Daily cryptocurrency income report, 2022-03-30

Daily #cryptocurrency income report for 2022-03-30: $209.88*

1. Terra-heavy today, with $ANC tripling up today and a rare $MIR payday. geophf happy! 😊
2. First $ECHO yield from @Reflectaverse. WOOT!

*does not include (verra nize) price movement nor auto-restaked yields 

Daily Cryptocurrency Income Report, 2022-03-29

Daily #cryptocurrency income report for 2022-03-29: $849.87

1. @Defiraverse $FIRA / $sFIRA dominated, which, as I've never spent 1 penny on $FIRA, yes! do dominate! Free money? I'm not going to say 'no.' Nosiree!
2. @anchor_protocol @TeamKujira @DefiKingdoms all vied for second.

Daily Cryptocurrency Income Report, 2022-03-27

Daily #cryptocurrency income report for 2022-03-26 - 2022-03-27: $534.11*

1. CRONOS came on strong, but this was a month's accumulation.

2. Terra came on stronger, for just 2ish days of yields.

*does not include auto-restaked yields

Yield Farming, some thoughts

Yield farming.

Yield farming is simple, no? You grab the yields, and you buy a doppio with them, if there're enough yields, or, if not, you ... cry (?) in your cup of water?

Maybe not so simple. Let's talk.

First things first: to be a yield-farmer means that you view crypto very differently than how a trader does. Which means you're not looking at price and price-movement, you're looking at yield-valuation.

Which means you buy yield-farms, not crypto/stocks.

So, life moves at a different tempo for you, yield-farmer, than it does for you, the crypto-trader. Yield-farmers don't look to buy (low) and sell (high). Why would you sell? Ever? You don't sell your farm: you'd cut your yields! You just don't sell.

So, when somebody says: "Buy this SH!Tcoin! It's gonna sky 10x today!" your automatic response is: "m'kay, but what are the yields on this?" And they scream: "22,000%! with this other SH!Tcoin!" And that's when you run away from this pump-n-dump scheme, as fast as you can.

Is the SH!Tcoin going to sky? Maybe for them, but maybe not for you, see?

A yield-farmer is different. I'm not looking at a possible 10x now: I'm looking at 10 years from now my income (still) 100%+ replaced by yields. Price and profit have almost NOTHING to do with that.

So, when people ask me if the price of a coin is going to go up or down, my answer, invariably, is

"yes. 🤓"

But my answer should be:

"mu. 無"

You're asking the wrong question.

I don't CARE if the PRICE goes up or down. I'm a yield-farmer: I care about a coin's VALUE.

So, okay. To be a yield-farmer, you need yield-farms.

"How do I get yield farms, geophf."

First you follow me. 😎 Then read what I've published on crypto. 

Then get you yield farms that work for you.

Then you yield-farm for, leik, forevs, yo.

"Yeah, but, okay, but how do YOU get $100+ every day in yields, el geophf?"

Um, I did the above? 🤓

But let's look at some practical, day-to-day, aspects of yield-farming, yes?

The first practical rule of a yield-farmer is:

1. patience.

Be patient with yourself. Be patient with your yield-farms. You CAN get $100/day in yields, if'n you throw $100k at yield-farms (maybe), but what are you going to learn that way?

May I suggest an alternative?

See, I started my crypto-journey 10+ months ago with 0 dollars and 0 cents to prove something:

1. because, well, I HAD $0.00 to my name 😅
2. because a lot of you do, too.

If I throw $100k at crypto, what does that prove? That the rich can get rich in crypto? Yay? 🤔

Here's the thing: if I threw $100k dollars at crypto 10 months ago, I would've LOST $100k dollars in crypto. You learn by doing, but learning is HELLA-hard, and it HELLA-hurts.

Learn, but start small, like me, please, with $100 here or there and see what works for you.

So, here's my alternative to APING IN WITH EVERYTHING YOU GOT NOW!

• take 10% of your monthly income (cut out the doppios, fam: that's 10% right there)
• and invest 10% OF THAT in something

If you like it after a week or two, invest a bit more into that.

That's step 1.

That makes your portfolio YOUR portfolio, and YOU know how it behaves in markets up, down, and sideways, COLD.

That's why I'm so reticent to share my portfolio. People think if they copy my portfolio, they copy my returns, which is in NO WAYS the case AT ALL.

I got to my portfolio over 10 months by making severe, painful, and STUPID mistakes, over and over again.

GOD, I'm so STUPID!

I'd really like you not to do that, if possible.

But you will. So make those STUPID mistakes, and learn from them, like I did: smol.

"Okay, but what do I invest in? I mean: to yield farm like you."

Well, invest in what works for you. But what works for me are yield-producing instruments (duh), and the biggie there now is the LP.

You're gonna say 'but IL!' ... aren't you.

Okay. So now you've got your yield farms, farming coins of value, and things are starting to hum along nicely.

But you're not making the yields el geophf reports every day (that JERK!). And now you hate yourself and you wanna die.

That brings us to rule #2.

Rule #2 of the yield farmer.

α. Don't compare yourself to anybody else.

β. Except you. Compare yourself to you last week, last month, last year.

... which means:

γ. Measure. Measure returns every day.

You measure: you adjust. You adjust: you win.

It's that simple.

"Ooooh! THAT's why you're Mr. Spreadsheets!"

You get it. Somebody needs a Gold Star(tm). 🌟 

There are some pragmatisms ('isms' ... lol) that you pick up along the way, and I can share a couple.

1. Remember patience? Do your yielding and stuff once a day, then put the phone down, or whatever, and go for a walk, spend time with your family. That.
2. Negatively: don't let transaction fees eat into your yields, or, positively: yield when fees are 1% or less.

How does that show up? (Landmark Education showing through here: 'show up' lol)

$MINE-coin yields: $40.96
transaction fee: $0.39

Yield? YAS GURL SLAY! 👏

Counterexample:

$MIR yields: $42.56

transaction fee: $0.49

Yield? HELLZ NAH, FAM! 😤

You see something interesting here: I have $250 in yields on @SpecProtocol which I won't touch now, because the transaction fees are $4+.

$250 in yields I won't touch now, because of some silly rule? Yes.

That 'silly rule' is to protect me: yield farming should be cheap. This rule keeps it that way.

So, obviously: yield farm on blockchains and protocols where the transaction fees are very, very, VERRA, hella-low, fam

Else what even are you doing?

I can't even what even.

That last one isn't even a rule, unless you want rules like: "You need air to breathe." If you need a rule like that, then you need a rule like "you need transaction fees to be less than 1% of your yield to yield farm, fam."

So: a 'No rule'-rule that explains a rule.

Rule #3: negatively, don't swap your yields.

This may strike some of you as odd, but it makes sense.

Does your yield have value?

It had better, else you're wasting your time.

SINCE your yield has value, if you SWAP it AWAY, you're DILUTING its value.

So, the contrapositive to that rule, or, succinctly: a yield farmer seeks and creates value, SO:

Rule #4: reinvest yields into the yield farms

Where do you invest your yields? Into the farms that are producing it, duh! That way you create a 'feeding frenzy' of yields, or: yields feeding yields; value producing value.

Conclusion

In Common Lisp we have a term, REPL: 'read-evaluate-print loop.'

Yield-farming is a REPL.

You collect yields. You evaluate your stakes' performance. You print your reports (SPREADSHEETS! YAY!). Then you loop.

Daily.

G'nite, fam. I love you.

Mad Meerkats and Mimas on CRONOS

OKAY, FRENZ! I was just awarded 545 $MIMAS ... YUS! 👏

So it's that time of day to do a #crofam tour of @mimas_fi. 

You'll see I set up some MM ('mad meerkats') vaults a month ago at the @Defiraverse début. Let's visit and rebalance those at @MMFcrypto, as well.

"Mad Meerkats." "Mimas." You would think with all the 'M' words on Cronos that they would name the Blockchain: 'Μνημοσύνη.' But did they? No. Missed opportunity. Their marketing intern should be punished by making them make 10 photocopies of a 150-page powerpoint presentation deck for their next staff meeting.

Okay, you would think the first thing I would want to do is to cash in those sweet, sweet $MIMAS.

You'd be thinking wrongly.

On the #CRONOS chain, if you don't have $CRO, and a lot of it, you're dead in the water.

Let's go to @MMFcrypto first to fetch some $CRO yield.

... specifically @MMFcrypto vaults.

First off, what really sucks about this UI? I'm staked in these vaults, but I can't see how much I'm staked until I go into each one of them? TF?

You don't make it harder for your investors to invest: you make it easier for them.

The first vault I make a bee-line for is the $MMO vault, yielding $CRO. Well, not $CRO, but $WCRO.

Beggars cannot be choosers.

The yield is 133 $CRO with a transaction fee of 3+ $CRO. This violates geophf first rule of yield-farming.

geophf's first rule of yield-farming:

DO NOT collect yields where the transaction fee is more than 1% of the yield. DON'T DO IT.

I have yields of $100, $200, but the transaction fees are $4? That means I wait until THE YIELD IS OVER $400. THE YIELD! $400! WHY? 😤

But, here I am collecting 133 $CRO ($WCRO, which I'll have to convert, which I'm not happy about) at a 3 $CRO transaction fee, because I need that $CRO so badly that I'll have to let the transaction fee eat into my yield.

I hate Ethereum. And Ethereum-lookalikes. Hate'm.

Why? Imagine:

1. You go to the bank and withdraw $62. Only, it's not $62. It's $60.50.

"Transaction fees" is the explanation.

TF?

2. You go to the grocery store with your $60.50, but you have to put items back, because the bill is another $1.50 over.

Transaction fees.

Harmony has it right. Terra has it right. Solana, Cosmos, Algorand have it right. Others have it right.

You don't charge $1.50, $12.73, $192 FOR A TRANSACTION FEE!

If you do: you watch your customers and investors walk away.

Why do we allow egregious transaction fees?

People will flock to #CRONOS to play CrystalWhatevs, paying $1.50 PER TRANSACTION?

You find questing expensive on Harmony? You know why @DefiKingdoms toppled @AxieInfinity? It cost me $30 to transfer $100 to that game.

Money suck: that's what high transaction fees are.

"Ser, this is a Wendy's."

Ya. Ya. You want those sweet #CRONOS α, not the ravings of a mad lunatic. WELL, SONNY, I'M RAVING! I'M MAD, AND I'M A LUNATIC! AND I WANT A FROSTY WITH THOSE FRIES!

*grumble* *grumble* Those fries better be hot, too. *grumble*

Why am I so pissed about this? After all, I got ~$60 worth of $CRO ... well: $WCRO, right?

Glad you asked.

I waited a MONTH to collect these yields at 1000% APY and it STILL violated geophf's rule of yield farming?

High fees are a barrier to success for the little guy.

Okay, but, so: now I have $WCRO, time to unwrap it to $CRO. We go to @MMFcrypto swap-page.

Whoa. The inconsistent-look of this page is jarring. Why is the presentation so different for the vaults verse their swap-page? Am I on a different site? Ick. No bueño.

But, thank God! the transaction fees are not insane for a $CRO-unwrap, ...

... and now I have $CRO on the #CRONOS blockchain. Thank God!

I have a lot to be thankful for, actually. So, yeah: thanks, God, for all I have. 😊

Okay, so now that I have $CRO. Let's see what else I can harvest. And let's see where that harvest will go. We have:

• ~ $150 in the MMF-CRO vault ?
• ~ $45 in the MMO-CRO vault ❌
• ~ $62 in the MMF-USDT vault ❌
• ~ $63 in the MMF-USDC vault ❌

Huh. Disappointing.

Even worse news: the gas fees were 11ish $CRO. I rolled the dice on this transaction, but it still came to ~5.5 $CRO. 

Meaning I should have harvested at $270 in yields, which would be another month. On their high-paying vault.

This ... isn't great for a yield-farmer.

Now I have $MMO and $MMF to invest. Where to? The $MMO is easy: that goes into the vault that produces $WCRO, which we need in order to breathe on this blockchain.

Let's do that.

Fortunately, THIS transaction fee was much less. So they don't penalize you on the deposit.

The $MMF is a more-interesting story. Why? @mimas_fi pays $MIMAS on collateral, so: do I want to put my $MMF into @mimas_fi.

Not only no, but, emphatically: HELLz NAH!

Why?  @mimas_fi pays 0% $MIMAS on $MMF deposits.

0%.

So, let's look to our @MMFcrypto vaults, then.

Right off the bat, we eliminate vaults that pay in LPs (questionable ones, at that), because a yield of an LP is hyperinflationary. So we're left with $MMF vaults of stables and of $CRO.

I'm going to think on this while I collect and stake my $MIMAS rewards.

Okay, I claim, stake, then lock the $MIMAS into @mimas_fi secret weapon: the fees-stake.

And pay $1.80 for the privilege. Even approving transactions costs money. Ugh.

That taken care of, now I have to allocate my earned $MMF and remaining $CRO.

So, my strat, always, when presented with excellent choices, is to choose all of them. To wit: I'll SWAP half my $MMF for $USDT and $USDC, farm those, and any remaining $MMF goes to the $MMF - $CRO vault.

les $MMF SWAPées:

Then we el stake the el LPs into @MMFcrypto vaults, after we pair the $MMF assets, of course.

Staking the LPs in the vault cost 10 $CRO, FYI, fam.

There is a single-stake farm of $MMF for $MIMAS I'd like to explore, so, instead of adding to the $MMF - $CRO LP, I'm pivoting to this farm instead today.

Given the fees, it'll take about 1 year for me to collect viable yields from my investment.

1 year.

I have some (~120) $CRO left. I'll deposit that into @mimas_fi, but, here's a trick: I swap some for $USDT and $USDC so that I take advantage of yield returns across the protocol token and the stables

But, when you deposit $CRO remember TO SAVE $CRO for TRANSACTION FEES!

So, I have a little bit of collateral established on @mimas_fi, shall I take out a loan? Yes, I shall. The highest yielding loan is $USDC, so I'll loan myself that, then immediately collateralize the loan amount ... with the loan: δNeutral farming at its best.

5 $CRO for a loan.

But, I couldn't get the loan because this happened. #CRONOS seems stuck. So, restarting my web browser, HO! 

Okay, the web-browser-restart-thingie worked, ... kinda. le sigh. 🙄 ... I did warn you that #CRONOS transactions were ... 'iffy.'

After a wee bit o' struggle, our @mimas_fi dashboard finally looks like this. 

So, I am now earning yields on @MMFcrypto and leveraging yields on @mimas_fi. YAY!

Conclusion

Okay, that's enough for now. Final thoughts:

• yields were disappointingly WAY below my expectations.
• transaction fees were (expectedly) WAY too high to yield
• transaction failures weren't as bad as before.

CRONOS is NOT a viable yielding blockchain now, IMO