CoinGecko will be hosting our Virtual Meetup #5 this coming Wednesday, August 26 @ 10PM EST. Held monthly, CoinGecko Virtual Meetup is our live online community event where we explore different key topics in the crypto sphere and invite industry leaders to share their two satoshis.
This month, we will be exploring the field of Yield Farming and one of our featured guests is Michael Gu, founder of Boxmining. Boxmining is a leading technology and fintech asset media property, dedicated to obsessively profiling startups, identifying Fintech trends, and breaking tech news. As an independent news source, we rely on a network of talented contributors to provide the latest breaking news and insights.
1. Tell us a bit about yourself.
Hi, I’m Michael the founder of Boxmining. I’m actively involved in the cryptocurrency space as an investor, independent content creator and editor on Boxmining.com.
2. How did you first discover crypto and got involved in the space?
I started Mining in 2012 on my gaming PC when Bitcoin was $10 and minable by an AMD GPU. I discovered Bitcoin by looking at online forums for methods to make passive income. At its peak, I was mining 0.3 BTC every other day, so a crazy $3 passive income.
Unfortunately, in 2012, I didn’t learn enough about the value of Bitcoin. I ended up listening to ‘experts’ like Peter Schiff calling Bitcoin a scam. That’s why at $15, I sold most of my stash.
Boxmining started out as a way to share my thoughts and force myself to learn more about crypto. I don’t want people to repeat the mistakes I made in 2012, and wanted to create a community based on learning and respect. To be honest, I didn’t expect it to take off the way it did, I’m super thankful for the entire community. The channel has evolved a lot but at its core values are the same.
3. What project(s) are you up to lately?
I’m in too many projects to count to even keep track. Been aggressively looking at new innovations in this space, especially with DeFi yield aggregators (YFI, YFII, YFV) and lending platforms (CREAM).
4. Can you briefly explain your thoughts on the Yield Farming fad?
I was lucky I was already in Y pool prior to the launch for YFI. I was astonished at yield rates. I mean if you think about it, at today’s prices $213 Million (YFI market cap) was distributed for free to yield farmers over 7 days. As a farmer, I usually sell yields early to lock in some profits.
Join us at CoinGecko Virtual Meetup this Wednesday (26 August 2020) to learn more about the future of Yield Farming.
Jolene is a digital marketing specialist at CoinGecko. She is a technophile and crypto enthusiast. Follow the author on Twitter @JoleneTWYJ