DerpyPretzel
AMA: Profitable Crypto Derivatives Trader
The initial Cap was 30L. Right now, last month's total PBT was $37k
18mo ago
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Curated from across
The initial Cap was 30L. Right now, last month's total PBT was $37k
Hello, thanks for doing this (btw did you really start this at 6 am??)
Couple of questions:
Thanks a lot!
You can farm airdrops and make money to start (I got 7L recently in the $ARB airdrop for being an early user e.g.) tens of thousands of people made 5-6 figs usd with just airdrops.
Only invest into crypto what you’re willing to lose completely, when you’re younger you can invest more because you’ll have higher risk appetite. But basically think of it as a black hole. When your crypto net worth goes higher than your Fiat net worth, rebalance and take money out.
Well, Well, woke up at 5:30 am today. Noticed the Inc 42 feature. Therefore, the post-time happens to be at 6.
Initial Capital was mostly my past gains (I sold a SaaS for $25k through acquire.com). It was nothing but mostly an MVP with some database.
Used to be a day trader. Therefore, tracked markets religiously (around 14-16 hours at peak). Recently (except last month), been a passive follower, just 1-2 swing positions.
Not Financial Advice: I consider DCA bullshit; markets are just ranges. With the current macro, cash is king. Suggest buying great lows at RLs.
Not an ardent follower of 100x tokens, most of the times, you'll be the exit liquidity.
BTC is more of a commodity; you can always accumulate. ETH will have mass adoption; layer 2 solutions are already scaling it.
For most other projects, get a strong fundamental analysis and then only invest.
Crypto enthusiast here, BTC in 2013, eth 2017 and made good gains in the last bull run. Thoughts on establishing a trading entity abroad (with 0% capital gains tax or low corporate tax) instead of trading in India? I’ve paid a fuckton in taxes in India and don’t see the govt giving back in terms of public goods etc anytime soon.
Well, Well, the Indian Govt surely fucked our community. I suggest opening an LLC in Dubai - the adoption has been good, and the taxes are not that bad.
You can check out other locations too, C-Corp in Delaware (doesn't make sense as a trading entity tho), LLC in Seychelles and Mauritius.
Question: What are you currently hunting? Thinking of the ZkSync airdrop?
Where do you trade? Cex / dex?
Mostly Binance. Liquidity Grab Pools are on DYDX/Uniswap.
I personally only use DEXes, there’s cool options like GMX etc. apart from the usual uniswap AMMs. CEX trading in India comes with 1% TDS on the entire volume which is lame imo. Also CEX is exit liquidity for crypto natives. You could buy $pepe at $3M mcap on uniswap and by the time Binance or any CEX listed it, it was $600m to $1B mcap
What according to you are the top use cases of crypto as it stands in 2023?
Clearly seems like NFT and DAOs and stuff didn’t work out at all. No government is being run using dao.
Genuinely curious. Not looking to take a dig
NFTs have worked out and will eat most asset classes. Nike, Fortnite, Starbucks are using NFTs in their core products and so many more. DAOs I agree suffer from governance issues and it’s only useful for very niche use cases.
Adoption of the top networks should build the foundational layers. Moreover, I see growth in zero-knowledge proof.
NFTs had their market cycles; many companies are embracing that. However, utility-based solutions will indeed become mainstream sometime.
For example, one of my friends is building a company where enterprises can generate certificates in the form of NFT. This shit can really change the landscape of forged certificates.
Furthermore, I'm bullish on mixed reality. It feels like projects like Otherside Meta will go mainstream, and Web3 gaming will have loads of traction too.
DAOs didn't work out. Most are a sham; however, niche-based use cases are working out.
PS: 99% of projects will die, and the 1% will thrive and have adoption. It's just about time and market cycles