Welcome to Issue #62 of Wealth Mastery
DOWNLOAD THIS ISSUE AS A PDF HERE
In this issue:
I share some potentially undervalued coins that I am watching now.
Hashoshi dives into the world of generative art.
Jesse has a report for you on the very buzzy Moon River.
The team from Loop Ring join us to discuss their layer two scaling solutions.
Rekt Capital breaks down what is happening with Bitcoin.
Defi Dad has a tutorial for you on how to earn up to 182% with Bitcoin on Solana!
A quick reminder that all research and market analysis is provided for educational and informational purposes, and should not be considered as financial advice. You are ultimately responsible for your investments and trades, and they should only ever be entered by those who understand the risks, are willing to lose their entire investment, and properly understand how to manage their risk.
Also, every issue will contain more information, tips, hints, and analysis than you can make use of. Wealth Mastery is a tool, you are the craftsman. We are not a signal or pump group, we are a tool shop, you decide what information shared here has value to you or not.
As always, feel free to reach out to me by responding to this email with your comments or questions.
The Big Recap
Volatility is back on the menu. I am reminded of the old saying volatility is the price you pay for performance. Well, that sums up crypto pretty well. As so often happens when things start moving down, there is a quick cascade as leveraged traders get washed out.
Thus, there is a reason I keep bids in at lower levels for bags I want to add to, because sometimes I am sleeping when market crashes happen. I got my orders filled on Polka Dot and Elrond yesterday. I just missed getting my orders filled for Bitcoin. I deployed a few percent of my cash holdings to do so. I still have a huge bag of stablecoins to buy lower if the market gives such opportunities. I am also using those stables to farm so winning while being patient.
Putting in “stink bids”, that is to say orders are really low-price points in crypto can be a good idea. I am not saying putting an order in at 90% below the current price, but 20% under can sometimes get filled as happened for many traders this week. Generally, your targets should be at key areas of support. So even if the market is pumping and you think you will never see that support at $42,500 tested again, well the market often proves otherwise. Single daily candle drops of 15-30% happen once every few months.
Solana season is in full swing with loads of Solana applications trending as the main Solana asset continues to hit new all-time highs. Solana tokens are also trending with 7 of the top 15 coins this week in the trending category based on Solana.
The SEC has announced it is going after Uniswap. This is a pretty big shot across the bow for crypto. Uniswap is the biggest decentralized exchange and it is an integral part of the crypto ecosystem. Not that the SEC can shut it down, but they can bring charges against developers and force more innovation away from the USA. CEO of Coinbase Brian Armstrong wrote a great thread on the recent SEC shake down of Coinbase which you can read HERE.
Over on the NFT scene we see a slowdown in many collections. For example, both Crypto Punks and Meebits are down 50% this week. But don’t let that fool you into thinking that NFTs are not making money.
Last week I talked about Loot, the NFT which simply listed a set of fantasy items. Yeah… So, not only did the floor price on that go up double from last week, but Loot holders have also been getting a truck load of airdrops. Including one which was worth $50,000!!! The overnight success of Loot has led to copy cats and new “innovations” like The N Project which is the same concept as look but with numbers on a black background. Note N Project has a generative art presale exclusive to holders coming. Currently it is trading for around 2 ETH each as a floor price. Up 10X in a week…
For the NFT flippers out there it remains ape season. That is to say that thinking or acting critically in regards to new collections is not the best financial decision. For example: Loot is silly, I don’t like it. It does nothing for me as an item to own. It is just a list of words. But apes have seen a massive return on investment. Spoiler Alert: Lark Did Not Ape!!!
The space remains crazy and irrational, and I love it.
Coins on My Radar Right Now
Convex Finance is a major defi player that has not got anywhere near the attention that other platforms have. It allows you to earn on your Curve Finance positions. The metrics for this one are actually quite crazy. The platform currently has more than 8 billion TVL and yet only a market cap of under 300 million. Locking their token gives you part of the platform fees too. They have done over 122 million in just a few months so it is also potentially lucrative from that standpoint. You can buy this, of course, but you can also farm it!
DYDX is an exchange for trading perpetual swaps on layer two Ethereum, powered by Starkware and backed by some massive players, including the CEO of Coinbase, Naval Ravikant, A16Z and others. The token is being airdropped to anyone who used the exchange previously, and it can be earned by providing liquidity to the platform at a rate of 0.11 DYDX per $1,000. This is a potential defi blue chip IMO. *** Note you cannot buy this yet, but you can farm it now, buy soon.
Moon River is a one of the very few operational parachains on Kusama. Current market cap is around a quarter billion and it is working with many of the top names in the industry like Sushi, Chainlink, Ocean, Covalent, and Injective. It is backed by some of the biggest names in the induustry. Moon River and Moon Beam are, I believe, one of the highest potential parachains.
Sushi is one of the biggest decentralized exchanges out there. It has broad support across many chains including Ethereum, Polygon, Fantom, Arbitrum (ETH layer 2), Avalanche, BSC, Moon River, and many more. Current daily traded volume is half of Uniswap but the market cap is 1/6th that of Uniswap. Sushi also has recently introduced a launchpad and NFT platform.
Port Finance is a further out play compared to the others, but it is a Solana defi. This is basically the Aave of Solana, or at least it wants to be! Current APY for stablecoins is like 50% as demand for SOL based stablecoin borrowing explodes. This one has the smallest market cap of all the coins mentioned today.
Bought a little more Bitcoin at $48,500. Considering entering a position into Moon River. Haven’t pulled the trigger yet. My only thought is that I am a presale investor on Moon Beam, and so may not need any more exposure to this, but Moon River does look bullish IMO.
I have removed my funds from Bridge Mutual. I don’t need to farm any more BMI tokens. Will consider what to do with those spare dollars. Might buy some altcoins.
I am farming DYDX tokens now. They have a long withdrawal period, so it may not be an ideal situation for many, just FYI.
I am currently researching LEDN as another lender to diversify my BTC holdings with. Haven’t had the time to put my WBTC to use either. I have some options out there like Badger, but I am still weighing up the risks.
I have received my first allocation of my Vega presale tokens. I will be holding on to these for a little while. Vega is backed by Coinbase, Arrington, Pantera, and Hashed. Basically, the world’s top VCs. Vega has not been added into the portfolio section yet, though, since FTX app has not yet integrated this newly listed asset.
I got buy orders filled on at Polka Dot at $25 and Elrond at $140.
Bitcoin 32.3% (Long-Term Investment) I currently have about half in cold storage, although, I may move more out soon. Currently, about 15% is in Celsius, the rest of it is looking for a home.
Ethereum 25.5% (Long-Term Investment) The majority of my Ethereum is in Yearn Finance’s stETH pool, and about 15% in Celsius. I have a good chunk now looking for a new home too that came out of Bancor.
USDC 11.1% (Stable Yield Tool and Dip Buying Chips) My USDC is mostly being lent out in Celsius, Anchor (in UST stablecoins), and Bridge Mutual. Although Bridge is not “lending”, but providing liquidity for insurance pools. I put a very small amount into rUSD on Ramp too.
Matic (Polygon) 5.8% (Will Sell Half at $5, and Exit Completely at $10) I am now lending in Celsius
Elrond 4.2% (Target is $1,000 per coin) I am staking in the Maiar wallet.
Ramp 3.5% (Aiming for a billion-dollar market cap, at which point I will likely exit my entire position) My coins are staking in their platform.
Polka Dot 3.4% (Will get my capital out at $100) I am staking on both Kraken and Binance.
*** I need to buy some more!
Binance 2.3% (Just riding this, but $1,000 per coin seems like a good zone to derisk and sell out a good chunk) I am staking my BNB via the exchange.
Wilder World 1.8% (Basically an all or nothing bet, will sell at a billion market cap)
Ethernity 1.6% ($100 is my target, but if the market turns, I am not wedded to this bag)
Luna 1.4% (I think due to the mechanics this coin can be worth a few hundred, but will get my capital out at $100)
Injective 1.3% (Potential multi-billion cap coin, will watch the progress and look to sell at new highs)
Bridge Mutual 1.1 % (I would love to see this get back to all-time highs which were $5.50) I am staking and holding. Very bullish on insurance in general.
Tokemak 1.1% (Hoping for a 10X on this one, but that depends on a lot of factors to go right)
Kylin 0.8% (90% under the ATH, ouch, Chainlink has really dominated the oracle space, that being said this is a Polka Dot specific oracle with a Web3 grant. I will probably exit at $1 if it gets back there)
Terra Virtua 0.6% (Will probably do a full exit at $1)
Bancor 0.5% (Will sell when I can) I am farming and staking their coins and will continue to, until V3 probably since my farming rewards are basically stuck due to high ETH gas fees.
Polka Dex 0.4% (On a wait and see with this one, if they can perform then it has big potential)
Covalent 0.4% (Will cut half my position at a billion market cap, around $10 per coin)
Efinity 0.3% (Big NFT play by Enjin for the Polka Dot Ecosystem, holding for now and watching progress)
ShopX 0.3% (95% under ATH, ouch, I think I will exit this at $1)
Linear Finance 0.3% (Aiming for 20 cents)
Mercurial Finance 0.1% (One of my few Solana ecosystem plays, big potential if Solana takes off, $5 would be a nice area to shave this)
Note: I am not including any coins like Occam, APY Finance, and Konomi that fall below the 0.1% threshold, but which I do hold tiny amounts of. Also, please note that this does not include coming releases for token sales, which I have participated in, such as Sifchain, Alice, Persistance and others. I have also not included future releases in my totals, for example Injective, of which I am currently holding my tokens, but will receive more in the future. The percentages will fluctuate from week to week, based on the dollar value of the coins. But I have highlighted any updates to positions in italics. Also please note that the sale targets on coins are a general guide only, and things will change in the wild, but it gives you an idea of what I am thinking of in regards to these assets and taking profits. Please note that for almost all of these altcoins I have already removed my initial capital and in many cases significant profits.
In Case You Missed It
Standard Chartered Bank is calling for Ethereum to hit $35,000. Source
Christie’s Auction House is holding an action denominated in Ethereum. Source
Kilt has won the 6th Kusama parachain slot. Source
Layer two Ethereum has now passed a billion total value locked. Source
A bill has passed in Ukraine legalizing crypto in the country! Source
Panama has introduced a crypto legislation bill. Source
One of Germany’s biggest asset managers is seeking Bitcoin exposure. Source
Star Atlas is starting to auction off ships. Source
Burnt Finance has released private early access to their Solana based NFT auction protocol. Source
Alpha Finance is getting into the NFT game with their new Alpha Buy Wall offering. Source
The SEC is investigating Uniswap. Source
Playboy is getting into the NFT game. Source
Lido Finance has launched Matic staking. Source
Vega has listed its tokens. Currently trading a little over 3X the Public sale price. Source
*** The current liquidity provider staking rewards are huge, but do keep in mind impermanent loss.
Open Sea has enabled Ethernity token for purchases. Source
Dao Maker has suffered another exploit. Source
El Salvador has purchased its first Bitcoin to support its broad adoption plans. Source
Binance is preparing to support Polka Dot parachain auctions.
FTX exchange has launched an NFT marketplace. Although it seems someone thought it would be a good idea to spam it with pictures of fish… Source
BSC Station has introduced an initial NFT platform. Source
Over a billion in total value now locked on Ethereum layer 2. Source
I wanted to take this time and reiterate that in most cases these Airdrops will only provide the discussed benefits of participating in them. However, in some instances, they can provide far more benefits than at first glance. Take for example the UNI drop for anyone who participated in a swap. If you sold that UNI you would have fetched a nice chunk of USDC. But, if you held that same amount for just 6-months. You’d have been rewarded 10x the value for your efforts and all you had to do was sit on your hands. This reminder comes off the back of incredible news that Avalanche Testnet participants were rewarded with $100,000 worth of AVAX this week for their participation in the network over a year ago. While this isn’t always the case, it’s become an increasing trend for projects to reward the community for providing valuable feedback. We won’t necessarily be aware that this will happen until they’ve already happened. But it’s worth noting that participating in projects without seeking rewards can sometimes reap unimaginable ones instead. You can find some of these opportunities for Testnet participation and other events outside of your average Airdrops by checking DropsEarn “Event” section on a regular basis and staying updated with the calendar on CoinMarketCal. As such, I might include select opportunities in the weekly section worth your time from now on.
New Airdrops & Opportunities
The award-winning developer of premium social virtual and augmented reality experiences Ceek is partnering with ApeSwap. Announced this week they’ll be Airdropping both CEEK and BANANA tokens to participants for follow and retweet tasks. This drop will end on September 12th.
New Pokemon-inspired story-driven NFT game PetGames has made their listing announcement on Bitmart to include an Airdrop between September 8th and 23rd for 1,000 winners to share a prize pool of 1,500,000 PETG.
Binance announced they’ll be selecting 20 Monthly Stars each month from August to October. With the Top 10 selected from amongst the 60 total Monthly Stars in their Most Valuable Builder Program. This incubation program aims to accelerate new and emerging startups and mentor them on the processes they’ll face navigating the blockchain startup process.
The Binance Affiliate Content Program is now available to content creators and influencers beginning in September 2021. Create and share content with your audiences to earn up to 3,000 BUSD per month. With all participants minus the top 10 creators receiving 300 BUSD guaranteed for eligible submissions each month.
Global decentralized betting protocol Azuro is Airdropping a total of 6,000 USDT, 6,000 AZUR, and NFTs to users who participate in their testnet. Participate in the Betting Contest between now and September 27th, 2021.
Donnie Finance is the 1st De-Fi project which aims to launch 6 independent financial services at once. In their Summer Airdrop they’ll be giving IOST holders 500,000 DON tokens from a snapshot taken on September 30th, 2021 to reward holders.
BullionFX is Airdropping a total of $5,000 worth of BULL to users who complete simple social tasks. Create an account at DigiFinex, complete the required social tasks and submit your details to the Airdrop Form to get an equal share from the total airdrop pool.
UniSwap clone Swapr is Airdropping a total of 12,000,000 SWPR to various communities. These communities include 1inch gov fee voters, Omen users, xSDT holders, BanklessDAO voters, Swapr users, users who’ve voted “Yes” to deploy Uniswap on Arbitrum, Dex.guru traders, Dxdao POAP holders, users who’ve provided liquidity on Swapr, and DXD holders are all eligible to claim SWPR tokens. Eligible participants have until December 31st, 2021 to claim the drop.
Ongoing Airdrops & Opportunities
Global decentralized betting protocol Azuro is Airdropping a total of 6,000 USDT, 6,000 AZUR, and NFTs to users who participate in their testnet. In the betting contest between now and September 27th, 2021 users can compete for and unlock individual prizes up to 1,000 USDT.
New 3D metaverse game Wilder World has announced they’ll be Airdropping ZeroTech ZERO tokens to all WILD holders in anticipation of the new trading platform. At the essence of the game is a powerful cross-fictional origin story that blends all aspects of reality, imagination, with fantasies of the past, present, and future. A plot where all roads lead to the Metaverse and take users beyond reality. ZeroTech will play a vital role in enabling the creation of sovereign, decentralized and virtual communities, organizations, and nations in the WOW metaverse.
Working to become one of the premier DEXs for tokenized equity asset trading. NASDEX will be conducting an Airdrop for 500 winners in the anticipation of its upcoming IDO. Users can register to participate in the prize pool before September 10th, 2021.
Vero Farm is a game built for everyone who uses blockchain technology to connect millions of people around the world. Anyone can easily own a farm with many collections of seeds, pets, land, and in-game items similar to Farmville. To celebrate the launch of the project they are giving away 3 Million VER tokens to all Airdrop entries who complete their tasks by September 15th, 2021.
Bank of Memories is a project that creates a digital copy, accumulation, and transferrable data for inheritance. Allowing users to create messages into the future and the ability to send any digital information to future generations at any designated time slot. This digital time capsule is Airdropping all new users 30 GBM to use their new BOM App and start creating memories to share with future generations.
CRD Network runs on Hyperledger Besu to merge Decentralized Finance with everyday banking by creating a legally compliant environment that lessens the points of friction between you and your money. CRD is conducting a large-scale Airdrop that matches users token for token until September 20th, 2021. Any amount of CRD bought until the 20th of July will be matched 100%, 20th of July until 20th of August matched 50%, and CRD purchased from 20th of August up to the 10th of September receives 25%. A total of $500,000 in CRD will be airdropped to users who hold their tokens until September 20th, 2021.
The first Polkadot Parachain community was designed to create smarter Polkadot Parachain investors PolkaSyndicate. Has an Airdrop Bot to give away a total of $50,000 worth of PSYN tokens. This Airdrop will be ongoing until September 27th.
Next-Gen Data Privacy and Protection Platform HOPR Protocol wants to provide network-level and metadata privacy for every type of data exchange while introducing the first-ever open incentivized mixnet, where users earn tokens for running nodes. Announced this week is the HOPR Treasure Hunt Rules that includes a 250,000 HOPR Prize Fund and 100% APR Boost limited edition NFT. Between September 1st and the end of the year, 32 puzzles will be released, at least once a week. The first person to solve each puzzle will receive a Gold Puzzler NFT worth a 5% APR boost. The next ten correct entries will receive a Bronze Puzzler NFT worth a 2% APR boost.
Happening in collaboration with Coin Market Cap;
Another new 3D metaverse Bit Country that allows you to start your own bit country and community has announced its upcoming Airdrop to give away 100,000 NUUM tokens to 2,000 lucky winners by September 9th, 2021. With Bit Country, users can grow their digital country and monetize their community in multiple ways without any intermediaries.
Top 15 Trending Coins This Week
Here are my key takeaways from the trends this week.
1 – Yooshi is a meme coin with a quadrillion supply and is doing NFTs, launchpad, and a bunch of other stuff. Have seen quite a few launches on BSC like this. Not my cup of tea.
2 – Plant VS Undead is a play to earn game on BSC. Has been rising in the charts. The trend of these types of games seems to be get hype for a few weeks and then slowly fade into irrelevance.
3 – Solana has been exploding, hitting many new all-time highs this week. A surge of new NFTs on the chain and high yield defi has been driving the interest for investors to buy up SOL. BEAST!!!
4 – Star Atlas is the newly launched play to earn game on Solana. Had a massive token. The game itself looks pretty damn hot. I reckon, the next wave of games coming to crypto are going to start looking seriously good in terms of graphics.
5 – Fantom is a layer-one smart contract platform. It has seen a big price move this week as investors keep hunting for the next big platform.
6 – Solanium is a Solana launchpad which is bringing some interesting projects to market. Launchpad space is pretty damn saturated mind you.
7 – Convex Finance is a yield farm which offers high rewards for Curve Finance liquidity providers.
9 – Smooth Love Potion is an element of the Axie Infinity gaming ecosystem. The potion allows you to breed new pets. With the main Axie asset falling out of the trends this one is likely to follow soon. The flood of play to earn games launching has eroded Axie dominance. But as always, the cream will rise to the top in the long term.
10 – Sunny is a Solana based defi yield aggregator which lets you take liquidity provider positions from other Solana farms and earn even more.
11 – FTX is the exchange token of the FTX exchange. Close solana connections and the launch of their NFT market place are pulling this up.
12 – Raydium is one of the major defi protocols on Solana. Considering the Solana hype, I am not surprised at all to see this one popping off. As mentioned last week, watch for other Solana defi players. They are indeed popping off.
13 – Ethereum, the old boy. In spite of frequently crushing fees Ethereum continues to offer what people want. The best NFTs and the best defi are still on Ethereum.
14 – Saber is a Solana-based defi farm. Defi Dad covered it in depth last week.
15 – Dex Lab is a Solana based decentralized exchange.
***Please note these are high risk high reward plays. Token launches are often plagued by all sorts of drama, and often insane hype. Buyer beware!!!
These are the upcoming launches that I believe could bring in big returns for investors. It is a curated, and far from exhaustive list.
The token sales of today will be the big thing of tomorrow. So, it’s definitely worth trying to get into them if you can.
HERE ARE SOME PRACTICAL TIPS TO HELP YOU GET INTO SALES
1 – Every sale is different, there are no set rules. Part of doing your research is finding out the exact details of the sale.
2 – Always read the whitepaper and get all the info you can.
3 – Stay up to date, often sales are announced a few days beforehand.
4 – Be punctual! High demand means that sales will often finish in minutes. If you are late, you miss out.
5 – Americans often are excluded, sorry guys! BUT you can be ready to buy in the first few minutes of the Uniswap listing, so make sure to stay up to date! Be aware that the first 5 to 10 minutes often see insane price pumps by bots. Usually, but not always, the sweet spot is around 30 minutes to an hour after listing.
6 – It is not necessary to chase every sale.
New This Week
Thetan Arena is a play to earn game on Kardiachain, backed by Animoca Brands who has been behind some of the bigger crypto games. Other than that, the investor list is not top tier, but it could be an interesting one for those who are Polka Starter holders. Whitelist Open Now
Opulous is a defi for the music industry play with copy right backed NFTs. The CEO is pretty well connected to the music industry and it is backed by some decent players including Algorand and Binance NFT. Dao Maker registration opens in 6 days. Details
Gold Fever is doing their seed round on Dao Maker on the 9th. Source
Hurricane Swap testnet is live, it is an incentived test net giving out free tokens. Source
Manta Network’s Calamari Network (Kusama Parachain version) auction is live. Details
Burnt Finance has launched their private testnet. Source
The whitelist for Enjin Starter is open now. Source
Parallel Finance Crowd Loan is live. Source
Hurricane Swap will be launching on Avalanche’s Avalaunch. Dates still to be announced. Details
SigmaDex has a given a preview of what their post token sale farming will look like. No sale date yet. Source
*** Note I removed Krystal as they are not currently planning a sale.
The List of Upcoming Token Sales
Gold Fever is a play to earn game with a gold miner theme. Will be launching on Dao Maker.
Enjin Starter is a launchpad for the Enjin ecosystem. Launchpads are getting seriously saturated, but it could be something worth keeping an eye on, considering the Enjin connection.
Parallel Finance is a Polka Dot based lending and staking protocol. It is a Web 3 grant recipient and backed by Pantera and Polychain. The tokens will be distributed via parachain auction. The waitlist is currently open for Kusama. Details
Ratio Finance is a liquid staking protocol coming to the Solana blockchain. It allows you to take your liquidity positions and turn them into stablecoins which you can then lend out for more yield. No sale dates.
Mangata is a decentralized exchange billing itself as the one-stop shop for trading DOT based assets and will act as a bridge between Ethereum and Polka Dot. Backed by Polychain. No sale dates.
Unbound Finance is a crosschain layer for liquidity pools. Backed by Pantera, Arrington, and a who’s who of defi industry leaders. No sale date.
Hurricane Swap is a multichain decentralized exchange, based on Avalanche. I know that the DEX game is massively saturated, but not on Avalanche, not yet anyway. No sale dates.
Holoride is an immersive experience turning car rides into theme park like experiences. Which is either genius or insane. They are building Elrond and Audi is going all in on this. The official Audi account even tweeted about this. No sale info yet.
Bware labs is a decentralized infrastructure provider working across major chains connecting users with network validators on networks like Polygon and The Graph. No sale dates yet.
Chainflip is a crosschain automated market maker focused on native asset swaps. No sale dates yet.
Claystack is a new liquid staking protocol. The use case is huge similar to Ramp Defi. No dates.
Hashflow is a new decentralized exchange similar to Uniswap but offering more professional liquidity services which is backed by Galaxy, Arrington, Alameda, and Morningstar. No sale dates yet.
Polka Switch is a defi crosschain liquidity protocol. Backed by Arrington. No sale date yet.
Burnt is a Solana-based auction protocol. Very little info so far, and no sale dates. So, stay tuned.
Xdefi is a chain agnostic cryptocurrency wallet, could be something of a Meta Mask “killer”. No sale info yet.
SigmaDex is a perpetual liquidity protocol with crosschain capabilities. No sale dates yet.
Manta is a layer 1 privacy-focused decentralized exchange building on Polka Dot. Just finished a big fundraising round led by Polychain. No sale info yet.
Market Analysis by Rekt Capital
Recap from Monday’s newsletter
An excerpt from Monday’s Rekt Capital newsletter will serve as a preface for today’s edition because it discussed a Bitcoin pullback to the low $40,000s before it actually happened.
Here’s a direct excerpt from Monday’s newsletter:
However, historically — Bitcoin has retested the yellow 0.382 Fib curve as support.
The yellow 0.382 Fib curve as support represents a price point of ~$41800.
In the grander scheme of the entire month of September, it is entirely possible that Bitcoin could reject from the black 0.5 Fib curve (i.e. ~$52000) and retraces to the yellow 0.382 Fib curve (i.e. ~$41800).
That would be in line with history, after all.
Here’s an updated chart:
Bitcoin indeed rejected from the black 0.5 Fib curve (i.e. ~$52000) and was very, very close to retracing to the yellow 0.382 Fib curve (i.e. ~$41800):
Put simply — history is still repeating.
On Monday, we discussed how August 2021 outperformed August 2013 but in terms of price positioning — everything was exactly the same.
That is, just like in August-September 2013, Bitcoin was and still is sandwiched between the yellow 0.382 Fib curve and black 0.5 Fib curve.
On this crash — that predicament is still very much valid.
Because Bitcoin is still just hovering between the yellow 0.382 Fib curve and black 0.5 Fib curve.
And if we zoom out to observe the two mid-cycles, even though August 2021 outperformed August 2013…
September 2021 is almost identical to 2013.
Same price positioning (i.e. price sandwiched between the 0.382 & 0.5 Fib).
Same candlestick (i.e. spinning top).
So while August 2021 outperformed August 2013, this recent retrace this September was an important mean-reverting event.
One could argue that Bitcoin is back to fully respecting its mid-cycle tendencies, despite briefly outpacing them this August.
Here’s what I mentioned before the crash on Monday:
If history continues to repeat as it has been — then BTC will continue to meander within the $42000-$52000 range for the entire month of September.
Now that the retrace has happened…
This assertion continues to still be valid.
Monthly Candle Predicament
How does Bitcoin’s recent move change the complexion of the Monthly Candle Close?
Here’s an excerpt from last week’s Wealth Mastery newsletter that best summarises what has transpired, technically speaking:
Bitcoin will be retesting this green area as support in September.
September tends to be an unremarkable month for Bitcoin so I’d expect this retest to continue throughout the month, with limited upside occurring from this point, with more scope for downside (though likely not extensive downside), but ultimately for the sole purpose of retesting this key monthly area as new support.
Downside wicking below the green area is all fine as long as BTC closes the September monthly candle above the green area.
If BTC needs to dip to the next major support region at the psychological level of $40000, then that’s fine as long as BTC springs back up above the green area (mid-$40000s).
September could be a down month, but note that this down month is technically necessary to build a foundation for uptrend continuation.
Here’s an update to this analysis:
Bitcoin has indeed pulled back into the green area as part of a retest attempt.
And BTC indeed dipped closer towards the major psychological region of $40000 to find strong buy support before springing back above into the green area.
September is a down month, but is technically necessary to build a foundation for uptrend continuation.
As long as BTC Monthly Closes above this green area, the higher timeframe retest will be successful.
Macro Flagging Structure Update
Here’s today’s chart:
Since that newsletter, all BTC needed to do on that dip was pullback to the blue Higher Low before rallying towards the very top of the macro Flagging Structure, experiencing a picture-perfect rejection from ~$52800.
Bitcoin failed to breakout from the macro Flagging Structure and now price has pullback to the red box which is the mid-point of this formation.
BTC needs to hold this red box as support in an effort to maintain itself in the upper half of this Flag.
Overall, Bitcoin needs to Monthly Close above at least ~$42000 to maintain its mid-cycle price tendencies and Bitcoin needs to Monthly Close above the ~$45000s to secure a successful retest of the green area on the Monthly chart (coincidentally, this same area is the mid-point for the macro Flagging structure).
Generally thought, history suggests Bitcoin will simply continue to meander within its $42000-$52000 range throughout the entirety of September, most likely in preparation for a a strong October.
P.S. If you enjoyed today’s edition, you’ll really like the Rekt Capital newsletter, which is now a #4 Crypto Newsletter on Substack! Cutting-edge insights on the Crypto markets, straight to your inbox three times a week.
Generative Art by Hashoshi
With the explosive growth of NFT’s or non-fungible tokens in 2021, there has been an acute awareness of unique art styles that thrive in a digital medium. From cartoon avatars to still photography to rainbow squiggly lines, there has been a multi-billion-dollar watershed moment around scarce digital art. One of the main trends that has captured the attention of NFT investors is the prevalence of generative art, a medium which blends scientific disciplines like physics with engineering and more to create truly digital native art that is generated by rather than toiled over by hand. But what really is generative art?
Generative art is constituted by a piece of art with random attributes, generated by a system or algorithm. In effect, it is any form of randomly generated art! This can take many forms, such as an algorithm that produces lines on a canvas like a pencil sketch, or an algorithm that creates a 3D model loop of falling polygon shapes. While the concept may seem avant garde upon first glance, the concept of generative art has been around for decades in one way or another. There are examples of generative art being produced via machines that might splatter paint in a nondeterministic way on a canvas or draw amorphous shapes in charcoal on a piece of paper, and this art form is now having its day again in the world of NFT’s. The digital world has enabled a whole new evolution of generative art, and it appeals to the set of human emotions that makes generative art so fascinating.
The human mind thrives on creativity, the idea of limitless possibilities; with generative art, an inhuman force creates a piece of art that is unlike anything else that has been created before, which appeals directly to the creative hunger of the human brain. Furthermore, because of the random nature of this generative art, a buyer of said art can be certain that their piece is truly one-of-one because the algorithm or system is probabilistically unlikely to create the same art twice. In a set of 500 pieces of art generated by the same model or algorithm, each one will be unique and individually characterized by its randomly generated attributes. Art created in this way drastically shifts the dynamics of how art is viewed and disseminated as well, because an artist can publish the algorithm or model itself, and ‘sell’ the randomly assigned parameters that produce the viewable piece. Then, a buyer can generate their own unique art piece from within their web browser using the algorithm and inputs. In the secondary market, subjectivity drives the prices of the art itself, with each piece’s unique attributes affecting the price it may fetch even if it was produced via the same model.
Of course, like all art forms, generative art is continuing to evolve and expand into new approaches that blend the physical and digital world or use different algorithmic techniques to replicate real world phenomena like physics, kinetics and more. The art form’s entrance into NFT markets allows for multidisciplinary creators to monetize their skills and subsequent creations in a way that has not been possible before. As with much of the cryptocurrency world, the generative art world has seen immense success and growth, but it is only getting started. Fans of art, science, computer science and cryptocurrency will feel right at home watching the continued rise and innovation of generative art.
This week the team from Loopring joins us to talk about scaling Ethereum. Loopring is a layer two scaling provider for ETH and has created multiple important products, including a layer 2 DEX and a layer two NFT service.
For anyone not familair, what is Loopring?
Loopring is an application-specific zkRollup (layer-2) scalability solution for Ethereum. After onboarding to Loopring L2, users can transfer, trade, and swap tokens with orderbooks and AMM pools or provide liquidity to these pools to earn fees. Recently we also launched Layer-2 NFT support.
All of this without having to deal with the prohibitive gas-fees of Ethereum Layer-1.
Think of Loopring as a full CEX-like experience (like Coinbase or Binance) but without having to trust an exchange with your funds because of our decentralized / non-custodial infrastructure.
What does the Loopring Token do?
The LRC token is used to incentivize behavior that is beneficial for the Loopring ecosystem. Fees on the Loopring exchange are earned by liquidity providers, insurers, and DAO members. We also distribute rewards to LRC token holders if they participate in our layer-2 liquidity mining programs.
In the future, the LRC token will become the core of the Loopring DAO, enabling token holders to become governors of the protocol.
Can you tell us about your decentralized exchange and how users can benefit from it?
Loopring DEX is a decentralized exchange powered by the open-sourced Loopring (layer-2) zkRollup protocol.
This means users enjoy much higher throughput (~1000x compare to Ethereum mainnet) and much lower costs (~1/100) than on Ethereum L1 directly, but without sacrificing the security of Ethereum.
On top of this, Loopring also drastically improves the user experience with immediate finality and abstracting away the complexity of dealing with gas-fees on Ethereum L1.
I see that Loopring is getting into the layer 2 NFT space, can you tell us some more?
Our new NFT support allows people to mint NFTs directly on layer-2, which can then be transferred and traded on layer-2 at a very low cost compared to L1. Layer-2 minted NFTs can also be withdrawn back to layer-1 to interact with other NFT platforms such as OpenSea.
Are other layer twos like Arbitrum and Optimism a threat to Loopring?
Not really, being application-specific, Loopring is able to optimize our layer-1 footprint to the extreme. This means Loopring’s overall throughput and cost per transaction should be superior to general purpose (programable) rollups.
On top of this there are many advantages to being a zkRollup as opposed to an optimistic rollup, such as instant, fast withdrawals (no 7-day waiting period), which makes applications such as NFTs only really possible on zkRollups.
What comes next for Loopring?
Loopring will deliver a cross-layer2 bridge feature called EthPort that allows our layer-2 users to interact with selected layer-1 dApps directly, without ever having to withdraw back to L1.
We’re also improving our AMM liquidity by enabling a feature called Amplified AMM (aka AMM 2.0).
On top of this, we are working on a second major version of our smart wallet to enable counterfactual wallets and cross-network (network agnostic) social recovery.
We also have some bold long-term plans to reveal at a later date, so stay tuned!
Earn 182% with Bitcoin on Solana by Defi Dad
How to Earn Up to 182% with Tokenized BTC on Solana’s Sunny Aggregator
Before we get started, a reminder that this is not a recommendation or endorsement to buy any tokens mentioned in this tutorial.
Last week, we discussed how I can earn high yield with tokenized BTC using farms on Saber AMM (a similar AMM to Curve on Solana). This week, I’m highlighting an aggregator, similar to Yearn Finance that recently launched on Solana, which compounds returns earned via Saber AMM liquidity pools and incentivizes LPs with a new native governance token. Sunny Aggregator is a composable DeFi yield aggregator on Solana, designed with composability, enabling applications and protocols to easily build on top of it.
Sunny launched on August 29th and has already climbed to $1.54B in TVL, the second highest among Solana DeFi dApps, with a 638% increase in TVL over just the last 7 days.
Sunny also has a native governance token, called SUNNY, that was generated on September 4/5th. The token so far has been used to help incentivize LPs to stake their Saber LPs and earn a combination of the SBR token and SUNNY token for a combined higher net APY.
There is currently a 16% performance fee on non-SUNNY yields, charged by Sunny protocol, which are redirected to the Sunny DAO. According to the Sunny Medium account, this revenue will partially be used to perform buyback and burns of SUNNY. The APY displayed in the Sunny app already takes into account the performance fee. At launch, the buyback and burn feature is not yet implemented, so rewards are currently accumulated in an account belonging to the Sunny DAO.
How to Earn Up to 182% with Tokenized BTC on Sunny Aggregator
In today’s opportunity, I’ll show how I can earn high yield as an LP on Saber, staking the LP on Sunny to earn additional SBR and SUNNY rewards. I’ll also briefly explain how I’m using the RenBridge, which is much easier to use and more reliable to transfer BTC to Solana. Alternatively, I could use AllBridge to migrate other assets like stablecoins from Ethereum, BSC, or Polygon to Solana.
Please also be aware of a few major risks.
- Smart contract risk on Saber, Sunny, and Ren protocol, and the AllBridge bridge.
- Oracle failure could contribute to a loss of funds.
- There’s some centralized risk in using the RenBridge.
- Pegged assets like renBTC can de-peg.
- The quoted APYs/APRs could fluctuate depending on the amount of competing liquidity to earn rewards and the trade volume in these liquidity pools.
- As always, this is not financial advice. You should not follow any of my writing as an investment strategy.
1 – First, if we assume I’ve never used DeFi on Solana before, I need to set up a Solana compatible wallet. MetaMask and other EVM-only wallets will not work with Solana. So the best wallet I’ve used, founded by former 0x engineers, is Phantom Wallet. It’s a browser extension wallet that sits on Chrome just like MetaMask and allows me to connect a hardware wallet like Ledger. I can follow instructions here for installing and setting up Phantom.
2 – Next, I am going to need some SOL to pay transaction fees. I can get SOL into my wallet by buying it on a centralized exchange like FTX or Coinbase and then depositing/sending it to my wallet address in Phantom.
3- I will then check the potential yields on the Sunny Aggregator app to see whether I want to earn with stablecoins or tokenized BTC or some other token.
4 – Let’s assume I identify the Saber pBTC-renBTC LP earning about 182% APY thanks to trading fees + SBR rewards (issued by Saber) + SUNNY rewards (issued by Sunny for staking the LP). With that in mind, I’m ready to transfer some BTC from the Bitcoin blockchain and mint some renBTC to my new Solana wallet. I use the RenBridge to accomplish this.
- I connect my Solana wallet and specify settings to send from Bitcoin to Solana
- I specify how much BTC to convert / tokenize into renBTC which will arrive on Solana.
- I pay close attention to the fees including a 0.15% minting RenVM fee, aside from the usual Bitcoin network fees and Solana network fees.
- After I click View BTC Gateway Address below, I will receive a QR code and/or Bitcoin address to copy/paste and send my BTC to. The address is usually good for 33 hours and I can only send BTC to this address. I would NEVER send any other token to this address or risk losing my money, I would never reuse the address in the future, and I would not send more than I specified wanting to convert.
- Once an hour or so passes and 6 blocks confirm on Bitcoin, I can return to the RenBridge app and follow prompts to mint/claim my newly minted renBTC which will end up in my Solana wallet.
5 – Once my liquidity arrives in my Solana wallet, I am ready to hop into the Saber app Pools tab here and choose which LP to deposit into. Given the pBTC-renBTC LP earning about 182% APY staked on the Sunny Aggregator, I click the corresponding Deposit button here on Saber AMM to deposit just my renBTC.
6 – After following the prompts to deposit 1 or 2 tokens into the LP, I am ready to hop over to the Sunny Aggregator to stake the LP and start earning SBR + SUNNY rewards.
7 – I find the corresponding option to stake Saber pBTC-renBTC LP, click the dropdown to reveal a Deposit tab, connect my Phantom wallet, specify the max LP balance to stake, and click Deposit, and follow the prompts to confirm it on Phantom wallet.
That’s it! I’m now earning trading fees accruing to the staked LP, SBR rewards, and and SUNNY rewards. I can return here to this app under Rewards to claim SBR + SUNNY rewards in the future.
For more DeFi video tutorials and insights, follow me @DeFi_Dad on Twitter and subscribe to DeFi Tutorials with DeFi Dad on YouTube at defidad.com. If you’re a builder raising capital for the next killer DeFi app, my team and I would love to partner with you at 4RC (Fourth Revolution Capital). Contact me via DMs on Twitter or at email@example.com.
Disclaimer & Risks: DeFi Dad disclosed he not only has used Sunny Aggregator but also bought the SUNNY token on the open market. This is not financial advice or a recommendation/endorsement to buy SUNNY. You should approach all DeFi applications, wallets, protocols, and tools with caution. Please be aware there is always risk in using DeFi, especially technical risks (ie smart contracts bugs), financial risks (ie liquidity crises), and potentially admin risk (admin key compromise, governance vulnerabilities).
Moon River Report by Jesse
This week has been a real rollercoaster for many in the market. With what was expected to be a grandiose endeavor for Bitcoin with El Salvador announcements. Unfortunately, just turned into just another FUDfest of media outlets chomping at the bit as Bitcoin fell to almost $40k on some exchanges. But, in the normal fashion of Bitcoin, this created an opportune buying time for anyone with a few chips set aside for the dip. Many projects did have a great week prior the Tuesday’s advancements and some even held strong through it all. With Fantom pulling a 100% return for holders, Quant and Solana maintained above 50% this week and held out fairly strong against the flash correction. After discussing some of the top Parachain Auction winners last week. This week we’ll be diving deeper into winner Moonriver and its role in the upcoming Polkadot ecosystem.
Moonriver is a companion network to Moonbeam and provides a permanently incentivized canary network. All new code ships to Moonriver first, where it can be tested and verified under real economic conditions. Once proven, the same code ships to Moonbeam on Polkadot. So with that, we’ll be discussing Moonbeam a bit throughout as they’re essentially one and the same. Moonbeam is a developer-oriented blockchain that strives to provide compatibility with the existing Ethereum developer toolchain and network. It does this by providing a full EVM implementation, a Web3-compatible API, and bridges that connect Moonbeam to existing Ethereum networks. This allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. Moonriver is the bridge that provides developers with the ability to test and change any necessary code before its full release on Moonbeam. But, while Moonbeam code launches to Moonriver first, the network will continue to live on as a Parachain on Kusama, with its own projects and specialized use cases. So while any code that will be launched on Moonbeam must be processed through Moonriver. Not all Moonriver projects will want to be moved into Moonbeam. In completing the final phase of the launch process in August 2021, balance transfers and EVM functionality have been enabled and the network is now fully functional. The Moonriver Network is intended to serve as a permanently incentivized canary network. At first, this means the code on Moonriver and Moonbeam will be the same. Over time, the Moonriver network is expected to evolve to serve specific use cases, like how Kusama has developed specialties that are not the same as the Polkadot network.
Since Parachains are independent blockchains that are able to connect to Kusama. They exist as ‘shards’ and communicate with the Kusama Relay Chain for certain shared benefits like security and interoperability. By being part of a single system, Parachains are also able to securely communicate and interoperate with each other. Due to their parallel nature, each Parachain is able to process transactions simultaneously and pass the transactions to the Relay Chain for finalization. This architecture makes Kusama significantly more scalable than other single chain approaches. Because Parachains are independent and heterogenous (able to be different from each other), each Parachain can be customized for particular use cases. In the case of Moonriver, the Parachain has been optimized to create the most Ethereum-like environment possible, which makes it the focus for projects with smart contracts and applications that use Ethereum technology stacks. Moonriver will follow a similar launch process as Kusama and Polkadot to ensure the stability of the network while it is deployed. This process began after the crowd loan campaign run by the Moonbeam Foundation was completed, and a Parachain slot had been secured as we received in last week’s rundown of the top five Parachains. Moonbeam will deploy to Polkadot later this year. That means developers have earlier access to Moonriver to start building, experimenting, and launching, and other participants can access DApps and assets on that chain. By mirroring Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more, Moonriver minimizes the changes required to run existing Solidity smart contracts on the network. Ethereum projects can simply replicate their DApp and deploy it to Moonbeam using Hardhat, Truffle, Remix, and other popular deployment tools. This allows Moonriver Parachain to be the first functional EVM deployed to the Kusama network, including its comprehensive Ethereum compatibility. The launch of Kusama is the most important milestone for Moonriver users. This upgrade added balance transfers (which also allows users to stake and start claiming any rewards from the crowdloan) and add the EVM. With transfers enabled the chain will now be governed by token holders using the on-chain governance system.
Moonriver’s launch was enabled by a community-focused crowdloan hosted by the Moonbeam Foundation, which received over 200,000 KSM from thousands of contributors across the globe. Contributors earned MOVR tokens for their support, which they can now use to engage with the network, and use built-in functionality. From the beginning, the Moonriver crowdloan was designed to maximize rewards and allow early participation in the community that helped the network launch. This community-led approach was backed by a sizable rewards pool representing 30% of genesis network tokens. MOVR token holders can now nominate and stake directly with collators on Moonriver. The network’s custom Parachain staking pallet was designed to simplify the nomination process and reduce the risk of collators’ front-running transactions. Moonriver now has nearly 40 collators in the permissionless active set, with more joining every week. Token holders can earn MOVR rewards by staking with these collators using the Moonriver staking application. With balance transfers enabled, Moonriver will be governed by token holders using the on-chain governance system. Users can vote on referenda directly through the Polkadot.js web application, with extra interfaces on the way. On-chain governance allows the Moonriver community to propose changes through code updates that will be executed by democracy. In this way, the community has the power to vote in a decentralized form of governance, and the network will access quicker turnaround times for changes. Additionally, the built-in upgrade features in Kusama enable the Moonriver network to forklessly upgrade based on governance and quickly respond to changing market conditions. Moonriver’s Parachain lease period will last 48 weeks. At the end of this lease, the KSM used to pay for the initial lease will be returned to the original contributors, and the Moonbeam Foundation will secure the necessary KSM to renew the slot for a second year. Moonriver is the only Parachain on Kusama that will have an open, permissionless collator set at launch. So far, 32 decentralized collators have already been introduced, and block production responsibilities have been evenly distributed among the collators.
Supporting the Moonriver Network is the MOVR token. Supply and other token economic behaviors on Moonriver will be the same as Moonbeam, but token distribution will be different to support the unique goals and attributes of the network. Of the initial 10 Million Total Supply the Moonbeam Foundation has allocated 10% of the supply of MOVR to incentivize liquidity programs on Moonriver in the first year. This allocation will help bootstrap activity in the Moonriver ecosystem and demonstrates the foundation’s dedication to the success of the teams building and deploying on the Moonriver Network. A significant part of the network (30%) was fairly and permissionlessly distributed as part of the initial crowdloan mentioned earlier. The remaining balance will be distributed to teams building on Moonriver and held by the Moonbeam Foundation to support long-term protocol and network development. Tokens under the control of the Moonbeam Foundation are used to fund network adoption, grants programs, ecosystem development, and other network needs. Notably, there is no “founders reward” and the PureStake team developing Moonriver will not own any of the tokens at network genesis. A total of 40% will be reserved to secure future Kusama Parachain slot leases (e.g., continued Parachain slot occupancy) and other community initiatives. The remaining supply will be used for Developer Adoption and the projects Treasury. Moonriver targets a 5% annual inflation rate and, as such, has an uncapped token supply. The purpose of inflation in Moonriver is to pay for the ongoing security needs of the network. The primary security budget items are to pay for a Parachain slot on an ongoing basis and to incentivize collators to provide collation (block production) services to support the Moonriver network. Of the 5% inflation, 1% will go towards incentivizing collators and 1.5% will go to the Parachain bond reserve to accumulate on-chain funds to pay for a Parachain slot in perpetuity. The remaining 2.5% will go to users that stake their MOVR tokens and help power the collator selection process.
While the Moonriver runs under the Moonbeam Network. Behind Moonbeam Network is the Moonbeam Foundation to help all the project’s advancements and integrations. Taking it even a step further, the Moonbeam Foundation itself is under the control and direction of the organization PureStake. The PureStake IaaS platform is able to deliver consistent uptime and availability by combining best practices in architecture and security operations. Nodes are globally dispersed and based on an automated multi-pop, a multi-cloud approach that spans Amazon Web Services, Microsoft Azure, and Google environments. This allows anyone to host a node and help support the network without needing an intricate series of monitors and alerts to make sure that node stays up. Allowing for this type of operation, the PureStake team has been running data centers and building highly distributed infrastructure since the early days of the Internet and has been operating a Polkadot Validator since its launch.
The MOVR token launched last month in August when the final phase was completed and governance was introduced. Then token released to market around $70 and quickly jumped to over $100 the first day, which quickly sold off to $80 then jumped to an all-time high of $185 at the end of its first week. After the initial new coin hype started to cool off MOVR found its first line of support between $135 and $165 a token where it just recently broke this channel above $175 and looks to create and new price channel if a breakout above the previous ATH can be obtained, and more importantly maintained. The circulating supply at this time is almost 93% of the Total supply. But, all these tokens not being staked are locked into Development, Treasury, and Liquidity pools. The project has maintained a following of 17k on Twitter, and 30k members in the Moonbeam Telegram group. As a PureStake project, the Github code has been maintained and updated on an almost daily basis to show consistent growth and consistently obtaining Roadmap milestones laid out by Moonbeam.
No red flags came up when reviewing Moonriver.
There’s going to be a lot of use for any EVM-enabled systems on Polkadot. This is the main reason that Polkadot was structured in the way that it has. Moonbeam/Moonriver are the first movers of compatibility in the Polkadot/Kusama environment and with it, they’ve been the focus for Solidity developers looking to unlock more potential for their projects than what’s currently capable on Ethereum. But, as with any of these canary networks, you’d be hard-pressed to place any of them above their original chains. While they serve as a great testnet for rolling out new upgrades and thoroughly bug-testing code. It’s hard to imagine any one of them growing a larger community and/or value that supersedes its Father chain. In the case of Moonriver, there’s still a lot to be determined in its outcome. The biggest of which is building value for the MOVR token. As this token was essentially provided free to crowdloan participants, it is hard to gauge how many of these participants will be around after their Kusama has been returned to them. Since this ties into the first Parachain auctions only time will tell if these canary networks are to be taken at face value or if their just another means for Kusama holders to extract more value from the system.
Until next time, remember that the only guarantee is BTC. So keep stacking that Satoshi.
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
Do let me know if you have any questions or feedback, or any topics you’d like to see covered in future issues.
See you next time!
Lark and the Wealth Mastery Team
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TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.