The idea of a blockchain-based hedge fund/fund management was conceived in late December 2020. Motivated by the opportunities the blockchain has presented for everyone, I got to work immediately and assembled a team. The website was set up along with its infrastructure in less than 2 weeks but had to be backtested to ensure a smooth run.
We proceeded to launch Ratchase.com on January 24, 2021, full of hope and excitement but quickly ran into problems. Some major ones are:
Lack of knowledge: Most people still don’t truly understand blockchain which made transactions on-chain and navigating the blockchain a herculean…
You have seen the price of bitcoin/ether skyrocket and you keep slapping yourself for not getting in early. Perhaps you have some spare change in your wallet and you’re about to hit Luno to buy a shit ton of bitcoin or on wherever exchange. Please calm down and sit on your hands, what you’re feeling is called FOMO (Fear Of Missing Out).
When you FOMO into any investment, the chances of getting rekt can be incredibly high because you’ve made an investment decision based purely on hype. …
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What is devaluation? Devaluation is diminishing the value of a country’s currency within a foreign exchange rate system.
Naira devalued on the parallel market from #360/$ - #400 - #450- #461 in just four months.
In other words, if you could import a wristwatch for $100 at 360 naira/$1($100 * #360 = #36,000), That same wrist watch would be imported for #46,100 ($100 * #461 = #46,100).
For those that earn in foreign currency I.e $, €, £, that’s good news. It means they can pay for more stuff.
For those that earn in Naira, that’s like a thief coming…