After a scheduling problem was averted, I met with my crypto guru again on the last day of the year. We didn’t do research, but we did get some things done.
- I was relieved to know I can log into 2 (or more) computers with my MetaMask at the same time. As I tried this before our meeting, I was asked to change my password on the second device. His reassurance of “Just use your original password.” was enough to get this issue resolved.
- Last week, I had contacted my guru to get his guidance on the Ethereum position hanging out in the bottom third of its price range. During our meeting, he recommended closing ALL of the non-PENDLE positions. While the holidays were creating lower volume, all but the PENDLE position were sitting at well below expectations. I am hopeful the “Profit & Loss” will go up on this position once trading activity normalizes after the holidays.
- On the teaching side, the guru provided a way to estimate the value of a crypto asset. He told me I am unlikely to need it because the easiest way is to find an asset where it is not necessary.
- As I struggled to find other “pools” to put money into, I asked what was necessary to put funds in other pools. This is how I found out about Rubic. Rubic allows an asset to be moved from one blockchain to another. “Bridging” is necessary to have access to all available blockchains. My first “bridge” was using MetaMask, but they charge additional fees. So, it was recommended I use Rubic in the future. I also found out you need “fuel” on the different blockchains as you move between networks.
- Finally, after claiming my “Fees and Rewards”, it was suggested I move these to a separate wallet. This wallet will be reserved for special investment opportunities. I am not familiar enough with crypto to know how to screen for these. I would classify them as more risky.
My homework before our meeting next week is to establish a couple of additional test positions on a network other than Arbitrum One. I am up to the challenge!
