I am a crypto tragic. The crypto space has managed to satisfy my intellectual curiosity every day since I first went down the rabbit hole in August 2017. It can get overwhelming and at these times I find it useful to take stock and get all the information out into something I can see, and thus evaluate. I’ve used a tool called coggle in the past for just this purpose.
This is a snapshot of all (or most of) the things in crypto that consume my time, attention and money at this time.
Brain dump
It’s literally an entangled web but it helps me hone in on what matters. Like most folks, I don’t have an endless supply of money. I’m perhaps a bit over-invested in NFTs so I have a bit of a liquidity problem. That’s why I have it as a main branch on my brain dump. As liquidity comes in, it accumulates until there’s enough for me to do something with it.
Some money comes in
At the moment, one of the biggest problems is gas money on ethereum. There are some things on my to-do list that don’t cost anything … except gas, and that’s a problem when you don’t have much liquidity. So in the near term, a lot of my ETH will be spent just on gas (airdrops, etc).
Gas - eeek!
I’m lucky that I was dropped a generous amount of AXS tokens a few months ago for being an early(ish) adopter of Axie Infinity. I stake these tokens to earn daily rewards. At the moment, I’m using these rewards to: restake 25%; farm RON with 50%; keep 25% liquid to acquire other crypto assets.
and then there’s Axie Infinity
Asides - I have some ETH on a hardware wallet that I don’t plan to touch for at least five years or so. Polygon is my playground. I do some fun DeFi stuff on there and currently a lot of my farming rewards are put towards accumulating (and staking) KLIMA tokens which (in case you haven’t heard of it) is a really cool project whose mission is to raise the price of carbon tonnes to force corporations to change their polluting ways! As a bonus, KLIMA investors can profit from this.
The reason I wanted to share this was to show that putting the things down that consume our thoughts and mapping their connections gives us perspective. It does for me anyways. It’s reassured me to forget about getting rich quick. My IRL ‘boomer’ investments and my crypto investments are largely separate but I don’t expect this to be the case forever. Until that day the crypto flywheel will hopefully sustain itself (with the help of occasional small fiat investments). There are some specific counterparty NFTs and CryptoKitties that I would like to acquire as I’m bullish historic NFTs and I think they’re good value at current prices. But I just need to be patient and wait for the AXS to accumulate to the point when I can swap to ETH, bridge over to ethereum mainnet and make these purchases. I would like to knock off as many of these items as possible in 2022 which should put me in a very good position for 2023! Getting rich slowly without fanfare is the way!