Have been procrastinating from writing this week, enough to realise that the third week of the challenge is almost ending.
As I stated in this update, I moved all my BTC from Celsius to Venus, into the deeps of the Binance Smart Chain.
You'll see that some interesting things start to happen while I optimize my supply/borrowing strategies. Not paying fees for tx is everything while playing with (still yet) 'small balances'.
First, the snapshot of rigour from the excel sheet:
I'm 'reporting' 2 weeks as I did two contributions the last few days, 0,01 BTC taking profit from the dip to ~18K and another one today to celebrate the ATH's. Isn't my plan to keep adding at a rhythm of 0,01 BTC/week but I want to take profit of the current situation to accelerate my progress (almost 1000$ in BTC wooohooo!) .
Let's see how far it goes :)
Venus Snapshot:
As you can see My supplied balance is higher than my 'deposited' balance, this is because I'm using part of the borrowed funds to supply even more (which allows me to keep borrowing). It's a vicious cycle only available to big accounts in the ETH network (due to gas fees). If you want to know hot it works, it can be resumed in the following terms:
Deposit ETH
Borrow DAI
Buy more ETH
Deposit that borrowed ETH & repeat.
With that simple process, you can 'leverage' your position and in my case without 0much' risk (as I'm at ~32% borrowing capacity with stable coins and BNB, pretty stable if you ask me).
A freaky entertainment diagram to know the flow of money:
It's free entertainment because the borrowed money is also free. The only problem is that VAI is losing his peg atm (because you can borrow it for free, exchange it for USDT/USDC and supply again for free, which is what I'm doing exactly btw).
Suck my toe MakerDAO!
not going to pay your idiotic holders a 19,5% 'stability fee' to keep the peg of your degenerate coin ever again!
That's enough for today. Congrats everyone on the newly achieved all-time high for Bitcoin! Next week I'll make some related TA (if we stabilize, we're in full discovery mode).
Happy hodling!
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