Well, we seem to have got through a boiling hot August with the assistance of air-conditioning and cold beer in frozen beer glasses, so now it’s time to look at how much progress we made on the crypto accumulation front…
HBD More than Doubled!
The month began with a bang as I was able to more-than-double my Hive Backed Dollar (HBD) stable coin holdings thanks to $300 worth of Livegood affiliate commissions that landed in my Freebitco.in wallet as Bitcoin. I promptly sent about $300 worth of Bitcoin from Freebitcoin to my Hive account where I converted it into HBD. In this blog post I described this process of funneling Livegood affiliate marketing profits into HBD via FreeBitco.in.
Why am I so keen on HBD?
I’m keen on accumulating HBD because it is a stablecoin that earns 20% interest a year, but pays out interest earnings every week (giving you a nice opportunity to earn compound interest).
Chucking an extra $300 into HBD boosted my weekly dividend earnings, which, together with my earnings from content creation, helped me to go from $331 at the beginning of the month to $680 by the end. That’s the biggest single month gain I’ve ever managed with HBD.
My First Bybit Crypto Trading Bot
My other “big” news during August was that I jumped into Bybit and set up my first ever crypto trading bot. I sent $130 worth of BTC over from Freebitco.in to get started, and put $90 into my new trading bot. I’ll report on my progress with trading bots in another post.
Those two transactions took a few hundred dollars off my Freebitcoin account, which is why that is the one balance that went down in August. I have no intention of keeping more than 5 million sats and 250,000 FUN on Freebitcoin due to counter-party risk.
Hive 2nd Tier Tokens
As for my 2nd tier Hive positions, I made reasonable progress towards as yet unfulfilled goals on most fronts. I even made a bit of progress comically not-awesome Awesome holdings in August!
Here’s the state of play as of this morning:
|Crypto Asset||1st January 2023||1st August||1st September||31st December 2023 (Targets)|
Reinvesting FUN Tokens
Several of my Freebitco.in FUN contracts matured with a 25% gain during August and I immediately locked the whole lot up again for another 360 days at 25% which accounts for most of the August gain on that front. I guess I added another 100 or so FUN tokens by converting Reward Points into the option to earn 5 FUN tokens on the hourly roll.
What’s Up In September?
It would be nice to hit $1,000 worth of HBD in September. My other goal is to but some more BTC into Bybit and set up another trading bot.
As for my 2nd tier tokens, my primary goal is to hit my 1000 LEN target, and it might even be possible to get there this month. (LEN is the token that supports the Liotes project on the Hive blockchain.)
Apart from that, I’d like to keep growing my HIVE to see if I can achieve Dolphin status (5,000 HIVE) by the end of the year. That’s a stretch goal as I’ve already achieved my initial 2023 target for HIVE.