Regen Library #2 - The Rabbit Hole - LogrisTheBard

Transcript

hello all JT here this is Edition number two of the Region Library and our second installment written by logri The Bard logary is a friend a long time contributor of eth finance a subreddit focused on all things ethereum as well as being a huge contributor within the EV Mavericks Dao logary has written numerous articles for ey among others and catalogs his writing on his own website tokenomics explained.com today's entry is entitled The Rabbit Hole enjoy I have a speech I give to people I

introduce to crypto I feel it helps to prepare them for the dangers they are going to encounter when they dive deeper to give them some guided skepticism while not deterring them from exploring and to keep them optimistic in the face of the toxic vitriol I've written it down in case you just can't help but share your enthusiasm on this topic with someone crypto is a rabbit hole like all powerful ideas it is an infectious brain worm that once it takes root tugs at your thoughts forever crypto is a rabbit hole like all powerful ideas it is an infectious brain worm that once it takes

root tugs at your thoughts forever those impulses suck you deeper and deeper into the rabbit hole you'll discover fanciful things beyond your imagination sovereignty of a type you never thought possible anti-corruption mechanisms that you'll wish governments had Global coordination mechanisms that might literally save Humanity from Extinction and eventually maybe even a purpose to your life nothing about crypto ends with money but that will be many people's motivation when they start and make no mistake there is money to be made here software

is eating the world crypto is eating software whatever you think you know when you hear cryptocurrency you need to strip your preconceptions away to start with cryptocurrency is a misnomer at this point at the level you're going to be interacting with it you'll never need to know about cryptography also crypto is not about currency in the sense that you're going to go to the grocery store and pay with eth at the grocery store you're going to continue to use Visa rather than repaying your credit card from a bank account though you'll eventually repay it using crypto

there's not enough there to call that a rabbit hole and as a use case it is an insignificant tip of an iceberg at the user level you crypto is about incentives and coordination it's about removing the need for trust entirely and giving you actual choice and control now that topic goes deep it touches philosophy psychology economics and Humanity in its truest sense that is the rabbit hole let's talk about the crypto media despite all the wonderful things you'll

find in this Rabbit Hole entering crypto is a painful dunning-kruger test the information age has led to more information than anyone can possibly digest there are 24-hour news channels thousands of hours of Youtube footage created every day Tick Tock Facebook and Reddit feeds that scroll forever and they all want the same thing from us our attention we have to filter the more information we get bombarded with the tighter our filters become to cut the flow of information down to the limits of our human attention span unfortunately our

pre-installed filters kind of suck we fall prey to the confirmation bias and create Echo Chambers around us that reinforce rather than challenge our beliefs we fall prey to Authority and listen to Wales Venture capitalists and companies I have nothing against Raul Paul or Mark Cuban but the only reason you find them instead of me is because of their Authority lastly we filtered to the loudest most confident sounding data feeds and this is where we really get into trouble Charles Bukowski once said

the problem with the world is that the intelligent people are full of doubts while the stupid ones are full of confidence while I love that quote in crypto the problem isn't just stupidity we add money this adds incentives from the perspective of someone trying to get past your information filter being loud has a cost it costs money to advertise on YouTube it costs money to pay for Bots to drop links across Twitter Youtube comments and all the Discord so who is willing to pay the most whomever is able to profit from your attention

the most in a word scams why are all these scams allowed to exist well I mentioned sovereignty above it's a big thing around these parts if sovereignty is the ability to do what you want without others being able to stop you and we Grant you sovereignty we also Grant it to dishonest people with these Technologies it is not up to the corruptable Judgment of humans to decide who to censor not that YouTube is winning on that front either the answer is uniform and firm no one censorship resistance inevitably means

there will be bad actors money throws gasoline on that fire the result is that crypto media is a toxic Cesspool of misinformation stupid confident people scams and tribalism motivated by a desire for your money and elevated by algorithms above thoughtful data Rich information so be warned hear be dragons compounding and reinforcing that problem people are directed by social media algorithms towards what is effective at securing your attention that tends to be the most emotionally

manipulative presentation of information easy to digest sound bites and of course Promises of riches the AI behind YouTube is designed to steer you towards the most effective scams there's no fixing this it's human nature plus technology just for comparison Google for the tags of any of my pages or posts I don't even rank that's because I can't afford to be loud I have no advertisements I pay for hosting out of my own pocket without monetizing you the reader at all when entering this space you either have to

be introduced to Quality media feeds by someone who has been in the space for a while and can guide you or you have to think very critically and technically and figure out who is full of yourself often with painful Lessons Learned along the way I lost so much money in 2018 learning those lessons the hard way so here's my information bubble youth Finance subreddit the daily General post every day lurker engage eth finance will be worth your time bankless state of the nation weekly roll up on any project introductions up only

still light-hearted mostly interviews the daily guay getting deeper and more technical at this point paulinia AKA liberosis on Reddit strap in and be sure to formulate your own highly curated Twitter feed the next thing people usually ask me is what should I buy I'm not answering that for you I don't know about your financial situation and I'm not your fiduciary all financial decisions will be yours and you alone will have to live with them here is some general advice that is good no matter what you decide whatever you

decide slow down and know what you're buying if you're buying crypto make sure that it can be withdrawn from The Exchange you are using this is like direct registration shares or DRS without that you aren't really buying it you are buying price exposure to it don't buy more than you can afford to lose you need to realize this Market is more volatile than anything you've probably ever invested in before other than scams the easiest way to lose is to put Nest Egg money into a volatile asset and be forced to sell when the market is down because you need the

money it is okay to retain USD exposure in crypto unlike what you're used to you can make eight percent interest here it's a better deal than you will get at any Bank or brokerage that you know if you have a savings account the bank makes all the money your money makes credit card companies make 15 APR mortgages five percent APR you make point two five percent APR if you aren't in a position to buy highly volatile assets there is still room for you here if you aren't here you're just being exploited for L1 chains the base asset

is fuel block space is the product you should pause buying anything until you first understand some of what people are using that block space for what you are actually buying and services that are accessible to you on that chain you should understand the inflation rate and revenue of that chain buy my metrics every L1 is in debt some are in debt one thousand times more than others for governance tokens at least skim past the votes who are you getting in bed with what are their values how is the revenue of the protocol distributed

how can you compare these assets what is the fair market value of an asset I provide some illustrative examples on this site but I'm not even scratching the surface here for any asset research and use will provide you conviction you will need that conviction to prevent trading chop and a bear Market from eating you alive welcome to the frontier I'd like to end on one last serious warning this is the frontier there are no guard rails there is no one you can sue to correct your mistake there is no one the government can point a gun at to

get your money back there is no FDIC insurance that is going to bail you out once you are in custody of your funds if you've something up it has literally Gone Forever take this seriously this is also the future it's where fortunes are made where an entire new Financial system is being invented and where exciting Innovation is happening in games art culture technology and Finance in a depressing world this is the most optimistic culture I'm aware of anywhere I hope you will enjoy your time here

to quote bankless welcome to the frontier we're headed west it's not for everyone but we're glad you're with us special thanks to logri The Bard for allowing us to include his Works into this edition of the regen Library if you would like to contribute to this series reach out to us on Twitter at greenpill.net or on our site greenpill.network on behalf of green pill my name is JT cheers and big hugs from Kansas City