that they were regulated by our monetary authority at all. Not on their website or their blog or anywhere. So not too sure why the government decided to clamp down hard on Binance. And losing the support of the company which might bring in a lot of jobs for Singaporeans and the residents. It is still the largest crypto exchange by trading volume in the world right? But you know, Singapore government does things like that every now and then.

Anyway it looks like Binance might be aiming to setup their headquarters in France. Of course nothing has been confirmed yet. But one of the biggest complaints regulators often have with Binance is that they don’t have a fixed headquarters. Having one in France (as they are in the EU) might help mitigate all these complaints. Furthermore I have contacted Binance support a few times and they were resolved promptly. Even when I was doing my KYC and issues arose, it was handled very professionally. So not too sure why regulators are targetting Binance. Probably because they are the largest crypto exchange. Sometimes it sucks to be the largest because crosshairs will be planted on you.

Yes too bad it isn’t Singapore but I guess our government burnt that bridge a few months ago. When I heard the news that Binance might be looking to setup their head office here, I was so excited. But then governments around the world started their clamp down and of course the Singapore government followed. I sincerely hope that Binance will be able to resolve their differences with our authorities and start allowing their users to use the Binance platform to trade. Come on, the Singapore government should not reserve crypto trading to just for the rich and the elites. That would not be fair. And they even allowed our DBS to have their own crypto license. A bank that probably do not have much experience in the crypto markets?

What are your thoughts on this? Do you think that the ban on Binance by our regulators is justified? Or do you think there is more than meets the eye with this ban? And why aren’t their differences resolved yet?

Crypto Mobile Crypto

Alpha Network – Alpha Pay?

I had actually thought that this network might be heading for the dust seeing that they did not have much updates for some time. Whenever I see a project within an update for a few updates, I will automatically think that it will go to the way of the do-do. But alas, we got a little surprise a few weeks ago – they announced Alpha Pay! Sounds that sometimes even smaller projects can surprise you. For those who don’t know what the Alpha Network is about – well it is a relatively simple cryptocurrency mining platform that allows you to mine their tokens for free but the kicker is that the Alpha Coins/Tokens will be limited to 500 million tokens. Nothing too specular about its tokenomics but they seem to be stable and functioning. I myself have been mining for about 6 months or so. I do not have any complaints.

So if you are interested, you might want to join the Alpha Network. My referral code is blong1234. Of course if your friends have their own code, you should use theirs instead. Anyway as mentioned, they announced Alpha Pay which is basically a way for users to do payment with businesses or each other. They claim that transactions will be free (no fee) and supposed to be instantaneous. The Alpha coin which is the token that we are mining on their app, will become an interoperable asset that can convert from one cryptocurrency to another without any hidden fees resulting in instant and light-speed transactions. Just think of it as a swap token but instead of you doing it at DEXs, you exchange between consumers and businesses on an app. Of course whether this is achievable or not is debatable. But at the very least, the Alpha Coin will have a use case finally. This is indeed good news for the Alpha Network and for those who are mining the token.

I am starting to see an uptake of people mining on the app. The more users they have on their network, the more demand for their token. What Alpha Network needs is growth. Just imagine when I first started mining over 6 months ago, they about 300k of their coins/tokens mined. Now it is only less than 200 million mined at a base rate of 0.5 coins per hour. So the number of users on the platform is still pretty low at 500k. I had thought that they would have depleted the entire 500 million coins by now. But I can understand the issue with Alpha Network – the critical lack of a real world use case. Networks like Pi or Hi or even Bee do have some uses or even an ecosystem behind the project. Alpha Network on the other hand did not have any. The only selling point is that they will have max of 500 million tokens in circulation. That is not going to cut it, especially now that we are seeing so many crypto mining apps in the market. Just too many of such apps.

And I do think that they need to do a lot of promotion and marketing. Hardly anyone have heard of their network. Without any marketing, this project will never get the traction they need to get noticed by users and get a sustainable user base. If you look at Star Network, it took them like just 2 months to reach a million users. And they are still growing rapidly! The Alpha Network on the other hand….

Anyway lets see how the project evolves. This is a very good start actually. If they keep adding more features to their network, this might actually be worth something in the future. However I would like to remind readers never to pay for anything on such platforms unless you are certain of their success. Take care!

Crypto Investments News

Bear Market Yet Again? Me excited?

You might start to realize that I am pretty active and excited whenever there is a bear market. Most of my peers would get themselves extremely hyped when the market is bull but for me, it seems that when I see lots of red candles, I start looking for stuff to buy. Maybe it is the consumer in me. Maybe because I am somewhat of a cheapo and I love bargains. I just find bargains always so irresistible. Of course in the crypto market, there is no way to know for sure when the actual low is. So sometimes I am left with wondering whether I made the correct decision to buy the “dip”.

But this time round, is it really a bear market? Yes, Bitcoin did drop back to 56k today. Or just a general correction which if you ask me, is pretty normal and healthy. Lots of those so called experts are saying that November and December will be a bull market and everything will be going up and up. However I tend to agree that the market is still in a bull trend. Cycles are pretty common in most markets and Crypto is no exception. In fact I think crypto markets are the ones that will often have wild swings. So I am in agreement that this is NOT a bear market. Probably will start uptrend in a few days time. And it is also coming to December, usually a very bullish month for Cryptocurrencies. Furthermore, there isn’t that much FUD coming out this few weeks. And even in a bull market, the value of assets will not always keep on rising, so you should expect some drawbacks at times. Investors will surely want to take out some profits.

However if you ask me, I think most small time investors should always buy or invest for the long term. We will never be able to time the market by trading. So instead we should invest for the long term. Go buy an asset you think has great potential and hold on it until it raises. For me, it is ADA. For some, it is Bitcoin or Ethereum. For some, it is some dog meme coin. Yes of course, if you think that meme coins have great long term potential, by all means invest and hold onto those coins and maybe in a years time, it should again be something like SHIBA INU.

So what are you thoughts on the recent price drawback? Do you think that it is the beginning of a bear market? And what would you do if the bear market really comes? Let me know your thoughts in the comments below. I am not a financial advisor. Please always do your own research. Take care!

Crypto Mobile Crypto News

Star Network Updates – KYC, Libra & Unlocking Balance. 900k Users!

Some great news for users of Star Network. They have implemented the Libra tokens to their platform. This means the users (or explorers) can draw Libra and if they are successful, they can start doing KYC and unlocking their Star tokens balance. And the cool thing about this is that they did it on time without that much hiccup. This surely gives me some more confidence on the project.

So if you don’t know what the hell is Star Network, let me give you a brief overview of this project. It is a Defi project where members can trade and swap tokens, stake their tokens for rewards and do borrowing on their assets on the platform. The native token is the Star Token. You can also mine for their Star Token on their app, which functions as an social network app as well. So you come on daily to “mine” or mint for rewards which can be converted to the Star Token. However you will need to complete KYC as per usual nowadays in order to withdraw the Star Tokens. There is a catch here though. In order for you to complete KYC, you will need the Libra token. And this Libra token can only be drawn from a lucky draw system – it is random but if you hold more Star Tokens in your app, you will have a higher chance of drawing it. Honestly I don’t know. I certainly understand why they implement this but on the other hand, I think the randomness is a major issue. We could potentially see someone who don’t contribute much to their network drawing the Libra token a number of times, while someone with a bigger balance not drawing any and getting frustrated. Of course that is just me.

So other than allowing a KYC slot for their members, the Libra tokens can also be used to unlock the balance. Only after unlocking the balance, users can then withdraw the tokens. Of course withdrawing the tokens will only be available at a later date. But you do get to unlock the balance you earned plus those earned by those you referred to (those who have completed KYC as well). Again there is a catch – Star Network seems to be full of such things – the Libra token has an expiry of 7 days. So you will need to use the token or it vanishes. Of course you can trade or give it to someone else in your team. Well, I guess it makes the network more exciting and gives users a chance to interact with others. It is called Social Defi for a reason.

The wallet on the app is now active and users can send and receive Star tokens. But do note that the tokens need to be unlocked before you can do anything. So that Libra token is still needed in order for users to do any sort of transaction. When they first announced the Libra tokens, I didn’t know how important this token will be. But after some thought, I think this token is probably the one that enables everything. Kind of disappointing that the Libra tokens only last 7 days. Makes everything kind of rushed for users to complete.

Anyway Star Network has reached 900 thousand users. Going for a million soon. Now that is real growth we are seeing here. I think this project does seem to be heading in the right direction. And if they continue to grow, think they might be able to compete with Hi Dollars in the Defi space. Defi is still the bomb if you ask me. And lots of space to grow further.

I am not a financial advisor. And for god’s sake, do not pay for anything on an app unless you are sure of their success. Please take care.

Crypto Mobile Crypto

Why I Am Going The Mobile Crypto Mining Route

I am pretty sure by now, my readers would realize that I am particularly interested in the mobile crypto mining scene. Yes I love crypto and what it actually stands for. But I am especially into the mobile crypto mining scene. For those who still don’t know what this is, let me give you guys a quick explanation on what is mobile crypto mining – basically it gives users a way to “mine” or mint cryptocurrencies using their mobile devices but there is actually no mining going on. It is just a way for the developers of the project to get people interested and to get more users to join their platform. You can see users posting their referral codes here and there – this is to not only get more users in but also to help boost their mining rate. I find the idea really intriguing to say the least. Of course users will need to come into the app daily (there are quite a few that requires users to come back to the app every hour) to restart their mining.

Of course there are tons of scams and rugpulls in this market. There are also those projects that stalled due to the lack of funds or that they cannot find investors or that the developers were no longer interested in the project. Or that the developers knew that they cannot compete with the bigger projects out there. That is why I tell my readers never to pay for anything on such platforms. Who knows what will happen? This is the crypto market and it is indeed full of scams, rugpulls and dead projects. Even projects with big names and investors behind them have failed spectacularly. So again please be aware about how you spend your hard earned money. But for me, I merely do all the mining for fun. I honestly don’t think that I will be making tons of money even if a project is successful. Yes the price of the token does indeed go to the moon, I will be very happy. Honestly these are just merely hype. For every one project like SHIBA INU, there are probably thousands that failed or are scams. So you should level your expectations.

And guys, it is important to understand that most of these projects will require you to “mine” or mint for a long time. The Pi Network project is still ongoing since 2019! Just imagine clicking buttons everyday on your mobile device everyday 365 days a week. The dedication needed. So if you are expecting to make a quick buck, then crypto mining is just not for you. Most start very small and they develop their services and ecosystem over time. If you ask me, I think it is pretty reasonable for a project like Pi Network to take 3 to 4 years to really take off the ground. The Hi Dollar team has said that their development cycle will take 4 years to build up their products and services. They even have 1 year lockup periods for their tokens. And the Hi Dollar project seems to be very well funded. Things take time. If a project is being rushed through, hiccups will often occur. We don’t need to look far to see that is true. Eagle Network anyone?

With all these said, I am very confident that mobile crypto mining is the way to go. Why you might ask? Well this is because the crypto market is pretty saturated and there are just too many crypto projects out there. The number of projects are just so mind boggling that it is extremely difficult for the smaller projects to stand out. Not to mention, there is hardly anyway for regular folks like you and me to interact with these projects. However for mobile crypto mining, you have to download their app and after “mining” you will get a certain amount of their tokens as well. This also creates more interest in the project. Users get their friends interested as well. More interest means more demand. Everyone loves free stuff right? And users get to watch as their project grows from start to end.

So yes, I think more projects are starting to realize that mobile crypto mining can be a good alternative. So join me as we navigate through the horrors that is the crypto industry. Maybe along the way we can learn something useful in life.

Crypto Investments

Low Risk Crypto Strategy – Yes you should.

Yes indeed it is a very good idea to keep part of your portfolio in low(er) risk investments. That is why I keep a small portion of my crypto assets in stablecoins and even on centralized lending platforms. I even keep a chunk of my funds in savings plans by banks. Sure they aren’t just as exciting especially during a bull market like what we are facing right now, but it is exactly what you should be doing. You need to mitigate the volatility in your portfolio. If not, when things turn south, you might have no choice but to offload your assets at a huge loss. And not to mention, when the market is bear and everything looks gloom and doom with your portfolio, you might make irrational decisions and start selling out at the wrong time. That is how the market works against the retail investor. That is also why most of the time, it is the retail investors that are taking most of the loss.

If you are looking at how I try to mitigate risk, here are some of the things I do. I have part of my portfolio in stablecoins. They do get better interest from earnings, so they are actually quite decent to hold. At Nexo, the highest earning interest rate are usually those stablecoins. And having stablecoins in hand is good if you need to urgently purchase other assets as well. For example if you think that a certain crypto currency will moon, you might want to quickly take the opportunity and buy up some of the assets using your stablecoins to maximize your profits. Instead of waiting to sell your other lackluster cryptos and then buying it up.

And another another way to reduce the risk in volatility is to actually diversify your portfolio. That is to have a good number of different assets, preferably those from different classes. I hold on to some (not a lot) BTC & XMR which are basically old school proof of work cryptocurrencies. I also hold onto ETH, XRP, ADA and CAKE tokens as well. I also invested some in the Hi Dollar tokens. So if certain black swan events were to happen to perhaps the Defi sector, the rest of the cryptocurrencies might not be that badly affected. Sure your Defi tokens might take a hit but at least not all of them are down in the dumps. That goes the same for stablecoins as well. Try not to just keep USDT but keep other stablecoins just to be safe. Their value SHOULD NOT fluctuate that much, but you should be concerned that some government authorities might target a certain stablecoin. And you don’t need to look further than our favourite SEC and how they are now aiming at Tether. So basically don’t keep all your eggs in one basket.

Staking is can be considered another way to mitigate against risks. There are quite a number of proof of stake cryptocurrencies out there already. Staking do generate some returns but the more stable ones usually don’t have the kind of returns compared to those newer or small cap coins. So again, if you are looking for some lower risk investment, staking big cap tokens like ADA might be your best bet. There are also stuff like arbitrage trading which can be considered to be a low risk venture. However I am not familiar with them so I will not go into these. However I do use Kucoin’s trading bot. The returns are not fantastic but I do see them as lower risk. When the market turns south, they do help to mitigate some of the losses. Their spot trading bot is basically the same as arbitrage anyway.

Oh I am not a financial advisor. When you do investing, you should always do your own research. Please take care.

Crypto Mobile Crypto News

Hi Dollars Token – It finally rises!

Yes the Hi Dollar Token has finally hit USD 1 and beyond. The token has not reached this value since it was officially launched in August of this year. And it looks like it is still rising. At time of writing, it has reached USD 1.23 which is quite impressive. Take a look at the price chart from CoinMarketCap below. It has been rising rapidly since late October. This is extremely good news for Hi Dollar token holders like me. The price of Hi Dollar had been rather lackluster since its launch. Hovering between USD 0.8 – USD 0.6. But usually it will hang around USD 0.7 or so.

This could simply be the Hi Dollar token being bridged into the Binance Smart Chain (BSC). This helps to improve the liquidity by reducing transaction costs associated when users trade or swap tokens in their favourite DEX. I have done quite a lot of transactions on BSC and they barely cost anything. Of course one cannot compare BSC and MATIC. The price rise starting in late October correspond to the time when they bridge to the Binance Smart Chain. So yes that was a smart move indeed. I mean if they remained in the Ethereum ecosystem and with so many tokens still locked up in their rewards system, this will definitely have some impact on the value. But with the switch to BSC and their LP incentive program, liquidity issues seem to be a thing of the past now.

However with that said I am still not too confident about the Hi Dollar tokenomics. Their massive expected supply is one of the main reasons why. Just by looking at the daily rewards they are giving to their members – you will easily understand why I feel that way. I am talking about like tens of millions of tokens being given to members daily. The daily rewards plus the referral rewards plus the downstream rewards. And we have this LP incentive and other rewards as well. Those will add up and add to the already massive supply of Hi Dollar tokens. With more members joining their network, the supply will only increase in an exponential rate. While I agree that more members means more demand for their Hi Dollar tokens, not all members do add value to their network. The time will also come when the Hi Dollar tokens being locked in their rewards balance are released – what impact will it have on the price of Hi Dollar?

No no, I am not that greedy. I am also not that selfish. Again I can understand why they need to attract more members with good rewards. But I feel that when their rewards program ends, we will be left with such a huge amount of Hi Dollar tokens, the value of the token will simply not be able to maintain. Of course that is just my opinion. The Hi Dollars team seemed to have some good financial backing and the project also seem to be developing very well. However the concern of supply still remains.

I am not a financial advisor. Please do your own research when it comes to investing your hard earned money. You can use my referral code when joining the Hi Dollar network – blong1234. Please take care!

Crypto Investments News

Bull Market Craze – Everything Up?

That is the problem with the bull market. Nearly everything goes up. Just look at some of the biggest gainers (as in price) in the crypto market these few days. Quite a few I have never heard of in my life. And I am someone who is kind of a busybody and love spending my time looking at all these lesser known altcoins. It has become my obsession for the past few months. Yes I know it is unhealthy but it can be kind of fun though. Of course I never bought any of such tokens or coins except for a few in the mobile crypto mining side of things. And even that I merely put like less than 100 dollars into these projects. I do not recommend anyone going down the same route same me. You should NOT invest in such coins or tokens. Most of them will fail and you will probably lose all your money that you invested in those projects.

Anyway as it is the bull market right now, it does seem that nearly all the tokens or coins in the market is rising. So should you just throw whether cash you have lying around into any small cap coin you can find? Well this can be a very tough question to answer. But my simple advise would be whether you can time the market. Most people can’t. And if you can’t, are you willing to lose what you have invested? If the answer is yes, then sure, go ahead and try your luck at all those crazy possibly 1000x coins. You might just get rich and become the next SHIBA INU millionaire. And if you are someone who can “time” the market, won’t you be better off investing in something slightly less volatile? But do note that even the so called experts out there can’t time the market to perfection. Just look at those hundreds of millions of dollar lost by people who short the market but got burnt instead.

I think I have said this very often in this blog. But I will say it again – I am someone who invests for the long term. I avoid meme coins like the plague. Sure I might throw in some money now and then to smaller projects if I find that they might have some potential in the future but that’s about it. And my investments in those are tiny compared to the bigger tokens or coins in my portfolio.

If you are playing the markets right now, everything does seem like they were going to the moon. It happened during the May bull run as well. Everyone seems to be FOMOing into the market and throwing money around like everything they touch will turn to gold. Lots of people go in blind. But honestly speaking, is there really such a thing? Market manipulation is so rampant in the crypto sphere. It doesn’t take that much for the markets to fall again. Again this happened only recently – in end of May and June. That was one huge tumble and lots of small retail investors like you and me got burnt. But apparently 5 months is such a long time that everyone seems to not to remember. Pretty sad.

Just remember how hard it was to earn what you initially invested in the markets. All it takes will be a few “black swan” announcements to make the markets fall. And don’t think it will not happen. It will. Just a matter of time. So take care! And remember what I say. I might not be a financial advisor or have a crystal ball, but I do have some experience in the crypto market.

Crypto Investments

Inflation – The main reason for the crypto bull run?

If you ask me, I think it is part of the reason why the crypto market is having such a bull run recently. Just look at the inflation that is spewing over from all the money printing that is going on. Again this is basic mathematics – if someone is increasing the supply of something (lets say this something is named $), there will be an increase in the number of that something. And if demand remains the same, won’t that make that something worth less? It just makes perfect here. Of course whether the government officials will pretend that inflation is not “that bad” or that inflation “doesn’t exist” or that inflation “is not here yet” is another question.

But if you have been reading just the headlines this few months, you know that governments have been printing money. All in the hopes of pumping their economies up and hoping to stave off a recession. The pandemic that currently still on going right is probably the main cause of concern. But if you ask me, they have went overboard. Especially when we are talking about the US and their monetary policy. They have been one of the worst offenders when it comes to pumping out the green and this probably is why smarter investors are starting to get into crypto. It is a hedge against inflation. I know that traditional investors always say that there is no logic for crypto. Or that it is just “fake internet money”. But honestly it is more than that. Of course there are plenty of scams going on in the crypto sphere, but there are scams everywhere as well. Not just in the cryptoverse. If you want to invest in something, that something should be something which will see at increase in value in the future. The US Dollar or whatever fiat currency you are holding right now will most probably not increase in value in the future. Again this is just maths. You just cannot pretend that it is not happening. Well at least you cannot pretend for too long anyway.

So that is why I do think that even if you are a low risk investor, you might want to start looking at cryptos. BTC and ETH are still decently safe compared to other crypto currencies. And for the low risk investor, these two are probably the best bet as we can see from their lower volatility. Your best bet against inflation as well. However you will probably need to hold them for sometime first, unless you time the market right. And big time investors have already bought in a while back. They do know that BTC and ETH are their best hedge against the upcoming inflation. These are especially good if you are a new comer to the crypto market if you ask me. They will not fall too far even during a bear market. And if you ask me, I don’t think there will be a crypto winter happening anymore. Sure market cycles will happen. But I find it highly unlikely that prices of BTC will drop to 10% of its value for 2-3 years with nobody (including institutions) daring to buy and hold BTC. Come on. I think this will never happen again. Unless of course if a major black swan event happens. I am looking at you SEC. These are the people we should all look out for.

I am not a financial advisor. Always do your own research when it comes to investing. Take care and I will see you in the next post. Bye for now.

Crypto Investments News

The problem of being a cheapskate – FTX issues

[Update: 05-Nov-2021]Finally the funds went through and I can start using them on FTX. After so much back and forth, I can finally use the funds. Thank you to the FTX support team!

So as you guys know, I can be a little bit on the cheapskate side. Probably because of my upbringing. If I can save on something, I will definitely save on that, especially if it is not that difficult to do. And as Binance is being blocked by the Singapore government and there is no way to trade on Binance for Singapore users anymore, I have to go look for other alternatives. I have been using Kucoin for some time and it seems fine. Not as good as Binance of course but still acceptable to me. The interface is nearly exactly the same as Binance too. However me being me, went along to look for other crypto exchanges to test out. And while I was browsing, I discovered that FTX allowed SGD deposits in their DBS (Singapore local) bank. (Note that this has been changed just recently.) I was shocked and surprised that our government allowed to to happen. Especially what happened to Binance recently.

So of course I went ahead and deposit some money into FTX’s SGD account in a local bank. I mean FTX is indeed a very good exchange. According to plenty of reviews, their platform is considered one of the better ones. And their transaction fees are also lower than Kucoin. You can watch Coin Bureau’s review and comparison on the exchange here. Plus if I transfer money to a local bank from another local bank there will be no wire or any bank fees. That is a definite win-win for Singapore users! And that is what I did. However lo and behold, just like two days later, I see a notification on their deposit page that they had changed the deposit method. I am guessing that our dear Singapore authorities found out about this and decided to stop the little loophole. Or that DBS themselves found out and stopped it because DBS themselves only want crypto sales through their own platform. Yes apparently DBS has been approved by MAS (Monetary Authority of Singapore) and given crypto licenses. They certainly don’t want any competition from FTX! Just imagine if crypto investors found out the advantages of trading in FTX rather than DBS’s own crypto platform. No one sane would then go to DBS for crypto trading services at all.

Although my money was transferred across, it might be somehow stuck. Even FTX support seemed to be lost and their replies extremely cryptic to say the least. It has already been like 2 weeks and the only thing they said was to hold on while they get to the bottom of it. If you ask me, the bank account might simply be just frozen by DBS themselves or by the government. So this looks like a very long haul for me. I wonder how long it will take for my funds to get unfrozen. It is not a huge amount but for a small time retail investor and the current bull run happening, it is very disappointing.

So take care! And hope the best for me funds. Investors should not always go for the cheapest method. Sometimes you will lose even more. See you guys later in another post.