proud ambassador of @SwyftxGlobal business enquiries: @R3ACHNTWRK
read my newsletter 👉
- Tweets 48,303
- Following 13,105
- Followers 395,688
- Likes 105,012
yes because i think it works out to be the same, basically?
let's say you have eth or usdc, if you cash out to an exchange then you have to CGT anyway
instead let's say you transfer crypto to your card wallet and convert it to usdc, that's a CGT event for the same amount, and then you're getting a CGT event when you buy something and it converts the USDC -> AUD/whatever currency you pay in but then you're only paying CGT on the gain (or getting a loss) on the currency spread
so it's very minimal, based on what price you acquired USDC at and what the conversation rate between USD<->AUD is at the time of purchase, and i think it basically evens out over time
there's approx 1-1.5% in fx and other fees when you spend, but you'd be hit with fx fees when you convert to aud anyway
those are the fees the cashback needs to overcome, and you can usually achieve that - ie tria has 6% up to $2k cap per month on their $250/yr card which works out to ~$100/month cashback (and then gravy on top of that if you get bonuses or perks to increase cashback percent or your cap)
other cards ie etherfi offer 3% cashback up to like 50k a month of spend or something
plus you can have your stables earning yield while they're in a lot of these protocols
basically it's an awesome way to hold and spend some of your crypto assets imo - the convenience is epic, even if it was breakeven i would still do it, but i think it's a net positive too
sorry for essay, new website coming soon that will explain this all a lot more clearly and make it easy to compare different cards/options
2
2
133
the timeline would have you believe everyone is making bank on fomo
reality is that almost nobody is
use data and information to turn your fomo into jomo and feel joy in not being a degen in the trenches 18hrs a day and almost certainly losing money
This is how many people actually make money trading on @fomo
> 375,740 people traded on fomo
> 357,528 people (95.2%) lost money or made under $100
> 3,504 people (0.9%) made more than $1,000
> 653 people (0.17%) made more than $5,000
> 229 people (0.06%) made more than $10,000
The timeline would have you thinking everyone is printing and getting rich on social trading apps, but in reality the vast majority are losing money or making almost nothing.
36
14
182
14,777
The best strategy is probably to use 2-3 crypto cards if you're really trying to min-max it, and use your cashback caps on all of them
Are you using a crypto card for your everyday spending?
I'm currently on 10% cashback w/ Tria by taking advantage of some of their promos
Anyone can sign up with my link and get up to 6% cashback on up to a 2k/monthly spend with their premium card: app.tria.so/c/fAj5IX8fxK
17
45
13,103
We’re entering that euphoric stage of the early bull market where “good coins” are a dime a dozen
The temptation to rotate into whatever the latest trend you see and think of is high, but be wary of over trading and death by a thousand cuts
Don’t try and catch every runner
37
4
222
13,690
Great insight on understanding effort differences in models for my fellow ai vibe coders still out there
What is effort really? When do you change it it and why not just use max effort for everything?
I dove deep into this problem, looking into evals and doing my own tests and I was quite surprised by the results.
12
47
14,356
Are you using a crypto card for your everyday spending?
I'm currently on 10% cashback w/ Tria by taking advantage of some of their promos
Anyone can sign up with my link and get up to 6% cashback on up to a 2k/monthly spend with their premium card: app.tria.so/c/fAj5IX8fxK
41
1
83
23,789
I don’t think it is with the high spending cap, but I think 7-9% is achievable up to a 2-5k cap per month (so like $140 - $450 in monthly cashback)
At least for a while
Long term the numbers will trend down, but in bull markets you can always shop around for favourable deals and perks in crypto
2
2
210