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How to Become a Cryptocurrency Millionaire

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My portfolio — top holdings and investment strategy

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Through cryptocurrency, I plan to become a millionaire. But as David Bowie once hollered over the microphone, “it ain’t easy!”

Investing in innovation is never smooth sailing. Few understand this.

Amazon wildly swung between $50 and $10 dollars the first years it was on the market. Google lost half its value in 2008 dropping to $130 a share.

“Be fearful when others are greedy, and greedy when others are fearful.” — Warren Buffet

Cryptocurrency is highly volatile because we are on the cusp of web 3.0. 20 to 50% gains could happen on any given day in the crypto markets. The same goes for losses, unfortunately. Some days I can’t even look at my portfolio. I’d tear my hair out if I did.

All of the anxiety, the gray hairs (that aren’t torn out yet ) — it’ll all be worth it, one day.

If you want safe steady money — crypto ain’t it. Look into your 401(k) or government-issued bonds. If you want to invest in innovation, however, look no further than the projects I hold in my own crypto portfolio.

Two months ago I sold all my Bitcoin. People were not happy with me.

I could silently hear all the Bitcoin deniers cheering as they clicked on that article, and the FUD (Fear Uncertainty Doubt) overwhelming crypto investors.

It wasn’t that I didn’t believe in Bitcoin —

It will reach $100,000 by year’s end.
And it will one day overtake gold’s market cap.

These things are certain. However, I was much more engrossed in Ethereum’s narrative and where it would head to next. As Ethereum creator Vitalik Buterin expertly puts it, Bitcoin does one thing really really well. While Ethereum aims to do one hundred things really well.

Ethereum consists of 40% of my cryptocurrency portfolio and I continue to dollar-cost average into it every week. Furthermore, a leaked Goldman Sachs prediction estimates a ‘high chance’ Ethereum eclipses Bitcoin in market cap.

I guess we’ll see.

These next two projects are my hedges against any unforeseen problems with Ethereum.

Cardano has serious potential to become the second-strongest smart contract platform on the market, in turn, creating millionaires out of ADA investors.

My only qualm with Cardano is that there are no dApps on the platform. It’s had five years of peer-reviewed research to build up its foundation, but doesn’t have much else to show for it.

If Cardano blows up it’s going to reshape third-world countries and enable sound economics worldwide through its deflationary ADA token. However, Cardano has a long way to go. Its ecosystem is a desert.

That’s why it only makes up 15% of my portfolio.

If you asked me last year whether I was more bullish on Cardano or Polkadot the answer would have been simple. ‘Cardano — duh.’

Oh, how the tables have turned.

Gavin Wood, the creator of Polkadot, has become my favorite person in the world of cryptocurrency. More than Vitalik, more than CEO of Binance Changpeng Zhao, or even Charles Hoskinson for that matter.

In fact, the first time Gavin met Charles Hoskinson, the Cardano founder bet him that he couldn’t program a working smart contract blockchain in one week’s time. The bet was one bottle of fine red wine.

Gavin did it, of course. And that barebones blockchain ended up being the first working version of Ethereum. Even Vitalik Buterin, someone who doesn’t express emotions often, cheered over Gavin’s success.

One man engineered the most innovative cryptocurrency on the planet while the other creators watched. It’s for this reason — and more — that DOT is now 15% of my portfolio.

A long time ago in a galaxy far, far away, I mentioned XRP in an article. Gasp. Quick! Get the garlic. Say your prayers and recite the alphabet backward.

Even the slight hint of this cryptocurrency sent some readers wild.

‘How could you mention that shit coin?’ some asked.

Full disclosure, I do not own any XRP. But I have kept track of XRP for a long while now. This is because it’s one of the most important cryptocurrencies on the market.

Besides 10xing in value from the start of this year, XRP is involved in the most important lawsuit in cryptocurrency history. The SEC is arguing that XRP is a security, not a commodity.

Securities: Represent ownership in a publicly traded corporation. The expectations of profit are driven by a third party.

Commodities: Assets, property or goods that can be bought or sold on an exchange. They have much less regulation than securities.

Essentially the SEC is arguing that XRP is centralized by their parent company Ripple and is dependent on them. If the SEC wins and XRP becomes an asset like a stock it would be much more regulated and scrutinized. This could have ugly ramifications for the crypto market as a whole.

Thankfully, the SEC is on the losing side of this battle for now. Keep an eye on how this case develops — and I’ll do a deep dive on XRP in the future.

In order for decentralized finance (DeFi) to function properly, Chainlink must have a future in cryptocurrency.

Chainlink is a decentralized oracle network on Ethereum that provides real-world data to smart contracts.

Cryptocurrencies like Ethereum and Polkadot need this service because they function within a vacuum. This is intended. But it means they need projects like Chainlink to bridge the gap between traditional data and blockchain.

Unless Uniswap or other DeFi protocols become oracles in and of themselves — which Vitalik Buterin has considered — then Chainlink’s future is certain. It makes up 5% of my portfolio and I earn interest on it through BlockFi.

Hahaha, no.

Ok — actually, yes. Dogecoin is headed to the moon. Seriously, no tricks. Nothing up my sleeves.

Dogecoin will eventually break $1 due to feverish hype and internet memes. It doesn’t mean, however, that I’ll ever hold a single cent Doge or not roll my eyes whenever someone asks me to explain it.

But it does have a future, in a strange way.

Elon Musk is a clown.

1inch is my favorite decentralized exchange (DEX) in the entire cryptocurrency space.

More so than Uniswap, Pancakeswap or Sushiswap.

I was recently talking crypto with a friend who works in PR, and we both agreed, the UI for many of these DeFi projects is shit. However, it’s clear that 1inch is trying to set itself apart and make DeFi easy to use for everyone.

Further, through smart contracts, 1inch automagically completes your transaction through the cheapest exchange or reduces your order into smaller ones to cut back on high Ethereum gas fees.

The future of DeFi is determined by protocols that make the industry simple and more efficient to use. 1inch does both of these things effortlessly.

This is why it makes up 5% of my portfolio.

Basic Attention Token is still one of my favorite cryptocurrency projects, point black period end of story.

The Brave browser in and of itself is the best on the market. It’s fast, more private, and awards me $5 to $10 each month for viewing ads. When I order a carnitas Chipotle burrito I thank Brave for allowing this to happen.

This project has less room to grow in the intermediary as other cryptocurrencies steal the limelight. However, I do believe Brave can eventually overthrow the $330 billion ad industry and revolutionize how we transact on the internet.

BAT makes up 5% of my portfolio.

VeChain is an enterprise blockchain with aims of providing a full view of a company’s supply chain.

Imagine this: The supply chain is tracked from the time a fish is caught at sea until it’s in your shopping cart getting ready to be thrown into the frying pan.

VeChain better ensures that ethical guidelines and safety standards are being met in any industry with a supply chain. So, basically every industry.

Moreover, it enables more practical usage of supply chain data for everyday people like you and me. No more having to blindly trust a supplier. You can actively manage where your supplies are coming from.

Pretty cool if you ask me.

Practical projects like VeChain are some of my favorites; it’s why I hold 5% of it in my portfolio.

What — no Bitcoin?

There’s one important reason:

Not only do these projects possess the lower market caps necessary to grow much more than Bitcoin, but they are projects I had an attachment to much earlier into their lifecycles.

Win or lose, these are the projects I’m backing.

Bitcoin will never go away. I’m certain of that. It’s the market mover and still the best at what it does — be digital gold.

But it isn’t one of the projects I’m banking on to make me a millionaire.

Source: https://medium.com/yardcouch-com/how-to-become-a-cryptocurrency-millionaire-739f6f5350fd?source=rss——-8—————–cryptocurrency

Blockchain

Kraken Daily Market Report for June 24 2021

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Overview


  • Total spot trading volume at $1.02 billion, the 30-day average is $1.49 billion.
  • Total futures notional at $332.0 million.
  • The top five traded coins were, respectively, Bitcoin (+2.9%), Tether (0%), Ethereum (+1.0%), Cardano (+8.7%), and Dogecoin (+12%).
  • Strong returns from Tron (+14%), Dogecoin (+12%), and Siacoin (+11%).

June 24, 2021 
 $1.02B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
BTC 
$34664. 
↑2.9% 
$344.5M
USDT 
$0.9999 
↓0.03% 
$275.9M
ETH 
$1988.1 
↑1.0% 
$165.3M
ADA 
$1.3586 
↑8.7% 
$63.5M
DOGE 
$0.2635 
↑12% 
$46.6M
USDC 
$1.0 
↑0.0% 
$37.4M
XRP 
$0.6701 
↑4.6% 
$31.6M
DOT 
$16.218 
↑2.6% 
$21.9M
LINK 
$19.029 
↑3.4% 
$13.1M
LTC 
$134.44 
↑4.2% 
$10.3M
SC 
$0.0115 
↑11% 
$7.74M
XMR 
$225.31 
↑3.1% 
$6.9M
KSM 
$205.14 
↓0.29% 
$6.88M
BCH 
$486.82 
↑2.9% 
$6.11M
TRX 
$0.0660 
↑14% 
$6.0M
EOS 
$3.9205 
↑6.8% 
$4.61M
AAVE 
$209.93 
↑0.8% 
$3.91M
FLOW 
$8.71 
↑1.7% 
$3.59M
XLM 
$0.2685 
↑5.0% 
$3.39M
DAI 
$1.0003 
↓0.0% 
$3.2M
FIL 
$57.137 
↓2.6% 
$2.87M
MINA 
$1.76 
↓2.8% 
$2.67M
MATIC 
$1.2027 
↑2.3% 
$2.57M
ATOM 
$10.358 
↑7.8% 
$2.16M
UNI 
$18.041 
↑1.4% 
$1.97M
OXT 
$0.2463 
↑3.2% 
$1.9M
NANO 
$5.0086 
↑7.7% 
$1.8M
ALGO 
$0.8725 
↑4.8% 
$1.75M
KAVA 
$3.5567 
↑5.0% 
$1.61M
KEEP 
$0.2697 
↓0.5% 
$1.55M
ANT 
$3.5411 
↓0.9% 
$1.5M
SOL 
$31.19 
↑3.1% 
$1.49M
XTZ 
$2.8275 
↑5.2% 
$1.34M
ETC 
$43.079 
↑5.2% 
$1.26M
OMG 
$3.8772 
↑3.4% 
$1.23M
DASH 
$131.23 
↑3.0% 
$1.22M
YFI 
$31305. 
↑1.0% 
$1.21M
MANA 
$0.5238 
↑4.8% 
$1.13M
ZEC 
$112.63 
↑0.8% 
$1.03M
COMP 
$256.34 
↑5.9% 
$942K
SNX 
$6.5814 
↓1.4% 
$772K
ICX 
$0.8113 
↑3.4% 
$724K
WAVES 
$13.517 
↑2.9% 
$678K
QTUM 
$6.1507 
↑4.7% 
$635K
BAT 
$0.5719 
↑3.9% 
$523K
GRT 
$0.6017 
↓0.23% 
$522K
MLN 
$66.198 
↓0.6% 
$514K
CRV 
$1.6669 
↑11% 
$504K
PAXG 
$1779.5 
↓0.14% 
$427K
OCEAN 
$0.4304 
↑4.7% 
$409K
BAL 
$17.98 
↑6.2% 
$400K
REPV2 
$12.863 
↑8.7% 
$353K
STORJ 
$0.6808 
↑2.7% 
$349K
KNC 
$1.4049 
↑4.0% 
$341K
RARI 
$8.02 
↓11% 
$338K
MKR 
$2235.8 
↑3.2% 
$265K
LPT 
$23.16 
↓4.9% 
$231K
SRM 
$2.9789 
↑2.4% 
$226K
EWT 
$6.2520 
↑5.6% 
$184K
LSK 
$2.0937 
↑5.3% 
$166K
GNO 
$148.32 
↑0.4% 
$150K
ANKR 
$0.0783 
↑1.8% 
$146K
REP 
$18.633 
↑3.1% 
$131K
SUSHI 
$6.99 
↑0.9% 
$96.2K
REN 
$0.3520 
↑1.4% 
$82.5K
SAND 
$0.2019 
↑4.2% 
$37.2K
ENJ 
$1.07 
↑2.0% 
$36.6K
GHST 
$0.9626 
↓1.8% 
$21.9K
ZRX 
$0.66 
↑3.3% 
$18.6K
TBTC 
$35310. 
↑10% 
$4.22K
BNT 
$3.1430 
↑4.0% 
$1.99K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (June 24 2021)



Figure 2: Mid-size trading assets: (measured in USD) (June 24 2021)


###########. Daily Returns. #################################################

Daily Returns %


Figure 3: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (June 24 2021)


###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://blog.kraken.com/post/9743/kraken-daily-market-report-for-june-24-2021/

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Dogecoin: Investing ‘in currency with dog’ makes sense to this section?

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The adage, “You work hard for your money and your money should work hard for you,” will, perhaps, never age with time. Investing is important, if not critical, to make your money work for you. Until a few years back, the masses mostly relied only on stocks and physical assets like gold and property as investments. In fact, for the older generations, the traditional array of assets is a go-to option on any given day. 

Nevertheless, with the emergence of digital assets like cryptocurrencies, market participants now have a wide range of assets to choose from. As a matter of fact, the newer assets resonate well with the newer generations. Even during market adversities, the younger generations express their enthusiasm and keep claiming that they’re “in for the tech.”

A meme that pointed out the different assets chosen by people from different generations was doing the rounds on social media lately. It, however, managed to garner traction majorly because the self-proclaimed ‘DogeFather’ reacted to its irony, thus instilling the Dogecoin v. Real estate debate.

Interestingly, in May 2020, Elon Musk took social media to announce that he was giving up most of his possessions. What’s more, he explicitly stated that he would not own any house henceforth.

Reportedly, before the aforementioned Twitter announcement, Musk owned several luxury mansions in California that had a cumulative valuation of over $100 million. Musk’s reaction to the meme makes even more sense when the above dots are connected. Well, apart from traditional asset proponents, even people close to Musk were apparently “mad” at him for taking such a call. 

Source: Motely Fool

A recent study highlighted that Gen Z and millennial investors prefer using an amalgamation of both new and old investment strategies. Cryptocurrency, however, remained the second most likely asset to be held by Gen Z investors. Well, according to the age-wise stratification, Musk falls into the Gen X category, which is typically characterized to be “conservative” with their investment choices. 

Now even though Tesla’s ‘Techno-King’ doesn’t belong to the Gen-Z or millennial category, he has evidently been fond of cryptos, especially Dogecoin over the past few months. However, the meme-coin’s value recently plunged and the community opined that even Elon would not be able to save it.

Now, since real-estate is most likely out of Musk’s equation, the odds of Musk resurrecting the meme coin and taking it on ‘moon ride’ has increased. Riding on the back of Elon’s tweets, Dogecoin has managed to record a YTD return of +4112.69%.


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Source: https://ambcrypto.com/dogecoin-investing-in-currency-with-dog-makes-sense-to-this-section

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Recap – 73% Axie Infinity Livestream Viewers are from the Philippines

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“Play-to-earn” game Axie Infinity held a livestream this week, hosted by Andrew Campbell, the new program lead at Sky Mavis, the game’s development company. The Axie Infinity team answered questions fielded by the community. From server issues to V2, check out the stream below.

This writer live tweeted during the livestream and it’s worth detailing here what are the information shared during the event. But first, let’s check the metrics of the stream as shared by Andrew:

The result solidifies the Philippines as a key market for Axie Infinity. Though it should be noted that the most popular streaming channel in the country is Facebook Live and YouTube.

On Axie Infinity V2

Table of Contents.

Aleksander Larsen, COO of Sky Mavis and Jeff Zirlin, co-founder, shared a new image of Axies with upgraded body shapes:

Days ago, the Axie Infinity community celebrated the birth of Axie no. 1 million, but it was not without controversy because it was created using what some members of the community feels is a violation of the Terms of Service. Jeff said they will look more closely into the situation.

As for staking, Aleksander said it could be by Q3 2021.

On the Server Issues

The game was recently plugged with issues, Andrew asked a question submitted by a community member: “Why don’t you just plug in more servers since you have money?” Aleksander says the game grew from 38k to 200k users in no time. “Our engineers are working overnight to keep the lights running. Things are to get better.” Andrew added the fact that while there are a lot of developers, the talent pool for those who knows blockchain (specifically, solidity) is actually smaller, while Jeff said the server issue is their no. 1 priority right now.

Sky Mavis tweeted the day after the stream:

On Free-to-play

“What to do with useless Axies?” a community member asked. 

“No Axies are useless,” Aleksander immediately answered.

Jeff hinted of “crafting” as a new addition that can be done on the upcoming Land gameplay. “I think it’s going to be a huge catalyst for us,” he said, though he reconfirms that Battle V2 and Land gameplay being “fun” are the first things they would focus on. 

Speaking of V2, the topic “free-to-play” was touched upon. In the next version of Axie Infinity, there will be starter Axies that are “free-to-play,” so new players can start without purchasing Axies. The community therefore asked “Will free-to-play hurt SLP earnings right now?” Here’s Jeff’s response:

“Free-to-play allows you to get immersed and be in love with the Axie universe before you make economic decisions. I think demand for real Axies will increase when more people are in love with Axies.”

Jeff Zirlin, Sky Mavis

Putting Axie to Every Person in the World

The above was Aleksander’s quote. One of Sky Mavis’ goals is to put the game in the App Store and the PlayStore.

Guild and Scholarships

Aleksander said they are working on Guild Features in-game itself. This would mean eventually doing what is being done in scholarships could be done on the game itself. (He did say this is very far from the pipeline.)

Which led Andrew to ask, “What do you personally feel about Axie scholarships?” Jeff talked about early 2020 and the people who first tried it out. “It was when SLP hit 2 cents when people see the scholarship thing as legitimate. It has definitely helped in our growth.”

Aleksander admitted they don’t have any direct say in scholarships, and they don’t endorse them. “But we have common sense things. For example, managers should not abuse their players. If you do, then that’s our concern.” He did say the scholarships are a testament to what’s possible in the metaverse and what you can do inside. He cited Yield Guild Games as one of the largest, if not the biggest one who do scholarships at scale.

On Axie Lore

Jeff talked about ideas re: Axie Lore, Axie Movie, Manga, but ultimately their focus right now is to make Axie as fun as possible. Aleksander said they can think about it next year.

On Multi Accounting

“We will find you.” 

Jeff Zirlin, Sky Mavis

Andrew said as Axie scales, this will be a problem. Aleksander said they are looking into the data to ensure no real people who are not multi-accounting get affected. 

“One human being can only extract so much resources per day. You have to tell your friends to play.”

Aleksander also said players don’t get banned when they are in-game and suddenly maintenance kicked in. 

On Land Gameplay, SDK and API

Jeff said they want to make Land gameplay as fun as possible, such as farming or fighting for resources. “We want to provide utility and fun things to do rather than a blank slate where people will just walk around,” said. 

On SDK, they said they are excited about using Axie assets where people can do an Axie tower defense and other games. 

There’s clamor to make the Axie API more open. “As we move towards a more stable space, we can enable the API a little bit more, a WIP,” Aleksander said Seuchenhun of Axie Zone (also a recent Sky Mavis hire) will own this product.

Pains as Axie Grows

Lately, there were reports of stuck Axies and other bugs. Aleksander said because the game is still in alpha, everything being experienced are the pains of growing. “As we grow more, there might be more bugs.”

At the end of the stream, Aleksander encouraged players to give feedback and constructive criticism, what they can do to improve.

This article is published on BitPinas: Recap – 73% Axie Infinity Livestream Viewers are from the Philippines

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Source: https://bitpinas.com/videos/axie-infinity-livestream-jun-23-2021/

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