Five bullet Friday - Issue #83

       Most of you must have received the February statements, showing a growth of 36.62% in the month of February (before fees). The exact number for each individual will vary based on your high-water mark level before this month. Based on the number of models that I maintain, I expect bitcoin to reach $100,000 before the end of this year. We are just getting started.

   1. KLON has delivered superb returns to us in the last 7 weeks of its existence. KLON was seeking a vote to reduce the supply by 50% to 500,000 tokens. Since we already control a big percent of KLON, we were able to vote for such a plan. This vote has passed. Now KLON token is migrated to KLONX, with a new fully diluted supply. We hold 24,753.17 tokens of KLON. The number 1 address is a time-lock contract that will release tokens slowly over the years.

2. The migration to KLONX will complete by March 30th. In the meantime, both KLON and KLONX are traded on the market. Klondike finance is planning to introduce many other synthetic assets in the coming weeks. This will ensure that we keep getting positive rebases from some of the assets, while others are in negative rebases. In the past 2 weeks, kbtc has been in negative rebase and we did not generate staking income.

3. Most economies in the world are stuck with Dollar as a currency choice, even though it a flawed currency with massive currency debasements coming from Federal Reserve. Ethereum and Bitcoin are too volatile as currencies to enable trade across borders. We currently have big collection of stablecoins like Tether, USDC, SUSD, BUSD etc which are all pegged to dollar. These tokens are tradable 24/7/365, censorship-resistant but suffer from a serious disadvantage. They have no monetary sovereignty and could face regulatory burden from US Government.

4. This allowed new crop of tokens like Olympus DAO that are trying to create stable token that preserve the purchasing power of dollar while being stable. Each OHM token is backed by 1 DAI which is decentralized stable coin pegged to US Dollar. It is price can go above 1 DAI but if it goes below 1 DAI the treasury will buy all of the available OHM supply. We started a new position in OHM this week and staked our tokens.

5. We missed collecting our SNX staking income one week, as I missed the cut-off time. Our collateralization ratio has dropped to 400%, which made us lose one week's worth of trading income. I am collecting the staking rewards for 2 weeks in one shot. We are making approximately $100,000 per week from Synthetix staking currently, as you can see from the retained earnings spreadsheet.

as of today, we own 758,243 tokens of Synthetix. We earned $2.847 million on our SNX position as income as of today.

Have a wonderful weekend!

Sam Ikkurty