Sam Ikkurty
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Five Bullet Friday
July 31, 2020

Five bullet Friday - issue #49

SI
Sam Ikkurty
Permanent Link
https://cftcsucks.com/83
Dear Partners,   

    Coronavirus cases are accelerating around the world at a speed not seen before. Latest GDP numbers shows that US GDP has contracted by 33% in Q2 of this year, compared to last year. It is a complete mystery to me why the stocks are going up in this terrible macro environment.
  1. I continued to add to our YFI position that I have started last week. We have added 6 more tokens this week. YFI is expected to announce staking next week. I am expecting good income from staking our tokens.
  2. Our strategy at RCIF is to find attractive income generating investment opportunities. We are in the business of running digital toll-booths and collect transaction fees. Picture me sitting inside a toll-booth and you get the idea :-)  As long as we buy these tokens at a good yield, say 20-30% yield per anum, market will recognize the income potential and push the price of the token up. That process in turn will generate capital gains. It played out this way in case of Synthetix. I am expecting the same from YFI and LEND tokens as well.
  3. I have added a new tab to our Google Spreadsheet that shows our mining income generated. So far we only had Synthetix. Since the beginning of July, we have collected fees from our REN dark nodes. The total income received from all income generating activities is added to 'Retained earnings'. Our goal is to  increase the size of this pie every week and then distribute this as special dividend to all the investors. Please note that on 'retained earnings' tab, I calculate the mining income based on the market price of the tokens as of today. That is why for 4/1/2020, you see the income as $1220 on the SNX tab, but the same line shows on 'retained earnings' as $7551.66. This is because it is valued based on the today's price of SNX. 
  4.  We are actively engaging in proof-of-stake mining with Synthetix. Synthetix will pass the trading fees (0.3%) generated on the exchange to the token stakers. This week we have generated a staking income of ( 342.82 SUSD + 3121.6 SNX * $3.79  )  totaling $12,173. The value of the staked SNX  (468347) is $1,775,037 at a price of $3.79.  This gives us a yield of 12173 / 1775037, which is 0.6858% per week. If we annualize the yield by (1.006858)^52,  it results in a yield of 42.67% APY.  This can be seen directly from this website here:  https://snx.tools/address/0xE787DEEc0BE77Db98A1294193E2c1600C8a8687d/staking/rewards-claims   on the reward claims tab. We currently hold 483,083 tokens of Synthetix. 
  5. Our 7 darknodes running on the Digital Ocean platform are generating good income for us. Last week each of the nodes generated an income of $20.23. These are the fees generated from operating our digital toll-booth. These fees are in bitcoin but I calculate their value based on the current market value of BTC.  Our current track record is maintained in this Google Sheet. Our July month performance is looking better than June.

Have a wonderful weekend!

Sam Ikkurty
Managing Partner
Cell:813.389.3380
calendar to book time: https://calendly.com/ikkurty

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