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Disclaimer: Nothing in this report constitutes investment advice—I am just reporting on my accounts and its progress on each platform. You should not use this report to make financial decisions. I recommend you seek professional advice from someone who is authorized to provide investment advice.
Hey everyone and welcome to the HODLer’s Den!
Here you will find information on my crypto investment portfolio straight from a HODLer’s perspective.  This section will focus on HODLing cryptos and interest-earning platforms.
BlockFi
Updates
Earn Rewards Flex
The new Rewards Flex feature for the BlockFi Rewards Credit Card lets cardholders choose the cryptoassets they want to receive as rewards for their credit card spending.
That means you can keep earning BTC rewards, or opt for Ether (ETH), Litecoin (LTC), Chainlink (LINK), PAX Gold (PAXG), Basic Attention Token (BAT), or Uniswap (UNI) at the same rewards rate.
You can also opt instead for stablecoin rewards back in Gemini Dollar (GUSD), USD Coin (USDC), Paxos Standard (PAX), Multi-Collateral Dai (DAI), or Binance USD (BUSD).
You can change the cryptoasset reward you want to receive as many times as you want.
Stablecoin Rates Increased
As of November 1, 2021, rates changed for Gemini Dollar (GUSD), USD Coin (USDC), Paxos Standard (PAX), Multi-Collateral Dai (DAI), Binance USD (BUSD), and Tether (USDT) holdings in the BlockFi Interest Account (BIA).
The APY for Tier 1 stablecoins (excluding Tether) rose to 9%, while the APY for Tier 2 stablecoins (excluding Tether) increased to 8%.
The APY for Tier 1 Tether (USDT) climbed to 9.5%, and the APY for Tier 2 Tether (USDT) rose to 8.5%.
Withdraw Fees Update
As of December 1, 2021 (UTC), BlockFi will have a new withdrawal fee structure.
You will continue to get one free withdrawal per month for either Bitcoin, Litecoin, or stablecoins (USDC, GUSD, PAX, DAI, BUSD, USDT).
After using this first free withdrawal, any further withdrawals will have a fee that varies by coin (see table below).
New withdrawal fee structure for Ethereum, Chainlink, PAXG, Uniswap, and Basic Attention Token (BAT) as described in the table below.
BlockFi Welcomes Jennifer Hill
BlockFi announced that Jennifer Hill has joined their Board of Directors.
She joins BlockFi as the fourth independent non-executive director and will serve as a member of the Audit & Risk Committee.
Having expertise in capital markets, insurance, regulation, compliance, strategy, and corporate restructuring, Hill also consults on a variety of enterprises within the financial ecosystem, including fintech, payments, cryptocurrency, traditional asset management, risk management, insurance, and cybersecurity.
Interest Earned
It has been 5 weeks since the last BlockFi report and during that time my portfolio lost over 1600 USD in total interest paid. I track my progress with each lending platform using a Google Spreadsheet.
Bitcoin (BTC) is currently at 48.5k USD while Ethereum (ETH) is at 4052 USD. Both of these assets make a majority of my BlockFi portfolio and it is clearly reflected in my portfolio.
Both of these assets have taken major hits in the recent market liquidation and Omicron news.
However, as a HODLer I can usually ignore market fluctuations and continue to accumulate and compound my earnings.
Conclusion & Prospect
I believe the BlockFi credit card is the main feature that is keeping BlockFi alive at this point. It still remains the only crypto platform—that I am aware of—to utilize a credit card and not a debit card. I use my BlockFi through Apple Pay for all of my purchases because it allows me to dollar cost average into Bitcoin.
A credit card allows me to pay my balance monthly whereas a debit card is an instant deduction from my account. This gives me time to move money around and maximize my interest earning potential when needed such as the recent market dip.
With the change in flex earning and being able to earn cash back in other coins, I can switch to an asset that has higher chance to pump in price. For now I will stick with the Bitcoin option for cash back.
In my previous BlockFi report I mentioned that I would start dollar cost averaging on BlockFi but I changed my mind. I am using Crypto.com to do my weekly buys because it offers several advantages over BlockFi.
The recent change in withdrawal fee structure solidifies my conviction in not using BlockFi for automated weekly buys. The fees are higher than most platforms—I am looking at you Bitrue. However, Bitrue offers competitive interest rates to somewhat offset its withdrawal fees.
I know we get 1 free withdraw per month but I always do a test transaction due to my paranoia so I am most likely going to eat the fee regardless. The withdraw fees might prevent clients with lower balances from moving assets onto BlockFi.
The boost in stablecoin rates is a welcome one for sure. After months of reducing the earn rates across the platform, it felt like BlockFi was no longer sustainable. With the current rates for stablecoins, BlockFi remains a viable competitor in the crypto space and I will continue to have some holdings on the platform.
The recent market pullback did not phase me at all. I have been in crypto for a decent amount of time and this kind of dip becomes a normal part of the cycle. The important thing is that you learn and prepare yourself for the next one.
Each week I will report on a different interest-earning platform that I use—mainly, Celsius Network, Bitrue, Crypto.com, and BlockFi.
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What I Am Doing
This section is dedicated to paid subscribers as I will go into details of what moves I am making with my interest-earning portfolios.
Once again we are hit with a market correction due to mass liquidations and news of the Omicron variant. It hurts looking at my portfolio but this time I had some funds sitting on the sideline for this exact opportunity.
I picked up some additional Bitcoin and Ethereum during the dip and will continue to dollar cost average into both of these assets as they continue to fall and recover.
As I mentioned above, I am using Crypto.com to do automated weekly buys because I can easily move assets onto my DeFi wallet and avoid the huge withdraw fees that BlockFi has. I also did a test transaction by converting some crypto into fiat and sending it to my bank account and it arrived in 3 days.
So if I have an emergency I can quickly liquidate some assets on Crypto.com and move them into my bank account.
For both Polygon (MATIC) and Binance Smart Chain (BSC), my investments are auto compounding so I rarely check in to see if there is action required on my end. Polycat is the only platform that I harvest every day or two.
My JEWEL on Harmony is in DeFi Kingdoms earning interest. I have not touched it since depositing it into the game’s bank.
Although my Osmosis portfolio took a hit during the market pullback, I am still making a decent passive income that is higher than my salary.
My plan is to sell my OSMO into CRO and then send it to my DeFi Wallet and then Crypto.com account. I then sell my CRO for fiat on Crypto.com and transfer the fiat into my bank account.
I was able to seamlessly cash out my OSMO earnings by using Crypto.com. I now have a way to use my crypto earnings to pay my rent and anything that requires it. The only limitation is that Crypto.com only allows you to withdraw 50,000 USD of fiat per month, but that is more than enough for me to survive. For all my other purchases, I can use my Crypto.com card or BlockFi card.
With most of my monetary obligations accounted for, I feel comfortable retiring once the market picks up.