Presenting a normie's guide to (cautiously and skeptically) becoming a crypto person, by atsaraharrison
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BAGS: The coins and tokens in your portfolio. If you hold on to your coins until they become worthless, you’re unfortunately a bagholder. PROOF OF STAKE: An alternative process that doesn’t require miners and uses much less energy. More and more new currencies are adopting proof-of-stake technology. Ethereum, the second-biggest cryptocurrency, has committed to migrating its entire network to proof of stake by 2022.
WEB3: Right now, it’s more of a utopian vision than a reality. Web3, a favorite buzzword of many crypto enthusiasts, is a decentralized version of the internet that runs on a blockchain. In this version, you would be a stakeholder in any entity you contribute to online . Think of it as a rebrand of crypto.
Seven minutes In 2016, Joel Monegro, then an investor at Union Square Ventures, wrote “Fat Protocols,” a 1,200-word blog post on USV’s website that talks about crypto’s place in the history of the internet and basically tries to answer the question “Why are things like bitcoin and ethereum valuable?” Although some argue that it’s out of date, it’s still one of the most-talked-about writings in the crypto world.
One semester Gary Gensler, the current chair of the SEC, once taught a course about the blockchain at MIT’s business school, and all 24 lectures can be found on YouTube. When people ask how to start learning about crypto, the videos are the first thing Sam Dealy, a software engineer at MobileCoin, recommends.
You’re a political dissident … Find the anti-authoritarian/anti-imperialist bitcoiners, like the Nigerian anti-police-brutality activists who, in 2020, fund-raised with bitcoin when they were shut out of local banks. Beware the white supremacists. Some use bitcoin to evade the law. Alt-right figures Richard Spencer and Stefan Molyneux are into bitcoin, as is Weev, one of the biggest Nazi leaders worldwide.Ethereans Launched in 2015, the ethereum blockchain was designed as an improvement on bitcoin. Unlike the bitcoin network , ethereum was conceived as a World Computer. It allowed users to do more than just transfer money; it was also a platform on which people could create new apps and currencies.
You’re a next-door millionaire … Join the ethereum whales, who hold troves of ether and double as the blockchain’s angel investors, funding a bunch of developers and projects, especially during bear markets. Photo: Dogecoin You’re just here for the jokes … Join the Doge Army. Launched as a joke in 2013, dogecoin is the first “meme-coin,” a token whose value comes solely from its LOLz. A fun-loving, meme-sharing community with die-hard fans that attracted a bunch of new speculators during its recent spike.
The Defiant, @DefiantNews One of the most trusted crypto-news organizations, launched as a newsletter in 2019 by former Bloomberg journalist Camila Russo. Evin McMullen, who works at ConsenSys, loves its explainer-y videos, particularly its 90-minute movie The Greatest NFT Film Ever Made. Punk6529, @punk6529 This anonymous NFT collector is known for sharing some of the most contrarian Twitter essays in the crypto-influencer scene. In October, they tweeted a sweeping, 31-part treatise about NFTs, using no fewer than five different metaphors, including a stockbroker, a wheat silo, and a bagel shop.
Friends With Benefits: A social DAO that throws parties around the world. The current price of membership is more than $9,000. Make sure it’s not just you and a bunch of bots. When you join, Evan Shirreffs, director of business development at NFTy Labs, recommends scanning the chat to make sure you’re talking to real people. “If it’s a lot of people saying, ‘Hi, hi, hi, good project, good project, good project,’ those are bots that were either paid for or joined because the project was getting attention,” he says.
People are generally nice and willing to help. “Strangers are totally willing to hook each other up with information or things they bought,” says Isha Kasliwal, a technical designer turned crypto enthusiast. “I once minted two of an NFT when it dropped, and there was a person in one of my Discord servers who didn’t get one. So I traded one of my two NFTs with him because he felt a lot of FOMO.
And take a break if you need to. Once you start tumbling down the crypto rabbit hole, it can be pretty hard to leave. “It’s just too consuming,” says Jimmy Chang. “There’s been dialogue around what balance looks like. Like, I should leave my home, I should talk to my IRL friends.” Brittany Pierre, a photographer who got into NFTs earlier this year, was, at one point, a member of 27 different servers. She now turns off her phone notifications after 8 p.m.
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