Wise Owl Wednesday #25 - Cryptocurrency

Jul 15, 2020 6:01 pm

Happy Wednesday, Wise Owl Nation.


We live in strange times.

  • COVID might be a continuous problem
  • Inflation of the US Dollar feels an inevitability
  • People are scared, angry, and illogical

But this newsletter isn't about all that bullshit. This is a newsletter about getting your shit together and becoming wiser, healthier, and wealthier.


So this week's topic is Cryptocurrency, one of my favorite things in the world because it is actually going to make a real, tangible difference in the world. It's a technology that can actually help everyone.


I'm excited to tell you a little about it


You can find all past issues (including this one) here.


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Quote of the week:

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Wisdom Tip of the Week: Social Contracts enforced by Protocols

Social Contracts bind cultures and civilizations together. They can be both written and unwritten rules. The most famous example of an explicit social contract is the U.S. Constitution and accompanying Bill of Rights. It lays out how the government can and cannot be run, as well as providing rights to the citizens of that government.


For several hundred years this social contract has held the United States together and helped it grow, change, and evolve as a nation. The one problem with this model though, is that people enforce this social contract and people are imperfect. No matter how perfect a social contract is, imperfect people will screw it up.


What if you could take people out of the enforcement part of the equation?


Bitcoin and Ethereum remove humans from the enforcement of monetary policy.


The beauty of cryptocurrency is that it takes the ideals and principles of a group of people and enforces that social contract fairly and justly exactly the way the protocol is programmed.


Cryptocurrency and blockchain can provide transparency, security, privacy, equality, and freedom.


You will eventually not need a bank.

You will be your own bank, able to:

  • Open as many bank accounts as you want
  • Be paid weekly for locking up part of your funds to secure the network
  • Send money anywhere in the world for pennies
  • Transact anywhere in the world for pennies
  • take out a loan without a credit bureau judging your worthiness
  • Loan your money to others and not have to worry about collecting the return payments
  • Buy and Sell anything end everything


You can do many of those things right now, if you knew how.


Health Tip of the Week: Learn how to get Crypto, for peace of mind

I remember how I felt the first time I heard about what Cryptocurrency could actually do. I wanted to take action immediately.


You don't have to invest in Crypto now if you aren't comfortable, but you should, at the very least, learn how to get a hold of Crypto should you change your mind.


Introducing the Crypto Banks - These are companies that are regulated and can legally convert cash to whatevery cryptocurrency you want.


The most popular in the United States are:


I have accounts at all three of them. I don't keep my crypto in these crypto banks anymore, but this is still where I go to buy and sell crypto.


If you have never purchased crypto before, you should at least try it. Sign up with Coinbase, and they will walk you through how to get started. Buy $10 in Bitcoin just so you can say you own some.


That's all you need to do to get started.


Wealth Tip of the Week: Earn Interest on your dollars with the Argent App

This is a bit of a bigger step, but what if I told you that you could earn 5-10% interest on your dollars using decentralized finance (DeFi)

  1. Convert your dollars to USD Coin or Dai on Coinbase
  2. Get the Argent Mobile Wallet - Link here
  3. Send your USDC or Dai to your Argent Wallet - send a small amount at first as a test to make sure you're doing it right
  4. Lend your USDC or Dai with the Aave Protocol and earn interest - Video here
  5. Profit!


I use DeFi in place of the typical high interest savings accounts. Those "high-interest" accounts right now are sitting around 1.00%. That is absurd, especially when you can earn 5x that amount and not have to ever worry about your bank giving you shit.


If you have questions about this process send me an email! I'd be happy to help you get started.



Book Of The Month - Serial Winner

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Chapter Reviews:



Grab a copy of Serial Winner



** The links above are affiliate links. If you purchase the books with the links above, I receive a super tiny commission, which helps support this newsletter. Thank you! **


Resources

I will be adding to this section over time as we find resources that will help you all.


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