Crypto Update 12-17-2021 | Staking For Bitcoin, Splinterlands, ZERO Fcks, When I Was A Quarter-Billionaire

A Staking Chain For Bitcoin

The Mayor of Miami was on a recent What Bitcoin Did podcast. He spoke about the MiamiCoin awarded to the city, and how he planned to stake it and pay the citizens of Miami a Bitcoin staking reward. A city coin was recently created for New York City, but fuck that shithole IMO. For those of you that don't know, MiamiCoin is built on the Stacks blockchain, which relies on the Bitcoin blockchain for final settlement. Despite this coin actually being built using Bitcoin, you can see the struggle that Bitcoin maximalists have with it. 'A shitcoin built on Bitcoin', but I digress. What I really wanted to find out is how this MIA coin makes its way into Bitcoin dividends. Then in my research I discovered that the Exchange OKCoin, has MiamiCoin staking enabled at a whopping 128.4% APY. This APY is actually paid out in the Stacks network base token, which is STX (See below).

Once the STX payout occurs, the STX token can be staked once again for a 10% payout payable in Bitcoin(see below). While I already had a little STX staked and am receiving regular Bitcoin payouts, I had no idea that could be fed by staking MIA coin.

So from this discovery, I decided that I would also stake a little MiamiCoin. One reason, is I love what the city of Miami is doing, and their effort to bring the crypto industry to their city. I also like the Mayor's plans for a Bitcoin dividend. What's more, I can stake a high APY coin which becomes a token for Stacks which I can stake for Bitcoin. The Bitcoin I can then deposit for yield somewhere. This compounding waterfall of passive income is very attractive to me. I am staking something I feel is high risk, to something that is medium risk, to something that is low risk. Now I wouldn't bet the farm on this approach, but you've got to admit that it's a pretty cool roundabout way to stack some Satoshis!

Splinterlands

I had about 17k SPS and counting unclaimed. I hadn't planned on claiming it until after the new year for tax reasons, but when the price of SPS dropped to under $0.25, I decided to pull the trigger. Hopefully recovers enough into the new year to make this a wise decision. 222 days seems like a long time left for the airdrop, but I will sure miss it when it's over. Also the price of DEC has been really taking a beating. This is really showing up in my rentals. It's still worth it for the time being. If that should continue to drop, I'll consider going back to grinding battles and tournaments again if I can make more that way. As far as Chaos Legon is concerned, I'm now getting about 100 vouchers every 4 days, and I intend to turn those all into packs. @Azircon predicts that whales will swoop in and buy up all the general sale. I agree that there is a non-zero chance of that happening, so using up all of my vouchers should be a good hedge against that. Once the general sale kicks off, I plan to round out my deck by purchasing individual cards. I will keep some unopened packs since their price tends to go apeshit after the cards sell out. In addition, unlike with previous editions I plan to max out a few gold foil cards and hang onto them.

Spec Mining ZERO Fcks Given

So another masternode I mined my way into was ZERO. It was recently acting up, so I decided to resync the blockchain. The problem is, that it syncs a few blocks then gets a connection error. If I were to hazard a guess, I'd say there just aren't enough nodes being detected for me to do a full sync to. Hopefully it gets past a certain point and will just keep going. It takes 10k ZERO to run a masternode. At $0.11 per, that's not nothing. It didn't take a whole lot to mine, but this goes to show how non-robust some of this software is, and why they call it speculative mining. Hopefully I can get this chain to sync so I can decide whether or not I want to dump these coins and abandon running the node.

Back When I Was A Quarter Billionaire

So Cointracking had an interesting glitch the other day where my total balance was showing up as $250,000,000. According to them, it was due to a problem with Coinmarketcap's price feed. That's a bit concerning because I use this platform to track my portfolio for tax purposes, and will be writing a check to the IRS based upon the data they provide. In any case, this reminds me of how important it is to review the data prior to submission. Could it also be a prediction for the future? Probably after milk is $1000/gallon.

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