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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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10115440 No.10115440 [Reply] [Original]

I tried to tell my mother about what I had done and that my plan is for the price to appreciate enough to $640 to where I will have made a profit of 2 years savings at my old job. And that I don't want to get a job since I won't need one since I'll be in a good financial position anyway.

She didn't seem to like what I was saying and got angry I wasn't looking for a job. I kept repeating I don't need one since I'm going to make enough when ETH goes up from my position I told her.

Apparently she thinks I'm a gambler and an idiot for going into debt.

What the fuck is wrong with boomers these days? What do you think biz?

>> No.10115446

Pic related is my entry price at $445.11 and my liquidation level is $86.49.

>> No.10115454

you talked about this earlier today i don't care

>> No.10115476
File: 329 KB, 750x404, BEE56897-BFF5-419C-AFF5-E8D096120076.jpg [View same] [iqdb] [saucenao] [google]
10115476

>>10115440
Liquidate him

>> No.10115506

>>10115440
nice blog

>> No.10115644

>>10115440

If ETH goes to $86.49 well we got bigger issues. I think you'll be fine OP, do you have to pay some sort of fee though? Do you have to pay interest monthly?

>> No.10116213

>>10115440
So how does this work? it goes below $86.49 you are obviously fucked but what if it goes below 445.11? And what if it goes up 10-20 dollars? How much profit is that?

>> No.10116252

>>10116213
For every $1 it goes up or down I make $134.8 in paper gains/losses so long as the position is open.

If I decide to close at $640 then thats:

640-445.11=194.89

194.89*134.8=26,271.172

26,271 / 640 = 41.04870625 ETH profit

>> No.10116264

>>10115440
If you would've said these exact words when Internet was in development, your mum would've called you the exact same words.

I dont understand why do you even give a fuck about peoples opinion who have absolutely no understanding of the tech. You'll prove them wrong in the future.

>> No.10116270

>>10116252
Dope. How did you come to the number $134.8? Any fees once you cash out?

>> No.10116281

you borrowed 60k to buy 134eth to then go long on margin? LMAO

>> No.10116284

>>10116270
134.8 is the amount of ETH purchased with the $60,000 DAI (debt) I took out.

The fee is 0.5% of 60k per year.

Its automatically calculated by the smart contract per second.

>> No.10116290

>>10116281
Why is that so funny?

>> No.10116340

>>10116290
Ok. I trade on margin myself. You have absolutely no way of knowing if price is going to go up or down. Trading is literally a case of probability. I hope you have a methodical system and a way of trading which you have back tested.

>> No.10116345

>>10116284
So If i were to do the same with 10 eth. For every dollar eth goes up or down I would make $10 dollars gain/loss?

>> No.10116352

>>10116340
Do you use Maker DAO as well? Or where do you margin trade?

>> No.10116356

I'm a trend trader. So, in my system the trend for ethusd is currently down. The first 'ribbon' i would consider weaker resistance and offers short term reversals....its currently trending down. The second ribbon is what i would consider strong resistance (or if we're above it, strong support).

https://www.tradingview.com/x/9bVw0mHe/

Hope it works out for you or you have stop losses setup.

>> No.10116363

>>10116352
I'm not familiar with how the Maker DAO works. I assumed its some form of lending token that you have used to borrow $60,000 worth...you then deposit that onto an exchange and buy ETH with it? I assumed you then took that eth and went long on margin (bitfinex?) Or have I got this wrong?

>> No.10116389

>>10116363
Heres a tutorial

https://www.youtube.com/watch?v=7f0ZMQCpov4&t=

>> No.10116394

>>10116363

Nah, no lending token needed. You basically borrow DAI, which is a stablecoin like Tether (except backed by all the Eth staked in MakerDAO contracts). They have an internal DEX you can use to trade the DAI for Eth, and most other DEX on Ethereum use DAI as well.

>> No.10116403

> when ETH goes up from my position I told her.

Your idea only works in the event of ETH going up. If it goes down even just 10%, you now have the most expensive loan you could have gotten. I have lend myself $20k dai through MakerDAO and it worked out. But had I done this in a few weeks later I would be in some pretty damn deep shit. Your mom is right here, regardless of how great the system is, there is a chance of being wiped out. Wait until multi-collateral assets are implemented and then lend DGX-DAI at a higher leverage at a MUCH lower risk.

>> No.10116450

You went all in 5x long eth with your life savings? Fucking degenerate

>> No.10117387

>>10116403
Can he not just leave it there indefinitely, until the price goes to his profit mark? I mean ETH shouldn't hit his liquidation price.
I have read on the mkr site that all current cdps will be called back when dai hits 50,000,000 its at what 43,000,000 now. Is that more of a worry for OP?

>> No.10118215

what's the collateral you used to take out 60k debt?

>> No.10118275

>>10117387
> Can he not just leave it there indefinitely, until the price goes to his profit mark? I mean ETH shouldn't hit his liquidation price.

Yes he could. But everything regarding price is speculation which sets you up to unnecessary risks. Keeping the loan fully in $ and incrementally buying ETH would be a much safer bet here. You don't stand at chance of liquidation, global system settlement or being in the minus because ETH bleeds for the next 2 years. Taking out a CDP is really only advisable if you can actually use the money at that moment and can pay it back in the short term without speculating on price movements. His mom is correct, he is using a very large debt to gamble on very risky future assets price, its not very financially literate.