I’m Buying The Crypto Dip (my simple reason why)

This is NOT financial advice and neither am I calling you to invest in what I’m doing – I’m showing you what I’m doing and why I’m doing it.

Also, let me also stress that there is a high chance that crypto market as a whole can go lower.

Bitcoin (BTC) and Ethereum (ETH) can go down another 20-50%.

The top 10-15 crypto projects can drop another 40-60%

ALT coins can go down another 50-80%+.

Who knows?

My simplistic basis of re-entering the crypto market is really

  1. I fundamentally believe in the technology and emerging asset class of crypto. I’m taking an asset view AND utility view for the middle to long term. So 3-5++ years of hodling, I’m good with that. 10 years or part of my legacy also is considered.
  2. Bitcoin and Ethereum has gone down at least 65-70% of their recent at the highest (ATH), and I am unable to time the crypto market at all. I dont mind buying good assets with 65%+ deep discounts, and though they may dip more the next 6 months, I will just buy more and hodl my crypto bags.
  3. I have taken some profits back to fiat (never wrong to take profits).

My goal here is that I’m not able to time the market effectively to buy at the bottomest bottom (is there even such a term) and hence zero loss. Nope, I’m not that good (though I wish, lol)

I’m happy to buy good assets with steep discounts and wait for them to zoom up during the bull cycle again.

Resource

I use https://nigelchua.com/crypto (cryptodotcom) for most of my hodling

Crypto.com stops and kills card staking program (no more crypto passive staking income!)

Sorry news indeed

I received this sorry, sorry news today, 2nd May 2022.

In a nutshell:

  1. decreased CRO cashback across all cards (most notably, all staked card cashback: Obsidian drops from 8% to 5%; Icy White/Rose Gold drops from 5% to 3%, Indigo/Jade drops to 1.5% and blue doesn’t earn any cashback at all)
  2. capping of CRO cashback below Icy White/Rose Gold and Obsidian – Indigo/Jade max $50/month and Ruby Steel max $25 CRO cashback per month
  3. the hardest hitting was the entire killing of crypto stake returns, which was the primary reason why I (and perhaps many others like me), still held onto staking

End of crypto.com?

To me, it marks the end of good crypto passive income (technically, crypto passive staking income) which I got as a Icy White CRO VISA card holder.

It was pretty good too, at 12% returns per year.

As I mourn this, I’m not dumb – I knew it’s a matter of time, but as I mentioned, there should be better tiering like say, go from 12% to 10% or 8%, is still acceptable.

But oing from 12% to 0%?

That’s way hard nerfing man, crypto.com.

Well, it was good while the earn and stake lasted, and I dont think it’s the end of crypto.com – they still have their developing cannons:

  • DeFi
  • Cronos chain
  • ?NFT (not sure if they’re strong with this).

What am I doing from here?

Well for me, there is little point to hold onto the card anymore, and I have shelved the idea of upgrading to Obsidian black. Zero benefits of locking $40K or $400K for zero stake returns as well as 3% and 5% CRO cashback.

So as my card stake has already hit the 180 days (6 months) staking, I unstaked it and sold my CRO for USDC. I am still holding onto CRO coins, just rebalancing and spreading out the love.

I will also be cashing out a portion to invest in more traditional investments, such as

  • rental property
  • index funds

Still have chunk in crypto of course

I think we’re still early to the crypto party, just that now we’re in bear market and winter, so I’m just gonna hodl after I withdraw profits and principal amounts, and camp on.