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Blockcast.cc: Once again, welcome to Asia Blockchain Community. Asia Blockchain Community (ABC) is a community that is based in Asia and run by volunteers. We know the market very well and is backed by a panel of blockchain & crypto experts and influencers.
We have over 1500 members live this afternoon. I hope everyone is still bullish. Bitcoin is still at $57,957 right now. Let us welcome our guest today, a legendary trader.
First of all, can we have your name? Tell us more about yourself.
Wesley: My Name is Wesley AKA “CryptoApprentice” in Weibo and Twitter. I was a professional trader in Leotank hedge fund which had two accounts in Bitmex top 15 leaderboard, but due to the regulation of the US, Bitmex doesn’t allow US capital to appear in the leaderboard. Right now, only one personal account exists on the leaderboard. I’m trading myself and working on projects like SupremeX and Volcano.
Blockcast.cc: Tell us something about SupremeX? And what is the main objective of your project?
Wesley: SupremeX is a lending project based on decentralized financial ecosystems through smart contracts, which enables transparency, verifiability, the largest TVL, and the fundamental DeFi use cases.
Blockcast.cc: What are your views on the current crypto and blockchain market?
Wesley: We are in the mid-end of the bull market. last not least, some coins/tokens are gonna pump crazy than u thought. However, even in the bear market, this time, bitcoin won’t retrace that much as the last ones.
Blockcast.cc: What concept/topic is hot on the market now?
Wesley: The following are what I think its hot now:
DEFI/NFT/SOCIAL MONEY/Privacy Protocol
DEFI—lending, saving, insurance protocols with profitable yielding.
NFT—Art markets, Gaming and domains.
Social Money—Celebrities issuing tokens that engages them closer to their fans. Buying fyooz and get a private hangout with Lil Yachty.
Privacy Protocol—Blockchain is immutable but transparent. Privacy is also a basic human right when involved in decentralized finance.
Blockcast.cc: We know that you are famous in China for earning a big fortune from Defi, tell us what projects you invested in and what are the reasons behind your decisions?
Wesley: yfi, comp, aave, sushi, crv, cake, xvs, dodo, lit, btcst. Because I’m looking good on defi, even though there are too many bubbles. However, Lending and swap are the fundamentals of DeFi and everything else are like Legos or bricks built based on them.
Blockcast.cc: What is NFT? How individual investors like us can benefit from it? Is NFT only used on digital artworks or can it also be applied to other digital assets? (eg. Game asset, data blocks and more)
Wesley: First, let’s break down the term. NFT stands for non-fungible token – a digital token that’s a type of cryptocurrency, much like Bitcoin or Ethereum. But unlike a standard coin in the Bitcoin blockchain, an NFT is unique and can’t be exchanged like-for-like (hence, non-fungible).
Non-fungible token. That doesn’t make it any clearer. Right, sorry. “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take their word for it.)
Non-fungible tokens are different from BTC and ETH because every piece of them is unique, thus it naturally could be applied to the art industry. However, the use of cases of NFT is more than that. For instance, nowadays centralized domain names could be replaced by decentralized ENS domain names. People have to custody their domain names to service providers like Godaddy and it charges a great amount of money and ICANN can take your domain names back if it involves in some kind of legal affairs. ENS names as an NFT can prevent that situation and blockchain enables us to secure our property with cryptographic algorithms. Also, the ticket business could also become NFT, which enables permissionless third market and brings more money efficiency.
Blockcast.cc: What do you think of Distributed Cloud Storage projects like Filecoin and Storj? Did you invest? If yes what are the reasons behind it? If not what is the reason behind it?
Wesley: No, I missed. The concept is like decentralized storage. It may be useful but not for now. All I can say that is has a long way to go.
Blockcast.cc: What is the possible next hot concept in crypto?
Wesley: Social money
The tryroll hack actually gaining more market attention to social money. The price of the affected project is climbing back to the pre-hack period and there are more social money projects performing well now like $RLY. Social money shows the possibility that you don’t have to be a big influencer to support yourself and just have to stay in your own interested area with 2000 fans. It will make 996.icu a history.
Blockcast.cc: What are the main criteria you are looking for on a project? How you make up your investment decisions?
Wesley: Idea and concept and the institutions behind them. In defi, we have to focus on innovation and be more degen.
Blockcast.cc: Can you provide a quote or what you believe in for the readers?
Wesley: Never lose money
Blockcast.cc: Thanks Wesley for the quote. We will take some questions from the floor.
1) Since you have chosen your path as a crypto pro trader, do you have any regrets?
Many times when I lost a big amount of money(millions $). I did try to give up. I even started learning coding to become a programmer in silicon valley but I found out that I can’t, I can’t work like a normal people. I am used to the life of making millions by click
2) How do you distinguish between original work to fake NFT art?
You can check the history and verified artist in Rarible and I think Rarible is better than Opensea in NFT trading.
3) What are the advantages of using copy trading over the traditional trading method we using now?
It’s just that you are copying others trades, if u have any ideas about trading and you don’t want to learn you can try, but I advise you to better learn it yourself because I don’t think a good trader like me will do copy trading.
4) What are the benefits of buying NFTs and does NFT work the same as other speculative tokens?
The only benefit is speculation
Blockcast.cc: Thanks again for dropping by Wesley.
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(This event was held on 20 March 2021, 2.00 pm, Singapore Time. Hosted by Asia Blockchain Community on Telegram.)