So I read CoinGecko's fairly short book How to Defi and I started making some Defi moves about 30 minutes ago.
Here's what I did:
a) On Binance.com, I consolidated all my shitcoins to ETH.
b) I created a new Metamask wallet and it's quite cool as it embeds on Chrome. So once the wallet was built, I transferred all my ETH to the wallet.
c) I immediately connected my new wallet to Compound which allowed me to get some investment income from my ETH.
So in less than 30 minutes, I am getting a 0.43% interest rate on my ETH deposit.
Ok, this probably will not impress the Crypto bros who claim to get yields of 30+% a year but I'm a slowpoke and prefer to spend more time reading more books. How to Defi is good but I hope that more publications will follow.
Some things do bother me about this brave new world. I can probably get better yields if I convert my ETH to DAI but wouldn't that be the same as converting SGD to MYR to get better interest rates? Also while the mining of BTC is limited, entire new blockchains can be created by programmers so scarcity is questionable.
The next time I get bored, I will be parking my crypto into a fund management house such as TokenSets. My preferred approach is to find a trend trading strategy and dump all my crypto into it and see what happens next.
Right now I probably have better odds losing all my crypto than making $10,000, but I think folks my generation should develop a more open mind about DeFi. The genie is already out of the bottle and you can't kill crypto anymore.
Some use cases make a lot of sense because I can't imagine not dumping all my Argentinian cash into Crypto if I genuinely want to preserve my wealth. The speed at which money can move from wallet to wallet was also ridiculously efficient compared to banking a cheque with DBS.
We'll see how this goes!
I'm in the same boat, want to buy ETH when it crashes, though I don't think its happened yet. If USDT breaks, I'll buy a bunch of ETH.
ReplyDeleteYou raised a good point. I don't find stable-coins particularly stable by design so one enterprising trader will bet against the USDT peg one day and make billions.
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