digital slowmad

Digital Slowmad newsletter

16 July 2021

📊 Crypto portfolio update

Invested in: Ethereum (ETH), Chainlink (LINK)

Net return: -2.3%

Comments: The crypto markets have been ranging and it looks like there's more downside potential. For now, I've allocated 26% of my investible funds and am keeping the rest in cash. Should prices keep falling from here, I'll increase my crypto allocation. To get more timely updates about this, follow me on Twitter.

ETHUSD 16 july 2021

📝 Admin update

  • From now on, all issues of the Digital Slowmad newsletter will be published on the website. This enables me to include multimedia (videos, charts, pictures), and to keep a catalogue of past issues. As usual, the moment a new issue is published, all subscribers will receive a notification via email.

₿ Crypto news

  • JP Morgan says Ethereum could turn crypto staking into a $40 billion industry.
    • I've covered staking (and how it works) in my Ethereum investment thesis.
  • Chief investment officer of Thailand's oldest bank says: "When we looked at DeFi, we thought that it is possible that one day banks and other financial institutions will be completely disintermediated".
    • Again, this has been covered in my writeup on Ethereum.
    • Personally, I don't just think it's possible for banks to be disrupted; I think it's probable.
  • US senator Pat Toomey disclosed his investments in Bitcoin and Ethereum.
    • Crypto adoption is increasing among high profile people, and it won't be long before the masses will catch on.
  • Check out this Reddit thread about how a Myanmar citizen used crypto to avoid bank restrictions following the military coup in Feb.
    • Quick summary: All of my savings are FROZEN in bank accounts because of the coup and I invested everything in Crypto to get them out of the unstable banks. Then I start realizing how much potential Crypto has to change the world.
  • Crypto game 'Axie Infinity' is helping people in the Philippines to make a living online by playing it. Check out this 18-min documentary on the topic.
    • Since I first heard about the game, the price of the associated cryptocurrencies AXS and SLP has shot up 380% and 200% respectively.
  • Countries are cracking down on Binance's global operations. They are accusing Binance of breaking derivatives trading laws and allowing non Know-Your-Customer (KYC) accounts to transact on their platforms. Binance appears to be assisting with investigations but little other information has been made available to the public.
    • I don't think this is going to end up being a big deal, but there's no harm in moving your coins/tokens to a hardware wallet, just in case. I've written about how to do this here.
  • Someone on Reddit lost $130k worth of crypto because he wasn't paying attention and gave away his security phrase.
    • When you take custody of your cryptocurrency, you are fully responsible for its safety.
    • Giving someone your security phrase allows them to have *full access* to your funds.
    • If you're not tech savvy, it might be a good idea to keep your crypto at an exchange (secured by 2FA) where such security lapses are less likely to occur.

📑 In other news

  • Supermarkets in the US are stockpiling inventory as food prices are going up.
    • Despite what the central bank says, price pressures are showing up in the economy. Is the recent uptick in inflation really "transitory", as they say?
  • It looks like I'm not the only skeptical one. ECB's policymaker Klaas Knot is warning against underestimating inflation.

💬 Quote of the week

Everything good needs time. Don’t do work in a hurry. Go into details; it pays in every way. Time means power for your work. Mediocrity is always in a rush; but whatever is worth doing at all is worth doing with consideration. For genius is nothing more nor less than doing well what anyone can do badly.

- Amelia Barr

🙃 Something fun

Thanks for reading, and have a great weekend.


P.S. If you have any questions or feedback, let me know at: chris[at]digitalslowmad[dot]com