Finding out ADA staking can be split by opening multiple wallets
When Shelley Testnet went live I was eager to start staking my $ADA in the testnet, but had an immediate small disappointment when I found out that I could only stake on one stake-pool and I could not spread the $ADA I owned over several stake-pools. So the choice was;
Stake all my $ADA to CITYUPTAKE staking pool and with that feed the Trade Desk of my favorite passive income rewarding crypto project but receive no staking rewards my self>
Stake all my $ADA to another staking pool and earn $ADA for the staking but be disloyal to CITYUPTAKE.
So my decision was to vote 2 days for CITYUPTAKE and then 2 days for a Cardano community driven staking pool.
The backside of this approach was the re-occuring fee to change the staking delegation:
Until I found out there is the possibility to open multiple wallets on the testnet through the Yoroi wallet. So now 50% of my ADA is used for staking CITYUPTAKE and 50% is used for Staking Cardanians.
After setting up the CITYUPTAKE passive income stream in 2019. In 2020 I want to add:
Cardano blockchain based passive income
COTI blockchain based passive income
Passive income through Pynk
For Cardano I joined the Shelley testnet and although majority of ADA is used to boost the CITYUPTAKE Trade Desk, still a portion is used to receive staking rewards. Waiting for projects like CITYUPTAKE to emerge for serious passive income.
For COTI, first staking poolparticipation has begun, now I am saving to have enough COTI to start my own active node.
For Pynk I finally accumulated enough community points to be converted into Pynk shares.
For that I had to predict and invest time for 5 months:
I made 148 predictions and 42 forecasts.
Anybody interested in exploring Pynk please use this link: link
11 months have passed from the #111Months challenge. Time for a review #passiveincome #ada #cardano #TRON #earlyretirement
Summary of the 11th month of the 111 month challenge.
100 Month to go..
11 Month have passed, 100 more to go. What started as a general idea to retire at the age of 55, slowly transformed in a real plan with the following elements worked out
Defined a target crypto portfolio;
Established 2 participations, generating work and income after retirement;
Started to work on community involvement;
Defined a roadmap with milestones to reach the final goal.
Both passive income and liquid wealth targets are ahead of schedule, although wealth didn’t show a significant growth.
My position in all passive income generating entities is continuously increasing. Both in Crypto: CITYUPTAKE, CITY Alpha, WINk and in conventional shares: Unicum, AbbVie and Altria.
CITYUPTAKE has initiated being KYC and Tax compliant, which decreased the paid out amount of income but prevents future offsetting through local taxation. As the amount of CITYUPTAKE held increased, also the weekly rewards are increasing. CITY Alpha delivered a record return, which offset the low value of $TRX completely. Returns in WINk are low, but accumulation is ongoing for future rewards.
The trading profits in shares have been used to increase the position in AbbVie and Altria.
With all of this, passive income is now at 11% of the final target, supporting a quicker accumulation, creating a boomerang effect.
Staking in Cardano (ADA) will start delivering some additional regular rewards
Loans still make up 39% of total wealth and are continuously decreasing. In 4 months time one of the mortgages will expire, which will create additional free income, to speed up repayments of debt for the future
Again during the month of November two stock flips could happen creating profit too increase the hold of AbbVie and Altria.
A position of more than 30k $ADA was build up to be ready for testnet and participate in the Cardano staking which will start in the first half of December. After snapshot a part was converted into CITYUPTAKE to increase weekly rewards.
When $BTC was at a level of $7200, the size of the $BTC bag was increased as well. Besides that daily 0.0025 BTC is purchased to build a strong position.
For the near future, $BTT is cheap and accumulation will be expedited also $ADA will be in focus to build up again as I have high expectation on $ADA performance in the second half of 2020. Also BTFS will do some magic for $BTT.
Once all targets below are achieved, focus will shift from Crypto to regular stock market, but before doing so a major correction of stock market has to happen first.
After an inspiring week, where the innovation center of one of our biggest customers was visited, where CITYUPTAKE is really stepping up the plate concerning compliance with SEC requirements and where Cardano is getting closer to the implementation of staking, I had a lot of inspiration to think about the future and the roadmap of Carpathian-Basin.
This resulted in updating the vision & goals section of the Carpathian-Basin website, and also in creating a first shot at a roadmap for the #111Month challenge.
With investment emotion is a big factor. It is important to be honest to yourself. Are you an emotional person when it comes to investments? Are you quick to be drawn into a FOMO? Are you likely to have a panic sell when prices drop? Have you done impulse purchases in the past?
When your answer is yes to most of the above, it is best to steer away from the temptation of emotion impacted investment.
I have done so by locking most of my investments and making them difficult to touch. Instead of trading, I put a significant part of my holdings in the hands of transparent and compliant professional traders like CITYUPTAKE and soon also accompanied by PYNK. These are taking care of my funds while generating a nice passive income. With that passive income, I can choose to re-invest or to use it for more risky investments.
Besides CITYUPTAKE and PYNK also nice opportunities are opening up at Cardano, which is soon to be ready for staking as well.
So the monthly decision is now, what to do with my investable money? Crypto or stock? CITYUPTAKE or PYNK?
In the end I know that as long as I am not trying to trade myself, the return on my investment will be good whatever decision I take.
About 10 years ago when Bitcoin was still very young, I first encountered it while scanning the net. I decided to buy some, but due to the difficult process to acquire some at that time I decided not to do so and in the process I lost interest in Bitcoin. And invested in a little brewery in Schotland instead. Big Mistake!
Than 5 years ago I was sitting in a taxi, where the taxi driver asked me if I knew Bitcoin, I acknowledged and he told me that his son was Satoshi Nakamoto but nobody knew. He told me his son spend 10.000 Btc on pizza’s and still made a fortune and moved to the US. I guess he merged some stories around Bitcoin and made them his own.
Bitcoin was back in my vision field again, but anytime there was news that the prices dropped, I used this to justify to myself that I made a good decision not to buy even though I would already have been a millionaire if I invested my originally planned 250 Euro. And anyway Brewdog was doing well so my investment was not a waste.
Another four years later, around a year ago, my stepson was talking about Cryptocurrencies explaining how Bitcoin went to the moon and came back for a relaunch. He was explaining Cardano as one of the big potentials for the future and at the same time Brewdog was exploring going to cashless bars and it was rumored that they would use Nano for that. Now being fed by two independent sources, my interests in Crypto were reignited and I invested a little money in Nano using a two step process via Coinbase and Binance
Beginning of May I added some Cardano to my portfolio as things were looking very bright. And then all dropped further again. I left the investments for some months in their wallets and only looked back end of July. That is when my addiction really started. I started to crave for more knowledge. Checked on a daily base Reddit and different variations of Cryptonews. That is when I discover Ripple and Tron. When Tron launched the Tron Virtual Machine, I entered Telegram.
In Telegram I had to navigate myself through all the moon boys and rocket people (but as time progressed they vanished one by one as the rocket to the moon was not coming). But I did find one rocketman I liked, the one which is shown everyday by Cityuptake when they pay out the daily rewards.
But Cityuptake is a story for another day…. The day that I will talk about my journey through the Tron micro-climate