S18: Making Money with Crypto or Forex
the all in all
NEWS
US Federal Reserve printed $300bn to help US Banks after the failure of Silicon Valley Bank & Signature
the US central bank started printing to rescue cash-trapped banks after the collapse of Silicon Valley Bank & Signature Bank. US banks have borrowed a combined $164.8 billion from the US Federal Reserve.
The Federal regulators or agencies were provided $142.8Bn to manage the two banks.
this money printing is done to bail out the US Banks from collapse and to avoid Bank run.
Some crypto OGs, specifically Authur Hayes believes that the move has put the US Banks in a deeper crisis because Banks are $2.2Tn underwater on their bond portfolios which worsens the risks of US debt default & recession
Euler Finance, a lending protocol on ETH was hacked and exploited for $196m
Euler was audited 10 times between May 2021 & Sept 2022 by different auditing institutions and they all ranked the protocol as low risk.
Euler was exploited by flash loan, the CEO however posted a $1m bounty on the hacker if he doesn't return 90% of the money, which means the CEO offered the hacker $20M to return the balance. however, 1hour after that announcement, the hacker started moving the money via a crypto mixer on tornado cash.
Meanwhile, BlockSec prevents a $5M Hack on NFT Lending Protocol ParaSpace.
ParaSpace is a lending protocol that allows users to lend their NFTs and ERC-20 tokens to earn interest in return. users can also use the lent asset to borrow from the platform.
a hacker spotted a vulnerability in the platform smart contract, that will allow him/her to borrow from the platform with lesser NFT & ether than is required but the first attempt of the borrow failed due to insufficient gas fee.
Credit Suisse Crisis;
while Silicon Valley Bank was failing in the US due to $110bn. Swiss Central Bank Credit Suisse was failing in Europe.
Credit Suisse Bank is a European bank that has assets of more than $550bn. they were hit by a series of external & internal frauds, as well as failures of hedge funds and capital firms.
over a decade ago, they lose the vote of confidence of investors and customers, so they made a strategy change by changing the CEO in 2011, but still, they continue to hit deficits. and now their biggest investor which is Saudi National bank refuses to give them the $50bn requested, this has led to them selling off bank shares and it tanked their value by 30%.
people are asking questions, what happens to the wider financial banking system if this fails?
LET'S GET STARTED
local currency, especially within the digital space, has been threatened by alternative cryptocurrency. gone are the days when the limitation of fiat currency affect settlement of transactions, majorly around instant cross boarder payment or emergency settlement.
these threat leads the Central Banks to Create CBDCs, i.e. Central Bank Digital Currencies designed to emulate the Blockchain technology financial solutions i.e Cryptocurrencies. but still well controlled or permissioned.
if you ask me, i think it makes alot of sense that fiat currencies in digital form needs to still be controlled for an economy to function properly.
But this doesn't mean fiat is going away, and recent news around it cause for attention. as you know, in Breakfast with Blockchain community, we identify opportunities and discuss about it in large details.
Today, we have among us a Forex Trader and she will be navigating us around understanding fiat currencies & how to trade or invest in it.
you own your right to do a quick comparison to identify it as an investment or trading opportunity or just stick to your cryptocurrency jeje.
Questions
you have been in Forex Market, tell us about Forex Market
How will you consider the profit in Forex trading, what difference will it make if i decide on investment instead
What is investment in Forex
How do people manage risk both in trades & in investment
What challenges have you faced as a forex trader & what benefits
How can people get started with Forex
What in conclusion, will you use to encourage interested individuals and the community at large.
Conclusion
Forex market is as old as trader by Barter, either tracked or untracked, it has the most consolidation (strong) data to draw informed decisions. they share very close similarities with cryptocurrencies as you will majorly trade against other currencies to make gain and in some instance, leveraged gain.
A forex trader will quickly blend within the cryptocurrency trading space more conviniently than a newbie. most of the popular cryptocurrency traders are once either a forex or stock trader hence they do extremely well in cryptocurrency space.
Contradiction
However, Forex Market is well regulated and you will mostly be able to visit the market via a middleman known as broker, within a centralised platform. and a confidence sharpe ratio.
Forex Market is also have very little price movement known as volatility, it means you need a large sum of money to make a difference in your portfolio except you leverage. and leverage my dear kills.
More information
in the wake of recent events, there is a need for an unbias platforms that update you on what is happening around you locally or internationally, Sirfitech is well positioned for this, we launched indepthorb in 2019, and it was revamped recently, please follow @indepthorb to stay connected with news around you.
This also opens an opportunity to writers, if you are good with writing articles or blog content or you know someone who does, tell them, to dm indepthorb directly on twitter, their are openings in that space.
Thank you for joining in on this series of indepthorb, we will be looking forward to having you next week. enjoy your weekend.
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