How-to – The Crypto Medium https://cryptomedium.org A Cryptoverse navigator for all things Crypto. Sun, 13 Oct 2024 02:29:29 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://cryptomedium.org/wp-content/uploads/2024/10/cropped-image-4-32x32.jpg How-to – The Crypto Medium https://cryptomedium.org 32 32 From Chaos to Clarity: How Dalio & Strauss-Howe Could Be Prophets of the Present and Future. https://cryptomedium.org/from-chaos-to-clarity-how-dalio-strauss-howe-could-be-prophets-of-the-present-and-future/ https://cryptomedium.org/from-chaos-to-clarity-how-dalio-strauss-howe-could-be-prophets-of-the-present-and-future/#respond Sun, 13 Oct 2024 02:12:24 +0000 https://cryptomedium.org/?p=11131

HI THERE DENIZENS, AND WELCOME BACK!

In an age where the news cycle spins faster than a fidget spinner, understanding the grand tapestry of global events can seem like trying to solve a Rubik’s cube in the dark. Enter Ray Dalio with his magnus opus, “Principles for Dealing with the Changing World Order,” and William Strauss and Neil Howe with their cyclical prophecy, “The Fourth Turning.” Together, they just might offer a crystal ball into our chaotic world, suggesting that history isn’t just repeating; it’s on a remix loop.

Ray Dalio's Economic Opera

Ray Dalio, the hedge fund maestro, doesn’t just see numbers; he sees the rhythm of empires rising and falling like beats in a grand symphony. His book lays out a framework where the rise and fall of nations are as predictable as the seasons, if only you know what signs to look for. Through his meticulous study of economic history, Dalio outlines a framework where empires rise and fall in what he terms the “Big Cycle.” His book underscores the current economic situation characterized by monumental debts, near-zero interest rates, and the unprecedented printing of money. These are not just economic policies but harbingers of a shift in global power dynamics:

 
  • Debt Cycles: According to Dalio, we’re in the crescendo of a long-term debt cycle where debt is high, interest rates can’t go lower, and central banks are printing money like it’s going out of style. Sound familiar? That’s because it’s happening now, with global economies teetering like a Jenga tower on the brink of a sneeze. Dalio warns of a world where debt continues to grow relentlessly, potentially leading to a scenario where inflation becomes a tool to manage this debt. This resonates with current global sentiments where discussions on X reflect concerns over U.S. debt and its implications for global economic stability.

  • Power Shifts: The book explores the historical decline of empires with the concurrent rise of new ones, foretelling the trajectory of the American empire with the rise of China, not with the drama of a soap opera but with the inevitability of sunrise. Dalio points towards China’s ascent as a pivotal moment in the changing world order. This isn’t merely about economic growth, but a shift in global leadership, challenging the longstanding dominance of the U.S. Posts on X echo this sentiment, discussing China’s strategic positioning at what might be a critical juncture in its economic narrative. As for the outcome of the current economic tug-of-war and geopolitical posturing between the US and China? Dalio would probably nod and say, “Told you so”, while thinking of BRICS.

  • Internal Conflict: Dalio points out that when wealth gaps widen, societies fracture. Look around, and you’ll see social unrest, political polarization, and a general vibe of “us vs. them” across the globe, fitting neatly into his narrative. The increasing disparities within nations, especially evident in the Canada, The U.S. and Britain, align with Dalio’s observations of internal strife being a precursor to major global shifts. Social media platforms like X are rife with discussions on political fragmentation and the quest for new leadership.

Dalio’s book suggests we’re at this tipping point where the world order might just decide it’s tired of the US being the party host. Enter China, not just crashing the party but bringing its own keg. According to Dalio, this shift in power dynamics could lead to a redefinition of what “world order” even means.

Now, let’s sprinkle in some Strauss and Howe. These guys have divided history into these catchy cycles called “turnings.” You’re currently in what they’d whimsically refer to as the “Fourth Turning” – a period of upheaval, where society gets its collective midlife crisis. Imagine every 80-100 years, the world decides to have a major freak-out, like clockwork, but with less Swiss precision and more medieval plague vibes. Strauss and Howe serve up a generational theory with a side of historical repetition. “The Fourth Turning” argues that history moves in cycles, each about the length of a human life, leading to predictable crises:

  • The Current Crisis: We’re smack in the middle of what they call the “Fourth Turning,” a time of upheaval when the old order crumbles and a new one is forged in the fires of crisis. According to their theory, we’re in the midst of a ‘Crisis’ period, where societal structures are challenged, and new orders emerge. This aligns with the current global unrest, economic uncertainty, and the rise of movements seeking change, as discussed in various X posts where users reflect on historical patterns repeating. If you feel like the world’s on a precipice, congratulations, you’re living through history!

  • Looking Ahead, Predicting the Next 20 Years: If we are indeed in the Fourth Turning, the next two decades might see the resolution of this crisis, leading to a ‘High’, an era of prosperity and collective unity. However, this transition could involve significant turmoil or “catastrophe, political unrest, and a big war” as some users on X speculate, drawing from Dalio’s insights. If their theory holds, the next 20 years will see this crisis peak and resolve, potentially through major conflicts or societal restructuring. Post-crisis, they predict a “High,” an era of prosperity and unity, but first, we have to navigate the storm.

Here’s how it’s playing out: Boomers, Gen X, Millennials, and Gen Z are all playing their parts in this generational drama. The Boomers had their time in the sun, now Millennials are stepping up, feeling the weight of history, trying to fix things that are either broken or just really, really complicated (like the economy, climate, or your social media feed).

 

The Synthesis

Combining Dalio’s economic insights with Strauss-Howe’s generational cycles gives us a dual lens to view the tumult of our times:

  • Economic Power Shift: The economic instability and transfer of power Dalio describes could well be the financial manifestation of the generational and societal shifts Strauss-Howe predict. The economic policies and power transitions today could be setting the stage for the next societal ‘turning’.

  • Conflict and Resolution: The crises of today, be they economic, political, or environmental, might culminate in the conflicts Strauss-Howe anticipate, leading to a reshaping of global order. The next 20 years might witness not just economic battles but real conflicts or cold wars for dominance, especially between the U.S. and China, as both economic power shifts and generational attitudes towards leadership and governance evolve.

  • Innovation and Governance: Post-crisis, expect not just economic recovery but innovations in how we govern, work, and live together, potentially aligning with the new ‘High’ or spring of society. Following these patterns, there should come an era where innovation thrives, possibly in technology, governance, or economic systems. This could align with discussions on platforms like X about leveraging current technological revolutions to address global challenges.

The US might not be the lone superpower. China could become the new cool kid on the block, or perhaps a multipolar world where everyone’s just kinda doing their own thing, like a global version of “Work From Anywhere.” if Dalio and Strauss-Howe are right, we’re in for a ride that’s part rollercoaster and part philosophical journey.

In essence, both Dalio and Strauss-Howe provide a blueprint for understanding the convulsions of our world today through the lens of history’s repetitive patterns. They suggest that what feels like unprecedented chaos might just be history’s old tunes played on new instruments. While no prediction can claim absolute certainty, their works suggest that we are at a pivotal point where the actions taken now will dictate the global narrative for decades to come. Observing events through these frameworks not only make sense of the chaos but also prepares us for the potential realities of the future, urging a blend of caution, innovation, and readiness for transformative change. So understanding the patterns can prepare us for, or even allow us to influence, the world order of the next 20 years.

So remember, while they give us the roadmap, humanity’s knack for unpredictability means we might just take a detour through the land of “Nobody Expected That!”

Frequently Asked Questions.

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user.

The Fourth Turning is a theory where history repeats in 80-year cycles, each ending with a crisis. We’re in one now!

History moves in cycles. Global economic powers shift, leading to new world orders through conflict or innovation, resulting in each era’s crisis reshaping society.

**Disclaimer**

Cryptocurrencies and ICOs are all the rage these days, with everyone from celebrities to your next door neighbor looking to get in on the action. However, it’s important to remember that investing in cryptocurrencies and ICOs is highly risky and speculative. The prices of these assets can be incredibly volatile, and there’s no guarantee that you’ll make any money by investing in them. In fact, you could easily lose everything that you put into them. So if you’re thinking about investing in cryptocurrencies or ICOs, make sure that you understand the risks involved and only invest what you can afford to lose.

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THE DECENTRALIST ISSUE 4: Become the Coolest Creature in the Universe; a Golden Cosmic Turtle. https://cryptomedium.org/the-decentralist-issue-4-become-the-coolest-creature-in-the-universe-a-golden-cosmic-turtle/ https://cryptomedium.org/the-decentralist-issue-4-become-the-coolest-creature-in-the-universe-a-golden-cosmic-turtle/#respond Sun, 06 Oct 2024 14:43:23 +0000 https://cryptomedium.org/?p=11085

HI THERE DENIZENS, AND WELCOME BACK!

Do you love Gold? Well, then you'll love Bitcoin. Here's the proof;

In This Mini Issue : I’ll describe what it means to be a Golden, Cosmic Turtle and how you can become one.

“In the context of Little Witch Academia, the Cosmic Turtle is a being of immense power.” – リトルウィッチアカデミア

But I'm remiss, back to the proof;

Exhibit A: Bitcoin – The Digital Gold Rush

Imagine if gold could be mined not by digging into the Earth but by solving complex math problems with computers. That’s Bitcoin for you. Here’s what makes Bitcoin the shiny digital equivalent:

 
  • Limited Supply: Just like there’s only so much gold on Earth, there’s a cap of 21 million Bitcoins, making it a scarce resource. But instead of miners with pickaxes, you have folks with powerful computers.

  • Decentralization: No central bank or government controls Bitcoin. It’s like if gold decided its own value without any kings or economists saying otherwise.

  • Digital Portability: You can’t exactly email gold to someone (unless you’re counting those gold IOUs). Bitcoin? Send it across the globe in minutes. Faster than a carrier pigeon, for sure.

  • Exhibit A.1 – The Volatility: Bitcoin’s price can swing more wildly than a space monkey on a bungee cord. Gold’s price, in comparison, moves like a sloth on Valium.

  • Exhibit A.2 – The Use Case: Bitcoin isn’t just for hoarding under your digital mattress. It’s used for transactions, investments, and as a hedge against inflation, much like gold but with the added twist of being usable in online black markets or for buying pizza… if you find someone still honoring the 10,000 BTC pizza deal.

Exhibit B: Gold – The Ancient Standard

Gold has been humanity’s bling since before we decided to write down how much we loved it.

  • Physical Value: Gold has intrinsic value because, well, it’s pretty, rare, and you can make things out of it. Bitcoin, however, exists in the ether; you can’t touch it, but you can ‘mine’ it with electricity and computational power.

  • Historical Stability: Gold has been a stable store of value for millennia. If civilization collapses, you can bet your last gold coin that it’ll still be worth something. Bitcoin? Well, it’s the new kid on the block(chain), and its long-term stability is as tested as a spaceship’s hull in an asteroid field.

  • Exhibit B.1 – Tangibility: You can hold gold, wear it, or use it in electronics. Bitcoin’s tangibility comes from its effects on your digital wallet’s weight, which is to say, none at all.

  • Exhibit B.2 – Universal Acceptance: Walk into any corner of the Earth, and gold has value. Bitcoin? You might need to explain it first, possibly with a few charts and a hopeful smile.

Outlook and final thoughts;

In Conclusion:

Bitcoin is like gold for the digital age – it’s got the allure of scarcity, the thrill of value, but with the added spice of modern cryptography and internet culture. Gold, however, remains the trusty old shield against economic dragons; it’s been through wars, empires, and market crashes.

So, while Bitcoin zips through the digital realm like a comet, gold ambles along like an ancient, wise tortoise. Both have their place in the universe’s portfolio, one for the future-thinking spacefarer, the other for the time-tested earth dweller.

Frequently Asked Questions.

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user.

Gold is a precious metal, known for its lustrous yellow color, used in jewelry, investments, and as a global currency standard.

Diversifying with gold and Bitcoin can hedge against inflation and currency fluctuations; gold offers stability, while Bitcoin provides potential high growth and digital mobility.

**Disclaimer**

Cryptocurrencies and ICOs are all the rage these days, with everyone from celebrities to your next door neighbor looking to get in on the action. However, it’s important to remember that investing in cryptocurrencies and ICOs is highly risky and speculative. The prices of these assets can be incredibly volatile, and there’s no guarantee that you’ll make any money by investing in them. In fact, you could easily lose everything that you put into them. So if you’re thinking about investing in cryptocurrencies or ICOs, make sure that you understand the risks involved and only invest what you can afford to lose.

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THE DECENTRALIST ISSUE 3: HOW TO ESCAPE THE MATRIX https://cryptomedium.org/the-decentralist-issue-3-how-to-escape-the-matrix/ https://cryptomedium.org/the-decentralist-issue-3-how-to-escape-the-matrix/#respond Mon, 30 Jan 2023 22:51:30 +0000 https://cryptomedium.org/?p=10844

HI THERE DENIZENS, AND WELCOME BACK!

SO, LET'S discuss How to escape the matrix

In The Decentralist Issue 3: How To Escape The Matrix, I’ll describe The Matrix, describe why you’re trapped inside it and how to exit.

“The Matrix is a system, Neo. That system is our enemy. But when you’re inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.” **~Morpheus,**The Matrix

WHY SHOULD IT MATTER?

You know something’s wrong. You can feel it.

You don’t know what it is and you can’t identify it

Yet, you sense it all around you

You can’t shake it

Even worse, It’s only intensifying…

This is because the Matrix has you and you’re beginning to realize it.

But don’t worry, understanding this is a good thing.

When I discovered this for myself in 2019,

I quickly learned that I was not alone

And neither are you

When I began my journey and I made a roadmap

A map for others to use when they were ready to leave

But understand this; the journey will require that you to;

-tame your ego

-self reflect

-take accountability

But I'm remiss, back to my point;

1. ACCEPT THAT THE MATRIX HAS YOU

Inflation = Debasement = Theft

Because theft is built into the base layer of our money, manipulation is required for the system to function

This means that Capitalism, the free market, and Democracy itself are Ideas that never really existed

No one, not even AI, can justify its benefit for the 99%

2. UNDERSTAND WHAT THE MATRIX IS

We live in Oligarchies, not democracies. In fact, although we’ve come close in the 1950s, we’ve never truly lived in democracies.

We are ruled by a few “prestigious” institutions that are highly integrated

This is The Matrix

3. UNDERSTAND WHAT THE MATRIX WANTS FROM YOU

The Matrix. wants you fat, dumb, lazy, poor, angry, and scared

Because you’re more compliant this way.

4. STOP GIVING YOUR POWER AWAY TO AUTHORITY

From a very young age, most of us were taught to doubt ourselves and do only what authority commands us to do, even if we don’t feel like doing so. Now, as adults, we don’t trust ourselves, and so we choose to let others have power over our lives.

We vote for politicians who do nothing but lie to us in order to satisfy their inner hunger, being under the illusion that by voting we are granted the power to choose our future when in reality the choices we are presented with are very limited and almost exactly the same. So we allow a small group of people to manipulate us for their own personal gain, foolishly believing that they want to contribute to the betterment of society.

If we truly want to start creating a positive change in the world, we need to stop giving power to a few others and hold them responsible for our lives, and instead start taking responsibility in our own hands so that we can become the creators of our destiny.

5. THE ECONOMIC SYSTEM IS A FRAUD SO QUESTION IT

Money, in essence, is created out of debt, thus creating the illusion of scarcity of resources, which compels people to compete in the market, who have to waste most of their life working as wage slaves. This inevitably results in the tremendous suffering and social conflict that prevails all around the world.

In addition, our economic system requires people to consume without end so that money can keep on circulating in the economy, thus urging us to continuously buy things we don’t need and which are going to end up in landfills, poisoning the very environment that we depend on and sustains us.

If you don’t like this kind of living and would like to create a positive change in your life and the world, I’d highly recommend you to research further into the immensely negative consequences of our economy, and educate yourself on alternative, more technically efficient and environmentally sustainable economic systems.

6. DETACH FROM MATERIALISM

Being brought up in a consumer culture, we believe that money can buy everything we need and will bring happiness into our lives. So we choose to buy more and more things without end, but we always end up feeling dissatisfied and hungry for more stuff.

The truth is that money can only provide us with substitutes for what we truly need, but not the real deal. What we need is neither possessions nor services, but things such as love, friendship, and creativity. So don’t be concerned about which is the next best thing you can buy, and instead invest your time and efforts in achieving heart-opening and mind-expanding experiences that money can’t buy.

7. BE MINDFUL OF WHAT YOU PUT IN YOUR BODY

Is what you’re eating contributing to your health or is it poisoning your physical organism? Is what you’re eating environmentally sustainable, or is it negatively impacting the natural world? These are some important questions that all people should ask themselves.

Most people choose to eat foods that are filled with sugar, and preservatives, and are empty of nutrients, or contain animal-derived products, unaware that their food choices are detrimental to their health, contribute to the suffering and death of tens of billions of animals, and have a tremendously negative impact on the environment.

From now on, be sure to choose carefully what you choose to put into your mouth, and I assure you that this is one of the best things you can do for yourself and the world.

8. CHOOSE YOUR NEWS SOURCES WISELY

Knowledge is power, but we are drowning in an ocean of information.

Corporate media presents us all the time with biased information, fooling us into believing the lies they tell in order to manipulate us exactly the way they want.

A true seeker of knowledge does not accept anything on belief, but seeks out facts and tries to develop a spherical understanding of the matter he/she is looking into.

If you don’t like being misled and desire to better understand what’s going on in the world, do your best to collect information from as many sources as possible and use critical thinking in order to reach your own conclusions about what’s true or not.

9. READ BOOKS

There have been plenty of wise individuals who’ve written books in which they share their thoughts on life’s problems and how they can be overcome. Many of them criticized the workings of society and offer their insights on how we can help create a more beautiful world.

Books, therefore, could be immensely helpful in opening our eyes and improving the quality of our lives, yet the sad truth is that not a lot of people spend much of their time reading books — or they just choose to read for entertainment reasons alone.

To get the most out of reading books, be sure to not just pick any book and read it — read those ones that touch your mind and heart and provide you with new perspectives that help you to better understand yourself and the world.

10. ESCAPE THE HEARD

Just like every person alive, you are a unique individual with unique talents and gifts to offer to the world.

Unfortunately, society has suppressed our individuality since the day we were born. We’ve been programmed to doubt ourselves and conform to what is considered as normal. This, however, prevents us from embracing ourselves and creating our own path in life, which is causing us immense emotional pain.

From today, distance yourself from the herd mentality and start paying attention to your inner voice — doing so will allow you to follow your calling and live the way you truly want to live.

11. CREATIVELY EXPRESS YOURSELF

A great way to deprogram yourself from the normalcy of modern life is to focus your attention on creativity.

We’re all born creative, but slowly our creativity has been suppressed so much that we’ve almost forgotten that we’re creative beings.

To be creative means to think outside the box and see life from different perspectives. Most importantly, to be creative means to find out new ways of living and realize that you have the power to manifest the kind of life you desire.

12. SEPARATE FROM ORGANIZED RELIGION

Dogmatic, organized religion imposes on people what to think and what not to, what is good and what is bad, what is right and what is wrong.

Thus, organized religion prevents people from using their critical thinking, seeking the truth, and reaching their own conclusions. On the contrary, it teaches them to blindly follow a set of morals and rules. The result? Emotional suppression and suffering.

If you want to reclaim your individuality, honestly express yourself and walk on the path of understanding, be sure to break the chains of organized religion and start your own quest for the truth from scratch.

13. YOU ARE NOT WHAT YOU OWN

Consume less and contribute more

You should be extremely suspicious when the state or state-funded media asks you to spend

It is never about your well-being and always about the Centralized agenda

14. Check your Ideology at the door

There is no room for it, so keep it to yourself

Knowledge, factual evidence, transparency, and pragmatism are superpowers

If you choose to have a strong opinion that you know to be triggering to others, make sure it’s well thought out, structured, and backed by factual evidence that you’ve seen for yourself

Outlook and final thoughts;

There is a reason why everything that can destroy you, your family, and your community is easily accessible while everything that empowers you is not.

By being mindful of the here and now, you’ll be able to respond to whatever happens each and every moment spontaneously, without being a victim of your past.

There are many meditation techniques out there that can help you to become mindful, so find the ones that you like most and stick to them until you see positive results in your life.

Thank you for making it this far. You can be certain that I’ll be following this clown show for the duration.

Until next time denizens.

Frequently Asked Questions.

The Oligarchy, AKA “The Dark Hand”

I goes by many names; It is the collection of integrated institutions that govern our nations.

We’re all inside the Matrix, but those who are trapped are those who believe the Matrix will deliver them from suffering as opposed to creating it.

 

Superficially, yes but significantly? No.

The system is the building, politicians are the people of come and go.

We need to unite and force change through innovation, not vote for it. 

**Disclaimer**

Cryptocurrencies and ICOs are all the rage these days, with everyone from celebrities to your next door neighbor looking to get in on the action. However, it’s important to remember that investing in cryptocurrencies and ICOs is highly risky and speculative. The prices of these assets can be incredibly volatile, and there’s no guarantee that you’ll make any money by investing in them. In fact, you could easily lose everything that you put into them. So if you’re thinking about investing in cryptocurrencies or ICOs, make sure that you understand the risks involved and only invest what you can afford to lose.

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Passive Income Series Part 1; how to Make Money Buckets & Set Objectives https://cryptomedium.org/passive-income-series-part-1-how-to-make-money-buckets-set-objectives/ https://cryptomedium.org/passive-income-series-part-1-how-to-make-money-buckets-set-objectives/#respond Sat, 20 Aug 2022 16:59:26 +0000 https://cryptomedium.org/?p=8593

“I am writing this from a desire to share facets of my journey that may help others build the life of their dreams in the safest, most reliable way possible.”

– Me-The Crypto Medium, James Hudson

Why I wrote this;

I have seen many people, and have myself, suffered much larger drawdowns than I would have liked as a part of the recent volatility we’ve seen. Reflecting on that, I wanted to share a way to position one’s overall assets to reduce the likelihood of suffering such a large drawdown.

I am writing this from a desire to share facets of my journey that may help others build the life of their dreams in the safest, most reliable way possible. I have observed in myself that if I put too many eggs in one basket, I become terrified that something will happen to that basket, and make me more fragile.

I believe that thinking very broadly about my financial goals, and my positioning to meet those goals, can both increase my chances of success and decrease the risk of an adverse event doing too much damage.

So, How to make money buckets and set objectives doesn’t have to be a mystery

In a previous conversation, we discussed the importance of position sizing, with a focus on how a smaller sizing reduces the likelihood of blowing up the account and increases the likelihood of reaching your goals.

Well, position sizing is just one part of the overall process of achieving goals. I believe the process must start with understanding yourself and your purpose.

From there,

understand what goals you want to set.

From there,

design your economic life to meet those goals.

From there,

design your trading systems and position sizing for those systems to meet your goals.

My mentor, Van, was fond of saying that understanding objectives was more than 50% of systems development.

I have always found setting objectives to be really difficult. The most important objectives for a trading system start at return requirements v. risk appetite.

From there it comes down to time, especially the time one is looking to dedicate to management, and one’s time horizon. After that, any other objectives tend to come into play.

I will be writing this mostly about myself but using that as an example to illustrate the point. Partially this is done to be very clear that I am sharing my journey rather than providing any investment advice.

Please consider this for entertainment purposes only; do your own research, and if desired consult a certified professional for assistance.

Infinite wealth

Back to the story. For me, the overarching economic goal is to become infinitely wealthy. Infinite wealth is a concept I picked up from the Van Tharp Institute, furthered by Robert Kiyosaki (Rich Dad Poor Dad) and Chuck Whitman (see for example https://www.youtube.com/watch?v=-JwAWrMIHw8).

Infinite Wealth is an entire course – well a couple of courses – all on its own, so I will stick to a very high-level overview of it.

Concept

The basic concept is that one is infinitely wealthy when s/he brings in enough money passively that the core needs are met. This comes to an infinite wealth number that is passive income – expenses. If that number is greater than zero then one can be said to be infinitely wealthy.

Passive income

In this definition, this is less than a few hours per week of total effort. So, for a concrete example, if a person has $5,000 of regular expenses and $6,000 of passive income per month, then this person can be said to be infinitely wealthy.

The Bucket Concept

This overarching goal guides all the other goals.

But as I aimed to define more specific trading system goals, I initially couldn’t get far past “I want to make as much money as possible with as little risk as possible”.

Well, that doesn’t do much for deciding if a 25% drawdown or 75% drawdown is acceptable.

What really brought it home for me was to break up my investible assets into different buckets.

From each bucket, I could then set my investment approach.

Let’s take a look at some examples.

First, I have a retirement bucket. I can’t touch that money for 30 years. That gives me a very long time horizon.

I also know for myself that I can’t stomach a significant drawdown across the whole account. I also know that I want the money to grow enough that I can live off it in retirement.

As an extra objective, I want to participate in the crypto markets, based on my belief that it is the biggest technological change that has occurred since the invention of the internet.

I happen to have 3 retirement accounts, so this gave me an obvious opportunity to create 3 different buckets within the overall retirement account.

Retirement Buckets

Bucket 1

In one bucket, I am aiming to be conservative. I want this bucket to buffer against volatility in other buckets and help me feel secure. I want growth that will beat inflation, but also want low drawdowns.

This led me to a set of objectives for this bucket of 15% gain and 10% drawdown. I also don’t want to invest much time in managing this bucket, no more than 1 hour per month.

This led me to a monthly momentum strategy in major liquid ETFs.

In another, smaller, bucket, I am being more aggressive. Here I am aiming for 30% gain and am accepting of 20% drawdowns.

I am OK spending a few hours per month managing this, but don’t want it to be a major time commitment.

In my final bucket, I am dedicating a small percentage to crypto. This is my super aggressive bucket.

My goal with this bucket is to average over 100% yearly, but I am accepting of a 75% drawdown. I am also accepting of individual positions going to zero.

I am happy to spend a couple of hours per week managing this bucket, as I am intrinsically interested in the space. This also meets my personal objective of being involved in the crypto evolution and learning the ins and outs firsthand.

Together, the three buckets will meet my macro objectives of having enough money to retire on in 30 years from what is in the accounts presently, while also being able to sleep at night.

Outside of the retirement bucket, there are a few other buckets. One is a crypto passive income bucket.

Another is a crypto VC style bucket.

Another is a business income bucket.

Another is my salary. My salary is there to cover my living costs. That bucket is meant to be very conservative, as my family relies on that income. This bucket is solely there to feed other buckets.

There are others, but this gets the idea across.

The major point is that each bucket has a specific objective. Together, all of the buckets are designed to move me closer to infinite wealth.

They are also designed to be robust so that I am not overly damaged if any particular bucket runs dry for a period, as something like crypto is wont to do. This type of thinking has also changed how I think about economic goals.

If I look ahead a few years, my goal is to become 5x infinitely wealthy through different buckets that use uncorrelated assets in uncorrelated markets. If I can achieve that goal, I become very confident that I will be financially OK regardless of what is occurring.

Setting Objectives

If I were starting this journey today, here is what I would be thinking about:

  1. What is my infinite wealth number?
  2. How can I move closer to infinite wealth (are there expenses I can decrease, or income I can increase)?
  3. What money buckets do I already have?
  4. Are those money buckets designed to meet my objectives or should I make changes?
  5. How should I strategically be investing to either increase the assets in a given money bucket or diversify my money buckets?
  6. What could go wrong with my current setup and what can I do to mitigate what might go wrong?

I hope this has helped you to think about not putting too much focus on any one bucket and using multiple diverse buckets to enhance your ability to thrive in any environment.

Article by; James Hudson

email: jameshudson@mythicmarketresearch.com

**DISCLAIMER**

I’m not a special advisor and this is not special advice

So if you’re looking for a special advisor, I will certainly not suffice

Merely a humble truth seeker; for a truth that nobody owns

Not your’s, mine, or their truth, but a truth that has no clones

In a world that’s unsettling and hazy, where the outcome is not very clear.

By stcking your Bitcoin and chilling, there’s much less that you have to fear.

]]>
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The Crypto Jedi Issue 4: How To Spot Crypto Scams and Rugpulls https://cryptomedium.org/how-to-spot-crypto-scams-and-rugpulls/ https://cryptomedium.org/how-to-spot-crypto-scams-and-rugpulls/#respond Sat, 06 Aug 2022 15:43:45 +0000 https://cryptomedium.org/?p=8105

GREETINGS DENIZENS!

How do we Spot Crypto Scams and Rugpulls?

Before we get inot the 11 tips on how to spot this activity;  Its so important to emphasize that the non-bitcoin crypto and decentralized finance (Defi) space is filled with undoxxed, anonymous project leads, hiding behind pictures of cartoon characters, using fake names and VPNs, web hosting on shady Dapps, and interfacing with smart contract platforms that anyone with simple tech knowhow and a couple of dollars in gas fees can deploy. You tell me if this sets up the conditions for a scam.

The non-bitcoin crypto and decentralized finance (Defi) space is filled with undoxxed, anonymous project leads, hiding behind pictures of cartoon characters, using fake names and VPNs, web hosting on shady Dapps, and interfacing with smart contract platforms that anyone with simple tech knowhow and a couple of dollars in gas fees can deploy. You tell me if this sets up the conditions for a scam.

– Me-The Crypto Medium, Erik

The main Crypto Scams and Rugpulls;

*Dusting Attacks

*Suspiciously high yields

*Stealth minting

*Unknown or anonymous developers

*High APY

*Poor Effort or lack of development

*Smooth Operators

*No external audit

Thr feATURED SCAM IN THIS ARTICLE IS THE DUSTING ATTACK- BY TITANO FINANCE

What is a Scam?

A scam is an attempt to defraud a person or group by deception. Scams are often designed to exploit human greed, vanity, or desperation, and generally involve some type of bait (e.g. an offer of easy money) that the victim finds hard to resist.

What is a Rugpull?

A rug pull is a specific type of crypto scam in which the developers behind a project suddenly disappear, taking all the funds raised with them. Rugpulls often occur early on in a project’s life cycle, before it has had time to build up any real community or momentum.

Scam vs Rugpull:

The key difference between a scam and a rug pull is that in a rug pull there is usually no deception involved Initially. The developers simply walk away with the funds, often leaving the project’s investors high and dry.

Is a surprise bankruptcy or project fail a scam?

No. You have to recognize that the risk is very high in all non-Bitcoin-related crypto. This space is filled with innovative people with great ideas who have absolutely no clue to realize their idea or run teams and companies.

This is why 95% of all businesses and projects fail.

While these types events are often shouded in secrecy obscurity and confusion thry are often considered unethical, immoral, and criminal.

But  a bankruptcy  or project termination out of seeminly nowhere is not necessarily a scam.

It could be that well-intended actors simply misjudge the market or who are incapable of managing a company, simply run into financial difficulties.

They do often become bad actors, as in Dan Schatt and Alex Mashinsky‘s case, by concealing the truth from customers and attempting to cover up evidence.

So....Have I been Scammed? Of COurse! I learned how to spot Crypto Scams and Rugpulls the hard way.

DOES THIS SOUND FAMILIAR?

You thought you were a smart investor. You read all the articles, you followed all the tips, and you even went to a few meetups. And now, here you are, with nothing to show for it but a Mars real estate-backed cryptocurrency that’s tanked in value. You had such high hopes for this investment, and now you’re left wondering what you could have done differently.

Then you see it, another amazing opportunity. So you take the loss and cash out on your beachfront NFT property on Mars and flip all your remaining money in a new crypto coin that’s backed by a live volcano in El Salvador.

You’re convinced this is the next big thing, and you’re going to get rich quickly. But then, out of nowhere, the volcano explodes, and the dev team have deleted their discord chat. Your coin becomes worthless….agian. You’ve been rug pulled!

If only you’d known how to spot a crypto rug pull before investing! Maybe then you could have avoided losing your hard-earned money.

But hindsight is always 20/20, and now it’s too late. At least you can take comfort in the knowledge that you’re not alone; many other investors have fallen prey to scams. Sadley, they’re so common, it almost become a “right of passage”.

Here's 11 tips on how you can spot scams and rugpulls before it's too late:

1-A Dusting attack

is a new type of crypto scam that’s been making the rounds lately. They are a type of malicious activity in which bad actors send very small amounts of cryptocurrency to victims’ wallets that they didn’t ask for or purchase. To demonetize victims, the victims need to attempt to sell these tokens.

This scam involves creating small amounts of a cryptocurrency, and then “dust” them onto addresses belonging to unsuspecting victims. Once the dust has settled, the attacker then uses these tiny holdings to track the victim’s activities and even deanonymize them.

2-Promises of astronomical returns?

Suspicious. If an investment sounds too good to be true, it probably is. This old adage applies to the world of cryptocurrency. If a project is promising returns that are much higher than what’s considered normal, be very wary.

Do your research and make sure that the project is legitimate before investing any of your hard-earned money If an investment opportunity promises to make you rich quickly, it’s probably too good to be true.

Be especially wary of opportunities that guarantee returns, regardless of market conditions.

3-Lack of transparency

Suspicious. When it comes to your money, you have a right to know where it’s going and how it’s being used. If a project is vague about how they plan to use your investment, or if they’re not forthcoming about their team or roadmap, that’s a major red flag. Any reputable project should have no problem.

A legitimate project should have a clear roadmap and whitepaper outlining the team’s plans and objectives. If there is no information available about the team or the project, it’s best to steer clear.

4-Stealth minting.

Suspicious. One of the most popular crypto scams right now is “stealth minting.” This occurs when a project secretly mints new tokens and then sells them off-exchange, without disclosing this information to investors.

This can artificially inflate the price of the token, and when the news finally comes out, the price takes a nosedive. This type of scam is especially prevalent in the DeFi space, so be extra cautious when investing in these types of projects.

These are just a few of the many red flags to watch out for when evaluating an investment opportunity. By being aware of these scams, you can protect yourself and your hard-earned money.

5-Anonymous team?

Suspicious. A legitimate project should have nothing to hide. If the team is anonymous or refuses to disclose information about themselves, that’s a major red flag.

Be sure to do your research and only invest in projects where you feel comfortable with the team.

If the team behind a project is anonymous, it’s harder to hold them accountable if something goes wrong. Look for projects with a transparent and public team.

No product or prototype?

Suspicious. A project that doesn’t have a product or prototype is more likely to be a scam.

If the team can’t show you what they’re working on, it’s best to steer clear. Even if the project does have a product, be sure to do your research and make sure it’s legitimate before investing any money.

6-Social media frenzy

Suspicious. Just because a project is getting a lot of social media buzz doesn’t mean it’s legitimate. In fact, many scammers use social media to pump up the price of their tokens before dumping them on unsuspecting investors.

These projects generate a lot of hype on social media but have little to no activity on legitimate crypto forums and discussion groups. These projects may be using paid shills to generate fake buzz.

Be sure to do your own research before investing in any project, regardless of how much hype surrounds it

7-Insufficient liquidity.?

Suspicious. If a project is not listed on major exchanges and doesn’t have enough liquidity, it may be a rug pull.

Many scammers will create their own exchanges to trade the token, which can be easily manipulated.

Be sure to check the liquidity of a token before investing, and only invest in tokens that are traded on major exchanges.

If a project doesn’t have enough liquidity, you may not be able to cash out your investment when you want to. This can lead to big losses if the project turns out to be a rug pull.

8-High APY?

Suspicious. Be very wary of any project promising high returns. Many scammers use high APYs to lure investors into their trap. Be especially careful of projects promising guaranteed returns, as these are often scams. Do your own research and only invest in projects you understand.

Note

High APY projects are all Ponzi schemes but is this common knowledge and well accepted as fundraising tactics for legitimate projects within the defi community? These projects become scams when the teams are deceptive about their intent.

9-Smooth Operators

Suspicious. The crypto world is full of scammers and rug pullers. They’re often very charismatic, smooth talkers who can be very convincing.

If someone is trying to get you to invest in a project without being able to simply answer your questions or they avoid discussing risk, be very wary. Don’t let anyone pressure you into investing in a project you’re not comfortable with.

10-Poor Effort or lack of development

Suspicious. If a project doesn’t have a working product or prototype, or if the team seems to be inactive, that’s a red flag.

Many scammers create fake projects to raise money and then disappear with the funds. Be sure to do your research and only invest in projects you believe are legitimate.

A project that doesn’t have a working product or prototype is more likely to be a scam. Even if the project does have a prototype, be sure to do your own due diligence to ensure it works as advertised.

11-Pump and dump scheme

Suspicious. Connected to the media frenzy tactic, a project that may be a pump and dump scheme if it has a lot of social media buzz but little activity from the developers, on legitimate crypto forums and discussion groups.

These projects may be using paid shills to generate fake buzz. Be sure to do your own research before investing in any of these.

So, how can you avoid getting scammed?

Well, there are a few things you can do to protect yourself.

First of all, don’t invest in projects that don’t have a working product or a solid team behind them. Secondly, always do your research before investing in any project. And finally, never invest more than you can afford to lose.

Here are a few tips:

*Be suspicious of suspiciously high yields

*Watch out for stealth minting schemes

*Check the identities of the developers behind a project

*Make sure there’s been some effort put into development, and that it’s not all hype

*Look for externally audited projects

*Never interact with coins that just appear in your wallet, just hide them.

In the world of crypto, there are three types of scams: the pump and dump, the Ponzi scheme, and the rug pull.

Well, one clue is if the developers are anonymous or unknown. If they’re hiding their identities, it’s probably because they have something to hide. Additionally, if the liquidity is locked up and there are limits on sell orders, that’s another red flag. It means that there isn’t enough demand for the token, which means that it’s not likely to be worth anything in the future.

Another thing to look out for is skyrocketing price movements. If the value of the token is going up rapidly, that could be a sign that it’s being artificially inflated. And finally, beware of suspiciously high yields. If someone is promising returns that seem too good to be true, they probably are.

Final thoughts;

Cryptocurrencies offer a new way of investing and with that, comes a new way of being rugged. While there are many legitimate ways to invest in cryptocurrencies, there are also many scams.

To avoid being robbed, it is important to do your due diligence and be aware of the different methods that thieves and bad actors use.

Just like with anything else in life, when it comes to investing in cryptocurrencies, it’s important to do your research. Make sure to read up on the project, team, and advisors, and verify that the wallets are locked.

And most importantly, don’t invest more than you can afford to lose. Because as we’ve seen, crypto is still relatively new and uncharted territory, and there are no guarantees when it comes to investing. So always be vigilant, and stay safe!

**DISCLAIMER**

I’m not a special advisor and this is not special advice

So if you’re looking for a special advisor, I will certainly not suffice

Merely a humble truth seeker; for a truth that nobody owns

Not your’s, mine, or their truth, but a truth that has no clones

In a world that’s unsettling and hazy, where the outcome is not very clear.

By stcking your Bitcoin and chilling, there’s much less that you have to fear.

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How to use a bitcoin and crypto currency wallet https://cryptomedium.org/how-to-use-a-bitcoin-and-crypto-currency-wallet/ https://cryptomedium.org/how-to-use-a-bitcoin-and-crypto-currency-wallet/#comments Sat, 23 Jul 2022 23:53:06 +0000 https://cryptomedium.org/?p=7481

**DISCLAIMER**

I am not a Financial Adviser and This is not financial advice.

These images are brought to you by my personal favorite exchange, Crypto.com. I am not an affiliate currently, but hope this changes one day.

First, you need to set it up. Prioritize security features and control private keys (unique wallet pass ID) by choosing a self-custody wallet. Second, download and install the associated software. Third, Write down the recovery passphrase for your private keys. This is important! Don’t lose them! Forth, follow the setup instructions. Fifth transfer the crypto you bought on the exchange into your wallet.

"The best time to get a self-custody wallet was yesterday, The next best time is today"- Crypto Casey

So, without further ado, let’s get started!

The Cryptomedium only classifies self-custody Bitcoin and Crypto wallets as “true” wallets.

Custodial (third party) wallets are not real wallets in my opinion. They’re secured and highly trustworthy (in some cases) crypto bank accounts with 2FA, but not wallets.

Although I don’t these as real wallets, I’ll refer to them as custodial wallets for ease of communication.

So you've just become a full-fledged bitcoin owner!

You’re feeling on top of the world as you buy a whole bitcoin on an exchange. But then the unthinkable happens – the exchange goes bankrupt and your investment is gone. Better luck next time, buddy.

But what if there was a way to protect your investment? A way to keep your bitcoin even if the exchange goes broke. That’s where self-custody wallets come in.

The most secure type of wallet is a self-custody wallet. This means that you, and only you, hold the keys to your Bitcoin. The downside is that if you lose your keys, you lose your Bitcoin.

A wallet is a software that sits on your computer or phone and stores your Bitcoin keys. These keys are what you use to access your Bitcoin and Crypto, send it to others, and store it.

There are two types of self-custody wallets: hot wallets and cold wallets. Hot wallets are connected to the internet and therefore more vulnerable to hacks. Cold wallets are offline and therefore much more secure.

The most secure type of wallet is a self-custody wallet. This means that you, and only you, hold the keys to your Bitcoin. The downside is that if you lose your keys, you lose your Bitcoin.

The most popular self-custody wallets are hardware wallets. These are physical devices that look like USB sticks and have a small screen. They cost money, but they’re worth it if you’re serious about protecting your investment.

Setting up a crypto currency wallet

Is pretty easy and straightforward. But before we go into that, let’s first understand what a cryptocurrency wallet is.

A cryptocurrency wallet is basically a digital wallet where you can store your cryptocurrencies. Now, there are different types of wallets available, each with its own set of features and security levels.

So, how do you choose the right one? Well, that’s where your main considerations come in: security, ease of use, and compliance with government and financial regulations.

Once you’ve taken those into account, setting up your account is pretty simple. Just enter your personal info and choose a secure password.

There are many different types of Bitcoin and cryptocurrency wallets.

Some are online and some are offline. Some are software-based and some are hardware-based. Some are designed for security and some for ease of use.

It’s important to choose a wallet that meets your needs and that you can trust.

When you create a self-custody wallet,

You will be given a “seed” phrase. This is a list of words that can be used to restore your wallet if it is lost or stolen. It is very important to keep this seed phrase safe and secure.

Some custodial wallets allow you to set up 2-factor authentication (also called 2FA). This adds an extra layer of security by requiring you to enter a code from your phone in addition to your password when you log in.

You will need to provide personal information when you create a wallet. This is necessary to comply with government regulations. It is important to choose a platform that you trust and that has strong security measures in place.

Once you have created your account and chosen a secure password, you’re ready to start using your Bitcoin and cryptocurrency wallet.

Contrary to popular belief, crypto wallets do not physically hold cryptocurrencies like the wallet in your pocket. Instead, they store the public and private keys required to buy cryptocurrencies and provide digital signatures that authorise each transaction.

There are several types of crypto wallets including physical devices, software, and even paper. Determining which crypto wallet is best for you depends entirely on your individual trading needs. Here are some fun facts about crypto wallets to help you make a more informed decision:

Crypto wallets are not connected to the internet, which means that they are much less vulnerable to hacking than traditional online wallets.

  • -Some people choose to store their crypto keys on a physical device, such as a USB drive or even a piece of paper.

 

  • -Crypto wallets come in many different shapes and sizes, but they all serve the same purpose: to store your private and public keys and allow you to make digital transactions.

 

  • -The most important thing to remember about crypto wallets is that you are ultimately responsible for keeping your private keys safe. If you lose your keys, you will lose access to your cryptocurrencies.
 

If you’re new to the cryptocurrency world, you might be wondering: what exactly is a crypto wallet? Check out this article if you want more detail,

But in short, the term ‘wallet’ is actually somewhat of a misnomer as crypto wallets don’t really store cryptocurrency in the same way physical wallets hold cash.

Instead, they read the public ledger to show you the balances in your addresses and also hold the private keys that enable you to make transactions.

A cryptocurrency wallet is a digital storage device that holds your public and private keys while also providing an easy-to-use interface to manage your crypto balances.

Additionally, most crypto wallets support cryptocurrency transfers through the blockchain. And some wallets even allow users to perform certain actions with their crypto assets, such as buying and selling or interacting with decentralized applications (dapps).

So now that you know what a cryptocurrency wallet is, the next question is..

And the answer to that is yes. Whether it’s a real (self-custody) or a third-party (custodial) wallet, you’ll need one to interact with the cryptoverse.

If you’re only interested in buying and holding cryptocurrencies as an investment, then chances are you’ll need a wallet.

If you want to actively trade cryptocurrencies or interact with dapps, then you’ll definitely need a wallet.

The reason is that cryptocurrency transactions don’t represent a “sending” of tokens from one mobile phone to another. Rather, when you send tokens, you’re using your private key to sign the transaction and broadcast it to the blockchain network.

The network will then include your transaction in the next block it creates, which will reflect the updated balance in all participating wallets.

So remember, while a physical wallet might store $20 bills, a crypto wallet stores the equivalent of $20 worth of cryptocurrency.

And just like you wouldn’t want to lose your physical wallet, you also don’t want to lose your crypto wallet as it could mean losing all of your hard-earned cryptocurrency!

Crypto wallets come in all shapes and sizes, but there’s no one-size-fits-all solution. Each type of wallet has different strengths, purposes, and trade-offs. So it’s really up to you to weigh up what works best for you and your specific needs. 

But before you can start buying and selling Bitcoin, Ethereum, or any other digital currency, you’ll need to set up a digital wallet. But how do you choose the right wallet for you?

There’s no one-size-fits-all answer to that question. It depends on how you intend to use your cryptocurrency, how much risk you’re willing to take, and what type of currencies you’re interested in.

For those with a high-risk tolerance who want to make regular, quick online payments, the convenience of a hot wallet would suit you best. But if you’re a little more gun-shy and intend to hold your coins long-term, then a secure offline device might make the most sense. 

And if it’s the NFT market that you’re interested in, then you need to look for a wallet that is compatible with NFT marketplaces such as OpenSea, Solanart, and Crypto.com. 

The bottom line is that there is no perfect solution when it comes to crypto wallets. It’s all about finding what works best for you and your needs.

There are many factors to take into consideration when choosing a crypto wallet. The first is whether you want a software or hardware wallet.

Software wallets are easier to use but are less secure, while hardware wallets are more secure but can be difficult to use.

Another factor to consider is the security features of the wallet. Does it have two-factor authentication? Fingerprint recognition? How user-friendly is the interface?

Another important factor is fees. Some wallets charge transaction fees, while others do not.

You should also consider which coins the wallet supports. Not all wallets support all coins.

Finally, you should consider whether the wallet has backup options in case you lose your device or forget your password.

Thats about it for now. Tell me what you think. 

 

FAQ's

Just get off Zero for now. Stack sats and we can revisit this question in 5 years

No one can be sure, but we do know he’s said that he would like to use Bitcoin to pay for a trip to Mars. So, if you are planning to use Bitcoin or any other cryptocurrency to pay for your trip to Mars, you’ll need a wallet.

As a gerenal rule, Software wallets are free and hardware wallets cost money. Anywhere from $50 to a few hundred.

Just get your damn wallet and buy some bitcoin first.. 

I recommend the best products through an independent research and review process. I don’t have advertisers, but if I did they would not influence my writing. I may receive compensation in the future if you visit partners I recommend once I have them.

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How I’m Mining Bitcoin in 3 Steps https://cryptomedium.org/how-im-mining-bitcoin-in-3-steps/ https://cryptomedium.org/how-im-mining-bitcoin-in-3-steps/#comments Sat, 16 Jul 2022 20:00:53 +0000 https://cryptomedium.org/?p=7189

3 steps to mining

The first thing you do is buy a decent Bitcoin configured ASIC Ming Rig with a 110v or 220v power supply unit (depending on the rig) and Heavy Duty Power Cable 15A, plugging to your supporting outlet and connecting your laptop. Second, Join a mining pool. And third, set up your self-custody bitcoin wallet and start mining. If it’s too noisy for you and your neighbors or you’re just too busy, then use a service that will take care of all of this for you.

**DISCLAIMER**

I am not a Financial Adviser,

This is not financial advice,

But if you want to loose all of your money

There are many of them out there who would suffice.

If you’re looking for knowledge and insight

You’ve come to the right place

I’m not a financial advisor

So you’re money’s in a safe space.

If you want to mine but don't want to maintain the miner, try Compass mining

How to Mine Bitcoin In 3 steps-My Plan.

Your buddy tells you about this new way to mine bitcoin. You can use a volcano! You’re skeptical at first, but then you think about how much money you could make. You could buy a lot of things with that kind of money.

You start to do some research and find a volcano that’s perfect for the job. It’s in a remote location, so you’ll have to build a platform and infrastructure to support your mining operation, but that’s okay. You’re up for the challenge.

In the first year, you’ll spend most of your time and money building the infrastructure. You’ll need to construct a platform to support the mining equipment, build housing and other buildings for your workers, and create a power source.

The second year is when the real mining will begin. You’ll use the equipment to mine bitcoins from the volcano. The heat and lava will make it tough, but you’re up for the challenge.

By the third year, your operation will be in full swing. You’ll be mining bitcoins and making a lot of money.

You’ll be able to buy whatever you want, and you’ll be living the life of your dreams. Thanks, volcanoes!

I know what you’re thinking. You’re wondering, “What the heck is bitcoin mining? And why do I care?”

I don’t blame you for being skeptical. After all, it does sound a bit strange, doesn’t it? Mining bitcoins…by solving math problems on your computer?

But trust me, it’s not as strange as it sounds. Bitcoin mining can be a great way to earn some extra money…if you know what you’re doing.

And that’s what I’m here to help you with today. In this post, I’m going to show you how to mine bitcoin In 3 steps my plan

So, without further ado, let’s get started!

Despite the growing value and increased efforts to mine bitcoin, due to the halve cycles every 4 years, it’s becoming easier to do again. Just be aware that Bitcoin mining “rig” cost fluctuates with bitcoin value. In other words, if bitcoin increases in value by 50%, expect the average ASIC mining rig to do something similar.

If you’re interested in getting into the Bitcoin mining business at your own home, it’s pretty easy. If you want to use a service/company, it’s real easy.

The first thing you do is buy a decent Bitcoin configured ASIC Ming Rig with a 110v or 220v power supply unit (depending on the rig) and Heavy Duty Power Cable 15A, plugging to your supporting outlet and connecting your laptop. Second, Join a mining pool. And third, set up your self-custody bitcoin wallet and start mining. If it’s too noisy for you and your neighbors or you’re just too busy, then use a service that will take care of all of this for you.

As I mentioned, it’s honestly not that hard to start mining. The biggest challenge for you after you’ve selected and bought the rig is managing the noise.

These miners run hot and are built like jet engines. They’re equipped with some serious hardcore fans that need to run continuously 24/7.

I don’t mean some sort of existential “do I live in a simulation?” metaphor; I mean literally, where am I?

Oh yes, I remember. I’m in an apartment, near the city center, and I rent. The good news is the power for me is included in my rent.

The bad news is that I don’t think my neighbors would be too excited about listening to three or four jet fans running 24/7

When you decide to get the Bitcoin mining hardware, you’ll find that Bitcoin ASIC mining rigs are the only hardware with the processing power to yield bitcoin rewards.

You’re going to have a few choices; never used, pre-owned, new models, or old models. Different models produce a bitcoin at different rates.

As a general rule, the newer and more expensive the model, the more bitcoin it produces and the more popular it is. It’s that simple.

Fortunately, there’s a great site that describes all the different models and what they produce.

There are many different types of miners, but I recommend getting an ASIC miner like the Antminer if you atually plan on making profits.

ASIC miners are the most efficient miners available, but they’re anot exactly affordable. Plus, there built extememly well so the risk of it breaking down if its les than 4 years old is low.

Once I have my miner, I’m ready for step 2

Step 2: Join a Bitcoin Mining Pool

The next step is to join a Bitcoin mining pool. Bitcoin mining pools are groups of miners who work together, using the ASIC miner to mine bitcoin. The Computing power

By working together, these miners increase their chances of solving complex math problems and earning bitcoins. Plus, when you join a Bitcoin mining pool, you get mining rewards even if you don’t solve any math problems.

There are many different mining pools to choose from, but I recommend joining Antpool. A

pool is one of the largest and most popular mining pools, and it’s run by the company that makes the Antminer S9.

The mining pool is especially vital for the person wanting to mine out of their own home. This group of miners who work together to mine bitcoin dramatically increases your chances of earning bitcoin.

There are many different mining pools to choose from, but, again I recommend joining a large pool like Slushpool or Antpool.

Step 3: Use my rig to for mining Bitcoin

bitcoin, blockchain, cryptocurrency-3656764.jpg

The last step is to get a bitcoin wallet. This is where your bitcoins will be stored after you mine them.

There are many different types of bitcoin wallets, but I recommend getting a self-custody “hot” software wallet like trustwallet or Coinbase and a “Cold” storage hardware wallet like Ledger or Trezor.

Software wallets are free to download and easy to use. Plus, they offer additional security features like two-factor authentication, which is important when you’re dealing with money.

Now all you need to do is connect it to your mining pool, throw in your wallet address and start mining

**If none of this appeals to you but you still want to mine, try Compass Mining; You buy the nimer from them and they take care of everything for you**

bitcoin mining is the process of validating transactions on the bitcoin network. As a miner, it is your task to search for, verify, and validate transactions from a pool of unconfirmed deals before adding them to the bitcoin network.

You confirm entries by solving mathematical puzzles, which we will get into in the succeeding sections. In return, the system compensates you with bitcoins.

The term “mining” is just a metaphor, though. bitcoin mining actually translates to validating transactions.

Therefore, as a bitcoin miner, you are basically a transaction validator. By solving math puzzles, you verify and validate bitcoin transactions, which ultimately results in the compensation of bitcoins. So, bitcoin mining is just a way of confirming bitcoin transactions and in return, you are compensated with bitcoins.

Mining terms

Bitcoin mining is the process of creating new bitcoin by solving complex mathematical puzzles. In order to be rewarded with bitcoin, miners must verify and collect new transactions into a block, then solve a difficult math problem called a proof of work.

The miner who solves the proof of work first is rewarded with a certain number of bitcoin. However, bitcoin mining is not easy.

In addition to a strong understanding of mathematics, bitcoin miners must also be equipped with specialized hardware and software.

To stay competitive, bitcoin miners need to keep up with the latest bitcoin-mining technology and software versions. Here are some key terms that all bitcoin miners should know about:

-Hashing power:

The more hashing power that miner has, the more likely they are to find a block and earn rewards. Hash rates and difficulty levels are constantly changing, so miners need to stay up to date on the latest mining software and hardware.

– Version:

The bitcoin-mining software’s version.

– Previous block hash:

The hash value assigned to the previous block.

– Merkle root:

A hash value for individual transactions recorded in the block.

– Timestamp:

The time when the block was created.

By understanding these key terms, bitcoin miners can stay ahead of the competition and be rewarded with bitcoin for their efforts.

There are a few other bitcoin mining terms that you should know about: block header, target hash, and nonce.

– Block header:

contains all the information about a bitcoin block, including the timestamp, previous block hash, merkle root, and target hash.

– The target hash:

is a 256-bit number that is used to determine whether a block has been successfully mined.

– The nonce:

is a value that miners change with every hashing attempt.

By understanding these bitcoin mining terms, you’ll be able to follow along with the bitcoin mining process and better understand how new bitcoins are created.

That’s it!

Those are the three simple steps I plan to follow to mine bitcoin in 2022/2023.

Of course, there’s a bit more to it than that. But if you follow those steps, you’ll be well on your way to mining bitcoins and earning some extra money!

With the current price of Bitcoin and the difficulty of mining, I should be able to make a decent profit by mining for Bitcoins during the next year or two!

FAQ's

Just get off Zero for now. Stack sats and we can revisit this question in 5 years

Harnessin the power of Volcano’s obviously

A volcano, a mining rig, and a lot of patience!

It depends on the price of Bitcoin and the difficulty of mining, but you can make a decent profit!

If a volcano erupts while you’re mining, you won’t be thinking about this question. 

I recommend the best products through an independent research and review process. I don’t have advertisers, but if I did they would not influence my writing. I may receive compensation in the future if you visit partners I recommend once I have them.

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How to Prepare For The Financial Storm in 3 steps. https://cryptomedium.org/how-to-prepare-for-financial-storm-in-3-steps/ https://cryptomedium.org/how-to-prepare-for-financial-storm-in-3-steps/#respond Sun, 15 May 2022 04:17:03 +0000 https://cryptomedium.org/?p=1800

GREETINGS DENIZENS

HERE'S HOW YOU PREPARE FOR THE FINANCIAL STORM IN 3 STEPS;

THE FIRST STEP is accepting that this is now our responsibility, and not the government’s, to save ourselves.

THE SECOND STEP is to make more income

THE THIRD STEP is to protect the wealth you have already created.

THE MOST IMPORTANT THING YOU CAN DO TO PREPARE FOR THE FINANCIAL STORM IS TO MAKE A PLAN USING            THESE STEPS

**disclaimer**

I’m not a fincial advisor,
but i can help you keep your shirt,
So if you’re seeking financial advice,
Your feelings will be hurt

You’re sitting at home, minding your own business when you get a call from your best friend. They sound panicked and they’re rambling on about how there’s a financial storm headed our way and we need to prepare for it.

You tell your friend that he’s not a Forbes advisor and to hang up the phone and get some fresh air. But then you think to yourself, “What the heck are they talking about? There’s no such thing as a financial storm. I can gain access to my checking account looks good, electronic payments are woking and I’m still making my 0.00001% interest rate”

But then you start to think about it more and you realize that your friend might be on to something. You remember all of the times the government has said they would help us in a financial crisis, but they never do.

As the world economy degrades into something resembling a great recession you also remember hearing about how inflation is rising to epic levels and things are getting more and more expensive.

Even though your other family members don’t seem concerned, you start to feel a pit in your stomach as you realize that your friend might be right and there is a financial storm headed our way.

The future seems uncertain. But don’t worry, you’re a savvy person and you know how to prepare for this. Here are three steps you can take to help prepare yourself and your family for the coming financial storm.

There’s no sugar-coating it, the sh!t is about to hit the fan and we need to be prepared.

I’m not talking about stockpiling on Spam and toilet paper, how to save money in your savings account or pay for your credit card debt. I’m talking about but preparing our finances for what’s to come.

Inflation is skyrocketing, and many experts believe we are on the brink of a financial “unwinding” of epic proportions. Either resulting in a deflationary death spiral that completely collapses the economy or a Venezuela style Hyperinflation that governments will use to sneak in a CBDC

But what does this mean?

Well, for starters, even if we’re close to a direction that’s moving us towards the Weimar Republic or Zimbabwe level of hyperinflation, then all the advice that your getting from the boomer or greatest generation members of your family is completely upsidedown.

sdbfsdl

So, what can we do to protect ourselves?

In order for the whole family to be mentally prepared for the coming financial storm, there are a few things every person needs to know. Whether inflation continues at its current pace or gets worse — entering into hyperinflation and stagflation. Or, we get a massive crash deflation everywhere the eye can see. It doesn’t matter which scenario happens, because it’s disastrous if we are not prepared.

Economic collapse and financial crises will impact all aspects of your life and those of your family members. Medical bills and medical care, car insurance, grocery bills, monthly bills and other small bills, job loss; etc… When disaster strikes

Don’t save your money in your bank account
Don’t race to pay off your non variable debt
If you don’t have a Bitcoin, silver, gold or precious metals emergency fund, now is the time to start one.

Why? Because Hyperinflation makes money worthless and therefore your debt worthless. but it also makes your cash in hand worthless

But, If we’re headed for a deflationary death sprial then your Boomer and GG family member is spot-on;
For any small debts that have variable interest rates, get out of them
Stack physical Cash outside of the bank
Intensify and scale up your debt consolidation

So, How can you do protect yourself? 

Taking these three steps will help you prepare for the coming financial storm and give you a better chance of weathering the storm. So don’t wait, take action today and get prepared!

Let’s say you’re a savvy person,

and you know that a financial storm is headed our way. You know that the government isn’t going to save us, no matter how many times they promise they will. So what do you do? take action! Here are three steps you can take to help prepare yourself and your family for the coming financial storms.

1. IT’S OUR RESPONSIBILITY TO ACCEPT

The Government Isn’t Going to Save Us. Since the government is directly responsible for manipulating financial resources, eroding financial health, creating an economic crisis and leading the financial collapse. Do you honestly think that the government is capable of a mass rescue Op?

The first step is accepting that this is now our responsibility, and not the government’s, to save ourselves.

This may seem like a no-brainer to you,

But most people are still under the impression that the government will help them in their time of need. They think that because they pay taxes, the government is obligated to provide services to help them out. But that’s not how it works.

The government is not interested in you or me, Their concern is self-preservation. This means that they care about the central banks and a few select “too big to fail” corporations.

They are not going to save us. Whatever intervention that does occur, you can guaruntee that you are not the concern. We have to take responsibility for our financial well-being. If we hand over control to the government, we will lose it forever.

“There is nothing more permanent than a temporary government solution”.

The second step is to make more income.

Side hustle… therere art endless ways to do generate side income. But yes, you’re going to hacve to step it up and work a little harder, aspecially in the begining. Joe brown from Heresy Financial says it best, the possibilities are endless with the right planning.

If we want to be prepared for a financial storm, we need to have more money coming in. There are a few ways to do this, but one of the best is to invest in yourself. Invest in your education, in your skills, and in your career. The more you invest in yourself, the more valuable you will become, and the more money you will make.

Expenses don.t need to be drastic to create small companies, businesses, and side hustles. Technology has reached a point where you only need a small amount to get going.

The third step is to protect the wealth you have already created.

This level of financial planning can be done in a number of ways, but one of the best is to diversify your investments.

Don’t put all your eggs in one basket, as they say. Spread your money around, so that if one investment fails, you have others to fall back on. Ideally, you want exposure to real estate, Bitcoin, precious metals, art, and collectibles. You want some cash but not a lot; perhaps 2 to 4 months of “incidentals”.

Savings account don’t work long term. You money is being debased at arate never before seen in our time. Banks and Governements are responsible so don’t look to them for help. If you’re earning 0.001 to 3% in your bank but inflation is between 8-18% depending on who you believe, why do this to yourself?  

To add insult to injury, the Bank defines you as an unsecured creditor which essentially means in a financial collapse/storm, your money isn’t yours and you have no rights because you’re lower life form.

I have gotten my money out of the bank…. Not financial advise!

Finally, a bonus step for those who want to do more than just prepare for the financial storm. This step may seem counter productive  but hear me out;

The idea is to give as much as you can to people you believe in. You may not need help,  but if you have the means, consider giving someone the opportunity to help you. Whether its hiring a person to do odd jobs or maybe or more regular work. Giving a person a leg up by presenting them  with opportunities to improve thier circumstances benefits everyone.

If we all start doing this now, if we can make a small difference these people lives, we can help to make the financial storm a little less devastating for everyone.

So there you have it, three steps to prepare for the financial storm. Now get out there and take action!

Remember this is not the time to stock up on pepper spray, gas masks, ammo, and an aid kit. The necessary supplies you need are all online, well, stocking up on the odd canned goods wouldn’t hurt either.

The most important thing you can do to prepare for the financial storm is to make a plan

Have it in place so you know what to do when things start to get tough. Spend wisely, and associate with like-minded people.

This may include things like getting a second job or starting a home business, downsizing your lifestyle and cutting your spending or finding ways to make extra money and plan for at least six months.

Figure out what you need to do to survive, and make sure that everyone in your family knows the plan. This way, if the worst does happen, you’ll all be prepared and know what to do.

These are just a few steps you can take to prepare for the financial storm. Take action now and be prepared for whatever comes our way. The last thing you want to do is be caught off guard by the financial storm.

So there you have it, three steps to prepare for the financial storm. Now get out there and take action! The most important thing you can do is to make a plan and be prepared. Take action now and be prepared for whatever comes our way. The last thing you want to do is be caught off guard by the financial storm.

We hope you found this article helpful. Please share and leave your comments

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