Crypto Industry Conundrum (1 of 2)

The Problem With Crypto

Nomad, a bridge that exchanges tokens like AVAX, ETH, EVMOS, Milkomeda and Moonbeam, just recently got hacked to the tune of 190M USD’s. Moonbeam’s smart contract platform from the Polkadot network, whose native token is the GLMR Token, and who looks like the primary target, has gone offline. Announcing “Maintenance mode” thus disabling regular user transactions and smart contract interactions.

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Ramblings

Well am suffering from 39 degree fever for the past week. Thankfully, it doesn’t look like it’s covid, but I used an antigen test and will need to take an RT PCR. Anyway, it pains me to even swallow my own saliva, so really need to sort this out soon.

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FUD

Everything is red in the crypto space. There is so much fear, uncertainty and doubt (FUD) in the industry. The denial of the United States SEC of listing a BTC spot exchange-traded fund, most certainly made things worse.

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Greater Fool Theory

Bill Gates recently stated that the cryptocurrency phenomenon is largely based on the greater fool theory. According to investopedia.com, the theory “argues that prices go up because people are able to sell overpriced securities to a “greater fool,” whether or not they are overvalued. That is, of course, until there are no greater fools left”.

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The Case for Mutual Funds

Years ago, I discovered mutual funds. Discovered but never really took it seriously. Yes, I would invest probably once a year and leave it there for good.

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Crypto Roller Coaster

So yeah, I can only guess that all investors right now, are probably looking for that one investment that will provide them phenomenal returns. Most turned to crypto, and I am assuming that a lot are regretting that decision right now. I would surmise, these are the noobs.

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Tighter, Tighter and Still Tighter

Things have not been going my way. Well not all things, but currently, some things will go right, but then other things will go wrong. And when it goes wrong, it has a more significant impact. In other words, one step forward, two steps back.

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So it’s happened….

“There goes the barn!”, as the saying goes. With the current circumstances affecting the world economy, it not surprising that small companies like ours have been severely affected. Dealing with the entertainment industry has brought us to our knees. Clients are closed, some voluntarily, the rest…forced. Revenues have all dried up and continuing to operate is using up much hard earned savings.

Outside of putting out fires left and right like letting go of employees, and retained ones, resigning, one gets the feeling of a sinking ship. The biggest hurdle is wrestling with self-pity and strong feelings of inadequacy at this point. The should’ve’s have taken over and it makes it difficult not to tear oneself to shreds. Hard not to do when you were used to earning millions annually, then all of sudden, nothing.

The unleashing of emotions is hard to stem. More like a dam breaking and you stand there frozen in fear. It is paralyzing, another thing to wrestle with. Believe me, we have been fighting for more than a year and suddenly it dawns on you if this is all worth the effort, time, health and attention that we have poured. I guess, what is more dreadful is the fact that we are not out of the woods yet. There is still an urgent need to fight, but I don’t know if I still have the enough left in the tank to do so.

Want more pressure? We have to think of all the families that are dependent on our company. What will happen to them if we close? Those who have kept faith, who continue to plod along in spite of the pay-cuts, the reduced hours yet the call for more work.

But how does one gain the upper hand given the circumstances? As Eric Draven from the Crow movie said, “it can’t rain all the time”. The question is, can we outlast the rain.

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Financial Journey

Financial freedom has always been at the top of my head ever since I came home from abroad with no work, with just three months worth of cash to live by and a kids to feed, clothed, shelter and educate.  It became a sore point for me to constantly be worried where the next cash would be coming in.  Stressed and praying that none of the kids would get sick, it was a turning point in my life to be so cash strapped that I started looking for ways to become wealthy by reading books.  Some of the books that I’ve read and which have become references were the following: Continue reading

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Sidelined

Wednesday morning and I’ve been stuck at home since the weekend.  Bad case of vertigo. Picked up the girlfriend last Saturday after her work and already felt something was wrong.  Head was swimming but I thought it would pass.  Then felt really dizzy and started having cold sweats.  We were supposed to have dinner but ended up in the emergency room. Continue reading

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