Uniswap V3

Launch notes and other updates

I procrastinated writing this morning’s post as I didn’t know what I was going to do today, and it seems like it was a good idea because today was Uniswap V3 launch day. And it was a bit of a mess. The main problem came down to the same EIP-712 signature issue with Metamask and hardware wallets. You just couldn’t use the V2->V3 migrator, as it relied on a signature to approve the conversion. Opps. The entire Uniswap Discord was full of people with LP tokens on their hardware wallets that they couldn’t migrate! Myself included. I wound up moving my UNI/ETH LP over to my Metamask softwallet address and migrating it there. It’s not safe, so I’m moving it back to my hardware wallet right after I finish posting this.

I had some other tokens on my Lattice1, and ran into the same problem, even though they had just pushed out EIP-712 support a few days ago. There was a slight problem with the Metamask plugin that the team was able to patch, and I was able to confirm it right away. This means that the Lattice is currently the only hardware wallet on the market that supports this important signature scheme.

I’m a bit miffed by Uniswap’s lack of communication on this lack of hardware wallet support in their migration process. They must have known about it, but just decided not to mention it on their docs? Granted, it is the fault of Metamask and the hardware wallet providers that this hasn’t been fixed in the last several months, but Uniswap could have at least given people a heads up.

The migration is expensive, it cost me $150-160 for the two I did, and you have to know what you’re doing. You can’t just use the old zero-to-infinity LP provisioning that underlied Uni-V2, you actually have to look at a chart and figure out what sort of range you want to do. With my UNI/ETH LP, I opted for this range, which I figure should good for a while.

As long as the price stays in this range, I’ll be providing LP, if it moves out, I’ll have either 100% ETH or 100% UNI. This is a lot different from the impermanent loss that we’ve become used to. If the price drops to the bottom of my range, my position is all UNI. If it goes higher, it’s all ETH. This is a much different risk model that what we’re used to.

The other big thing here is the collect fees button. Before, fees were rolled up into the protocol directly into the LP, but now it’s a separate button that can be claimed separately. I’m not quite sure what the design decision was behind this, but it seems curious. I suppose one could just wait until they remove liquidity, hopefully the fees will roll out with it, but I can’t see myself using that feature too often. Not until when Optimism launches and it won’t cost me $40 to claim it.

This is an interesting system, and it’s going to be interesting to see how things play out in the coming weeks. Liquidity mining is going to be very interesting to watch, to see how teams who have been relying on V2 LP tokens deal with these new NTFs. It’s going to require a completely different paradigm for project launches. Staking contracts will have to be re-written completely. So far, it doesn’t look like anyone has tried to provide V3 liquidity for Klondike’s kBTC/wBTC pairs, but I wonder if it would be possible to provide concentrated liquidity on V3 that would essentially absorb all of the fees on V2. Perhaps. There does seem to be some arbitrage opportunities between the V2 and V3 pools now, but I’m not likely to have time to mess around much with that for now.


Other updates: The SAIA Dao continues to grow, we’re getting a constant stream of contributors, and it’s become a lot of work to keep pushing these proposals through. I’m trying to get people to help me a bit, as it’s taking a lot of time to flush these proposals through every day. I’ll probably just shift down the amount of time I check them, and just stick to sponsoring and enacting them.

I aped into the Step.Finance token on Raydium today, right before it dumped — of course. The APY is ridiculously high and I haven’t lost 2% yet so I’m going to hold and compound these rewards daily. It is quite ridiculous right now, even if it is only supposed to continue for a few weeks. Step basically wants to be the Zapper of Solana, and it could be very lucrative.

My Impermax IMX/ETH leverage is still sitting pretty. 1.8x or so, even though I need to check it right after this. I’m wondering what Uni V3 is going to do to the V2 fees. It may destroy their entire operating model. We’ll know more after we have some volume data. This may be a very dangerous position to hold right now, but I’m playing with airdrop money so I’m not really concerned. Might wind it down if gas costs come down. We’ll see.

Bankless has a DAO! I’m really looking forward to this, and am considering a small stake.

The World Computer launches on Friday. After several years, of development, Dfinity is going live. I have not been paying enough attention to this one over the years. I took a look over some docs earlier, but I don’t want to distract myself from the work I’m doing in Rust right now, but I’m going to listen to the launch event and maybe buy some tokens. They’re apparently only going to be on Coinbase Pro, which may limit my options. We’ll see.

Uniswap LP collateralized leverage with Impermax

So I’ve been somewhat occupied with a new lending protocol for the last day or so. It’s called Impermax, and it allows one to use Uniswap liquidity tokens as collateral for a leveraged position. You can also supply one or two of the borrowed assets in each pool for a nice APY, with no risk of impermanent loss. I’m just testing it out after getting an airdrop, and it advertises as the first DeFi protocol that allows you to use LP tokens as collateral.

A few of the APYs available on Impermax (4/3/21)

I read the whitepaper last night, it was written last year, and has a lot of math detailing the liquidation system. The system seems pretty well put together. There’s a core system, that holds all of the user state, and upgradable proxy contracts for the rest of the implementation. This design also allows for third parties to interact with the core system as well, meaning that it could be put to use in third-party protocols at some point.

Each Uniswap LP token gets its own pool, so a liquidation in one pool does not affect the others. For each pool there are three smart contracts, the LP collateral contract, and one each for the components of that LP, borrow A and borrow B. Lenders can provide either of borrow A and B, or both, and borrowers deposit LP tokens, and leverage their position by borrowing both tokens and staking on Uniswap. Here’s what it looks like after I took my IMX airdrop and opened a 5x long last night.

You’ll noticed the liquidation prices, there are two, representing an upper and lower band. The reason for this is that if the ratio of token A to token B gets out of whack, then impermanent loss can make it difficult to repay the loan. Here’s a chart of the band a couple hours after I opened my position last night.

Now there still seems to be some problems with the system, especially with regard to the liquidations. I got liquidated on the above position, which clearly shouldn’t have happened. I was only playing with a small stack and lost a small portion of my LP collateral, so it wasn’t too bad. Generally speaking, you want a leverage position that you won’t have to actively manage. The USDT/USDC pool seems like an obvious play here.

Borrowing is expensive, and is supposed to be offset by farming emissions via the IMX token, but there appear to be some issues with whether this is actually working properly right now. Supplying assets seems very lucrative, and it’s taking every bit of self control I have right now to keep from staking every single stablecoin, ETH and wBTC token that I have into the pools right now. And since the asset in each pair is in a separate contract, you can provide both assets and earn yield without worrying about IL.

On the topic of security, the protocol has several audits available, but with TVL only at $20 million right now, I’m not sure that IMX has been battle tested enough to warrant anything more than a small position, but I’m definitely looking at allocating some C tranche funds from the BCM reFIREment fund. In all, I’m very excited about Impermax’s potential. It’s got some kinks and improvements that need to be made, but it’s appears to be very lucrative for anyone willing to ape into it. Managing a leveraged position can be costly, but yield farming seems like a no-brainer.

NFT Flip

Today marks the end of the week 1 Star Atlas NFT sale, and I’ve been trying to figure out what sort of plan I’m going to put in place. I spent some time this morning trying to figure out how many I would have to sell in order to flip my way up the ladder. I calculated what it would take if I was able to get 200% and 150% of the original purchase price. This is if I wanted to have two of the fourteenth poster, one I could sell.

The game theory on this one is hard to work out. We’ve got both Solana and Ethereum mainnets, and no way to bridge assets from one to the other — yet. I assume the Star Atlas bridge will be one-way, but haven’t confirmed that yet. They also haven’t launched the market yet, so OpenSea is the only real place to sell them at this time.

If I hold to my risk profile, I’ve got enough funds to buy a dozen of the first three posters, but that doesn’t account for gas costs to manage the sale, or bridge costs if I eventually have to send them over to Solana and put them to use. It’s a risk, and I’m not sure quite what I’m going to do yet.

There have been a few thousand posters sold on the Solana marketplace, but only a hundred or so on OpenSea. I think Opensea is more likely to appeal to people who are interested in the NFTs so much more than the in-game items. And the starting cost for fourteen posters is only $900, so I think I may go ahead and move forward with that now and see what I can do.

SAIA Dao launch

We are truly living in the future

Well, I feel pretty good about things. I managed to summon SAIA Dao last night with fifty members. I may have padded that with one or two friends without their permission just to make that a nice round number, but anyways. I don’t even know how many hours I spent on the proposal itself, trying to get people on board, and just shilling the hell out of it in the official SA channel, but I think it’s going to work out OK.

I decided on a proposal velocity of twenty-four, since that will allow us to process new member requests and tribute proposals (dao funding) at a pretty quick pace over the next few weeks. Voting periods are five days and grace periods are two. I made one small flub, and didn’t notice that the primary token is not xDAI, but wrapped xDIA. Wrapping it is pretty easy to do via WrapEth, so it’s just a minor annoyance.

DaoHaus has a number of boosts available, including a Discourse subtopic, which will save some money to start with and allow us to break out some of the formal discussions out of Discord. The Discourse server is configured with cryptoauth.io, which allows one to login using their Ethereum address or an NFT. I had not previously heard of cryptoauth, but seems like an awesome project that replaces OAuth and uses ethmail.cc (another awesome service that I’d never heard of).

These type of services, using NFTs and Eth addresses for authentication, really open up some interesting possibilities. Star Atlas is using NFTs for their game system, we already knew that ships and loot would be tokens, but a look at their Genesis rewards indicates that they may be used as some sort of credentialing system for rank.

This brings up some interesting scenarios for guild management. Services like Collab.Land allow you to create token-permissioned chats in Discord using ERC20, 721s, or POAP tokens. It can basically allow server roles based on tokens in your wallet. Completely fascinating.

And if that wasn’t completely bonkers enough for you, here’s an NFT Discord Bot that allows you to mint an NFT by uploading a file to Discord. You can create multiple copies, send them to other Discord IDs and move them to mainnet. It runs on a sidechain called webaverse, which is a “virtual world built with NFTs”. These possibilities are incredible.

As far as the xDAI chain goes, it looks like the most developed project out there for creating NFTs is Cargo, which has pretty slick project management and token creation tools available. I messed around with it a bit last night, but didn’t really get around to doing to much with it, but you can embed audio, video, 3D files within the NFT as publicly available files, or lock private ones that are only accessible to the owner.

Basically, to sum up a pretty winding post, we could use Cargo to mint membership or rank NFTs for the Interstellar Alliance members, and use them as keys to unlock access to forums or provide other permissions within Discord or other applications. This type of stuff is part of a broader conversation that’s been going on with identity and web3 that’s pretty cutting edge.

If we are going to build truly permissionless, decentralized systems, then we’re going to need new identity services that don’t rely on Gmail, or Facebook, or even our state-mandated IDs.

Building the Nebuchadnezzar

Dreams you can’t remember but keep searching for an answer

I’m not sure exactly why I’ve been having problems with my sleep schedule lately, waking up at 3AM in the morning has never been my thing, and I’m not particularly enjoying it. It doesn’t help that I get woke up by Younger, or that the cats like to stampede through the house, making me think that we’re getting robbed and spiking my adrenaline. I’ve always been a light sleeper, even since I was a teen. I could never sleep as long as my mom and dad were awake, and I could hear them watching TV or talking and getting ready for bed. I suppose that this is one of the reasons that I’ve always gravitated toward being a night owl. I’ve heard that some people with ADHD tend to be night owls as well, getting most of their work done in the hours when everyone else is quiet. It certainly works for me in the morning.

As my tinnitus has gotten worse over the years, I’ve taken to keeping a fan on, and more recently a noise machine. My wife has convinced me to start making a habit of going to bed at 10PM, and I’ll read a book on my iPad or dead trees for a bit before going to bed. Sometimes I’ll take a melatonin, but I’m wary about over using them because of the tolerance, and because of the fact that lately when I take them I wake up at three in the morning and can’t go back to sleep.

I am one of those people who seem to get by with less sleep than most people. Certainly less than my wife, who would be happy to sleep twelve hours a day if circumstances permitted. I think it’s one of the reasons that our relationship has worked so well over the years. She liked to sleep, and I got to stay up late playing video games. At least before the kids came along, anyways.

So this morning I woke up from a dream — something about an alien invasion and trying to fight back against the oppressors. We were on the run and came to a dead end in a canyon. We were trapped — and I woke up. I tried to go back to sleep but then the cats knocked something over or made a noise, maybe it actually came from outside, but a part of my brain yelled HOME INVASION THEY’RE COMING FOR YOUR CRYPTO and then my adrenaline spiked and started running though response scenarios.

Meditation has been helpful in quieting things down, but most of the time I fail to fall asleep, so I lay in bed, until there’s some thought that won’t let go and I finally give up. Of course this morning it was related to the dao proposal that I’ve been working on for two days now, trying to come up with a proper incentive scheme to incentivise early participation. So I got up, boiled water for my tea, medidated, had some ideas, gave sleep one more shot on the couch and now I’m up for the day. It is twenty after six. Such is my life these days.

So I’m very close to finishing the dao proposal. I have some more writing to do, then I’ll be ready for some more community feedback. Yesterday I spoke to a computer science student in Singapore. They “manage equities” for their family and said they were looking at a minimum investment of fifty thousand dollars. We talked for an hour, and I was able to secure a promise to move forward with the broad plan that I described. So I just need to finish writing out those broad strokes so that I can give everyone a day to join before the sale launches.

All this work with DaoHaus on xDAI and with the Gnosis safes has really given me some great ideas. Even beyond the NFT sale, this may be a great way to organize the family business. xDAI would mean that the wallets would be easy to manage, share wise, and I could just run everything from a Gnosis safe. I could setup my dad and brother as owners and we could just have a one of three multisig on it. Might work out beautifully, depending on gas costs. Might get a bit more complicated later on when we start , but I think it’s the solution that I’ve been looking for.

Side note, I ran across this firm, Korporatio, that sets up offshore entities in Panama and other locales. The created entities are managed through on Ethereum through an interface that looks strikingly like DaoHaus. Too expensive for me to consider right now though.

I’m going to be very happy with myself after the NFT dao is launched. I’m still excited about Star Atlas itself, my conversation with the student from Singapore touched on Solana a bit. Since the game will run on Solana, and most of the game’s underlying infrastructure will be publically accessible, it means that we’ll be able to write our own programs to interface with it. It’ll be like hacking into the Matrix from onboard the Nebuchadnezzar. We should be able to access the game’s API and manage things from outside of the official game client. Fun. I was skimming the docs for Solana yesterday, and it looks like it’s going to be a long road to that one.

From what I can tell, there are so far no dao projects active on Solana, so hacking together something that resembles MolochDao looks like it’s going to be our first goal if we are going to bring SAIA Dao to fruition.

Space Corp

Decentralized Autonomous Corporations in Space Atlas

TL;DR: Read the DAO NFT Pool proposal here.

So yesterday we wrote about airplane crashes, now we move to space ships. Yesterday I became aware of Star Atlas, a new space-themed MMO that is launching soon. It’s like EVE: Online, or Star Citizen, but it incorporates blockchain mechanics and will run on the Solana ecosystem.

I’ve been a gamer for decades, and I’ve always loved space fighters, going all the way back to XWing vs. TIE Fighter and Wing Commander. I spent years playing EVE, but it was a huge time suck. I made a personal decision to scale back my gaming activities some time ago, as I figured that I wanted to spend more time playing the game of life. I still enjoy the occasional causal game, but I purposefully stay away from AAA open ended games, especially MMOs. I’ll admit that my personal and professional life has benefited from this decision tremendously. I treat investing and crypto as a game these days, running up my score via trading and yield farming. It’s much more lucrative than playing in imaginary worlds, and was one of the main reasons that I shied away from games like Elite Dangerous. Spending an hour of my day flying a trade mission across a dozen systems just did not seem like a productive, let alone enjoyable, use of my time.

This Tweet came across my TL yesterday and took up most of my day. The game is still in production so I read through the whitepaper and was seriously impressed. It seems to be iterating on all of the latest and greatest games of the last couple years: EVE, Star Citizen, Elite Dangerous, and No Man’s Sky, among others. It incorporates much of the game play mechanics that you would expect from these games, but then merges with with blockchain tech: in-game currencies, governance tokens, NFTs, and a defi ecosystem that includes lending, AMM and yield farming. As you can expect, I am very excited to see how this plays out.

The game is launching in several phases, the first will be the Galactic Asset Offering (GAO) in which in-game assets will be sold as NFTs on Opensea. Mining, staking and yield farming will be available during this time, but the assets won’t be playable until phase two, when an MVP browser based mini-game will be available. The target is July. There will another phase, a shipyard-configuration module before the final pre-sale before launch. There’s no ETA on when that will launch, as far as I know.

Prior to the GAO will be this ReBirth: Genesis NFT sale. It’s fascinating. They’re going to sell a series of thirteen meta-posters, each one available per week. The price for each series will go up, and they’re divided into tiers that will unlock certain rewards or in-game bonuses. On top of that, anyone collecting all thirteen NFTs will be able to claim a special fourteenth NFT. Details are the NFT rewards are light right now, but I can imagine they’ll be sufficient for the investment.

Obviously, I’m not willing to spend $524,000 on a series of NFTs, but I assumed that there was some group that was. I had read about a DAO that had bought an NFT for $5.4 million, so I went looking to see who was actively fundraising to pool resources.

I popped on the Star Atlas Discord and quickly found a guild named Interstellar Alliance, and found a dao/pool discussion already ongoing. No one was putting any serious proposals together, so of course I went to work and started writing.

The general idea is to use a DaoHaus/MolochDao guild to pool resources. Stake in the DAO –shares — will be proportional to investment. Ultimately, the goal is to purchase all thirteen NFTs to earn the last one. From there the dao can vote on what gets done with them afterward. This could be a speculative play, to sell the collection off or to farm rewards that come from them. The collection can be bundled and tokenized in a way that they can become tradable, or the assets can eventually be bridged over to Solana for use in game. Those details will have to be worked out later, as I’m primarily focused on putting together something that can be done in a trustless manner. There’s been much interest in the proposal, and we already have 19 pledges for a minimum total of over $39,000. We still have a ways to go, but we have enough interest to move forward. I think there will be enough excitement once things start moving that we’ll have no problem finding full funding. For now I’m focused on Kovan testing to make sure that I understand the gas costs needed to operate DaoHaus and Gnosis, and working out additional details with the community.

This project really fascinates me. It bridges daos and smart contracts, speculative investing, community management, and opens up an opportunity to learn how to dev on Solana, (and learn Rust). I’m going to be digging into this over the coming weeks to see whether operating or being a part of one of these in-game DACs could actually become a viable career. Imagine, playing a video game and making enough real-money revenue to live off of. It sounds like the future.

Airplane crashes

Yesterday was Younger’s “board meeting”. I took her out for cheeseburgers and milkshake, which we ate at the park next to a peacock, (yes, really,) then to Cold Stone for ice cream, then to her Momos’, then the dollar store so she could by a bunch of candy and cheap toys. She really loved it.

After I had a nap I spent the afternoon watching videos and talks about airplane crashes. Yes really.

I came across this Gitcoin bounty via Twitter, it’s funded by RAI, (like DAI but for ETH,) and they want someone to create a smart contract that manages a CDP and a Yearn strategy.

Following after that are a couple example contracts to help get people started. It points to the eth-brownie Yearn strategy mix, which I’ve looked at before, but haven’t been able to wrap my head around yet. I really want to figure out how to build one of these, so that I can automate something of my own. I’m hoping I’ll be able to dig into this stuff at some point soon. I don’t have any illusions about being able to get something done before next month, but I want desperately to figure out how this stuff works. I get the basic idea behind it, but for some reason I think it’s critical for me to be able to understand this from a technical level.

I am trying to stay somewhat focused, so I spent some more time trying to figure out how to use Brownie to manage my own positions. I was poking around in vfat.tools and their Github, trying to figure out how it works. For those that aren’t familiar, vfat has a number of yield farms available through it. It connects to a user’s wallet, inventories their deposits and the pool’s APY, and gives back a report on how much they’re earning. I’m trying to figure out how it works. There are several dozen pools listed there, and they’ve got several side chains listed there, and I thought it might be a good source of alpha, so I put a notification on any new pull requests so I can check out what’s going on. They recently added AVAX pools, and I may have to spend more time poking around on it. I’ve got a few hundred in AVAX tokens, so might as well put them to use while the going is hot.

Off to it.

BCM reFIREment Fund

person holding leafed plant

Upending the FIRE game through DeFi stablecoin yield farming

Decentralized finance, or DeFi, is a broad term that refers to projects on Ethereum and other smart contract platforms that are rebuilding the world’s financial infrastructure on the blockchain. While it is certainly risky, the rewards are currently beyond anything available within traditional finance. Just look at your “savings” account. The amount of yield currently available among DeFi projects can put financial independence within reach for many people. Here, I take a deep dive on how I positioned myself for reFIREment, and allocated an emergency fund that will hopefully pay for itself and allow me to live my dreams.

I won’t get into the details of fiat on-ramps or using the Ethereum network, nor do I endorse blindly following my any of my positions. Black swan exploits and rug-pulls are still a huge risk, and my purpose here is to discuss the analysis and decision-making process that I went through in order to mitigate some of that risk. I hope you find it useful.

Continue reading “BCM reFIREment Fund”

Morning notes

I had a blast of activity yesterday after signing off, so let’s get right to it.

First off, the Aave launch on Polygon. Pure insanity. They are really pushing hard to get liquidity. Here’s the chart from this AM. First off, pay attention to the second number under the deposit APY and borrow APR. You’re getting rewards on both ends. I used the Matic bridge to send over some MATIC and wBTC, then deposited the wBTC. Then I went ahead and withdrew about a third of my collateral in USDT, making sure I was in no danger of liquidation. Then, for good measure, I hopped over to Quickswap and deposited some LP in the USDC-USDT pair.

The borrow rates have gone up quite a bit since I went to sleep, so I might need to repay my loan, but I’m still getting a 15% spread on the borrow. I should easily be able to swap the MATIC rewards to cover that spread and still be left with a pretty penny.

MUG news: My new friend DeFiAnt, who manages the LTI Token Set, brought my attention to a possible opportunity to earn liquidity fees on AMMs by setting up multicoin LPs. In this case he created LTI pools on Honeyswap for ETH, wBTC, and xDAI pairs. Then he let the arbitrage bots go to work. So far he’s accumulated about $1500 in fees doing this, so I spent an hour last night bridging funds and setting up ETH and wBTC pools. The reporting on these fees has been very wonky, but I’m going to wait a week or two and see what happens. I spent almost $200 in gas fees doing the bridging, but setting up the pools on xDAI, like MATIC, is insanely cheap. All the MUG pools are here.

I know there’s a lot of launches going on today, I haven’t been keeping up as well as I should have, I think I may have spread myself a little too thin right now. I’ve got funds spread out everywhere, and I’m in a position where I really don’t have a way to keep track of everything. Zapper’s pretty good, but it doesn’t track half of the stuff that I’ve got funds in, so I’m going to have to put something together to make sure I don’t lose track of what I’m doing.

I have got to get my stablecoin farming piece finished today so that I can move on and start working on the SetProtocol docs. I’m already several days behind launching that. Time to roll.

Sixty-three thousand

It’s been a long month since our last all-time-high post. I’ve been waking up with anticipation every morning for the last week or so as BTC has wavered around the sixty-thousand range, but I saw the Trading View alert that I had set on my phone recently and was elated. Just yesterday I wrote a post titled On your marks… and it looks like it was right on time.

The current 200-day moving average is $31960, and can be seen as the blue line in the chart below. My “sell” target is 3.6x this number, which is currently about $115,000. The vertical yellow dotted line is my retirement date. I’ve been tracking the 3.6x number based off of the 2017 blow off top, which hit 3.8x of that number. The BTC price, expressed as a multiple of the 200-d MA, is known as the Mayer Multiple, and I’ve written about it numerous times in these pages. It’s basically my strategy to prevent me from making the same mistake I made in 2017-18, which was not taking profits. Since this is a moving target, I’m not sure whether we’ll ever hit it. We would have to have a very fast climb to some 2x our current price, maybe in a week, two at most. And I’m skeptical that we’ll see something like that this cycle. Maybe I’m losing hope, or maybe I’ve just forgotten how crazy 2017 was.

Already there’s been talk about this being a cycle top. There’s been some fuss about the Pi cycle indicator, but most on-chain metrics aren’t showing any indication of a top. GlassNode and TheBlock are two such subscription services that are going to be critical to watch in the coming weeks and months. They are both good sources of on-chain graphs, charts, and research. I just have to figure out which one to go with first.

I’ve got about 45 days left until my retirement date. I’ve told Missus that I’d pay off the mortgage, but I’m really hoping I can convince her otherwise. While I can technically afford it, the opportunity cost at this point in the cycle is just too great. We’ll see how the next few weeks play out, but I’m hoping a more gradual payoff is in order instead of a large lump sum. I might reconsider this if we do break $100,000 by June, which I think is possible, but my current feeling is that we’ll need at least one more pullback before we breach it well. I’m guessing somewhere between $86,000-94,000.

Cryptoequities are looking good this morning, most are already up between 5-8% in premarket: CAN, RIOT, BTBT, MARA, NCTY, GBTC and Voyager are leading. I’m going to be trimming these considerably in the coming weeks as I continue moving funds to my checkbook IRA, but I have some other positions that I’m going to trim first. Even winners like Paypal, Apple and Netflix are losers when compared to crypto plays, and while I’ve been holding these for years, it’s time to let them go.