by hammy
I have some time to kill and my head is full of thoughts I just want to organize. I’m not a blogger, but I do have a website. A list of the technical steps to get going are at the bottom, but there’s some things you gotta know first…
An old friend called me and told me I gotta get into this one crypto company. (HBAR) I said, ‘I don’t have any money’. He said ‘Figure it out’. So I moved some things (that I don’t actually have) around, and put what I could in. I’m $3K deep..so fingers crossed. But, like a lot of people right now, I don’t have much to lose and I’m taking a chance.
Keep in mind, It is much wiser to EARN crypto, rather than buying it. So, I started coding my own NFT gallery, because I’m unemployed and motivated. I did a course where I created my own block chain currency; HamCoin, it’s not listed on the market yet…but you never know. Looking for people to help the project btw. cryptohall.io
It’s important to know that cryptocurrency, block chain domains, NFT’s and WEB3 are already here. Any dinosaurs that are still fighting it, are already too late.
In 1900, everybody knew that the automobile would replace the horse, and there was hundreds of car companies because of it. Only a few of the best companies remained, like Ford, GM etc. It’s also just like the Dotcom bubble of 90’s, where there were thousands of web companies, but only google, amazon etc survived.
This is the crypto bubble right now. It is definitely on its way up, and everyones trying to figure out who Ford will be.
That’s what all these thousands of ‘ALT’ coins are about. They each have a different angle on how they’re better than BitCoin. So, the trick is to find the winners early. The bubble WILL burst, and if you’re not on the right team, it could all go away quickly.
My personal opinion after researching all this tech is that we still have a long way to go, and that the winning company doesn’t exist yet. It will however, come out of this frenzy of development that’s happening right now. Myself included. So, if you’re going to get into this, you have to keep your finger on the pulse a bit.
Facebook is supposed to launch their own crypto-currency called ‘Diem’, THIS YEAR. That will help all the boomers and holdouts get on board. You don’t want to get in after the boomers do you? ;P
The Winklevoss Twins haven’t forgot about how much they hate Zuckerberg and have the entire market set for an epic scrap. The scrap is all about money and power, but I smell more revenge than anything. It might lead to the end of FaceBook and other services we’re so used to. Exciting times.
I like this vision for the future and here’s a bit of what I see happening:
Imagine a social media platform that PAYS YOU for your content that gets interacted with. Users and creators all have a running tab of the stuff you interact with. The post knows how long you look at it, if you zoomed in or not, if you actually are looking at it or is your phone just sitting open on a table somewhere. So, the more stuff you do on social media the more you could earn. It actually sounds like a terrible Black Mirror society on its way to Idiocracy…But, here we are. There will be good and bad that come from this, like any industrial revolution.
One day, all our taxes/subscriptions/bills will be included in our income, which is all digitally signed and tracked. If you’re an hourly worker, it tracks your hours for you and calculates OT, RSP EI…, all on a public ledger for all to see, and no one to change…Unless it’s set up to change or be private. There will eventually be no more coins. Gold or Lithium may be the only physical currency one day.
Block Chain is flexible and can do more than just currency. It will be in every step of shipping and receiving, healthcare, bar codes, autonomy, software, identity and that’s just a bit of what I know about it.
There’s still lots of solutions that are needed to arrive at the ultimate Digital Ledger Technology that will gain mass adoption. And there are major decisions that have to be agreed upon and standardized at corporate, national and global levels.
There are no real ‘standards’ or regulations right now, so all this will look different in time. I don’t think it’ll take long. I bet we’ll start to see the winners begin to emerge in 2022.
Do we want the governments and/or banks to control the nodes (servers)? Or do we as a global people control the nodes amongst all our devices collectively? Do the insurance companies get a backdoor if something were to ever go wrong? That sounds safe right, but it also defeats the purpose for why crypto currency was invented.
BitCoin was created so that greedy bankers and irresponsible lenders can’t fuck with your money privately in sketchy deals. That’s the best problem it solves, it’s as secure as the password you can keep in your head. You can see everything that’s happening. You can track millionaires wallets because it’s all public record. You may not get a name, but everyone can see where all the block-money is. The creator of Ethereum, Vitalek (Canadian) is a super cool guy that gives his wallet id out to the public. His wallet is worth over $900 million by the way.
Right NOW governments are coding their own CBDC (Central Bank Digital Currency) So, we’ll eventually have a digital loonie, that represents whatever the hell loonies are worth now. I hope it’s a fun name like the Beaver or something.
Lots of countries already in Africa and the Middle East have fully implemented this technology top to bottom of their infrastructure, with the help of tech giant companies that want this to go forward.
Technical Steps
Watch this video before signing up. This is the kind of game we’re playing here folks.
Setup The Exchange
- I used the catalyx.io Canadian Crypto Exchange
- You’ll have to take a leap of faith in the verification process
- To be able to just do instant e-transfers, you have to do an extra authentication step
- It seems sketchy, but they have to verify you with a selfie video, as well as photos of your license. You submit all this in the browser and then it takes about 5 minutes to go through. It looks like the website crashes at this point, and you just cross your fingers.
- Once you’re hopefully verified, you can deposit CAD with an e-transfer.
- IMPORTANT: When depositing to catalyx, you tell them the amount you want to deposit first, and they give you a special code. It’s crucial that you put that code in the message portion of the e-transfer. I wouldn’t want to have to try and track that down with customer service and the bank.
- Once you’re in, and you see the funds are in your CAD wallet, you’re ready to purchase crypto.
- Don’t spend it all in one place. There’s too many horses to bet on just one. Do some research and find which one speaks to you.
- Go the the ‘Markets’ tab, and select the crypto you want to buy. You have to just get used to the BUY/SELL interface a bit. But it’s simple enough, if you fill in one of the fields and click off, it should do all the math for you.
- Double and Triple check all this information.
- Press Place Order. It can be instant or up to 2 hours before you see it appear it as a new wallet under the ‘Wallets’ tab.
- At this point your currency exists in an ONLINE wallet.
- If you plan to HODL, you’re going to want to take it offline to keep it safe.
Take it Offline
When you feel good you got the crypto you’ll want to keep it safe from hacks offline. It’s generally ok online, but you never know what could happen. You’ll have to decide whether to buy a usb stick wallet, use your mobile or use your computer.
I used a wallet service from exodus.com
It’s the only one I know, so do some research. I’m happy with it though. It works with a nice design.
The wallet is an application which stores your money OFFLINE. It does keep track of your portfolio online though and it all updates in real time with the market, which is the funnest part of the whole thing. It makes finance WAY more engaging. The market is 24 hours, so you might go to bed and wake up and it’s wildly different. It gives you the gambling rush.
Summary
There is a lot happening in this space right now, and technology is developing as we speak that cannot be stopped, and decentralized finance will drive this current industrial revolution, and run over those who stand in its way.
One day, and mark my words, there will be a giant hack, and it will ALL be gone, but until then, just pick a horse and HODL.
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