Haha, remember TenX?
That was some 2018 ICO shit right there.
So much hype.
In any case
Back in November 2021 I got this secured credit card with a $200 limit. Had to pay $50 just to get $200 worth of credit, but whatever. The point of the card is to build up a credit score. The expectation was that after six months the card would be upgraded to like a real unsecured one with a proper limit. I did get a limit increase a few months ago, but it was only from $200 to $500 and I never got the $50 back (I guess I have to close the card to get the $50 back... so long $50).
So $500 isn't a terrible credit limit. I'm not looking to carry a balance or anything... especially with interest rates being like 25% due to 'inflation' and the poor state of the economy (high default rate). $200 was kind of ridiculous because I'd buy groceries like one time and be maxed out. $500 was a much more convenient buffer, but when I looked at what was holding my credit score back... it was the fact that I only had access to a $500 credit line.
Today I was bored so I figured I'd apply for another card. My credit score is out in no-man's land. The good cards recommend a score of 690 or higher and the mid-grade cards have a maximum recommendation of 670... lol... yeah... I'm right in between that.
So I applied for a mid-grade card to increase the chances it would be approved. Immediately lost 1 point to my credit score for the hard-pull that occurs during application. I'll probably get the point back next month though so it's a non-issue.
My application was approved instantly online and I went with the same company as my secured card. I was surprised to see that my new card, with a $3000 limit, was instantly viewable on the app immediately. Wow, that was quick. No waiting whatsoever.
I did lie on my application a bit.
I said I was a Self-Employed "Broker" who makes $30k a year. Is that even a real thing, or do Self-Employed Brokers not exist because of regulations and whatnot? I told my girlfriend about this and she said her ex lied on an application and he got perma-banned for it. I'm not worried about this happening but ya never know. It might. If they follow up on it, it won't be that difficult to show that I'm good for the money. Hell, I could pull out $3k and plop it into my bank account right this second no problem. None fucks given.
I figure they won't look into it because I already have a secured account with them, and $30k isn't exactly a lot here in Murica. Definitely don't want to be like... YEAH ONE HUNDRED PERCENT ALL IN ON CRYPTO BABY LETS GO! Just like a job interview, people in positions of authority looking to mitigate risk are not impressed by gamblers.
So yeah just went from $500 limit to $3500 just like that.
Within minutes really... now I just have to wait for them to send me the card. Feelz nice. Again, not really looking to carry a balance on these cards, but the buffer will be very nice and the higher limit will further increase my credit score over time. It's weird how you have to ding your credit a bit in the short term to increase it over the long term, but such is the way of all investments, amirite?
If I really want to I can also leverage the card to go long on crypto in a virtual manner. If I pay all my bills on the card and jack the balance up, that's pretty much the same as not selling crypto to pay bills, essentially longing crypto another couple thousand dollars. Definitely won't be doing that unless we get another huge crash. Certainly an option though.
It's also a bit funny how a 105%+ overcollateralized loan to go long/short on exchanges has just as terrible of an interest rate as these credit cards. Where is the risk to justify an interest rate that high? I guess it must be less about risk and more about supply and demand. If people are willing to pay the absurd rate on their own money then that's exactly what will happen. Gamble gamble casino time and all that.
Bitcoin is not correlated to stonks.
This is going to become more and more true during this next recession methinks. Eventually Bitcoin is going to completely decouple from traditional finance because it's already comically oversold, while the legacy system can still bleed out way more than what we are seeing now. At a certain point this perceived correlation will melt away... in fact it already doesn't exist on something like a 5-year timeline.
Last 5 years.
Seriously though...
Let's be honest: do these two charts look anything like each other in the slightest? The only correlation here is that money and value in society are liquid, and we can think of them as actual bodies of water that slosh around. The perceived correlation is not only false, but also meaningless. No useful information can be derived from such a thing.
That being said, looking at the charts, I think the next recession should bring the stock market to at least the peak of Q1 2020 before the COVID V-shaped move. Looking at S&P 500, that's a crash from 3800 points to 3300, which is another 17% drop in the stock market. Huge dips for stocks, barely nothing for something like Bitcorn.
Gimmit more Bigcorns
If/when that happens I think BTC has other 25%-30% drop to go, but again that only takes us to around $15k. And that's not like some questionable "omg are we going to crash even more" kind of bottom. That's straight up rock-bottom gutter-trash levels with all the bulls scooping up as much as they can without increasing the price.
Will it take 2 years to recover in a "multi-year" crypto winter? Highly doubt that considering how this all went down. We never saw the mega-bubble we were looking for. Many high-level executives and developers are realizing that crypto is the future and jumping ship to the new thing. We're already oversold and banks, corporations, and governments are still dipping their toes into the market. There's really just no telling where this is all going, but nothing about these circumstances screams, "stable baseline for two years straight". Volatile asset is volatile.
Conclusion
I have an x7 higher debt limit.
'Inflation' go brrrr.
Crypto is the future.
Not correlated to old outdated systems in any meaningful way.
Ride it down to zero frens.
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For the employment/income thing, that's mainly used to calculate your limit, at least with my card. They email me from time to time to update it and if I change it my limit does shortly after. I just checked and it's gone up another $1k but I suspect that might also have something to do with more frequent use of the card recently. And for what's it's worth, my income is listed just a bit higher than what you declared but my limit is around $10k but I've had the card for nearly a decade now and my credit score is in the high 700s.
nice thanks for the info.
If nothing else, a halfway decent credit line on a card helps if you need to do something like rent a car.
But little incremental spending on a card can really add up faster than you might think cough speaking from experience cough.
If you can, now that you have a higher credit limit, see if there's a line of credit available for future additions. They have a way smaller interest rate, but work very similarly to the credit card itself. My CC's interest right now is like... 23%, while the line of credit is 6.15%
Now the question is what are you going to do with them?
Take over the world
I assume that means buying BLURT and spamming their chain daily for the rewards without the risk of downvotes? Cash money.
That's what we do every day here...
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Interesting perspective ! The background I was born in, is so different that I can't imagine some things. Like why would you want a higher debt limit ? After some time, you will have to pay back this debt with interest ? In general I hate the whole banking system, and want nothing to do with it. I rely on it less and less, thanks to Bitcoin. Crypto is the future- here I understand you completely 🔥
While I agree with you that BTC should decouple from stocks sometime in the future; your charts comparing the two are very misleading. For starters use the log scale and then of course you can also calculate the correlation coefficient which will give a pretty high score:
And what good is this information?
Totally less than worthless data that leads to incorrect conclusions.
This data has been inherently manipulated in retrospect to make the correlation seem exponentially more extreme than it actually is. The scale on Bitcoin goes from 10k to 70k while the scale on Nasdaq goes from 8000 to 18000. Really? And even if it was perfectly correlated, still totally useless information as the stock market is just as random and unpredictable as anything else. Legit nothing to gain from this analysis.
Even by your own numbers the range in correlation goes from 0.9 to -0.60, so even by your own metrics these two assets are obviously uncorrelated. And then there's that section in 2020 that shows a high correlation even though the lines are totally off.
Honestly I thank you for this graph because it shows that Bitcoin is even more uncorrelated than I believed it to be. From -0.65 to +0.85 in three months? That is wild! I wonder how long it takes to get back into the negatives.
BTC to $15k means $0.20 HIVE. OK, I want that.
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I think more like 25 to 30 cents but 20 can happen during one of those extended crypto winters that I think won't happen.
We had it at $0.30 when BTC fell to $17 500. $15,000 BTC means extreme bleed for alts.
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Nah I don't think so.
Hive is outperforming Bitcoin as Bitcoin was overleveraged to shit and centralized custodians are dropping like flies. We have a ton of development coming down the pipe and Bitcoin has zero development coming down.
When I moved to the US I had no credit at all. I just had no history, couldn't even be found. I was told to start building my credit with a Discover Card. I had to add credit, like a pre-paid, as much as I wanted. So I added U$1,500. That was my limit, and I had to replenish every month. After 6 months they sent me a check for the U$1,500 and raised my credit to almost U$3k.
TenX was the only Bitcoin credit card I got.
After they bailed on the idea, they stole the (relatively small amount of) Bitcoin I had in my wallet under the guise of inactivity 'fees'.
To get it out, I needed to send the dead company who can't legally operate in Aus my passport etc to KYC.
Didn't seem like a good idea...
Not your keys, not your crypto.
Fuck TenX.
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Hell, I could pull out $3k and plop it into my bank account right this second no problem. None fucks given. — like a boss that you are!😊
I wish I could relate with this credit card flex but I can’t , where I come from it’s all about the debit cards !
Max out all credit cards on crypto then do bankruptcy. Life hacks.
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COngrats on the new card.
I think the credit score system is a racket, it penalizes the poor repeatedly, and is geared towards throttling you pretty hard for a single late payment, no grace given for 11 years of ontime payments at all.
The sooner I get out of this credit system the better.