The Trouble When Living Entirely Of Cryptos
View this post on Hive: The Trouble When Living Entirely Of Cryptos
I have moved all my content away from the now centralized and controlled Steem blockchain to the decentralized Hive blockchain.
View this post on Hive: The Trouble When Living Entirely Of Cryptos
I have moved all my content away from the now centralized and controlled Steem blockchain to the decentralized Hive blockchain.
Ive cut back a lot too, I don't want to sell any at these levels. I just wish i had more fiat to buy now but I'm all in lol
Couldn't you use a wirex card and phone app.. Convert your steem to btc then via the app exchange btc for fiat and spend through the wirex card
I have been living off crypto for the past year and honestly it’s been a battle . I wish I cashed out some of it at $9, it would have been so peaceful with 40K in my pocket but I have home it’s gonna go back up again
I have to say that what you managed with your hard work (I suppose) in Steemit is amazing, get free from those works you mention it's a great archievement, but as you said that lefts you in a very vulnerable position against the market up and downs.
For the next bear run you could swap some crypto (steem or whatever you have) to Tether to protect yourself from that. I'm not a specialist but I think this is a safer way to have your funds.
The issue of the fees in Costa Rica is harder to solve, maybe if you have some confidence with someone of another country you could send crypto to that person, swap in that other country with lower fees and send you back with some app for remittances of money.
I don't know maybe these are some crazy ideas, hope that maybe could help a little to you. Greetings.
Shoot me an email at [email protected]. I might be able to help.
It's a high risk - high reward thing.
The main benefit being a salary slave is the garantee of a steady income, you won't get rich from it but (hopefully) not poor either. (low risk - low reward).
It's a baseline that is missing when your unemployed/living off crypto/interest what not. And fear and other bad feelings can come in playing havoc if it takes too long.
I hope you'll take the right fortuituous decisions in the future :)
25% fee is insane man. Sorry to hear about your struggles. If it helps, know that I’m feeling the effects too. And I’m living in one of the most expensive places to be!
Ultimately, every market is going to have a correction and every market is going to have a rally. We know it’s coming, we just don’t know when. Now is the time to plan though. And even if you do have to sell cryptos at a low, keep making content to replace it as you withdraw it.
Something I’ve done personally is look to diversify my income stream. We’ll get through it buddy! Good thing is there was a lesson out of this!
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I wonder if platforms like Nexo would be a good option in the next bull run. You'd still probably need to sell some STEEM for BTC, but then you could get cash with no fees coming out, presuming you have a fiat bank account somewhere. You wouldn't sell your crypto for a few years and then only sell enough to pay the 10% interest rate, which should be far less than the appreciation you saw during the period by not cashing out your crypto.
Of course, if there is a "bull start" that fizzles and turns bull again, you could get into such a squeeze that you wind up having to sell all your crypto to repay the loan. So there is some risk involved.
To me the risk of Tether is that you miss all the increases and move into Tether always when the market is down. I see that most people wind up doing that, even though they are certainly not trying to.
It may be the best lesson or highest value lesson learnt in the past 14 months, write this into a principal like ray dalio. Lesson learnt, how to do it better, what actions you will do when it happen again (which you already did, check the discipline to execute the plan when it happen). put it somewhere you can see to remind you when you see pattern repeating again in future, you will be aware, capable and handle it well.
You can do it man ! keep it going.
Hey Flauwy. Ingrid and I have also been going through hard times. I know somebody else mentioned it here, but you should consider maybe having one of your family members in Europe (like your dad) use a better exchange (LBC sucks ass, they are terrible) like Kraken, and maybe your dad could sell your crypto for Euros there and maybe he could mail the Euros or wire transfer to you and then you swap locally for Costa Rican Colon. Just a thought as I think the stress of that would far outweigh the precious thousands of dollars killed on fees. I feel pain for you brother, we hope this can all be overcome and we will all be enjoying ourselves next February in Acapulco again 😄
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