When Doing Nothing Makes Income .:. Stablecoins Are Fiat

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(Edited)

This was a hectic week... and it is still not over... The year began great, but March is going all wrong... Operation chokepoint is in full steam and crypto is hit all around, from every possible side... In all this "attention" that crypto got (of course, in a bad way), our loved banks, and governments all around the world forgot to "clean up their own backyard"! So, we saw SVB going down the water and it doesn't have anything to do with crypto... But, I bet someone will blame crypto for that too...

Now, when we have this opening paragraph of everything is DOOMED, I have one simple question for all of you... I have watched numerous YT videos on these latest events and read a bunch of Twitter posts and articles about it, but nobody was "calm enough" to ask one simple question (but I will ask a couple of them... just for getting the big picture)...


When Doing Nothing Makes Income.jpg
Created in Canva.com

Are ANY of these problems connected to cryptocurrencies? Is some BTC or ETH blockchain stop working? Are some blocks skipped? Did someone hack some of the chains?

I suppose that you know the answer... Nothing changed in crypto! We are getting over and over again the same FUD... It's the same freakin' shit happened with FTX, and it's happening with other "scammers" from the traditional financial sphere... Not from blockchain-based companies!

Are you in crypto? Do you own BTC, ETH, and HIVE? If yes, why are you freaking out at these moments?

Nothing has changed, your 1000 HivePower is still 1000 Hive Power and you can power it down if you want and you will get 1000 HIVE! The same goes for BTC, ETH, or any other cryptocurrency...

I know that I will be "crucified" for saying this... But, if you are in some of the stablecoins hit by this SVB crash, you will maybe lose some of them... Yes, your 1 USDC is still worth 1 USDC, but its value isn't 1 USD anymore and it never was... Yes, stablecoins are added to blockchains, but I just can't consider them as crypto... I know that many of you have different opinion, and I do respect it...

Now... Back to the current situation... What to do? Run to the woods? As always, that is your personal decision what you want to do... As we are thinking differently about stablecoins, we probably think differently about the current situation, too... I can share what I'm doing at the moment...

I do nothing...

I literally didn't do anything and didn't move any assets in the last 24 hours... Yes, the majority of my portfolio is in BTC, ETH, and HIVE, so I didn't see any need to do anything... Those assets are my long-term portfolio and, as nothing didn't happen (explained above), why would I freak out at all?

On the other side, I don't want to be a hypocrite... I do have a low percentage of my portfolio in stablecoins, mostly in HBD, and some inside liquidity pools... Did I panic? Yes, I am, for sure... But before doing anything, I researched the topic, calculated my possible losses, and possible gains, and decided to do nothing... What was the result until now?

Well, at this moment, I have earned a record amount of fees inside liquidity pools where I took part... The main idea was to take risks (I don't have a crystal ball and maybe I will pay the price in the next few days) and earn on others' FUDding and freaking out... And we saw a lot of that... People were (and still) exchanging from one stablecoin to another, then swapping back, then longing and shorting USDC with huge leverage, etc... All these transactions earn revenue on decentralized DEXes and liquidity pools...


KyberSwap121.png
Just look at this screenshot from kyberswap.com

USD-DAI pool 18764% APR?!?!?! That means over 50% of earnings on fees in 1 day! If you had 1K in that pool, you earned an additional 500 in just a day?! Again, yes, you can lose that if USDC goes to ZERO, but that's again, your decision...

Just for shit and giggles...

crypto121.jpeg

https://twitter.com/elonmusk/status/1634343907827019776

14 years ago, Bitcoin was created in the almost same environment which is building up today... It was created to "FIX" the issue with banks, to liberate us from banks... It is still on the same mission, but we still didn't learn our lesson... History will repeat until we finally learn and do the right choice... Luckily, we have cryptocurrencies as a choice...

Thank you for your time,

~ph~

PS. This is NOT financial advice


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52 comments
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I love being liberated from banks and am keen to not go back to them! lol

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I read about this crazy things earlier, I even could not believe that USDC can fall that hard. Some might fear that UST show is happening again.

I wonder how wide the SVB fall will affected crypto and banks and also the rest of the world.
!PIZZA !LUV

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Some might fear that UST show is happening again.

I doubt that the same will happen as there are a lot of differences between the two events, but we never know...

I wonder how wide the SVB fall will affected crypto and banks and also the rest of the world.

The thing is that SVB isn't the only bank that has problems... Others have done the same things, so this isn't over yet... SVB was the first... more to come...

!LUV

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(Edited)

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Awesome my friend 😀
I wrote something similar the other day.

!BBH

!ALIVE

!CTP

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@ph1102! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @bradleyarrow. (2/50)

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(Edited)

I am in 3Landers NFT adventure, which is considered to hold ETH .

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Interesting... They are HODLing ETH for you or for themselves? 😃

!PIZZA

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There is nothing to really worry about unless you are holding stablecoins. I guess getting off the exchanges might also be another good tip for people. The crypto itself hasn't really changed at all so there is nothing to worry about.

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Exactly! Stablecoins = fiat + additional (scam) risks...

Again, I don't see anything bad happening for crypto... As a matter of fact, another great push toward crypto as a more secure option...

!LUV

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I think stablecoins can be fine. For example, I think HBD can be good because it's decentralized. It's just too bad that most of them are not decentralized.

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I didn't even know that there are too much bad news out there not until yesterday's SVB's crash. I was also thinking about the same question. While there seems to be so much FUD out there, everything looks fine and calm here on Hive. And so I do my usual activity while almost everybody appears to be freaking out.

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And so I do my usual activity while almost everybody appears to be freaking out.

Haha yes! That's so true!

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Don't forget the third option for that meme 🤣


Don't trust banks or crypto. Put your money in your own bed.

!LOL
!PIZZA

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I enjoyed reading this post! Sums up what I think and feel about this issue too. I don't own any USDC, and to me, it was just another day and nothing really surprises me much these days. However, it seems like there are a lot of panic/FUD/fear in some chat groups/Discord groups that I am in, not too sure why. Like you mentioned, it's really all about the long term.
!LUV

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However, it seems like there are a lot of panic/FUD/fear in some chat groups/Discord groups that I am in, not too sure why.

Most people don't understand the whole point of cryptocurrencies and blockchain tech... That's why they freak out at every wind that blows... When you understand, nothing can "scare" you... (I just watched Matrix for 1000th time and am still under the impression... hahahaha 😂)

!PIZZA

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To be honest, I took it as if someone's cat had climbed a tall tree and now it had to be taken down... I mean, it's another "we're all fucked" story.)

And the post is very strong in thought!
!WINE
!ALIVE
!invest_vote

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I mean, it's another "we're all fucked" story.

hahahaha.. Indeed... Just another in the line... Another day, another Doom story... 😂

!PIZZA

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It was very bad for the crypto market because we were seeing the skateboard office desks coming down, causing people to lose their trust and withdraw their money, but happily. This is that the market has re-entered a good calculation at this point and we can see that it will see us go higher again in the coming days. In crypto, if a person does one thing, wherever the market goes, he always comes out of crypto with profit. crypto is all about Patience. And whoever has patience in it will never be in harm's way.

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You said it well... Crypto is all about patience! In the long run, it is the most sustainable model that we have at the moment...

!PIZZA

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You've done really well with your stables play once again, even if you don't think of them as crypto.

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Hehehehe... I don't "treat" them as crypto... 😃 They are at the bottom of my priorities... And how good or bad I did, we will see in the next 2-3 days when banks open... There is still a chance that USDC will collapse...
But, just for disclosure, this was a pure bet...

!PIZZA

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High risk, high reward. ;) I don't think it will collapse. Not now, anyway. In the future, you never know.

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Some great thoughts here! I think it's definitely a plague of the traditional finance platforms and not of crypto itself. Indeed the BTC you have will continue to be that way but the traditional finance sectors that have stolen and destroyed countless lives are going and have been continuing to destroy more and more as we can see in the situations like SVB and others of late.

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I wouldn't go that far as saying that banks have deliberately ruined the lives of people, but I would say that we can agree that they have "rigged" the game and taken a lot for their buddies...
Anyways, I'm happy that we have a choice to have crypto and we can step out from their games and stupid rules... Not more shooting on our own feet...

!LUV

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