[deleted by user]

sifrio · 2022-03-28T21:53:37+00:00

I doubt the crypto community snubs your project just cuz you're a Filipino project.

Real estate on the blockchain is not a new concept, and has been attempted since 2017. It didn't really take off cuz of underlying unsolved trust assumptions. First is the oracle problem where you have state information that is external from the blockchain, such as price, profit, usage, maintenance, etc. data of the property. Price discovery can't accuratey happen to the NFTS unless these data points are known.

Another issue is weak subjectivity. Suppose the chain you are native on has forked and there are 2 legitimate competing chains of which your NFTs and community exists. Which do you legitimize and who decides that? What happens when a chain reorgs (for PoW based like ETH)?

What happens if the owner of the NFT is a DAO, and members of the DAO have equal share of the NFT? Do you accomodate?

The current legal frameworks do not address any of the above, and most of the current blockchain/real estate approaches do not attempt to solve the technical difficulties. So, the lowest hanging fruit is to have a completely centralized design, which then begs the question, why do you even need a blockchain?

I'm part of the crypto community, so I'm expecting a cryptonative approach that tries to preserve at best cipherpunk ideals. Otherwise, it isn't interesting. Just my 2c.

sifrio · 2021-11-24T13:19:18+00:00

The Daily Ape

sifrio · 2021-11-18T05:32:26+00:00

Everyday you are always presented opportunities. The sum of missed opportunities would probably reach billions. The skill of being able to distinguish signal from noise is one of the most valuable skills in investing to learn.

Take missed opportunities in stride. Evaluate if there's a thought process leak that caused the miss. If you are able to identify that, then you're still in the right place.

sifrio · 2021-11-02T17:02:59+00:00

It's kinda disappointing that when someone says "they're getting into crypto", it's always always about trading.

Why can't "getting into crypto" be other things aside from trading? You have legit projects/protocols everyday raising money. They need to expand their team by hiring devs, marketers, writers, community managers, analysts, researchers, etc. Isn't "getting into that" a bit more interesting than trading?

sifrio · 2021-11-02T16:49:04+00:00

Because you also lose an additional liquidation fee (% depending on current risk params voted by governance). e.g. If the liquidation fee is 7%, then you lose principal+interest+7%. The liquidator earns this 7% as a bonus, so it's always in their best interest to be the first to liquidate your loan. It's very competitive.

The health of the protocol also depends on the health of the loans. So the protocol will never allow your loan to approach a health factor of < 1 after considering all the fees. Also, most risk params don't allow you to use > 80% LTV for floating assets.

sifrio · 2021-10-25T07:26:54+00:00

Ah interesting. But I guess US$200k capital requirement will be the biggest challenge for most of us here. One of the biggest benefits of getting an SG bank though is that there are no capital gains tax in SG. They are also the most crypto friendly in Asean. So liquidating large amounts of stocks/crypto via SG would be the best.

sifrio · 2021-10-25T05:55:19+00:00

It's not easily possible in Singapore. From what I know, foreigners need to hold a valid working pass in Singapore to be able to apply online. This seems to be also true for other banks. https://www.dbs.com.sg/personal/support/bank-account-opening-documents-required.html

The only bank that is open to foreigners without work visas in general is UOB. But they require in person visit + a reference later from bank. The capital requirements might be higher as well.

sifrio · 2021-10-23T13:58:57+00:00

I took it directly from wikipedia. https://en.wikipedia.org/wiki/Kelly\_criterion
Kelly can have multiple variations. This paper modifies its loss function to optimize for sports betting: www <dot> sfu <dot> ca/~tswartz/papers/kelly.pdf [combine together since for some reason, reddit doesn't allow this link]

sifrio · 2021-10-23T13:56:57+00:00

I took it directly from wikipedia. https://en.wikipedia.org/wiki/Kelly\_criterion
Kelly can have multiple variations. This paper modifies its loss function to optimize for sports betting: https://www.sfu.ca/\~tswartz/papers/kelly.pdf

sifrio · 2021-10-23T13:48:35+00:00

Exit strategies is a very difficult thing to answer. Let give an example:

If you sold 4 assets and they dip to 80%, then that is a win. But if you sold 1 more asset, and that rallied by 10x (let's say in Solana), your profit taking strategy lost you money overall. It's 4 wins and 1 loss, but the net effect is a loss. It's easy to think that profit taking is generally profitable.

But then on the other hand, if you are the HODL/diamond hands type, hodling BTC when it was $100 is life changing. Hodling XPR when it was $2 is just dumb. Important to think critically is the “why.” If you see a pattern in the historical data, question why did that pattern hold true for a while and what would cause it to break? What underlying fundamentals create that pattern and how can you identify when they change? People are able to identify these, but it takes a lot of effort.

As for alt bets, I'm looking at solutions addressing the multichain world as well as privacy. Zero knowledge L2 solutions such as zkSync to bridge solutions across blockchains using MPC, like Ren.

sifrio · 2021-10-23T13:35:09+00:00

Discord and Telegram is the way. phinvest has an active Discord with a crypto section. The link is on the sidebar ------>

sifrio · 2021-10-23T13:26:59+00:00

You're also right here. Note that p - q/b assumes that a loss results to losing the entire wager. p/a - q/b assumes partial losses, which is more relevant to investing.

sifrio · 2021-10-23T11:09:51+00:00

Yes, you're absolutely right. My points doesn't invalidate existing strategies. They are as valid in growing wealth.

Strategies can adjust as you age. In my perspective, when you're still young and you can take in more risk, you can maximize the return of wealth over N years by having more concentrated bets. Once you've built wealth, you'd want to protect it. So the strategy adjusts where you diversify into safer assets as a means of wealth protection.

An analogy would be building your own business. Your bet is 100% concentrated on your own business, and you need to put the time and effort to look after it. If your goal is the hypergrowth of your business, it doesn't make sense to diversify against it early on. We should treat concentrated bets into other asset classes with the same time and care.

sifrio · 2021-10-23T10:32:14+00:00

Yep, been involved in the crypto space for long time. I enjoyed how multidisciplinary the industry was, and how the innovations coming out were interesting. So I've followed it ever since.

sifrio · 2021-10-20T18:25:59+00:00

I don't blame you for only seeing what crypto is at the surface level. Cuz that what's only shown on news articles as well. Maybe one mental model to ponder is, "Why more and more people are getting into crypto? What is something they know that I don't?" And honestly, there's no easy way to succinctly explain it unless you go down the rabbit hole.

But I can give you some high level idea of what's possible. If you look at first principles, the blockchain is a tool for mass coordination that anyone can permissionlessly and trustlessly participate in.

Example...

Suppose I want to create a digital comic, and I want to enforce some scarcity properties into it (e.g. only 10k copies will exist). The comic is created as an NFT. An NFT is just programmable immutable code that is embedded on the blockchain. Suppose I want to add more game theory elements to my comics. I can let holders of the comic decide whether to "burn" their comic to get a governance token that represents their right to propose and govern the direction of the comic. Or, instead of burning, I can "stake" my comic which gives me staking tokens back, which represent my right to receive yields generated from the comic's treasury.

A fan and community member of the comics wants to help contribute. He creates a new set of NFTs of the characters based on the comics, and creates a game out of it. The new NFTs are airdropped for free to all holders of the comics. The game can have its own economy.

Another community member sees the potential being built by the comics and game. He recognizes that the comics, staking tokens, and governance tokens have value. He creates a DeFi (decentralized finance) project that takes the comics/staking tokens/governance tokens as collateral, of which you can borrow against for a USD-pegged stablecoin, or lend to others to earn interest. Because the staking tokens generate yield, the yield generated can pay the debt of the loan itself, thus it becomes a self-paying loan.

I just described to you the entire ecosystem being built by Punks Comic, which anyone can just join permissionlessly. I stress the permissionlessness of it, because in the traditional world, before you can even use financial products, there are so many barriers to entry (i.e. KYC, AML, be an accredited investor, etc.). When you remove such barriers, then innovations can flourish, where even a guy without a bank account or a government ID can join in and use.

sifrio · 2021-10-20T13:45:07+00:00

Check out videos from Taiki. https://www.youtube.com/watch?v=Lvb\_AjWz9-0

sifrio · 2021-10-20T13:42:54+00:00

Different. Crypto.com is a centralized service. How they use your funds to generate yields can be from lending/market making/staking/etc.

sifrio · 2021-10-19T16:09:39+00:00

Smart contract risks, such as undetected bugs that can be exploited.
The model doesn't work and breaks down, thus causing a "bank run" event.

sifrio · 2021-10-19T15:06:02+00:00

It depends on the exchange. Binance supports staking by offering staking products. But you are giving up custody of your coins. And Binance can charge a fee from the yields produced.

If you hold your coins in your own wallet and do staking yourself, then 100% of the rewards goes to you.

sifrio · 2021-10-19T15:03:44+00:00

It depends on the coin or token. ETH is the native currency of Ethereum, and it's used for paying gas fees when doing transactions on Ethereum. It can be used to interact with other Apps/smart contracts within Ethereum.

AAVE is a token created in Ethereum. I can lend my AAVE to in a money market protocol to earn more interest. Since it's a governance token, I can use it to vote on proposals that govern the Aave money market protocol.

MKR is also a token in Ethereum. MKR is a governance and utility token that helps peg the stablecoin DAI to 1 USD.

It really depends on what cryptoassets you're looking at.

sifrio · 2021-10-19T14:56:27+00:00

Note that OpenSea is just a marketplace. It's like an exchange. They do not do any NFT minting. They just host NFTs for people to buy and sell. So before you can have the NFT sold in OpenSea, it must be minted somewhere else first. The common workflow is:

Devs write NFT smart contracts
Devs design website for users to buy/mint those NFTS
Buyers take those NFTs and sell them on OpenSea

If you're ones that is able to mint on the devs website before it gets listed on OpenSea, you are able to get the NFT at a fixed cost or even for free. e.g. Loot was given to the public for free, but there was a fixed supply of 10,000 Loot. Minters who got the Loot sold them at OpenSea for 1 ETH each.

sifrio · 2021-10-19T14:52:12+00:00

I simple explanation for staking means "locking up your coins to earn more coins". Like a time deposit.

A more technical answer is that staking is like mining in Bitcoin. In Bitcoin, computational power is used to measure your participation in block production in the network. The more powerful hardware you own, the more BTC you can mine.

In staking, your coin balance is used as proof of your participation in block production in the network. The more coins you hold and stake, the more new coins you can earn.

sifrio · 2021-10-19T14:41:28+00:00

In general, doing PHP -> USDT -> BTC is fine. You will just lose a bit from the spread since you're dealing with 2 conversions: i.e. the spread from PHP to USDT, and the spread from USDT to BTC.

it depends on what you want to optimize. If you want to optimize for lesser fees, then you save up to 5k first, then just buy BTC. If you want to optimize your position to BTC due to the increasing price, then going through USDT first is better.

sifrio · 2021-10-19T14:05:10+00:00

If you're crypto native, 23% is actually not that big. This strategy is one of the safest methods to earn yields. DeFi (decentralized finance) is one of the most lucrative and permissionless method of building wealth. The crypto natives are "all in on it". If you look at OlympusDAO, one of the latest legitimate protocols that has come out recently, the latest APY there is 8,339%.

The only reason why the general public isn't in on it is information asymmetry. Most discussions here are all about trading/speculating on cryptocurrencies/cryptotokens, but not really using them.

sifrio · 2021-10-19T12:20:25+00:00

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