RCIF II - Five bullet Friday - Issue # 15

    There was a lot of negative news in the media about bitcoin recently. Tesla has announced that they will not sell their cars for bitcoin. Elon Musk also claimed that bitcoin mining is harmful to the environment with a lot of bitcoin miners using coal. Bloomberg pushed a negative article about Binance claiming that they are being investigated by the Department of Justice. 

1. Elon Musk's claim is patently false. Number of studies have shown that 76% of Bitcoin miners use renewable energy sources. 39% of total miner energy consumption comes from renewables. The bitcoin mining industry is one of the most renewable-focused and their incentives are aligned to find the cheapest cost of energy. Media will keep repeating Elon's lines, but they are not based in fact.

2. One of our positions is $YFI. It has been lagging the market when compared to many meaningless tokens like Doge coin. This token's symbol is pronounced as "Wifey" by people. Similar to how Berkshire Hathaway released BRK.B shares when the price of BRKA went up a lot, YFI released their own baby token. This is called Woofy. The smart contract maintains a two-way peg between Woofy and YFI, to the ratio of 1,000,000: 1. Currently $WOOFY is trading at $0.078. If the woofy is pushed by the retail investors to $1, it will push the price of YFI to $1 million dollars due to the two-way peg. I plan to add more to YFI in the coming weeks ahead.

3. Last week I added $LIDO token to our portfolio. LIDO finance allows you to stake your Ethereum and receive proof-of-stake rewards from Ethereum. We require a minimum of 32 ETH in order to be a validator node on the Ethereum network. It enables people with less than 32 ETH to stake and receive regular staking income. It is currently able to produce 7.6% per year return on ETH.

4. I purchased more $OHM last week. What gives me a lot of confidence about Olympus DAO is that 90% of the tokens are staked. None of the protocols we own have a staking ratio anywhere close to that number. Since 90% of the tokens are staked, I am buying those tokens from the other 10% that do not stake. Protocol makes money when it sells one OHM token for any price higher than $1. If the price were to fall below $1, it would make money by buying each OHM from the market at a price below $1. This is reflected in our retained earnings spreadsheet.

5. This week OHM treasury has surpassed $ 3 million DAI. It has been in operation only for a month. This has given Olympus DAO $700,000 revenue per day or 30-day revenue of $21,670,000. That puts Olympus DAO at 5th highest revenue producing protocols in the last 30-days. It is 1320% more than Synthetix, 320% more than Bancor, 110% more than Maker, but 13% less than Aave. Each ohm staked will grow to 948 OHM tokens in a year. 

For most of the partners, this is a new asset class. I want to be available to answer any questions with respect to our portfolio or any general questions about this emerging asset class.

 Please join me on this call at 9 AM Pacific time via the Google meet link: 

Feel free to reply to this email with any questions you have.