polycub: the solution to cryto emergency
Saving money is one the best way to hold money down but investment is one of the best way to earn more as well as holding but some people will still argue with this because of risk involve but many people are choosing investment over savings now because the importance of investment can't be underestimated. we have many people that are saving plus investing at the same time because of millions of reasons but people do this because of an emergency.
an emergency can be anything to us because when it comes to money our need and wants is all very different and I don't always believe someone is 100% right in how to spend money, what works for you might not work for me. facing our emergencies can be simple when you have saved money for that but if you don't save any money but have investment somewhere it only disturbs your investment and slow down your plans.
crypto emergency
when investing in crypto it comes with other forms of the devil because it is volatile and when the emergency showed up might be when the market is down 50%, this is normal in crypto because the price might recover back in less than a few days but attending to emergency in this type of situation is very difficult because it only means that we will be selling our coin in massive loss.
that is why most times emergencies are always the fastest way to spoil our crypto growth. if you withdraw 10$ worth of coins during the bearish season that 10% coin might be worth 50$ in the bullish season.
the emergency problem
many crypto communities have come up with many ways to deal with this, some projects see it as a problem while some see it as nothing but this has been a big disadvantage to many crypto lovers. some defi project has come up with ways to solve this using collateral which is working for them but not for somebody like me that is a lover of the hive. I think it is the only problem I'm having with this community because to unstake your hive holdings it will take 13weeks. you can delegate your HP holdings out to get some funds but this can be so small compared to the money you need.
polycub the way out
I don't have an actual way of dealing with my crypto emergency and this has been a major setback for me concerning growth on hive but I think a way just shows it self which is polycub. polycub is a defi 2.0 yield optimizer on polygon network and an extension of leo finance. polycub has a LP for pHbd-usdc and pHbd is hive backed dollar that is pegged to one dollar and as of the time of writing this post, the major payout of hive is through Hbd which makes a lot of sense. with the incoming development on polycub about colleteral, this is a perfect opportunity for way-out.
what is the plan
providing LP for pHbd-usdc which is extremely high at the moment will
generate polycub and the polycub will be converted to xpolycub, with xpolycub you can collect a loan it is a simple strategy. another advantage is that your hbd is not locked away for days before having access to it. if an emergency comes you can tackle it easily without having to wait.
how do you deal with crypto emergency?
Posted Using LeoFinance Beta
You're right, savings used to be a "thing" it later became less lucrative. But with the crypto and so many other Blockchain projects. Savings brings even bigger results. But then, investment opens up more opportunities for us. But then like you said, volatility is real and a big issue
Posted Using LeoFinance Beta
When investing in any crypto projects volatility is always a big issue and if emergency come when the market is in uptrend it is good but in downtrend can be very bad which can affect our plans totally.
Crypto guru like you how do escape emergency without touching your portfolio?
Posted Using LeoFinance Beta
Makes a lot of sense actually. You can even re invest the loan to make more money for you. The most important thing is having that cash at hand also working for you.
Posted Using LeoFinance Beta
I have not even thought of reinvest, wow that is a new one. Having cash at hand to solve an emergency is the key
Posted Using LeoFinance Beta
I can relate to this as I withdrew $1,084 of my crypto on Hive last year to fend for myself with the hope of paying back the money to my investment, in 3 months the $1,084 I withdrew was worth $2,106 till date I have been unbale to pay back the money I actually decided to forget about it.
Good plan you laid out on pHBD-pUSDC there
Posted Using LeoFinance Beta
I hate it when an emergency show up that allow me to spend parts of my portfolio during bearish market, it’s always very painful
Posted Using LeoFinance Beta
Unfortunately it is part of life, something we have to have plans in place for. It can really set some back for growth but invariably too, we have to be thankful of being able to sort of the financial with our funds
Posted using LeoFinance Mobile
You are right that stable coin pools allow you to get money fast but you are also relying on the farm token's price. Especially on PolyCUB where the early harvest penalty is 50%, I am not sure it's the best place to put for an emergency. However, at the current APR, even the -50% is fine but I would watch to see if it does drop.
Posted Using LeoFinance Beta
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