scottcbusiness 3Speak Podcast: Recent Episodes
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Listen and watch the latest videos from scottcbusiness. Hosted by 3Speak.tv. The free speech video platform on the HIVE blockchain.
https://3speak.tv/watch?v=scottcbusiness/muntpdam
Think Solana is the future of crypto? Think again! While it’s buzzing in the top 5 blockchains, there’s a hidden truth most won’t tell you. With 88% of regular non-vote user transactions failing and governance transactions taking priority, Solana’s blockchain might leave you stranded when it matters most. From inefficiency to scalability nightmares, this video dives into why Solana is high-risk for investors 🛑.
💡 Don’t get burned chasing meme coins or flashy hype! Discover the dark side of Solana and protect your investments. If you’re trading on-chain, the odds are against you, and the risks are HUGE.
🔥 Watch now to understand why Solana could be a disaster waiting to happen!
📢 Share this PSA with your friends and save them from costly mistakes.
You can view all the analytics I covered in the video here: https://dune.com/21co/solana-key-metrics 👈
Let me know what you think about this in the comments below, and don’t forget to subscribe! - https://www.youtube.com/channel/UCDBycVghUbnimnzqirsU1Jg?sub_confirmation=1 👈
Connect with me on other platforms! - http://www.scottcbusiness.com 👈
https://3speak.tv/watch?v=scottcbusiness/qcutzgmh
Let’s go on a comprehensive journey beyond the scope of a traditional guide into a decentralized lifestyle transformation. Ready to reclaim the life you unknowingly let slip away, both online and offline? Here's your blueprint!
We cover the BRICS gold-backed currency, stablecoins, and WorldCoin. We deeply dive into core principles behind decentralization, like freedom, privacy, anonymity, decentralization, financial independence, and security. This isn't a one-size-fits-all approach but a spectrum that you can adopt to fit your comfort level and lifestyle.
Here's a sneak peek at what we're exploring:
🔒 Cybersecurity: Master the art of password management, strengthen your email security, and navigate a variety of security and privacy services. We’ll examine tools like DashLane, passwordmeter.com, and more!
👥 Understanding Social Engineering: Protect yourself from the rampant "hacks" that are actually cleverly disguised social engineering tactics.
🎭 Account Creation & Internet Usage: Learn how to create new accounts while maintaining your privacy and optimizing your internet usage for safety.
💰 Finance: Get insights into managing your Fiat and cryptocurrency accounts, and learn about alternative spending methods. We'll talk about precious metals, Bitcoin ATMs, and digital cash cryptocurrencies like Dash, BCH, and LTC.
🌐 Decentralization: From backup phones to offshore finance, emergency supplies to real estate investing, we’re covering all aspects of decentralization.
This podcast aims to equip you with knowledge and tools to gain better control over your digital and real-world existence. But remember, these measures exist on a spectrum; adopt what makes sense for you.
Timestamps:
Intro (0:00)
Stablecoin Refresher On USDT & USDC (2:51)
What is WorldCoin? (8:05)
Are their claims accurate? (12:43)
How to manage your passwords (18:00)
Using encrypted messaging platforms (23:34)
How to avoid social engineering (25:53)
What to do if you want to really go all the way (31:31)
How to diversify your wealth (37:15)
Platforms I'm currently using (41:55)
~ Sponsors
This was sponsored by ApexOne. You can sign up for ApexOne.AI via my link here: https://apexone.ai/en/invite/RQZXYCNBVS #Apexoneai #Apexone #Apex
https://3speak.tv/watch?v=scottcbusiness/tvcocisr
Welcome to today's episode! As a crypto enthusiast myself, I have some personal insights I want to share with you all. Specifically, I want to delve into the world of centralized cryptocurrency exchanges and KYC requirements, discussing why these might not be the best choice for your crypto journey.
This episode reveals the shocking failures and controversies of some major centralized crypto exchanges, such as the infamous MtGox hack and the Binance scandal. We'll discuss what happened, why, and the lessons we can learn from these incidents. I'll also explain why you might want to steer clear of KYC (Know Your Customer) procedures.
But don't worry; it's not all about the pitfalls! I'm also excited to share with you my top picks for decentralized exchanges and some reliable swap exchanges. I genuinely believe these are where your investment opportunities lie.
And that's not all. In this episode, I also uncover various decentralized methods for buying crypto. This is about empowering you with more opportunities and options in the crypto sphere.
However, exchanges that don't require KYC might not be available in all countries. It's always crucial to do your research before jumping in. So join me as we navigate crypto's fascinating, sometimes complicated, yet fascinating world. Let's keep it decentralized!
Timestamps:
Introduction of the episode. (0:00)
The top 10 centralized exchanges. (1:52)
Centralized exchanges are not the good guys. (4:09)
What platforms and exchanges should you avoid? (8:14)
How to get into crypto. (10:47)
Swap Exchanges. (15:16)
Why is KYC such a big deal? (17:16)
What is KYC and why is it so important? (19:23)
How to buy and sell crypto. (22:46)
How to earn cryptocurrency? (25:10)
~ Sponsors
This was sponsored by ApexOne. You can sign up for ApexOne.AI via my link here: https://apexone.ai/en/invite/RQZXYCNBVS
https://3speak.tv/watch?v=scottcbusiness/rsaajcpa
I'm back in the form of audio with a fresh episode of Tech and Things. This time, we're unraveling the enigmatic world of Central Bank Digital Currencies, aka CBDCs, and the Bank of International Settlements (BIS). We'll wade through the murky waters of global CBDCs, looking at their revolutionary potential and the storm of concerns surrounding them.
Join me as I guide you through the labyrinth of blockchain's impact on social media and offer a final sneak peek into the intricacies of my own crypto portfolio and investment journey. We'll also dive headfirst into the deep end of the latest BIS report on CBDCs, shining a light on the brave new world of physical asset tokenization and its tangled ties with privacy and freedom. It's time for a mind-expanding journey through the digital landscape!
Chapter Summary:
Intro (0:00)
Sponsor: ApexOne.AI (2:18)
What’s the focus of the podcast? (4:06)
Initial thoughts on Threads (6:45)
How I’m using social media. (11:31)
Banks allowed to hold up to 2% of Crypto (13:57)
Global CBDC Tracking Map (16:14)
Banks and Cryptocurrency (20:43)
What are the pros and cons of having one financial system? (22:30)
Bank of International Settlements report (24:39)
Sponsor: ApexOne.Ai #2 (28:20)
Outro (28:36)
You can sign up for ApexOne.AI via my link here: https://apexone.ai/en/invite/RQZXYCNBVS
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
ScottCunningham #TechAndThings #CBDCs #BIS #BRICSCurrency #BlockchainSocialMedia #CryptoPortfolio #InvestmentJourney #BISReport #AssetTokenization #DigitalPrivacy #DigitalFreedom #CryptoInsights #TechTrends
https://3speak.tv/watch?v=scottcbusiness/slqikqxl
Doing your taxes normally can be very overwhelming and when you bring crypto into the mix, it can get much more confusing. To avoid that confusion, I go through 9 reporting software services and then share with you what I found to be the best and the cheapest.
The main features you want to look for are:
• They charge you based on the transactions, not per tax year. If you are going back several years, this will be outrageously expensive.
• Ideally you want a platform that you can easily import a CSV or connect to an exchange API without having to add everything manually into a CSV import template.
• Ideally you want a platform that aids you with tax loss harvesting.
• Ideally you want a platform that helps you track fees and includes them as capital losses incurred.
• Ensure it covers any lesser known exchanges you might use or that those transactions can be easily uploaded.
• Ensure your country is included in their reporting system.
Of course, there are other things to look for, but this is just a handful of key things to look out for to ensure a good experience using any crypto tax reporting software. The main issue I ran into was that they didn’t have the API I needed or didn’t easily import data from other exchanges and required you to do lots of work converting the data into their format. While all services also want you to fill in some of the gaps, if you’re like me and don’t want to hunt down everything, you want something easy. Given it doesn’t make a huge difference in what I pay, I’d rather just let the service make assumptions and fill in gaps for me.
Top 3 Tax Reporting Platforms:
Koinly – Let’s you calculate and view everything for free, but you cannot get your tax reports unless you pay. It’s very expensive as you have to pay per tax year from $49 to $279 covering transactions from 100 to 10,000+. The reason this is so good is because it shows you how easy it is. It’s by far the easiest because they can interpret many of the exchanges CSV exports of your transactions rather than have you change everything to their format. Covers each year within the transaction limit so it can get very expensive if you made a lot of transactions in one year. However, I used coupon code TC30 for 30% off every order at least, but I still spent about $500. Recommended for individual reports because once it’s paid for you can always come back and make amendments and less ideal for reporting across multiple years. - https://koinly.io/?via=1BED9CF9&utm_source=friend
CryptoTaxCalculator – You can generate reports for every tax year with your one year subscription which would make it very affordable however, assuming you do this every year, it will add up. From $49 to $299 ranging from 100 transactions to 100,000. When I tested it a year ago I had a lot of issues, but trying again recently it was pretty smooth. I’d say if you have to do many years all at once, this could be the best option, however if you need reports in the future or want to amend something and your subscription has run out, then you’d have to renew it versus buying the transactions and reports separately. If I had done all my reporting here, I could have saved a couple hundred dollars. Recommended for people looking to report out multiple years at once. - https://cryptotaxcalculator.io/
Cointracker – Lets you do up to 1000 transactions for free from Coinsquare only. Charges $279 for 1,000 transactions per tax year and beyond that is priced individually. Basically it’s overpriced, but if you only Coinsquare, you could do it for free with a low amount of transactions. Recommended only for Coinsquare users. - https://www.cointracker.io/
These other platforms I reviewed:
CoinTracking – Lets you do up to 200 transactions for free. The cheapest to use with 3,500 transactions for $120.99 for the year, but is has the least intuitive UI and it’s very cumbersome. It also doesn’t support nearly as many exchanges as some of the others and when I added my excel imports they weren’t accepted. It is fairly affordable though it’s going to be more cost effective to use something like CryptoTaxCalculator. The other main issue here is that you’ll have to take the data from excel exports and input it into their spreadsheets for them to work well. It covers all tax years within the transaction limit. - https://cointracking.info/
ZenLedger – Lets you do up to 25 transactions for free. Boasts having the most connectable exchanges via CSV & API as well as blockchains, hardware wallets, desktop wallets, and defi support. Charges per tax year at $149 for 5,000 transactions. Importing worked okay, but like most tax reporting platforms it required me to transfer all the inputs to their import format. This is much more expensive than Koinly or CrypoTaxCalculator. - https://www.zenledger.io/
TokenTax – Charges you per year at $199 for 5,000 transactions which is a bit better pricing than Koinly assuming it’s not in USD, however, I can’t test it because there is no free trial and you cannot upload anything or see what’s possible without paying first. - https://tokentax.co/
Taxbit – Charges per tax year at $50 for unlimited transactions but this doesn’t cover certain aspects of NFT, tax optimization, and tax-loss harvesting which costs $175 per year. For the more expensive plan they also support custom CSV uploads but I’m unable to test how effective that is given I was required to upload a CSV in their format when testing. - https://taxbit.com/
CoinLedger – Charges per tax year at $99 for 1,500 transactions or $199 for 5,000 transactions. They also have a 14 day money back guarantee. Also they require like most services that you use their import CSV file template which is a nuisance. - https://coinledger.io/
Coinpanda – Lets you do up to 25 transactions for free. Charges per tax year at $99 for 1,000 transactions or $189 for 3,000 transactions. While you need to use their file template CSV for uploading transactions for it to work correctly, it was able to import 20% of the transactions from my Coinsquare CSV which is better than most platforms can do. Only supports custom CSV imports from exchanges they don’t support on their PRO plan. - https://coinpanda.io/
What are your thoughts on taxes? Are you overwhelmed by crypto taxes? Did this help? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/qbeaprzu
Here are the 11 blockchain social platforms I used to earn $100.13 CAD worth of crypto in September as well as some insights. I’ll be doing my investing & earnings reports all at the same time now.
This is my 546th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
Budgeting 2022 Spreadsheet Template Link: https://mega.nz/file/ATx3iAza#ZUhllHs4YZjMMjtC1FyN_Qhkkwmy-P98UxXqsVj8xS4 or https://bit.ly/templatebudgetting
My total alleged crypto social media income earnings are now up to just over $40,006 CAD not including crypto appreciation after originally receiving the payouts.
September Earnings:
Publish0x – 5.88 AMPL and 0.0041 ETH earned from post rewards for a total of $16.42 CAD.
Brave Browser – 14.16 BAT from ad rewards and from creator donations for a total of $6.07 CAD.
LBRY/Odysee – 107 LBC from user earnings, content earnings, etc. for a total of $3.09 CAD
Hive – 5.37 Hive and 2.80 HBD. That’s a total of $ 7.47 CAD from post rewards.
Cos.TV – 528.24 COS earned from post rewards for a total of $4.37 CAD.
Read.Cash & Noise.Cash – 0.18 BCH earned from post rewards for a total of $29.54 CAD.
DTube – 42.16 DTC earned from post rewards for a total of $5.31 CAD.
YouTube - $19.29 CAD earned from monetization.
Blurt – 1200 BLURT earned from post rewards for a total of $7.48 CAD.
Serey – 603 SRY earned from post rewards for a total of $1.09 CAD.
The grand total came to $100.13 CAD which is about $73.10 USD.
September Earnings Insights:
I earned more than I did in August which is good, but my earnings are still well below previous months. I also expect October to be lower given I’ve only posted 3-4 posts in October even though I did share more posts of me doing Actifit. I will take accountability and say that it’s largely due to my lack of content. I don’t expect this trend to change radically given that I’m getting less and less time to be able to work on content too.
There haven’t been any notable changes for these platforms and I don’t expect to see any dramatic changes in the near future either. The next big milestone will be the ETH Surge phase being implemented and seeing how gas fees affect various Ethereum based social platforms.
September Amateur Investing Report:
I am making an average of $155.17 a month from passive income from stock dividends, crypto income, and some from music royalties.
My portfolio is roughly rounded to about 68% crypto, 7% stocks, 3% in precious metals, and 23% in liquid fiat cash. My total annual projected income from passive sources is $1864.89. $493.09 of those yearly profits come from stock dividends and about $1,368.98 comes from cryptocurrency staking.
In my last update, my total portfolio value was $171,315 CAD. My current portfolio value with all my investments is $187,441. This is up about $16,126. It’s nice to see the crypto market starting to recover again, but I’m not jumping for joy yet. I think with Ethereum’s Surge upgrade around the corner, we have a bullish future, but only time will tell.
I earned $29.43 CAD from stock dividends and $75.84 CAD from the staking ATOM, HBD, and TRX. Going forward, I won’t be earning any TRX and I will be aiming to earn more Blurt & Steem passively. In total, I have earned about $1,395 CAD from crypto and $2,138 CAD from stock dividends.
My portfolio in terms of stock sector breakdown is 96% into general high dividend Canadian ETFs broken down into 45% in VDY, 28% in FCCD, and 28% in XEI for passive dividend income. I also now have 2% in Purpose’s Bitcoin ETF – BTCC and 2% in Purpose’s Ethereum ETF – ETHH.
September Amateur Investing Insights
I’m focused mainly on just stacking up my staked crypto and slowly reentering the stock market. I’ve started to put some money into Bitcoin and Ethereum ETFs as well. For my staked crypto I’ve focused lately on upping my DTube, Hive, Steem, and Blurt holdings to try and boost my earnings on those platforms as well as earn some passive income.
The biggest change I’ve made is I dropped all my Tron since the APY was dropping and I’m always going back and forth over do I want to invest in it because it generally holds its value, but also the APY is declining and Justin Sun is a terrible leader for Tron. I split it into Blurt, Steem, and Hive. I then spent some of the Hive on Actifit AFIT and AFITX tokens. I want to invest a bit more into my social networks and put more effort in so this is me doing that.
What are your income goals? Are you using any of the platforms I shared above? Is this useful and or encouraging for you? Would you like to see these reports every single month to get a better insight into crypto social profitability? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/lyckvaza
Investing and saving are only 2 pieces of a larger puzzle to get ahead in 2022. Budgeting is a very important and overlooked strategy that most do not utilize. As the saying goes, you cannot improve what you do not track.
In 2020 about 35% of Americans had a budget, in 2022 only 32% do. Interestingly enough, this seems to correlate with the reports that estimate between 50-70% of Americans are struggling financially. While it’s more likely due to inflation, gas costs, and poor oversight from our governments, there is something to be said about personal accountability too.
Budgeting isn’t simply just about trying to be frugal. You can still spend poorly while tracking your expenses. The idea is that you can have a holistic view of your finances and know exactly what’s being spent where. Sometimes, it’s as simple as taking a look at your budget once a month and thinking about where you could cut down and how much that could help you out. You can move things around as needed and explore how much money you could save with different options. It also helps you keep track of things you may have forgotten about such as old subscriptions or services.
This is my 545th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
You can download the simple template version here and start following along: https://mega.nz/file/ATx3iAza#ZUhllHs4YZjMMjtC1FyN_Qhkkwmy-P98UxXqsVj8xS4 or https://bit.ly/templatebudgetting
In the video, I will explain how I budget by going through how I break everything out. It seems daunting at first, but if you keep a link to your budget on your phone you can easily update it daily, weekly, or at whatever frequency is easiest for you. I do it daily to make sure I don’t miss anything and so that it only takes a couple of minutes rather than dedicating a large chunk of time to it.
If it helps, I will explain how I organize the major sections to give you some insight. I break it into sections of bills, necessary extras, and completely discretionary. Then I have some extra sections for extra money, subscriptions, events & one-time purchases, business expenses, and financial expenses. You can break these up how you need to.
Bills cover anything that you need and have to pay for such as rent, food, and healthcare.
Necessary extras covers things like haircuts, hygiene products, electronics, tools, and things that are necessary, but you could live without them assuming you were 100% broke.
Completely discretionary covers things like eating out, gaming, gambling, alcohol, celebrations and things that you could cut out if needed, but if you can afford to do it, then you will.
Extra money is a section to put away some extra money to balance your budget where needed as your budget will fluctuate and change based on your needs.
Subscriptions is a separate section for me as I want to lessen the amount of subscriptions I use, bundle up with people if possible, and pay yearly for discounts. For example, I split a Spotify family bundle with several people to save money because every dollar counts.
This is as far as you need to go if you simply intend to track your expenses and nothing more. However, if you want to improve your finances, save more, and ultimately live better, I suggest you finish the rest.
Once you’ve got everything set up, decide how much you intend to save from your income beyond what you need and adjust your budget accordingly. For example, I would like to save 50%, and previously I was saving close to 70%, but in 2022, I’ve only been saving about 25% of my income as I’ve been buying prepping gear amongst many other things like a car. I only just recently acquired a car and have lived with roommates the majority of my life. If you can do this in your twenties, you can save enough money to put yourself at a massive advantage. As the saying goes, you must be willing to live like dirt in order to put yourself in the position to live the way most never could. I intend to get that back up to at least 50% very soon.
Now, in order to save money, you can start spending some time each week or each month where you sit down and look at various expenses and try to see how much you’d save if you did something differently. This could be going out once less per week saving you gas, and money spent on food. This could be using a cheaper coffee or switching from Starbucks to homemade coffee. This could be switching to a cheaper insurance, canceling a subscription, or negotiating cheaper internet service. Whatever method you try, it's easy to plug in numbers and see how it will affect your overall monthly expenses. Then with that number, you know how much more you could invest. So not only are you saving money, but you’re making money. Maybe you do want some extra money for nights out, but I’d recommend saving it for a good purpose or investing it rather than just spending it elsewhere because then you’re still in the same problem of trying to find extra money to set aside for investing.
Most people don’t budget because they don’t see it as something important they should do, but they also have no idea how much they spend on a regular basis, and when you don’t know how much money you need, you don’t know how much you can set aside for investing or whatever else you need to do. Knowledge is power, and if you don’t know enough about your own finances, how will you improve?
Do you invest? Do you budget? What are some financial tips you use to save? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/ifzfervj
Centralization is always a concern, but how do you stop it in crypto if it means mass adoption? The only tool we have is education. Let’s talk about the many ways the crypto industry is being centralized and what to do instead.
This is my 544th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
Let’s cover all the important crypto news happening lately and over 2022 to get a better view of the increasing acceleration of centralization within the crypto industry.
• FTX + VISA – Visa partners with FTX for prepaid credit cards.
o https://www.cnbc.com/2022/10/07/visa-partners-with-ftx-in-a-bet-that-shoppers-still-want-to-spend-cryptocurrencies-in-a-bear-market.html
• Mastercard + Binance – Mastercard and Binance also partner for prepaid credit cards.
o https://www.forbes.com/sites/billybambrough/2022/08/25/the-future-is-here-visa-mastercard-and-binance-are-suddenly-making-bitcoin-ethereum-xrp-solana-cardano-and-tether-payments-a-reality-despite-price-crash/?sh=3f504e461ae0
• Mastercard + Banks – Mastercard recently partnered with banks to help offer direct crypto trading through Paxos who also manages Paypal leading me to assume it will be very restrictive.
o https://www.cnbc.com/2022/10/17/mastercard-will-help-banks-offer-cryptocurrency-trading.html
• Blockchain IDs in South Korea – Blockchain IDs are the future, but for now it seems they will be mainly used to tax you a lot more.
o https://www.bloomberg.com/news/articles/2022-10-16/south-korea-aims-to-boost-economy-with-digital-id-on-blockchain?leadSource=uverify%20wall
• Google Accepting Crypto – This is a sign bigger authorities are getting on board with crypto and boosting other centralized players like Coinbase & USDC.
o https://www.googlecloudpresscorner.com/2022-10-11-Google-Cloud-and-Coinbase-Launch-New-Strategic-Partnership-to-Drive-Web3-Innovation
o https://dune.com/phabc/usdc-banned-addresses - This is the ban list for USDC. Did you know that to simply check these 88 addresses before every transaction actually makes USDC 40% more expensive than DAI to use?!
https://cryptoslate.com/usdc-blacklist-cost-users-an-extra-3-6-million-per-month/
• Metamask Bank Transfer – This is innovative but it’s trading privacy for convenience by connecting your bank to your private wallet.
o https://consensys.net/blog/metamask/metamask-integrates-with-sardine-to-bring-instant-bank-to-crypto-option-for-u-s-users/
• NFTs on Twitter & Instagram – You can now utilize collectibles on Instagram and you can connect to your wallet to display an NFT profile picture on Twitter. Mass adoption of NFTs is here, but the NFTs themselves aren’t really that great without utility in my opinion. Instead, this is more of a win for Ethereum and crypto in general for finding more ways to adoption. –
o https://about.instagram.com/blog/announcements/instagram-digital-collectibles
o https://www.cnn.com/2022/01/20/tech/twitter-nft-profile-picture/index.html
I believe this will likely be bullish for cryptocurrency in the short term, but in the long term, it will lead more people astray who opt for convenience over security and true ownership which is giving up quite a lot. Our job now is to educate people on why you need to do the extra work of trading crypto where you can withdraw and store it on a wallet that you solely have access to and own.
Stop leaving your crypto on exchanges and platforms. Avoid the temptation to get a crypto VISA or connect to your bank and provide KYC for everything. Even just linking your social accounts to your wallets for NFT clout is another easy way to subtly achieve a “KYC-lite”. Soon you’ll have to also avoid the temptation to buy it with your bank.
Do you see this as a large problem too? Is KYC as bad as I believe? Is this good or bad for crypto in the long run? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/xkvfnvkq
This is my sixth comprehensive review of blockchain social media platforms meant to give you the most thorough resource and reference for finding the next best platforms to use! In this review, I cover about 223 social media platforms that either are integrated with a blockchain to some degree, have crypto-monetized rewards, or at the very least promote free speech and are distributed or decentralized in some way.
This review below will mainly attempt to focus on cryptocurrency-monetized and blockchain-integrated social media platforms.
Due to the length of this being about 17,000 words spanning 35 pages in a word document most blogs cannot support all of it. I had to cut a lot out for this. If you really want to see the full 35-page review even just for reference to the links for every website you can download or view the PDF listed below online.
Content Hosting Links:
You can get the full PDF given that some platforms cannot host this much text.
PDF Download: https://pdfhost.io/v/zZLY.Qr~u_Blockchain_social_Platform_Review_Version_6
Video Timestamps:
00:00 Introduction
04:00 Decentralization Matrix
07:15 Disclaimers & Prefacing My Review
11:27 Previously Not Recommended Categories
14:03 Avoid These Platforms!
19:41 Platforms Not Recommended Anymore
25:05 New Platforms Not Recommended
40:05 Platforms That Need Improvement
50:58 Tertiary Platform Recommendations
1:00:56 Secondary Platform Recommendations
1:10:19 Primary Recommendation – Hive
1:14:21 Conclusion & Summary
1:21:50 Outro
Dapp Directories:
Check these out. There are many chains I did not dive into and many apps not worth reviewing. Keep in mind most apps on Steem or Hive for example, are just interfaces and not different platforms so it is not necessary to explore every single one.
App.co - https://app.co/
DappsRadar – https://dappradar.com
DappReview - https://dapp.review/
Dapp.com - https://www.dapp.com/
StateOfDapps – https://www.stateofthedapps.com
The Review:
This will be covering some new platforms not covered in the previous but re-reviewing any applications or websites that were not to par but were not awful from the last review. I will very briefly double-check the awful ones and either add them here if they have improved or not include them given, they were in the last one and you do not need to see the same thing twice.
In the video itself, I go through some of the main recommendations I give and the platforms that I am currently using. I only go through some brief examples of ones not recommended for sake of time and to give some insight as to how I came to my decisions.
My final disclaimer is that I am here to share my recommendations and recommendations against them. I will not be explaining how every platform works or giving solutions to their problems.
Tertiary Recommendations (4):
If you have extra time to post somewhere, you might as well sign up on these platforms and explore them a bit.
JoshWhoTv – This platform has made many improvements and while it is the best for crypto, it is particularly good for censorship resistance and content distribution. I do not get many views on here, but it is worth considering. - https://www.joshwhotv.com
LBRY/Odysee – this is a great project and while I have a ton of criticisms for them, it is still better than most platforms in terms of decentralization. They do a lot wrong.
They do have to approve you to earn LBC rewards and you do have to pay LBC to post content. So, for beginners, you need to pay to get started and monetization is on the way out. This also shows that they have full control over monetization and governance of the blockchain making it fairly centralized in that regard. They are decentralized in terms of content moderation and content hosting, however, there are issues there too. If the content is banned from Odysee, 99% of people will not see it. Even multiple alternative platforms still require you to seed or pay for content to be hosted. While people could still seed content or you could spin up own server, that is not realistic for people to do and thus the result is that 99% of the users using this platform are going through a very centralized experience.
People will argue that Odysee and the LBRY dapp are quite different but from a user experience perspective, they are the same. LBRY is the protocol and is different from all of this, but regardless, the platform experience is getting worse.
You can use my invite link to join - https://lbry.tv/$/invite/@ScottCBusiness:4
Bastyon – Bastyon is a great platform that was originally called Pocketnet. They use the PKOIN cryptocurrency to give out rewards and offer boosting. You can also use their decentralized application to access it too. While the rewards are low, it is good for moderation and decentralization. While it could be improved, it is an up-and-coming platform that could grow a lot in the future with some more momentum. - https://bastyon.com/
Publish0x – I have really enjoyed using Publish0x. It is a great blogging platform that is like the likes of Medium or Read.cash. One of the main draws is that it is crypto-agnostic, so you have opportunities to earn various cryptocurrencies without being concerned about the platform’s value or longevity being tied to a certain coin. The biggest issue they have is how centralized it is where they must approve authors and now, I am earning less and less on there. They are also limited by using Ethereum tokens for payouts, but it is still worth using if you like writing and want something like a crypto-monetized Medium. - https://www.publish0x.com/?a=gl9avjgaG1
Secondary Recommendations (6)
These are platforms that are solid but lack a few things to be able to get a full primary recommendation. I still highly recommend using all of these if you have the time and capacity to do so.
Serey – I almost never recommend platforms that require a download, but this only requires you to download their wallet. You can still use the platform without controlling or claiming your cryptocurrency rewards. It is a Hive clone and while the user interface is not the best, it is worth trying out. - https://serey.io/
COS.TV – COS.tv is a cool video platform that has been paying me increasingly lately. Unfortunately, it is not being traded on as many markets, so it is harder to cash out. Some issues with the platform are the centralization around content approvals, requiring you to use a phone and massive amounts of spam comments. They also use Theta for their videos which I have criticized for centralization many times. It is still a good platform worth using, they just need to focus more on decentralization and values commonly associated with blockchain. - https://cos.tv/account/register?invite_code=GJLPA
Blurt Blog – Blurt is another Hive clone like Serey or the previous Weku and Whaleshares. They say the major difference is the removal of downvotes, but that opens the way for spam and mass upvoting for reward farming. They deal with moderation in a centralized way but plan to decentralize in the future. I am not really a fan of taking a decentralized platform and making it more centralized. It is hard for people to get started if they did not already have a Steem account since there is no way to get a free account. Also, there are fees for everything which is meant to disincentivize spam, yet the fees all go directly to the creators who do little to moderate spam. So realistically I do not see a lot of people using this when they could just use Serey, DTube, Steem, or Hive. Lastly, it has exceptionally low liquidity which poses a risk if one or two ways to sell were dropped and you are stuck holding the bag. It is worth using as most Hive clones are still decent platforms, but it would not be my first choice. - https://blurt.blog/
Brave Browser (Rewards & Creator Program) – I include this as more of a tool to use, originally writing “earn crypto for allowing ads to display on your more secure and faster browser” - https://brave.com/sco556 but they have evolved well beyond that with their various projects, marketplace, and creator program that allows for creators to sign up to earn money via tips, grants, or through ads that might have otherwise been blocked. While it is not a social platform per se, it is integrated into the social experience and extremely easy to use. I have been earning a good amount from BAT rewards and creator rewards and I am happy with the experience. - https://brave.com/
Read.Cash & Noise Cash – Read.cash has been a blast to use. It is like Publish0x or Medium but much more open and with few limitations. They reward you with Bitcoin Cash that you can withdraw without restrictions and even connect you to Sideshift if you want to be paid in something else. It is not actually integrated with the blockchain, but you can boost your content, earn from sponsorships, and enjoy the platform in a decentralized way regarding moderation, etc. Since it is not actually integrated into the blockchain though, it is not decentralized like how Hive is. You also must consider that the rewards given out were funded by donations from Marc De Mesel and while they used to be public and transparent, we do not know how much is left and when rewards may end. The team is also not public facing nor using the platform anymore so there is no development or communications from them. The main issue now is that they could shut down at a moment’s notice. - https://read.cash/r/scottcbusiness
This also counts as two recommendations because you can use Noise.cash as the place to share short status posts rather than on Read.Cash. You can still post status posts on both though. This is a beta that was put out by their team to test this out and it is worth checking out even though it is bare bones. You can just link it to your read.cash account and automatically earn your rewards in that wallet. - https://noise.cash/u/scottcbusiness
DTube – DTube has its own chain and allows you to post to Hive, Steem, and Blurt all at the same time which is very ideal since most blockchain platforms do not have to crosspost. I would recommend it as a primary recommendation, but the trading and liquidity are so low that you could have trouble with getting or selling DTC as well as the price volatility that comes with that. There are also regular issues with the upload process, but they do offer you many methods, so you can always revert to importing videos from a legacy platform if you need to. Lastly, there are too few leaders (witnesses) who run the nodes. There’s 20/20 meaning that there is no way to vote for someone new because there is no one new to vote for. If they can get more people trading DTC, fix their upload issues, and decentralize more, it would be a top recommendation. - https://d.tube/
Primary Recommendation (1):
Hive is the best platform based on profitability, monetization, decentralization, and blockchain integration. While many platforms are great, Hive does the most to respect and build upon the values associated with the blockchain ethos.
Hive – This is my alternative to Medium / Reddit / Facebook. Hive is the hard-forked version of Steem and hosts a massive number of decentralized applications (dapps) that I use regularly. It is complex, but if you understand Steem, then it is the same thing. It is extremely decentralized, everything for your account is owned by you and uncensorable. Moderation is done by the community, but you are never actually “banned” or “censored,” instead your content won’t appear on the feed after enough negative votes on your content to deal with spam, etc. I stopped using Leofinance as my go-to community due to extremely low earnings and now mainly just post to the Threespeak community. Communities are like subreddits within the platform where you can earn tokens from that community and get more visibility for your content within certain communities.
This counts as multiple recommendations as I am recommending the network Hive, PeakD as my main interface, and 3Speak for video. - https://peakd.com/@scottcbusiness/posts
3Speak – This is my go-to video hosting platform for Hive. While you can post any video content on PeakD or whatever blogging interface you choose to use, uploading your videos on 3Speak are a wonderful way to fully integrate with the blockchain and utilize IPFS. - https://3speak.co/
Conclusion:
A lot has changed in the world of blockchain social since my last review 2 years ago. I have been posting a lot less and unfortunately earning a lot less as well. While I made about $25,000, there has been a steep decline in recent months. I have been posting less too, but there is a clear decline in rewards offered and naturally the value of those rewards due to market conditions. While Hive is not perfect, it is by far the best blockchain to host dapps.
While I understand Hive itself is not a social dapp and all the dapps on it are separate, it is much easier to recommend Hive as a whole. It checks off more things I am looking for than any other platform. I have moved everything else to secondary recommendations. DTube is great, but it has technical issues the most often, Read.cash is anonymous and funded by donations so it could shut down at any time.
I have decided to recommend Blurt & Serey because most Hive clones are good places to earn and have a similar decentralized ecosystem. While Cos.TV is the most centralized and must approve videos, it is still a good place to earn crypto. Odysee/LBRY has completely fallen off in terms of rewards and the platform in general, but they could improve given they have total control over governance. Bastyon is a great platform, but you do not earn very much there. Publish0x requires approval for new authors which I never really supported, and the earnings are falling off due to low value.
There is still a lot of hope for crypto social and what is possible in the future. Just lately I started using Actifit more on Hive where I can track and get rewarded for my exercise. Blockchain social and crypto-monetized platforms have taught us that everything we do has value and can be monetized in some way. While my earnings are down, I have proven that you can do this as a side hustle or supplementarily to the content you already create or have created.
A consistent theme I have noticed with platforms is more are opting into centralized services like Gmail logins, KYC verification, phone verification, requiring you to use a credit card, etc. I have also not been a fan of applications that only work on mobile as they are at the mercy of app stores like Apple and Google. There is also a growing trend where platforms are rebranding into mostly NFT marketplaces and trying to cash in on NFTs rather than growing and working on their platforms.
For my tertiary, secondary, and primary recommendations, I have written and recorded guides and tutorials for several of these platforms as well as doing interviews with their founders or executive team members. I have also done many breakdowns on frauds and the platform I recommend you avoid. To keep the word count down and make this not any larger a file than it needs to be, I will not include those links, but do consider looking through my content to find all of that.
It is worth reviewing my decentralization matrix episode to get more insight into where these platforms fall in terms of how decentralized or centralized, they are. This is a handful of platforms ranked on how decentralized they are based on many questions. This is the latest update:
These are the questions I refer to when reviewing content:
Can anyone monetize?
Is there a KYC process?
Are the tokenomics of the system sustainable?
Do they have a terms and conditions?
Do they have something like a “we always still retain the right to ban you” clause?
Do they sell premium features
Are they payable without KYC?
Are there “back-doors” or super administrative users that could log into or manipulate a user’s account in some way?
What is the initial token distribution/was there a pre-mine or ninja-mine?
What is the ratio of tokens staked vs liquid tokens? How many people are staking?
Number of core developers?
Can you self-host content and or utilize peer to peer technology?
Number of decentralized application (dapp) developers?
Can anyone post content and participate? (Is it invite-only)
Can anyone develop third party applications/tools/services for the platform?
How challenging/easy is it to fork or clone?
How is privacy handled?
Is it open source?
How concentrated is the wealth of the ecosystem?
Is their cryptocurrency an actual cryptocurrency?
Does it support and uphold free speech?
How are moderation and censorship cases handled?
Do they go after copyrighted material?
Is the governance decentralized?
Is it a DAO?
Is there a company and or CEO behind the project?
Is voting transparent while also protecting privacy?
Is there anything protecting the governance model from an attack?
Does the project use and integrate with a blockchain?
How many nodes are there?
How distributed are the nodes?
What is the barrier of entry to start a node?
Are they incentivized fairly without over concentrating wealth to the top nodes?
Does it use Amazon Web Services, Google, Cloudflare, or another service that could create a single point of failure?
How many of these factors are trustless versus policies/promises?
There is no perfect platform and they each offer their own unique benefits. Follow along with my monthly reports to see how much I am earning on each platform and gain some insight into how I have performed on each in terms of engagements, followers, impressions, views, and comments.
I use many platforms and if you are curious to see what I am currently using the most, check out my monthly reports on crypto earnings and social metrics to keep up with what I use and how well these platforms have been progressing, the earnings you can get, and how I’ve performed on them.
If you feel I made a mistake, poorly reviewed something, or missed a key platform to review, please comment below and I will take your feedback in and edit this to include it or edit my post accordingly. I really hope this benefits you as much as I hope it does. This took me an exceptionally long time. Please share this with others if you believe they will find use in it too! For some, I explained my reasoning more than others. If you are interested, you can inquire about anything, and I will get more in-depth on it even making a video if needed. Let me know what you think about all this in the comments below.
This was the last review:
Read.Cash: https://read.cash/@scottcbusiness/comprehensive-blockchain-social-media-platforms-review-v-633ef26d
What review or guide would you like me to do next? What is your favorite platform? Where are you spending most of your time? Where are you earning the most? Let me know what you think about this in the comments below and do not forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com - Scott Cunningham
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/zhrjlcib
Time for another update on my investment portfolio and my passive income journey. In this episode, I cover my regular monthly update sharing what I invest in and why. This is amateur investing at its finest!
Disclaimer: This is not financial advice and is purely for entertainment purposes. All my stock information is 100% accurate, but my crypto data may or may not be simulated
I share everything so you can follow everything I’m doing with 100% transparency. The point of doing all this is to show you that it’s possible and provide some sort of framework that can be followed. This isn’t financial advice, and you shouldn’t exactly replicate my investing. What you should do is figure out what works best for you and stick to the basics of dollar-cost averaging, investing in good assets, avoid liabilities, compounding interest, be frugal, buy low, and sell high.
Investing Spreadsheet Template Link: https://bit.ly/investingtemplate
Income Tracking Spreadsheet Template Link: https://bit.ly/incometemplate
Budgeting Spreadsheet Template Link: https://bit.ly/expensestemplate
Below I will list everything for the monthly report:
I’ve been building up my cash reserves and starting to invest back into the stock market. My focus going forward is to keep building my crypto while getting back into the stock market and upping my gold reserves.
I am making an average of $139.83 a month from passive income from stock dividends, crypto income, and some from music royalties. I’m starting to focus more on my staked crypto and building that up to increase my crypto passive income.
My portfolio is roughly rounded to about 67% crypto, 6% stocks, 3% in precious metals, and 24% in liquid fiat cash. My total annual projected income from passive sources is $1,677.93. $410.76 of those yearly profits come from stock dividends and about $1,264.35 comes from cryptocurrency staking.
I’m slowly building up my TRX, and HBD back up again with my main focus on ATOM. A portion of my crypto income has been going towards stacking more ATOM. It appears to be the most effective way to stake crypto and provide the most reliable and consistently high yield.
In my last update, my total portfolio value was $175,755 CAD. My current portfolio value with all my investments is $171,315. This is down about $2,440. I don’t think this is much of an issue so much as a hiccup. I’m very confident that with the ETH surge around the corner and as we slowly inch towards the next Bitcoin halving, we will see more bullish market. The real question is when will the market begin to reflect that.
I earned $22.56 CAD from stock dividends and $111.01 CAD from the staking ATOM, HBD, and TRX. In total, I have earned about $1,319.19 CAD from crypto and $2,089.82 CAD from stock dividends.
My portfolio in terms of stock sector breakdown is 100% into ETFs broken down into 47% in VDY, 29% in FCCD, and 24% in XEI for passive dividend income.
Was this helpful for you? What stocks do you invest in? Do you prefer growth investing or building passive income? Do you invest in cryptocurrencies that pay out regularly? Let me know what you think about this in the comments below and don’t forget to subscribe!
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/kfvnjcgl
You want to take full advantage of the social platforms out there that use blockchain technology or have crypto monetization. Here are the 11 platforms I used to earn $85.26 CAD worth of fiat & crypto in August as well as some insights.
This is my 541st episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
My total alleged crypto social media income earnings are now up to just over $39,906 CAD not including crypto appreciation after originally receiving the payouts.
Going forward I’ll just be mainly tracking my earnings and focusing on that aspect. I will still share insights on the various platforms I use, but the main tracking and reporting will be based on crypto rewards and monetization.
August Earnings:
Publish0x – 1.52 AMPL - $1.5 CAD = $2.28 CAD + 0.001 ETH - $1,820 CAD = $1.82 earned from post rewards. That’s a total of $4.10 CAD.
Brave Browser – 3.41 BAT – $0.43 CAD from ad rewards and from creator donations for a total of $1.46 CAD.
LBRY/Odysee – 56 LBC - $0.029 CAD = $1.62 CAD from user earnings, content earnings, etc.
Hive – 9.8 Hive - $0.686 CAD = $6.72 CAD and 5.4 HBD - $1.35 CAD = $7.29 CAD. That’s a total of $14.01 CAD from post rewards.
Cos.TV – 519 COS - $0.0082 CAD = $4.29 CAD earned from post rewards.
Read.Cash & Noise.Cash – 0.09 BCH - $163.45 CAD = $14.71 CAD earned from post rewards.
DTube – 64 DTC - $0.126 CAD = $8.06 CAD earned from post rewards.
YouTube - $28.26 CAD earned from monetization.
Blurt – 789 BLURT – $0.0062 = $1.53 CAD earned from post rewards.
Serey – 4000 SRY – $0.0018 = $7.20 CAD earned from post rewards.
The grand total came to $85.26 CAD which is about $62.24 USD.
August Insights:
My earnings are about as low as they’ve ever been. It’s partly due to the market conditions and partly due to my lack of content. After taking some time to review, I am taking a step back and focusing less on tracking so I can focus more on content creation and getting my interviews out. I had a major hiccup with all my data getting lost when my SSD died during my move. My interview templates aren’t even remade yet, so I’ve been behind on trying to get everything back or recreate it. Going into October I will be starting off with my comprehensive review, then a look at exchanges, and wallets. I aim to shortly follow that up with some content around privacy coins, Bitcoin energy use, and more great breakdowns for you.
I will continue to share these reports every month to give you a breakdown of my earnings to be completely transparent and give you an idea of what you could do if you shared on all of these social platforms.
What are your income goals? Are you using any of the platforms I shared above? Is this useful and or encouraging for you? Would you like to see these reports every single month to get a better insight into crypto social profitability? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/auulaxjy
Now that the merge is completed are ETH is on the way to the next phase we still have ETHW to worry about. This covers how to claim and sell your ETHW or proof of work Ethereum
This is my 540th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
With ETHW now listed on many exchanges with 49 trading pairs currently, it’s clearly growing in popularity. That’s why you need to claim your ETHW as soon as possible so you can cash in or get ready to HODL.
We will go through the steps to claim and sell your ETHW following exactly what I did to do this. I also cover doing this from a hardware wallet and what the extra steps are to complete this airdrop. Before we get into the tutorial though, let’s make sure you can actually claim this in the first place.
The only requirement you need to claim ETHW is to have held ETH in a wallet you own at the time of merge snapshot taken on September 15th, 2022. Given you have any amount of ETH or ETH assets not on exchanges or services that like lenders that require you to deposit your ETH, you will have received the airdrop with the equivalent amount of ETHW to your ETH.
Tutorial
First you need a wallet that supports custom RPC or “adding networks” to your wallet. The easiest wallet to do this with that I prefer is Metamask: https://metamask.io/. You can download it outright or as an extension for your browser. Once you’ve got your Metamask wallet or if you already have one, proceed to the next step.
At the top of your Metamask wallet you will see “Ethereum Mainnet”. You can click on this and switch between networks and or add a network. Click add network.
Fill out the fields with the following:
• Network Name: ETHW-mainnet
• New RPC URL: https://mainnet.ethereumpow.org
• Chain ID: 10001
• Currency Symbol: ETHW
• Block Explorer URL(Optional): https://mainnet.ethwscan.com
Clicking on the networks again, you can switch to the ETHW-mainnet. Here you will find an exact copy of all your assets from the Ethereum mainnet from the snapshot on September 15th 2022. This even includes your outstanding contracts, tokens, NFTs, etc.
For the most part currently people are only really trading ETHW and not all the ETHW tokens or NFTs, but you may be able to make a profit off those copied assets too in the future or perhaps there is already a way to do so that I’m not aware of.
Beyond this, you can send it to an exchange and sell it the same way you would with ETH. You can find every exchange that accepts it here: https://coinmarketcap.com/currencies/ethereum-pow/markets/
I prefer using Bybit because they don’t have KYC so you get started right away. If you don’t have an account you can register with my referral code QY8DDR or sign up via: https://www.bybit.com/register?affiliate_id=27995
Once you’re on Bybit, you can go to Assets -> Deposit -> ETHW. Acknowledge that you are okay to send here and then grab your address and send your ETHW. The gas fees are very low for now so it shouldn’t cost much at all to send it over to the exchange and then after 50 confirmations which took me about 10-20 minutes, you are ready to trade it for USDT which is currently the only trading pair on Bybit.
Once this is complete, you can freely trade it for anything else and withdraw with no issues. It may require you to add 2 factor authentication first, but there are no withdrawal limitations aside from fully confirming the deposit beyond the 50 confirmations. It will take about 1000 confirmations or another 200 minutes to fully confirm and for you to actually be able to withdraw those funds.
This is the official guide on how to claim and your ETHW: https://medium.com/@ETHW/tutorial-set-up-ethw-wallet-and-claim-airdrop-f72a3e7e090b
This guide from Ledger helped me claim my ETHW on my Ledger wallet: https://support.ledger.com/hc/en-us/articles/6799981270045-How-to-access-your-Ledger-Ethereum-POW-ETHW-account-via-Metamask?docs=true#fromHistory
This is the Ethereum PoW website: https://ethereumpow.org/
This is the tutorial for mining ETHW: https://medium.com/@ETHW/tutorial-mine-ethw-in-a-mining-pool-ab65ff1533d6
Finally, this is a great resource for FAQs around ETHW: https://medium.com/@ETHW/faqs-fd2fba846eca
If your ETH is on an exchange or service for lending, well this is just another example of why you always hold your crypto in your own wallet. I was able to get my 31 ETHW with no issues. I hope this helped you! If it did, please consider sharing this with someone else who might not know about this opportunity.
Did this help you claim and sell your ETHW? Were you holding ETH when the merge happened? Are you bullish on ETH? Are you bullish on ETHW? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/nvpywasx
There’s a lot of misconceptions about the ETH Merge. Let’s talk about them and share exactly what has changed and what the future holds.
This is my 539th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
This is a great resource for everything about the Ethereum Merge: https://ethereum.org/en/upgrades/merge/.
Ethereum switched from proof of work to proof of stake. Not a lot else has changed yet, but it has set a lot in motion. Namely the stakers are now running the network instead of the miners, however there is no notable changes for end users. ETH will stay the same in terms of the ticker and you don’t have to do anything in your wallets to switch over. Another major change is that by switching from proof of work to proof of stake will reduce the energy consumption of Ethereum by ~99.95% which is huge given a major criticism of proof of work blockchains is that they are energy intensive and not environmentally friendly.
For simplicity, we are now calling Eth1 the execution layer where transactions are handles and Eth2 the proof of stake consensus for validators. This doesn’t change anything other than the naming so we can better discuss and explain Ethereum.
Misconceptions
A major misconception is that gas fees will automatically be improved when actually they won’t be affected until the first phase called the “Surge” is complete. We’ll dive into the phases later. So Ethereum didn’t fail to lower gas fees, they just haven’t been affected yet.
Another misconception with the merge is that ETH staking requires 32 ETH. This isn’t entirely accurate as you can stake with exchanges and services in a pool or even rune your own node, however running your own node without any ETH staked means you won’t earn rewards. You can learn more about that here: https://ethereum.org/en/run-a-node/. The issue with using exchanges and services that offer ETH staking is that they are heavily consolidating ETH which is bad for centralization and also creates a lot of risk if they were ever hacked or something else happened. It’s also important to note that withdrawals haven’t been added yet so even after the 2 year lock up period has ended if for some reason this isn’t added, you will not be able to get your ETH back. This isn’t really an issue as it will developed by then, but it’s important to understand this risk when you stake. However, validators will still receive fees and MEV available immediately, they just won’t get their stake until withdrawals are enabled.
When withdrawals are enabled there is concern that everyone will exit at once, but there are limitations on how many validators can exit with only six exiting per epoch which is every 6.4 minutes. That amounts to 1350 epochs per day or about 43,200 ETH per day out of the more than 14 million staked ETH. That means it would take close to a year for all validators to exit assuming that was their intention so ideally things will balance out during this time because the APR is also dynamic and will encourage more people to stake if validators do exit.
Centralization
According to https://ethereum.org/en/staking/ there are 432,570 validators staking 14,631,732 ETH as of writing this. Lido is the largest staker with 4,195,212 ETH staked making up 30% of all the staked ETH according to https://dune.com/LidoAnalytical/Lido-Finance-Extended. Dune says they only have 84,011 unique depositors but https://lido.fi/ says they have 189,341 stakers. Either way, it makes up way too much of the ETH that is staked. While it’s easier to stake with them since you don’t need 32 and they’ll do everything for you including giving you a higher APY, it’s clearly too good to be true. Giving them your ETH for 2 years is extremely risky and effectively centralizing Ethereum more by doing so. It was previously much higher than 30%, so it’s trending in the right direction at least.
Binance, Lido, Coinbase, and Kraken make up about 55% of all the staked ETH currently. We do have a real threat of too much centralization via these staking pools, but this is something we can all work together on improving.
The Next 4 Phases Of Ethereum
Let’s talk about the major updates that are coming now that we have merged. They are rolling out the changes post merge in 4 phases called the Surge, Verge, Purge, and Splurge.
The Surge is the most important upgrade shipping in 2023 that will introduce sharding which Vitalik claims will massively scale Ethereum to allow for 100,000 transactions per second and could bring gas fees down to as low as $0.005-0.05 which he shared at the Futurist Conference in Toronto that I attended in August.
What sharding does is allow Ethereum to run sidechains or mini blockchains called shards where it could run its transactions in bundles which it could then compress into one transaction on the main chain. They aim to create a sharded system of 64 linked databases. So given Ethereum currently can run 15 transactions per second. We could now run 960 transactions per second with those 64 databases. On top of that, we can run many transactions in each transaction sent back to the main chain so that can scale nearly 100 more times getting us close to the 100,000 transaction per second goal. This means that on one sidechain we would log about 100 transactions and then send that back as 1 transaction to the main chain.
That was a very long winded way of saying we be compressing and bundling all the transactions to make Ethereum over 6000 times faster. It will also introduce rollups which perform transactions outside of Ethereum’s base layer and then post data to the main layer. So the Surge phase mainly tackles gas fees and scaling.
The next phase is Verge which also tackles scalability through their proofs by switching from Merkle proofs to Verkle trees. This will optimize storage and reduce node sizes. It’s fairly technical so we don’t have to get too deep into it.
The purge phase focuses on reducing unnecessary data to clean up the blockchain and help to minimize network congestion. By the end of this phase, Ethereum should be processing 100,000 transaction per second.
The final phase called Splurge will be for implementing the “fun stuff.” This will mainly focus on working other network updates and updates to previous sections that won’t cause any issues.
Coindesk has a great breakdown that is much more indepth which I used to understand a lot about the phases here: https://www.coindesk.com/tech/2022/08/01/ethereum-after-the-merge-what-comes-next/.
That’s it. The merge was a bit overhyped, even by me. However, it marks the start of a major shift for Ethereum where it will be ahead of most of it competitors that popped up and marketed themselves purely on the basis of doing more transactions at a lower gas fee while Ethereum aims to crush these chains. In the next year I expect many competitors to fall off. Only those with useful applications like Cosmos may stand a chance.
What do you think about Ethereum 2.0? Are you staking? Is this better or worse for Ethereum in the long run? What phase are you anticipating the most? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
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Time for another update on my investment portfolio and my passive income journey. In this episode, I cover my regular monthly update sharing what I invest in and why. This is amateur investing at its finest!
Disclaimer: This is not financial advice and is purely for entertainment purposes. All my stock information is 100% accurate, but my crypto data may or may not be simulated
I share everything so you can follow everything I’m doing with 100% transparency. The point of doing all this is to show you that it’s possible and provide some sort of framework that can be followed. This isn’t financial advice, and you shouldn’t exactly replicate my investing. What you should do is figure out what works best for you and stick to the basics of dollar-cost averaging, investing in good assets, avoid liabilities, compounding interest, be frugal, buy low, and sell high.
Investing Spreadsheet Template Link: https://bit.ly/investingtemplate
Income Tracking Spreadsheet Template Link: https://bit.ly/incometemplate
Budgeting Spreadsheet Template Link: https://bit.ly/expensestemplate
Below I will list everything for the monthly report:
I’m starting to slowly invest more in the stock market and continue to compound and reinvest my passive income earnings in more ETFs and crypto like HBD, Tron, and Atom. The market is all over the place, but it seems to be trending up and my last call on the bottom is right for now.
I am making an average of $96.65 a month from passive income from stock dividends, crypto income, and some from music royalties. I am not putting a lot more into these, but I will let them build back up slowly. I’m more focused on building up my privacy coin positions of which I will review as many as I can and compare them for a future episode.
My portfolio is roughly rounded to about 70% crypto, 6% stocks, 3% in precious metals, and 19% in liquid fiat cash. My total annual projected income from passive sources is $1,159. $396 of those yearly profits come from stock dividends and about $760 comes from cryptocurrency staking.
I didn’t invest at the best spot with my stablecoins, but now I’m in the green, so I’m happy with my decision to hold. The market has since dropped a bit but it’s been so volatile lately that I’m trying to watch it less closely.
In my last update, my total portfolio value was $149,424 CAD. My current portfolio value with all my investments is $175,755. This is up about $26,330. I’m still bullish and believe we have hit the bottom, but you never know in the world of crypto.
I earned $33.80 CAD from stock dividends and $56.37 CAD from the staking ATOM, HBD, and now Tron again. In total, I have earned about $1,208.18 CAD from crypto and $2,067.26 CAD from stock dividends.
My portfolio in terms of stock sector breakdown is just 100% into ETFs with 52% in VDY, 33% in FCCD, and 15% in XEI for passive dividend income.
Was this helpful for you? What stocks do you invest in? Do you prefer growth investing or building passive income? Do you invest in cryptocurrencies that pay out regularly? Let me know what you think about this in the comments below and don’t forget to subscribe!
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https://3speak.tv/watch?v=scottcbusiness/sxvtflhr
You want to take full advantage of the social platforms out there that use blockchain technology or have crypto monetization. Here are the 12 platforms I used to earn $230.22 CAD worth of fiat & crypto in July as well as some insights.
This is my 537th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
My total alleged crypto social media income earnings are now up to just over $39,821 CAD not including crypto appreciation after originally receiving the payouts.
July Metrics & Content:
To briefly go over my social media results for July, I received around 5,000 engagements, 31,500 video views, 1,600 comments, 600 net followers gained, and 96,000 impressions.
July Earnings:
Publish0x – 11.30 AMPL - $1.63 CAD = $18.42 CAD + 0.01 ETH - $2,108 CAD = $27.40 earned from post rewards. That’s a total of $45.82 CAD.
Brave Browser – 1.56 BAT – $0.51779 CAD from ad rewards and from creator donations for a total of $0.81 CAD.
LBRY/Odysee – 71 LBC - $0.025 CAD = $1.78 CAD from user earnings, content earnings, etc.
Hive – 50 Hive - $0.7697 CAD = $38.49 CAD and 22 HBD - $1.27 CAD = $27.94 CAD. That’s a total of $66.43 CAD from post rewards.
LeoFinance – 3.20 LEO - $0.1066 CAD = $0.34 CAD earned from post rewards.
Cos.TV – 1016 COS - $0.009 CAD = $9.14 CAD earned from post rewards.
Read.Cash & Noise.Cash – 0.26 BCH - $180 CAD = $46.62 CAD earned from post rewards.
DTube – 104 DTC - $0.1572 CAD = $16.35 CAD earned from post rewards.
YouTube - $27.23 CAD earned from monetization.
Blurt – 789 BLURT – $0.00865 = $6.82 CAD earned from post rewards.
Serey –7433 SRY – $0.001196 = $8.89 CAD earned from post rewards.
The grand total came to $230.22 CAD which is about $177.27 USD.
July Insights:
My earnings have finally started to rise again along with the crypto market so it seems there is some correlation, but I’ve also been posting a bit more too. I expect August to be similar if not worse due to my lack of content, but it was a busy month. I’ve been earning a lot more on Serey and COS.TV, so that’s been good to see smaller platforms rising up a bit. Also my DTC earnings have on DTube have gone up too. Read.cash and Hive continue to produce the most earnings. Publish0x had an anomalous month where I earned a lot more Ethereum and so I earned nearly as much there as I did on Read.cash.
I will continue to share these reports every month to give you a breakdown of my earnings to be completely transparent and give you an idea of what you could do if you shared on all of these social platforms.
What are your income goals? Are you using any of the platforms I shared above? Is this useful and or encouraging for you? Would you like to see these reports every single month to get a better insight into crypto social profitability? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/ibbmtkrw
The question we aim to answer today is, out of all of the stablecoins, which are the best? We’ll cover them all briefly and explain the pros and cons of each.
This is a list of many of the top stablecoins: https://coinmarketcap.com/view/stablecoin/
We have covered many stablecoins, but here we will go over a quick summary of the major coins we’ve discussed and what I personally recommend using.
Stablecoins Compared:
• Terra (LUNA) & UST - Failed algorithmic stablecoin
• DEI – Failed algorithmic stablecoin
• Titan & IRON Finance – Failed algorithmic stablecoin
• DAI – Decentralized stablecoin backed by crypto assets. More than 50% backed by USDC creating a major vulnerability and risk with fiat exposure and centralized control from Coinbase.
• Wrapped Bitcoin WBTC – This is a coin on Ethereum pegged to Bitcoin. It’s a different type of stablecoin, though many would consider this just a bridged asset now. You still rely on the DAO that manages this though just like any other stablecoin.
• Coinbase USDC – Coinbase’s version of USDT backed by multiple fiat assets and mainly issued on Ethereum. They have the second most banned addresses out of the major stablecoins and are extremely centralized and backed by Blackrock.
• Tether USDT – Backed by multiple fiat assets and issued on multiple networks, but best used on the TRC20 network. Great for liquidity and bad for decentralization. They have the most banned addresses out of any major stablecoin and are extremely centralized.
• TrustToken TUSD – Real time attestation – Fully fiat backed - Trust Token has real time attestation for their cryptocurrencies: https://www.trusttoken.com/products
• Binance & Paxos (BUSD & USDP) – Like the others, their attestations don’t show much or prove much.
• Gemini Dollar GUSD – A smaller stablecoin that’s just as centralized as other fiat-backed coins like USDT or USDC.
• Tron DAO Reserve USDD – Tron backed algorithmic coin I expect to fail.
• Paxos Gold PAXG – Backed by gold assets. Because your gold is held in a centralized storage, you still have to trust they won’t lose it and will still honour your pegged value. The issues beyond that are lower liquidity and adoption.
• XAUT – Same issues as PAXG except with even lower liquidity and adoption.
• Hive’s HBD – Backed by Hive & policy from witnesses. This is a great algorithmic stablecoin, but due to the nature of algorithmic stablecoins, I personally am steering clear of them. I will note that I did hold HBD for a long time with no issues and made some great interest in it as well.
• CBDCs –Central bank digital currencies are very centralized and provide some benefit over USDC or Tether but may introduce many new problems. View all the CBDCs in their current phases https://www.atlanticcouncil.org/cbdctracker/
There are so many stablecoins out there and we could spend tons of time reviewing them all, but the general sentiment doesn’t really change. If your stablecoin is decentralized, it tends to have very low liquidity or some other issue. If your stablecoin has great liquidity, it may be extremely centralized.
At the end of the day, you still have to rely on and trust someone else which goes against the general ethos of cryptocurrency. You should generally want to hold coins that are privacy-oriented, pro-freedom, give you the full control and ownership, and are decentralized. Even when you look at their audits or attestation reports, most times it’s just a page or two claiming that their numbers are correct with no actual proof. You always end up relying on some third party and there’s nothing stopping them from screwing you over with these centralized stablecoins and almost all of them are to some degree. This is not easy to find, and I haven’t been able to land on a happy compromise with any stablecoins listed above. I personally will just invest in Bitcoin and Ethereum.
Do you hold any stablecoins? Do you trust that they are backed 100%? What’s the best stablecoin? Are stablecoins reliable? What should someone use instead? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/wjbgkrsj
The question we aim to answer today is how safe and stable are stablecoins? We will be covering Central Bank Digital Currencies or CBDCs and the future of stablecoins in this episode.
We will get into the future of stablecoins, the concerns around them, what Central Bank Digital Currencies or CBDCs are, and how they could impact crypto
In summary, CBDCs are a way for central banks to create and manage stablecoins for sovereign countries. By utilizing blockchain technology they can create a better digital currency than what they currently have that allows them more control and oversight as well as offering more liquidity between fiat and crypto markets.
Let’s break that down because this will be both good and bad for crypto. It’s become more apparent to me that the international banks of settlements allowing for cryptocurrency reserves such as Bitcoin could have really been a way to start introducing CBDCs to the banking industry. I believe this is similar to bullish events like Paypal selling crypto or Robinhood however, just like those centralized entities who wanted to further centralize cryptocurrency, CBDCs will do the same.
The Pros of CBDCs
Currently, we rely mainly on third-party entities to audit and control widely adopted stablecoins like USDC or USDT. While they are just as centralized as banks, they don’t have the same trust or legitimacy, nor any insurance protecting users. So, CBDCs in this aspect would be very good if covered by FDIC insurance and you can rely more on them to keep good accounting. This would also provide a massive amount of liquidity for crypto users given they allow you to freely invest in the open market. If banks transitioned their customers into cryptocurrency this way, everyone would have access to the crypto markets with very little resistance which they currently run into now. Combining our regular financial system with our investing all under one financial ecosystem would simplify everything and make financial services more efficient.
Now keep in mind, I don’t trust banks or any fully centralized entities with my finances. Let’s talk about the downsides of CBDCs.
The Cons of CBDCs
There is a clear push by financial authorities like Paypal, the banks, and other payment processors to centralize cryptocurrency without actually having to do so. Paypal did this by only allowing you to buy or sell and not to transfer or spend your crypto meaning they would always be in control of the actual asset. Maybe banks will let us buy crypto with our CBDCs but then they will only let you hold that crypto in a bank-controlled crypto wallet. Even beyond that, giving more power over cryptocurrency to central banks just never mixes well. Imagine a future where your taxes are automatically calculated based on your blockchain activity and withdrawn from your wallet automatically with some smart contracts. The level of control and ability to enact massive changes with monetary policy could be greatly amplified with blockchain.
You might ask well why can’t we do this with our current digital cash systems. Well, as we have seen in the past 2 years, they are very fragile. In Canada, it took a lot of effort for them to track down wallets and blacklist crypto as well as bank accounts. If this were all under one system with CBDCs, it would have been much easier and faster to roll out. Not only that, but our Interac services went down with half of our telecommunications which included many banking systems. This really shows that our current system isn’t that great and while this will be promoted as an upgrade, it’s mainly an upgrade for banks, not for you. We already can see how poorly a job the Federal Reserve has done in managing inflation and the US economy over the past few years, so something like this would only amplify that even more. Lastly, I’ll note that this may be very bad for commercial banks who won’t be able to compete or will be forced to hold the central banks’ stablecoin and thus give them more power over commercial banks.
Before we finish this off, let’s cover some examples shared here: https://www.euronews.com/next/2022/03/09/cbdcs-these-are-the-countries-are-using-launching-or-piloting-their-own-digital-currencies
• The Bahamas – Launched the Sand Dollar
• Nigeria – Launched eNaira
• Eastern Caribbean Currency Union – 7 countries in the Caribbean adopted DCash
There are many others who have pilot projects or have CBDCs in development. You can check out this tracker to see how countries around the world are adopting it and what phase they are in: https://www.atlanticcouncil.org/cbdctracker/ and according to Deloitte, about 90% of countries are considering CBDCs in some way shape or form.
Deloitte gives a great overview of CBDCs here: https://www2.deloitte.com/us/en/pages/financial-services/articles/cbdc-central-bank-digital-currency.html
Investopedia Definition: https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp
Do you hold any stablecoins? Do you like the idea behind CBDCs? Do you trust the banks more than private stablecoin issuers? Is the future of stablecoins centralized? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/pluhfqos
The question we aim to answer is how safe and stable are stablecoins? We will be covering crypto and commodity backed stablecoins in this episode. Are stablecoins backed by cryptocurrencies or gold any better than fiat or algorithmic stablecoins?
Well, the answer depends on what you want. If you are looking for something pegged to the dollar, you may have a better time with fiat backed stablecoins. If you want to stay in the realm of crypto but you want a coin that’s more stable to use for buying things, a crypto collateralized coin like DAI may be a good option for you. If you want something backed by a commodity and simply want exposure in crypto to real world assets like gold, you can invest in something like PAXG or XAUT.
Crypto-Collateralized Stablecoins
Like fiat collateralized stablecoins, these coins are supposed to be backed 1:1 but instead of fiat it’s by various cryptocurrencies. Sometimes, it’s just one cryptocurrency and other times it’s a pool of them. It can either be pegged to $1 still like DAI or be pegged to something else entirely like wrapped Bitcoin on Ethereum.
Advantages:
The main advantage of crypto-collateralized stablecoins is that they offer you exposure outside of just fiat and let you stay more within the realm of crypto. Beyond that, they also offer more options for decentralization as they may not require an entity like Tether to back their currency and can utilize a DAO like DAI.
Drawbacks:
More decentralization means less ability to control the funds, so they are more vulnerable to hacks. Being crypto backed means, it may also not be as reliable in a crypto bear market.
Examples
Here’s a few examples: https://defiprime.com/stablecoins#crypto-backed
DAI
DAI describes itself as “a stable, decentralized currency that does not discriminate. Any individual or business can realize the advantages of digital money.”
You can learn all about it here: https://makerdao.com/en/
DAI is upheld in a decentralized way by the MakerDAO to prevent any one entity from having control over it. To keep its peg to $1, DAI is an ERC20 token that requires users to over-collateralize their cryptocurrency. This means that for example, with a 150% over collateralization, you need $100 worth of ETH to create 66 DAI worth $1 each. This ensures there is more ETH in the ecosystem to back DAI in order to maintain the peg.
While it seem similar to algorithmic stablecoins, it’s actually fully backed by cryptocurrency and doesn’t rely on community incentives. There is a required 1:1 backing to achieve this. The main benefits to something like DAI are being able to use a stablecoin that isn’t centralized, though you need to be confident in the underlying assets it holds too. You can see the collateral lists at http://mcdstate.info/ & https://daistats.com/#/.
From these two sites you can see the cryptocurrencies backing DAI. It’s important to note that USDC is the majority of the collateral that makes up DAI meaning it does have a bit too much exposure to traditional fiat-backed stablecoins. One could argue this defeats the purpose of using a crypto-backed stablecoin if it still relies heavily on fiat.
You also have to spend ETH gas fees to use DAI, so keep that in mind too. The price is also more likely to fluctuate and not always perfectly maintain the $1 peg. There is also the risk that the DAO gets hacked or there is some sort of issue that only a centralized entity could solve. The benefit of something like Tether in comparison is they can freeze stolen funds and just revert things back to before they were hacked as an example, but this is at the cost of giving them total control of your funds. However, given USDC is so heavily concentrated as collateral, there is a chance that they could negatively impact the value of DAI too.
While I don’t really trust most stablecoins, DAI is probably one of the better options.
WBTC
Wrapped Bitcoin is an interesting version of a crypto backed stablecoin as it’s not pegged to the dollar, but rather it’s an Ethereum ERC20 token that’s pegged to Bitcoin. The idea is that you can use Bitcoin combined with the functionality of Ethereum. I’m personally not a fan of wrapped tokens because I’d rather stick to the native cryptocurrencies, but the idea is to provide more versatility and build cross chain solutions.
With something like WBTC, you could lend Bitcoin in a decentralized way through smart contracts, which you previously couldn’t do. The process of swapping between BTC & ETH is done via burning and minting tokens back and forth.
The management of WBTC on Ethereum is an open process controlled by a multi-signature contract. The keys to the contract are held by institutions part of the WBTC DAO. So, there is still some risk within the DAO, but it’s one decentralized solution you can take advantage of.
Commodity-Collateralized Stablecoins
Commodity-collateralized stablecoins are those that are backed by physical good commodities like gold that are held by a central entity. Like a fiat backed stablecoin, they are supposed to store the commodity and back their cryptocurrency at a 1:1 ratio. While there are some examples outside gold and it’s possible to tokenize anything, we will mainly talk about gold examples to keep things simple.
https://coinmarketcap.com/alexandria/glossary/asset-backed-tokens - Coinmarket also gives an explanation of this. They can also be referred to as asset-backed tokens to simplify the term.
You can find some gold examples and explanations on this from Coinmarketcap too: https://coinmarketcap.com/alexandria/glossary/gold-backed-cryptocurrency.
Advantages:
Gain exposure to more stable assets while staying in the crypto realm and maintain the ability to buy cheap fractional physical assets and hold them in a decentralized way.
Drawbacks:
You still need to trust a centralized entity to not mismanage or lie about the backing of their commodity-backed assets. You still need to rely on the underlying asset so it may not necessarily be stable in comparison to other stablecoins, but it will still ideally accurately reflect the value of that asset. There aren’t very many reliable projects that tokenize real world assets that I would be confident enough in to use instead of buying the real world asset or just holding cryptocurrency like Bitcoin. They also tend to have low liquidity and aren’t trading on many exchanges.
Examples
I previously covered gold-backed cryptocurrencies in this video: https://odysee.com/@ScottCBusiness:4/crypto-gold:1
In this, we will be looking more at how reliable these are and how they’re used as stablecoins rather than comparing various gold backed cryptocurrencies.
Here’s a few examples of tokenized gold: https://coinmarketcap.com/view/tokenized-gold/
Most gold tokens are currently listed as ERC20 tokens, so you are going to have to rely on one network and pay Ethereum gas fees too. Some of the most popular gold tokenized coins are XAUT, DGX, PAXG, GLC, and PMGT
These were the same coins I covered 2 years ago, so not much have changed in the world of crypto gold. They are still struggling with low liquidity. For example, XAUT can only be traded on centralized exchanges. XAUT and PAXG have marketcaps from 400-600 million while DGX, PMGT, and GLC only range between 1 and 2 million and are pretty unreliable regarding liquidity.
PAXG is the only popular crypto gold token that can be traded in a decentralized way or at least on a non-KYC required centralized exchange. It’s lacking liquidity on Uniswap, so again it’s not super ideal for decentralized trading, but they have some options that the others don’t really offer. This really limits your options, but if you were to opt into crypto gold, this is likely the best option.
Personally, I think you’re better off just holding Bitcoin which in my mind is the true crypto digital gold, but to each their own.
Do you hold any crypto collateralized or commodity backed stablecoins? Do you trust that they are backed 100%? Do you trust any of these entities? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/xnvrxpzx
You want to take full advantage of the social platforms out there that use blockchain technology or have crypto monetization. Here are the 12 platforms I used to earn $142.85 CAD worth of fiat & crypto in June as well as some insights.
This is my 533rd episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
Alternatve video links:
https://odysee.com/@ScottCBusiness:4/crypto-earnings-31:f
https://www.bitchute.com/video/DrPSGvYtP333/
https://bastyon.com/index?v=6927e4dd2895e49d30ca592d2df537621beff3e0cc8ca3454caded273b86c022&video=1&ref=PLH8biT5rMdvE1zXFhsvNkzphVRK6cNM7p
https://rumble.com/v1eba1z-blockchain-social-and-crypto-earnings-report-31.html My total alleged crypto social media income earnings are now up to just over $39,591 CAD not including crypto appreciation after originally receiving the payouts.
June Metrics & Content:
To briefly go over my social media results for June, I received around 3,600 engagements, 13,000 video views, 1,000 comments, 0 net followers gained, and 92,000 impressions.
June Earnings:
Publish0x – 3.7 AMPL - $1.36 CAD = $5.03 CAD + 471 STA - $0.0144 CAD = $6.78 earned from post rewards. That’s a total of $11.81 CAD.
Brave Browser – 2.20 BAT – $0.513 CAD from ad rewards and from creator donations for a total of $1.13 CAD.
LBRY/Odysee – 33 LBC - $0.01259 CAD = $0.42 CAD from user earnings, content earnings, etc.
Hive – 38.18 Hive - $0.0.573 CAD = $21.88 CAD and 18.65 HBD - $1.28 CAD = $23.87 CAD. That’s a total of $45.75 CAD from post rewards.
LeoFinance – 7.06 LEO - $0.075 CAD = $0.53 CAD earned from post rewards.
Cos.TV – 728 COS - $0.00081 CAD = $5.90 CAD earned from post rewards.
Read.Cash & Noise.Cash – 0.12 BCH - $138 CAD = $16.53 CAD earned from post rewards.
DTube – 70 DTC - $0.35 CAD = $24.50 CAD earned from post rewards.
YouTube - $32.15 CAD earned from monetization.
Blurt – 200 BLURT – $0.00865 = $1.73 CAD earned from post rewards.
Serey – 1052 SRY – $0.00228 = $2.40 CAD earned from post rewards.
The grand total came to $142.85 CAD which is about $109.99 USD.
June Insights:
My earnings kept dipping into June but I believe correlating with the bottom of the crypto space which is now trending up, that my crypto earnings will trend the same. This was unfortunately another record low earning month, but the value of these earnings has already increased immensely. For example, BCH is up 27% since recording this meaning my 0.12 BCH earned went from $16.53 to about $21. It’s small, but this is just an example. Earning less during a bear market isn’t so bad if you expect those earnings to be worth significantly more in the future, and I do.
I will continue to share these reports every month to give you a breakdown of my earnings to be completely transparent and give you an idea of what you could do if you shared on all of these social platforms.
What are your income goals? Are you using any of the platforms I shared above? Is this useful and or encouraging for you? Would you like to see these reports every single month to get a better insight into crypto social profitability? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
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https://3speak.tv/watch?v=scottcbusiness/lxgipppk
Fiat is trending towards 0, and our buying power is going away faster and faster. The only way to get ahead is to invest. Let’s talk about beating inflation, what inflation is, and where crypto comes into play.
This is my 532nd episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
With inflation being the highest it’s been for so many years in the US and Canada, the problem with fiat currency is becoming much more pronounced. You don’t see the need for crypto as a solution to our outdated economics if you don’t see the original problem. Given the price of food and gas has been consistently going up and people have taken notice this is a great time to address why crypto and scarcity assets are the solutions. https://twitter.com/btcKaz/status/1532145279306240002 - This tweet accurately sums up my thoughts on inflation and store of value.
In the US inflation was recently reported to be 9.1%, this means that you have to either get a yearly raise of at least 9.1% to break even without spending more and or you have to invest and earn a return above 9.1%. The point is that it’s becoming much more apparent that you have to put in increasingly more work simply to not become poor. Scarcity assets are one of the few ways that you can appreciate value and protect your wealth.
With average stock returns being reported as anywhere between 4-10%, you are barely able to profit with traditional investing. While investing at all is way better than just saving which will likely put you at a loss in buying power and actual wealth value, you almost need to patronize more risky investments like cryptocurrency in order to turn a worthwhile profit. The flip side of this is people who are basically gambling by speculating on random altcoins in the crypto space with little research and experience.
All I want to instill with this is that I expect investing is going to become more and more necessary and while currently, so few people take their finances seriously by budgeting, investing, etc., more people are going to be forced to become more financially competent. You’re better off to learn and start building those financial skills now as opposed to doing it out of desperation later.
Is fiat reliable or sustainable? Is crypto the solution to this or is it something else? What should you invest in? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
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Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/kektiomh
Banks can hold up to 1% of their reserves in BTC and ETH 2.0 is scheduled to merge on September 19th. Let’s discuss the two biggest catalysts for the next crypto bull market.
This is my 531st episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
It was recently announced by the bank for international settlement that they would effectively allow banks to keep up to 1% of their reserves in Bitcoin - https://finbold.com/bank-for-international-settlements-to-allow-banks-to-keep-1-of-reserves-in-bitcoin/. This will be using their tier 1 capital. This is the link to the official document if you’re curious - https://www.bis.org/bcbs/publ/d533.pdf.
While it’s not exactly clear which crypto assets are included, they mentioned those held in ETFs like Bitcoin and Ethereum and they also mentioned Bitcoin directly. Whether or not this could be made up of many cryptocurrencies, we know ETH & BTC are in that list and presumably near the top. I expect they will also hold stablecoins for better liquidity between the traditional system and crypto.
According to Statista, the top 15 banks in the world hold about 3.1 trillion dollars worth of fiat valued in USD within their tier 1 capital - https://www.statista.com/statistics/268322/top-banks-worldwide-by-tier-1-capital/
So then, if 1% of all that money from just those 15 banks was set aside for Bitcoin, you’d have nearly 31 billion USD worth of crypto. BTC is currently valued at $22,777 meaning that they’d be able to acquire approximately 1,359,677 Bitcoin.
Based on the chainalysis of Bitcoin stating that the current liquid amount of BTC is 1,457,477 - https://markets.chainalysis.com/?asset=BTC⦥=180#supply-liquidity, that would mean that those 15 banks alone would be acquiring almost all the liquid supply left or approximately 93%. If every bank did this, there wouldn’t even be close to enough Bitcoin to even support this action and we’d literally run out of all available supply making it insanely hard to get and extremely valuable. Even if just the top 15 US banks were to do this, that would still account for 10 billion worth of BTC or nearly 1/3 of the current liquid supply.
Not only that, but Ethereum developers have also recently announced that September 19th is the scheduled merge of the mainnet to “Ethereum 2.0” - https://insidebitcoins.com/news/ethereum-eth-rockets-40-ethereum-2-0-merge-in-play. The biggest change being that they will be able to massively scale Ethereum allowing for gas fees to be negligible and for massive amounts of volume to be unleashed on the network. This will make most competing Ethereum chains irrelevant and also with enough volume, Ethereum will become deflationary again due to its burning mechanism based on volume allowing for more Ethereum to be burned daily than what is inflated.
These 2 major events I believe are extremely underrated and that these could actually be the catalyst to take Bitcoin and Ethereum on their next bull run and send us into 2023 with massive gains.
Do you consider this very bullish for ETH & BTC? Do you invest in cryptocurrency? When will we get back to a bullish market? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
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https://3speak.tv/watch?v=scottcbusiness/vobluzli
Centralized crypto lending platforms are going bankrupt left and right. I want to discuss who I think is next, who will survive, and if there’s something sketchy going on as crypto lenders seemingly begin to form a monopoly.
This is my 530th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
While many lenders are going bankrupt like Vauld, Three Arrows Capital, Celsius, and Voyager combined with Blockfi being bought out for a tiny amount people are apprehensive about the crypto space.
Interestingly enough, Nexo has offered to buy out Celsius and Vauld in the last couple of months and it just so happens they are owned by Blackrock. Blockfi was bought out for just 25 million by FTX, a tiny amount though FTX is also an exchange and not just a lender.
Blackrock was accused of being part of the downfall of UST which I don’t see as unfounded given they back Coinbase who also offers lending and upholds UDSC, the second largest stablecoin in the market. It turns out they own Verizon which owns Yahoo which owns TechCrunch who started Nexo. So whether or not Blackrock is closely involved in what they do, they also seem to be attached to massive crisis situations that happen in the cryptocurrency market.
I personally expect Crypto.com is the next to go down, but there is no evidence to prove that would be the case aside from them pulling back on their interest rates given out, and slashing various rewards & benefits from their card and platform. All their money has gone into marketing like their 700+ million dollar deal to change the Staples Arena to the Crypto.com Arena. However, they do still have an exchange keeping them afloat so it’s hard to say.
The main competitors now it would seem are mostly exchanges that also offer lending, but in the lending only department, Nexo is taking over most of its competitors.
I’ve already covered this before so this will be my last video most likely covering lending, but this serves as a continued reminder to just stay away from lenders and keep your crypto in your own wallet.
Did you get hurt by these lenders going bankrupt? Do you lend crypto at all? Do you still trust and use Defi? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
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https://3speak.tv/watch?v=scottcbusiness/osftszqf
After one of Canada’s largest internet providers went down for more than 12 hours, our financial and telecommunications were tested and did very poorly while crypto was working just fine. How reliable is a centralized legacy financial system?
This is my 529th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
With Rogers going down and taking out half our telecommunications, government services, and most of our legacy financial systems with it clearly shows just how fragile our infrastructure is. For the past several years I’ve heard terms like “fake internet money” when referring to Bitcoin and constantly referring to it as unsafe while claiming those legacy financial systems were the safest. When we were already dealing with the highest inflation ever, we were unable to use debit, etransfer, or any banking services. We only had whatever cash we had available to use and credit cards.
Beyond that, all cryptocurrencies were functioning and going on as normal. They were unaffected by this incident aside from people who couldn’t get internet access. But even if you did get access, you still couldn’t use any legacy financial systems.
The point is that while everyone had relied so much on these centralized financial institutions when they were tested in crisis, they failed. Crypto however was fine. So, cryptocurrency might be less risky than previously speculated. When the financial systems were at risk, banks were the first to fall. If anything, I would hope this demonstrates the fragility of these systems and shows the formidability of blockchain technology. Therefore, you want to diversify your portfolio. Having cryptocurrency will still give you access to wealth in times of crisis when you cannot access traditional services.
This is just another benefit of holding cryptocurrency added to the long list of benefits that already exist. Cryptocurrency is here to stay, and decentralization is an ideal we should all steer towards.
Do you agree or disagree? Did you run into any issues as a Canadian with telecommunications or accessing your wealth from banks? Is crypto the solution? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/ymngircz
I’ve noticed a growing trend that more NFT marketplaces are centralized, require KYC, and in multiple cases don’t even allow withdrawals. Let’s talk about a few examples of this growing problem for the NFT space.
Here’s some red flags to watch for: KYC required to trade NFTs, transactions aren’t on-chain, NFTs aren’t stored in your own wallet, withdrawal limitations and restrictions, and any other obstacles preventing you from trading or owning NFTs in a decentralized way.
This is my 528th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
VeVe NFTs – You cannot withdraw currently as a normal user and when withdrawals are fully enabled, you still have to do a full KYC verification to withdraw, buy, and sell. For some test users, they can withdraw in the beta phase, but this is highly limited.
Moreover, because all of the NFTs are stored centrally on their application, just like exchanges, you do not have true ownership of your NFTs either. They will also have limitations on how much you can withdraw too making it even harder to get your funds out. It’s also important to note that there is a 10% fee to withdraw. https://help.veve.me/gems - You can learn more about this in their help center. Gems aren’t real crypto, they are just in app points from the app store. You can send them and anything you do with them is still regulated by Apple & Google through the app store.
The help app says you can only withdraw a minimum of 50 gems or a maximum of 50,000 every 7 days. You do need to trade enough that you have at least $50 worth or if you make a massive sale, you have to stagger your withdrawals. But according to a post by them very recently https://medium.com/veve-collectibles/veve-payout-what-you-need-to-know-c00529b28891 - you need a minimum of 1,000 Gems to even qualify for a payout and 100 Gems is the minimum withdrawal. So, you need $1000 worth and you have to withdraw at at least $100 worth. They may take up to 5 days to payout and they have to approve the payout as well.
Crypto.com NFTs: Crypto.com has the same issues with KYC on their marketplace eliminating the possibility of trading NFTs in a decentralized way. - https://crypto.com/nft/
Theta NFTs: Theta.TV still has all the same problems as before except now they allow you to withdraw your TFUEL to their NFT platform which you also need to KYC verify and cannot withdraw from. https://www.theta.tv/account/thetadrop-transfer - You can withdraw 400 TFUEL every 30 days which currently is worth about only $20.
After pressing transfer you are prompted with a warning that says you cannot withdraw.
https://www.thetadrop.com/ - This is their actual NFT platform, but you don’t want to use it since you cannot get your funds out.
Have you invested in NFTs? Have you purchased NFTs from any of these platforms or been unable to withdraw your funds? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/pyfdthem
You want to take full advantage of the social platforms out there that use blockchain technology or have crypto monetization. Here are the 12 platforms I used to earn $217.61 CAD worth of fiat & crypto in May as well as some insights.
This is my 526th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
My total alleged crypto social media income earnings are now up to just over $39,451 CAD not including crypto appreciation after originally receiving the payouts.
May Metrics & Content:
To briefly go over my social media results for May, I received around 4,300 engagements, 23,000 video views, 1,000 comments, 1,600 followers, and 127,800 impressions.
May Earnings:
Publish0x – 4.36 AMPL - $1.35 CAD = $5.89 CAD + 181 STA - $0.023 CAD = $4.16 earned from post rewards. That’s a total of $10.05 CAD.
Brave Browser – 2.43 BAT – $0.482 CAD from ad rewards and from creator donations for a total of $1.17 CAD.
LBRY/Odysee – 65 LBC - $0.03177 CAD = $2.07 CAD from user earnings, content earnings, etc.
Hive – 55.95 Hive - $0.63693 CAD = $35.64 CAD and 39.54 HBD - $1.26 CAD = $49.82 CAD. That’s a total of $85.46 CAD from post rewards.
LeoFinance – 20.11 LEO - $0.10382 CAD = $2.09 CAD earned from post rewards.
Cos.TV – 573 COS - $0.00915 CAD = $5.24 CAD earned from post rewards.
Read.Cash & Noise.Cash – 0.17 BCH - $356.17 CAD = $60.71 CAD earned from post rewards.
DTube – 18.60 DTC - $0.556 CAD = $10.34 CAD earned from post rewards.
YouTube - $31.72 CAD earned from monetization.
Blurt – 151.67 BLURT – $0.039 = $6.05 CAD earned from post rewards.
Serey – 1011 SRY – $0.002679 = $2.71 CAD earned from post rewards.
The grand total came to $217.61 CAD which is about $167.56 USD.
May Insights:
My earnings really dropped off in May due to posting less and generally correlating with the crypto market’s downtrend. Until I start to post more with the many interviews I’ll do in July my earnings will continue be somewhat bearish.
I will continue to share these reports every month to give you a breakdown of my earnings to be completely transparent and give you an idea of what you could do if you shared on all of these social platforms.
What are your income goals? Are you using any of the platforms I shared above? Is this useful and or encouraging for you? Would you like to see these reports every single month to get a better insight into crypto social profitability? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/aeivqgey
I get asked all the time about cryptocurrencies that could be “ETH killers” like they are going to replace Ethereum or offer some solution that is way better. My usual two cents is that if all they are offering is better gas fees then we already have a million chains that offer this, so it’s not enough. Still there are so many chains trying to be this and in my opinion, they will all fail. Let’s talk about why.
TLDR; Coins that offer alternatives to Ethereum tend to either sacrifice decentralization or development for profit or convenience. A coin may have low costs to use them, but offer no unique solutions or is extremely centralized. Most of the “Ethereum Killers” are nothing more than an Ethereum clones trying to catch the next wave of hype and trying to cash in on NFTs. There are some great protocols out there like Hive and Cosmos. However, Cosmos still doesn’t have enough development and Hive is a bit too complex to achieve the mass adoption it seeks in its current forms.
First off, Bitcoin and Ethereum lead the market and if they are going down, so are your coins. The point here is that using price and indication is extremely flawed. Plus, there have been many sh*tcoins, scams, pump and dumps, etc. that had great prices until they didn’t.
Coins like TRX and HIVE are great Ethereum alternatives in that you can create tokens on them, dapps, NFTs, and the majority of the same functions using smart contract except for much cheaper at a much higher volume. Tron failed to take on Ethereum due to Justin Sun’s poor leadership like when they tried to acquire DLive and Steemit as well as now with the creation of USDD, but also because it’s highly centralized. Many of Hive’s shortcomings can actually be blamed more so on the opposite, that it is too decentralized and complex which made it challenging to get more users. Both are still operating and growing today, but if there was going to be an ETH killer, it would have already happened based on dapps, tokens, NFTs, and smart contracts.
All of this is to say that when you then start bringing all these new coins that are aiming to do something similar or take over the industry aren’t doing any innovative and thus will end up in the same boat in my opinion. I’ve been asked to review so many coins that fall into this category like: HIVE, TRX, SOL, ICP, THETA, BSC, SYS, ADA, DOT, ATOM, NEO, AVAX, XTZ, OMI, and EOS. Keep in mind, I haven’t thoroughly reviewed these all in depth.
Out of all of these, I use BSC for utility and because it’s so widely adopted though I dislike how centralized it is. I also use ATOM because while it’s done terribly price wise, I still think their protocol is fairly sound and they do offer a few unique solutions that most of these chains do not like Althea for internet in places where you normally cannot get it or Thorchain for cross chain swaps. The reality is though that Cosmos nor any of these protocols can compete with Ethereum due to mass adoption, developers, and the amount of development on these platforms. I’ve never seen a Solana or Cardano dapp that wasn’t just some copy of an Ethereum dapp. The rare new use cases are uninteresting and hardly working. I always test out social platform on every chain and lately all the new attempts have gone terribly. I personally believe that by the time a chain has proper social dapps working, it has matured enough to provide the necessary solutions we need. One could argue that they just need more time to develop more but then I look to EOS & TRON who have failed time and time again to produce social dapps and offer more. EOS also failed at this with one of the largest budgets and achieving the world record for the most expensive domain acquisition spending 30 million on Voice.com for their launch. So clearly, resources weren’t the issue. The biggest mistake I see most chains making is abandoning their fundamentals to cash in on NFT hype which is exactly why Voice failed so badly.
BSC, SOL, AVAX, EOS, THETA, OMI and TRX are great examples of why a highly centralized protocol cannot compete with Ethereum even while offer many of the some features with low gas fees. Even a coin like MATIC that runs on Polygon that isn’t meant to compete, but to add to Ethereum still operates fairly poorly. I previously held MATIC and the network went through so many issues that I couldn’t even transfer or sell it for a time. Coins like ADA aren’t as centralized as those above, but it didn’t really deliver much. It has very few dapps, very few coins, and doesn’t really have that much usage compared to even the more centralized chains. 90% of the dapps I see are just wallet, swap exchanges, and things of this nature which are useful, but most importantly, they’re not novel or innovative.
Since every new chain tries to offer low gas fees, that’s not really innovative anymore either. It’s also worth noting that even old protocols like Tron still have extremely low fees and with a small stake you can pay nothing. I’m spending upwards of $1-2 sometimes on BSC. AVAX and SOL have also had massive spikes when usage was way up. With significantly more usage, it appears these chains could still have the same issues as Ethereum for cost. While again, you might get extremely low fees on SOL, they are so centralized, they may give emergency powers to entities on their chain to take user funds forcefully as they are currently dealing with now regarding Solend Labs and the whale liquidation of 170 million SOL. So while you can get significantly cheaper gas fees on some of these chains, part of it is because they have a tiny fraction of the volume and usage, and part of it is because they tend to compromise elsewhere.
Theta as I’ve covered in depth many times, screws over their users through their only platform with multiple interfaces Theta.TV. Through this platform you cannot withdraw your money and they siphon your internet bandwidth to run their servers which is all plainly stated in their FAQ. They only just released the ability to withdraw, but you can only move your funds to their NFT platform maxed out at 400 TFUEL a day which is about $21.60 at the time of writing this. They also require full KYC verification in order to enable the ability to withdraw. I tested the transfer feature, but as you go to transfer a prompt pops up to warn you that you can’t withdraw from Thetadrop.com anyway meaning that your money is still stuck and unusable. It’s just another project cashing in on NFT hype while screwing over their users. OMI is another example of cashing in on NFT hype, but I will do a full video breakdown of why OMI and VeVe are so terrible in the near future. They are likely the most centralized NFT marketplace in existence.
Just having the ability to create tokens, NFTs, and smart contracts for less gas fees isn’t a use case, it’s a band-aid for people who are upset with Ethereum gas fees. Not only that, but from what I can see many of these chains have had little development aside from big celebrity one-offs here and there. I’m not doubting any of these blockchains could become something big, but they really don’t offer me anything new and reviewing almost any of them would be like reviewing all of them, hence this overview of them all.
When reviewing the list of coins, most were unpopular and those that were, were simply coins that were already popular on BSC or Ethereum that decided to also make a token on Solana or one of these other chains to reach a wider audience, but not because it’s so innovative.
You can view the token lists on Coinmarket cap for Polkadot, Binance Chain, Solana, and Avalanche to get an idea of what exists. These between 100-200 for most of them with Binance Chain being closer to 2000 tokens - https://coinmarketcap.com/view/bnb-chain/. NEO just has a handful of games, Tezos just has a handful of DeFi applications that are more or less copies from Ethereum, SYS has really stagnated over the last few years, ICP has a handful of dapps though most I had issues testing them and they are not at all user friendly with URLs such as https://az5sd-cqaaa-aaaae-aaarq-cai.ic0.app/. NEO & SYS have also been around for awhile so you would expect them to have achieved significantly more by now if they were ever going to. XTZ is also starting to get older too with not a lot to show for it. Lastly, Polkdadot also has the same issue of not really having many dapps or much to offer while also being part of the World Economic Forum and run by the Web3 Foundation.
I’m very skeptical of all these new chains popping up. They are either centralized, not very innovative, don’t have much development, or only offer lower gas fees as a use case. Ironically, many have gas fees that have gone up significantly while Ethereum’s has come back down. If Eth 2.0 finally ships soon, we’ll see a lot less speculation on these types of chains. I am all for new developing chains to come up and flourish, but many seem to offer very little and I’m not one to invest based on promises, I invest based on products. This is all mostly just my opinion, but always remember that if there were an ETH killer, it would have already been Hive or Tron, so it’s not gas fees or transactions per second that is the issue needing to be solved, though it will certainly help Ethereum. I mean just look at my last post talking about Solana aiming to grant emergency power to Solend Labs to take over a user’s account and control their account to execute a liquidation. This is about as centralized as it gets for a chain that pretends to be decentralized.
It's also worth noting that if Ethereum goes down in price, all of these “Eth killers” follow. You can’t replace Ethereum if you’re dependent on its success to grow. If these alternatives were really set to replace Ethereum, as money left Ethereum, it should have flowed into these alternatives. It didn’t because they aren’t really that much better.
Another great crypto content creator: Hashoshi once said something along the lines of “You have better gas fees than Ethereum, great. That is the baseline starting point to be better. You’ve got the benefit of everything that Ethereum has already achieved, you have to now offer more.” I think this is a great way to summarize the issue with Ethereum competitors. I’ve always held the notion that most cryptocurrencies are cash grabs trying to catch the next wave of people who “missed out on Ethereum” or whatever coin a cryptocurrency is trying to copy. Rarely do you see actual progress and I expect many to fail entirely.
Do you still use Ethereum? What chains do you use for smart contracts? What are your thoughts on the many Ethereum alternatives out there? Will ETH 2.0 ship soon? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
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With so many hacks, bankruptcies, and now supposed crypto liquidity issues on exchanges, you should never leave your crypto on exchanges or any platforms other than your own wallet. Let’s talk about Celsius & Solend.
This is my 524th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
Recently Celsius halted all withdrawals and transactions from their platform. I know this feeling all too well with Cryptopia locking up over 1 million DOGE a few years ago for me that I would never see again. Some people like myself had to learn it the hard way, but through our experiences hopefully others will learn the easy way.
I’ve said for a long time that to avoid any issues around ownership and truly embrace decentralization you should own your crypto in your own wallet. This means no lending or anything of this nature, it’s not safe. Time and time again we have seen even massive platforms having to halt transactions. Binance recently paused Bitcoin trades and withdrawals for just a few hours.
Coffeezilla did a good breakdown of the Celsius collapse here:
- the main he touches on that I wanted to note was that Celsius had it in their terms and agreements that you were always lending to them and then they were lending out your lent cryptocurrency. This means they had special ways to get around actually having to collateralize your cryptocurrency and made it extremely risky with leveraged lending that is continually lent through multiple channels for the highest, riskiest yield possible. Recently after Celsius did this so did Babel Finance, a similar lesser known entity that does crypto lending etc. Luckily, Nexo is talking about taking on their accounts, but we will see what happens. With the market in a free fall one has to wonder what will happen to Blockfi or Crypto.com who has invested way too much of their money into marketing while their CRO token has plummeted nearly 90% from its all time high. While most cryptocurrencies are suffering, those leveraged with debt may all come crumbling down and the money used to back that may be lost too. Look no further than Celsius’ pinned tweet - https://twitter.com/CelsiusNetwork/status/1536169010877739009.
The reason I’m writing this is simply another reminder that we need to keep our crypto in wallets that we control, preferably hardware wallets. We do this to avoid any possibility that your crypto could be misused or that anyone else even has access to it other than you.
It’s not even just lending platforms, sometimes it’s the way entire chains operate. This can be seen with the latest happenings on Solana’s blockchain with the proposal to give Solend Labs emergency powers to take over a user’s account in order to liquidate their 170 million dollars worth of SOL. Since this would result in 46% on chain slippage, they want to do it via an exchange. The only way to achieve this would be to literally take the users funds and do it themselves so they are voting on whether or not to grant full emergency powers. Anything that touches lending is very risky and this is so clear to see that even though this is related to lending, the entire chain itself is at risk and willing to give 100% centralized powers over to a Solana entity. This shows how risky anything related to lending can get and why you should stay as far as away from lending crypto as possible. This tweet gives a great explanation of what’s happening with Solana - https://twitter.com/45BillionCrypto/status/1538534849958625280.
The more closely a cryptocurrency is tied to lending, the riskier it is. We already saw this clearly with Terra’s LUNA and the Anchor lending protocol, so it should be clear why something like Solend isn’t going to be any safer.
Don’t learn the hard way, go through the extra effort to secure your crypto. For me it cost almost 100K to learn this lesson, I hope for you it won’t cost anything. It’s always made me cringe to see popular finance gurus recommending people use platforms like Blockfi to earn interest on their Bitcoin without explaining that you could lose everything because of it.
References:
https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html
https://cryptobriefing.com/babel-finance-halts-withdrawals-citing-low-liquidity/
Have you ever lost crypto like this? Were you affected by the Celsius issues? Do you lend your crypto on any platforms? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
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The question we aim to answer today is how safe & stable are stablecoins? Let’s dive into some failed examples of algorithmic stablecoins like UST, Basis Cash, and IRON and some new ones like USDD from Tron.
In this part of the series, we will cover algorithmic stablecoins while mainly taking a look at past failed coins like UST that recently caused a crash in the crypto market from Terra by Do Kwan and IRON by Titan Finance which saw a similar demise heavily promoted by Marc Cuban. There are several others we’ll look at but a common theme is these coins depeg and fail.
Here’s a list of all the algorithmic stablecoins shared on CoinmarketCap: https://coinmarketcap.com/view/algorithmic-stablecoin/ - Take a look through the list to see how many are NOT pegged to $1.
First, what is an algorithmic stablecoin - https://coinmarketcap.com/alexandria/glossary/algorithmic-stablecoin. CoinMarketCap’s definition is a sound way of putting it – “designed to achieve price stability as well as balance the circulating supply of an asset by being pegged to a reserve asset such as the U.S. dollar, for example, gold or any foreign currency.” The concept is that you don’t have to provide a backing to the coin or collateralize it, but instead it can be balanced by issuing more coins when the price is over $1 or buying them off the market when it’s under $1 to keep the peg.
TLDR: The simple litmus test for a lot of these coins is to ask how they are able to provide yields. If they claim you can “stake” the cryptocurrency for inflation rewards, then you’re likely just really using a lending mechanism similar to what UST did with Anchor protocol. Every coin says they will be different, and seemingly most have not been.
Basis Cash (Failed)
This project really helps put into perspective what happened with Terra’s UST. Basis Cash was developed by Do Kwon and Nader Al-Naji (the founder of Bitclout & $DESO) created in 2020 that was swiftly cracked down on by the SEC and shut down though you still trade it today as it sits at $0.0076 at the time of writing this.
Like most algorithmic stablecoins, the concept is that while nothing is backing the stablecoin, it will be maintained through incentives to the users. Users will earn through Basis Shares or holding a Basis Bond that “promises” the holder premiums when BAC or Basis Cash returns to its 1-dollar peg. They always rely on some sort of reward mechanism or arbitrage called seigniorage.
Seigniorage is the process where the cost to mint and distribute new coins is less than their face value meaning that it’s 100% unsustainable, but many look at this instead as an economic opportunity to make profit. There is a category dedicated to this on Coinmarket and nearly every single stablecoin here is depegged except for Frax mentioned later. This is essentially the graveyard for algorithmic stablecoins - https://coinmarketcap.com/view/seigniorage/.
Not only that, but just like Terra, there was a second version of Basis Cash called Basis Dollar which attempted to revive the project and failed again.
Terra’s UST (Failed)
Now let’s talk about what happened with Terra Labs, Luna, and UST. While there isn’t definitive proof of exactly what happened and there are several theories floating around, we can definitely assume foul play to some regard here.
What essentially happened was that after UST depegged, people were trying to balance out the peg by minting one or the other coin at an arbitrage between the two, but then not enough people were willing to keep holding up the price. There is speculation and theories that massive institutions like Blackrock were involved in this, but I’m now more of the mind that Do Kwon anticipated all of this from the beginning.
Terra’s $LUNA is now called LUNC or Terra Classic while Do Kwon went on to make another version that also failed right out of the gate collapsing from just under $20 to now $3.
Many people complained about how the airdrop was handled and it goes to show what we already know. Scammers and people who run what seems to be a purposefully failed project have no problem immediately moving on to the next scam. This has been clearly illustrated by the many celebrities who have run multiple scams, projects like Basis Protocol which lead to Bitclout then $DESO, and many more countless examples. The most interesting thing about all this is Do Kwon actually worked on Basis Protocol to make Basis Cash which was a failed algorithmic stablecoin, meaning that this was Do Kwon’s second failed project. - https://www.theblockcrypto.com/linked/146380/terraform-labs-ceo-pseudonymously-co-created-failed-stablecoin-project-basis-cash-coindesk-reports
https://protos.com/basis-cash-the-failed-algorithmic-stablecoin-do-kwon-didnt-learn-from/
The really sad part about all of this is we could have seen it coming. These two individuals made a very sketchy failed project/scam then both went on to create more scams. It was as simple as looking into their history but they were pseudo-anonymous and dodged questions around their new projects for so long that they slipped through the cracks.
https://www.coindesk.com/markets/2022/05/15/the-collapse-of-terra-was-devastating-but-there-is-still-hope-for-crypto/ - In December 2021 Coindesk did some interviews with people like Ryan Clements and Do Kwon himself. Ryan explains the basic vulnerability was the concentration risk in holders of the balancer or investment token. Because of that risk, there’s the potential for individuals or groups to move markets in significant ways. This is exactly what happened to depeg UST and crash the Terra ecosystem. The reserves weren’t in the original design and Terra’s move to utilize a reserve showed they weren’t confident in their original design.
Do Kwon originally described the way it works like this:
“The idea is that at any given time a person can burn a dollar’s worth of Luna in order to mint one TerraUSD, and vice versa you can always redeem one TerraUSD for a dollar’s worth of Luna. So insofar as the Luna token has some sort of market value, you can always try to arbitrage against the system in order to mint and redeem stablecoins.”
"Just in case a de-pegging event happens — so for example if TerraUSD is trading for $0.90 — an arbitrageur can simply buy up TerraUSD from the open market and then trade it against the protocol for a dollar's worth of Luna, thereby capturing 10% arbitrage profit that way. And vice versa, if TerraUSD is ever trading at $1.10, you can buy a dollar's worth of Luna from the open market, mint TerraUSD and then sell that to capture 10% profit on the other side."
Essentially the price was held up by users balancing between the two cryptocurrencies and could only stay solvent given people continue to hold confidence in the Terra ecosystem. A few insiders controlled the keys for billions worth of Bitcoin which was meant to protect the peg. They started by lending $1.5 billion in Bitcoin to trading firms to support market activity and try to maintain the peg. The death spiral is created because as the price falls, people lose confidence and sell their cryptocurrency, eventually, exchanges suspend trading, and then everything falls apart.
This has led to a push to regulate stablecoins which would ultimately be terrible for decentralization -https://www.theblockcrypto.com/linked/146048/us-treasury-secretary-yellen-points-to-ust-slip-asks-for-new-stablecoin-legislation-by-the-end-of-2022 but realistically since most stablecoins are 100% centralized and unregulated, this could be necessary.
DEI (Failed)
This is DEI - https://coinmarketcap.com/currencies/dei/.
This algorithmic coin recently depegged and failed not long after UST. This coin is a perfect example of why you can’t rely on stablecoins that hold other stablecoins as a reserve. The massive hit the stablecoin market took after the failure of UST causes DEI to depeg and then also fail. - https://cryptoslate.com/another-algorithmic-stablecoin-dei-loses-peg/
It’s also worth mentioning that they had a $13.4 million hack on their Deus protocol chain in April 2022 just before this crash. One of the concerns around “decentralized” stablecoins is that a hack, error, or some kind of issue that could occur would completely destroy the stablecoin. The stability of an algorithmic stablecoin is usually largely based on confidence in it. At least for centralized stablecoins, they can prevent these things from happening or retroactively undo them.
Iron Finance Steel, Titan, & Iron (Failed)
You can find Iron & Titan here: https://coinmarketcap.com/currencies/iron-titanium-token/ & https://coinmarketcap.com/currencies/iron-finance/.
Not long after Marc Cuban endorsed Iron and Titan, the entire project collapsed dropping from about $2.18 billion locked up to less than $10.5 million. The same thing that happens to all algorithmic stablecoins happened. Iron depegged and then arbitrage between Titan and Iron became unprofitable and thus people began to sell out as it was no longer sustainable or stable. As this happens exchanges will halt trading and send it into a death spiral. Titan went from around $50 down to essentially $0 in just a few days.
Since everyone was withdrawing it essentially triggered a bank run on the coin which they couldn’t support and thus caused it to crash.
Here’s a few sources reporting on this: https://www.coindesk.com/markets/2021/06/17/iron-finances-titan-token-falls-to-near-zero-in-defi-panic-selling/ & https://ciphertrace.com/analysis-of-the-titan-token-collapse-iron-finance-rugpull-or-defi-bank-run/.
Tron DAO Reserve USDD (New)
Decentralized USD (USDD) is the first decentralized algorithmic stablecoin issued under direction of the TRON DAO Reserve. - https://tdr.org/#/ & https://usdd.io/#/.
I won’t bother getting into the finer details of this and simply say that if it follows the same mechanisms and protocols as other algorithmic stablecoins and continues Tron founder Justin Sun’s legacy or destroying every project he touches like DLive or Steemit, then I would expect this to go horribly wrong.
All you need to know is written on the front page of their Tron DAO Reserve – they provide risk-free yield and they use the word “stake.” As always, high yield staking is likely lending and any kind of staking with a stablecoin is ALWAYS lending. They guarantee a risk-free yield which is impossible and ironically offer 20% which is what Anchor offered before they failed.
Their reserves are made up of USDT, Tron and BTC which is very similar to what UST did. They had reserves in other stablecoins, their coin Luna, and BTC. Their main claims are that they are over-collateralized (so don’t worry) and decentralized (which isn’t true). Whether or not USDD is supposed to be decentralized, Tron is not, and it’s built on Tron.
A Few More:
Here are a few more popular algorithmic stablecoins to note.
• The Frax Protocol is the first fractional-algorithmic stablecoin system that uses Frax shares for governance which have dramatically gone down in value but still trading the green. - https://coinmarketcap.com/currencies/frax/ & https://coinmarketcap.com/currencies/frax-share/
• Neutrino USDN is an algorithmic crypto-collateralized stablecoins pegged to USD - https://coinmarketcap.com/currencies/neutrino-usd/
• Ampleforth is an Ethereum based cryptocurrency with a circulating supply that’s automatically adjusted algorithmically via rebases. - https://coinmarketcap.com/currencies/ampleforth/
These are all the different kinds of algorithmic stablecoins to give you a better idea of different protocols trying to address algorithmic stablecoins. However, as you can see by looking on Coinmarketcap, out of the handful of coins that are actually pegged, many have depegged in the past or their connected cryptocurrency has lost so much value that the project has no more confidence in it.
I personally hold HBD though I am still in the process of learning as much as I can about it and will soon be doing another interview with Dan from 3Speak to discuss why HBD is different from other stablecoins. I have dramatically pulled back on how much I rely on any stablecoins until I know more about them, hence all this research.
Do you hold any stablecoins? Do you trust algorithmic stablecoins? Were there just a few bad apples or are all algorithmic stablecoins risky? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
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You want to take full advantage of the social platforms out there that use blockchain technology or have crypto monetization. Here are the 13 platforms I used to earn $628.87 CAD worth of fiat & crypto in April as well as some insights.
This is my 521st episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
My total alleged crypto social media income earnings are now up to just over $39,089 CAD not including crypto appreciation after originally receiving the payouts.
April Metrics & Content:
To briefly go over my social media results for April, I received around 7,300 engagements, 11,500 video views, 1,600 comments, 2,000 followers, and 159,000 impressions.
April Earnings:
Publish0x – 3.34 AMPL - $1.35 CAD = $4.51 CAD + 60.35 STA - $0.042 CAD = $2.56 earned from post rewards. That’s a total of $7.07 CAD.
Brave Browser – 2.61 BAT – $0.74 CAD from ad rewards and from creator donations for a total of $1.94 CAD.
LBRY/Odysee – 211 LBC - $0.031 CAD = $6.70 CAD from user earnings, content earnings, etc.
Hive – 185 Hive - $1.02 CAD = $188.70 CAD and 161.50 HBD - $1.26 CAD = $203.49 CAD. That’s a total of $392.19 CAD from post rewards.
LeoFinance – 16.26 LEO - $0.18 CAD = $2.97 CAD earned from post rewards.
Cos.TV – 412.92 COS - $0.0165 CAD = $6.85 CAD earned from post rewards.
Read.Cash & Noise.Cash – 0.16 BCH - $356.71 CAD = $55.49 CAD earned from post rewards.
DTube – 45.45 DTC - $0.86 CAD = $39.27 CAD earned from post rewards.
YouTube - $50.60 CAD earned from monetization.
Blurt – 403 BLURT – $0.039 = $16.09 CAD earned from post rewards.
Loop – 307 LOOPR - $0.028 = $8.66 CAD earned from airdrops.
Serey – 961 SRY – $0.0067 = $6.46 CAD earned from post rewards.
The grand total came to $628.87 CAD which is about $471.63 USD.
April Insights:
My earnings are up mainly due to Hive putting out very strong numbers. I’m grateful to report that it’s about a 50% increase. I won’t be including LOOPR going forward as it was on Terra and is now next to worthless. Everything is pushing along as usual and scaling to my limited posting which I intend to increase. I’ve begun reaching out again for interviews and will have that as the primary focus going forward.
I will continue to share these reports every month to give you a breakdown of my earnings to be completely transparent and give you an idea of what you could do if you shared on all of these social platforms.
What are your income goals? Are you using any of the platforms I shared above? Is this useful and or encouraging for you? Would you like to see these reports every single month to get a better insight into crypto social profitability? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
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Time for another update on my investment portfolio and my passive income journey. In this episode, I cover my regular monthly update sharing what I invest in and why. This is amateur investing at its finest!
Disclaimer: This is not financial advice and is purely for entertainment purposes. All my stock information is 100% accurate, but my crypto data may or may not be simulated
I share everything so you can follow everything I’m doing with 100% transparency. The point of doing all this is to show you that it’s possible and provide some sort of framework that can be followed. This isn’t financial advice, and you shouldn’t exactly replicate my investing. What you should do is figure out what works best for you and stick to the basics of dollar-cost averaging, investing in good assets, avoid liabilities, compounding interest, be frugal, buy low, and sell high.
Investing Spreadsheet Template Link: https://bit.ly/investingtemplate
Income Tracking Spreadsheet Template Link: https://bit.ly/incometemplate
Budgeting Spreadsheet Template Link: https://bit.ly/expensestemplate
Below I will list everything for the monthly report:
My new stocks investments in a few Canadian ETFs, namely VDY, FCCD, and XEI are up about 3.47% on average and doing well. I sold out of PDC and put it into VDY.
I am making an average of $219.47 a month from passive income from stock dividends, crypto income, and some from music royalties. I aim to get back up to my previous amount of around $250 as my next milestone. This year I hope to get up to $400 with crypto passive income given crypto returns to its previous all-time highs.
My portfolio is roughly rounded to about 73% crypto, 6% stocks, 3% in precious metals, and 18% in liquid fiat cash. My total annual projected income from passive sources is $2,633.61. $426.05 of those yearly profits come from stock dividends and about $2,204.73 comes from cryptocurrency staking. My focus has stayed pretty much the same as of late.
In my last update, my total portfolio value was $320,579 CAD. My current portfolio value with all my investments is $208,523. This is up about $112,056 from last month’s total value from April 1st. My highest portfolio value ever was around $395,000 which is about 47% higher than where I’m at now. While I took a massive hit and am nearly down by half, I still am confident in where things are going, and I’ve ridden out these cycles before. I’m mainly just grateful that I was able to build to over $200,000 of wealth in less than 3 years which is still a feat on its own.
I earned $18.24 CAD from stock dividends, $0 CAD from crypto real estate, and $157.31 CAD from the two months of staking ATOM and HBD. In total, I have earned about $911.80 CAD from crypto and $1,968.37 CAD from stock dividends.
My portfolio in terms of stock sector breakdown is just 100% into those 3 ETFs noted as I sold my PDC and INI Tangerine investment fund. I’m still working out my new retirement goals as I likely won’t retire by 30, but I’m still confident that I can retire before 35.
For crypto, my main breakdown between ETH & BTC is 55% ETH, and 45% BTC. This is allegedly valued at $129,399.13 CAD at the time of writing this. For privacy crypto, I have about $3,026.86 worth of XMR. For staking crypto that earns me passive income, I have about $12,474 worth of HBD, Hive, and ATOM. I have $4,387 worth of speculative investments with 93% in Rune and 7% in Binance Coin. Lastly, I have $4,685 worth of crypto cash in Dash, Bitcoin Cash, and BUSD. I swapped all my LTC for BCH.
Everything took a beating during the crash, which is unsurprising, but again, I expect us to start going back up again.
I’ve continued withdrawing fiat, buying precious metal, and getting emergency prep gear. Going forward I’m focused on saving money for real estate when the market turns around.
Was this helpful for you? What stocks do you invest in? Do you prefer growth investing or building passive income? Do you invest in cryptocurrencies that pay out regularly? Let me know what you think about this in the comments below and don’t forget to subscribe!
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The questions we aim to answer in this series on stablecoins are how safe and how stable are stablecoins? In this espied, we’ll take a look at several examples of fiat-backed collateralized stablecoins like USDT, TUSD, BUSD, USDC, and more.
This is my 520th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
There are essentially 5 categories of stablecoins and due to the massive amount of research and time needed to go through all of this, I will be doing this in several parts to create a series. This part will cover fiat-collateralized coins like USDT and USDC. The next part in the series will cover algorithmic stablecoins like HBD while taking a look at past failed coins like UST or IRON. In the third part of the series, I will cover crypto-collateralized stablecoins like DAI and commodity-collateralized coins like gold backed stablecoins. In the fourth part of the series, I will get into the future of stablecoins, the concerns around them, what Central Bank Digital Currencies or CBDCs are, and how they could impact crypto. In the fifth and final part of the series, I will do a comparison of all of them and share my thoughts on what I believe to be the best stablecoins.
If you’re interested in how many stablecoins are out there, check out this: https://defiprime.com/stablecoins or https://coinmarketcap.com/view/stablecoin/
This provides a great explanation - https://coinmarketcap.com/alexandria/glossary/stablecoin
Tether - USDT
The bulk of this will focus on Tether as it has the most scrutiny and is the largest stablecoin in existence with a market cap of 75 billion dollars placing it 3rd well below BTC & ETH.
Collateralized fiat stablecoins like USDT or USDC are supposed to backed by real money and represent a 1 to 1 peg to US dollars. The founders of Bitfinex who started Tether Ltd have been under constant scrutiny for how accurate their attestations are and if we can even trust their auditors.
One of the most important things to understand about stablecoins that are heavily centralized like USDT aka Tether, is that they have 100% control over all of the funds with way more overreach than any bank of the Federal Reserve could have. In fact, during the PolyNetwork hack, Tether was able to simply freeze the 33 million USDT that was stolen with ease.
Even if you didn’t care about any of that, this should scare you. Tether is so centralized that they can freeze transactions and even reverse transactions using USDT on Tron or Ethereum.
https://news.bitcoin.com/tether-freezes-millions-of-dollars-usdt-40-addresses/
https://cryptobriefing.com/tether-can-freeze-your-usdt-39-addresses-containing-millions-blacklisted/
https://cryptobriefing.com/tether-can-freeze-destroy-your-usdt/
This covers the many addresses they’ve banned - https://dune.com/phabc/usdt---banned-addresses
This is Tether’s own self report for transparency: https://wallet.tether.to/transparency
As of May 14, 2022 – Their reserves breakdown shows 83.74% Cash and cash equivalents & other short-term deposits & commercial paper. The breakdown of this shows 52.41% as treasury bills meaning that only around 40% of Tether is actually backed by normal fiat cash.
Their last official report was on December 31st, 2021. - https://assets.ctfassets.net/vyse88cgwfbl/4hiNJsZ98LlZqCJHKzrLpV/2b6338482ef0093382885f80ba6f1083/Tether_Assurance-12-31-21.pdf
https://tether.to/legal/ - This is worth reading since they literally claim you can’t use it if you live in the US and that violating these terms can have grave consequences. You automatically agree to them by using it.
Their site used to say, “Every tether is always backed 1-to-1, by traditional currency held in our reserves.” While after enough controversy, it was changed to “pegged at 1-to-1 with a matching fiat currency and are backed 100% by Tether’s reserves”
More resources:
•
•
• https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin
• https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.12903
• https://research.aimultiple.com/tether/ Coinbase & Circle - USDC
USDC is less controversial than Tether, but it is run by Circle and Coinbase while being backed by Citadel and Blackrock which have been accused of causing Terra’s UST depeg and eventual crash as well as plenty of other market manipulations. While that around UST hasn’t been proven, it would make sense that a competing stablecoin would want to be eliminated to prevent competition outside of collateralized stablecoins. Given USDC is the 4th largest cryptocurrency based on market cap, just below Tether, it’s worth looking into as well.
This site aims to provide monthly attestation reports from the firm Grant Thornton LLP - https://www.centre.io/usdc-transparency
I think these short reports that don’t really say much don’t lend them much more legitimacy either.
These reports claim that USDC is perfectly backed 1 to 1, though they only classify that as the “Total fair value of US Dollar denominated assets held on behalf of USDC holders is at least equal to:” which could mean a lot of different things. At least Tether gives you some sort of breakdown.
Never be misled to believe that because it’s cryptocurrency that it’s decentralized. In their whitepaper, they state “This approach is distributed, though it does not purport to be -- or aim to be -- entirely decentralized.” Which you can find here -https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf
Here’s the list of banned addresses on USDC - https://dune.com/phabc/usdc-banned-addresses.
TrueToken - TUSD
TrustToken is one of the better options out there as they specifically aimed to compete against Tether even using an opposing ticker symbol. Their main focus was to solve the issues around attestations and trust in the backing of stablecoins. Their way to tackle this was to provide real-time attestations on all their stablecoins.
TUSD is ranked 50th with a market cap just over 1.2 billion. They also have other coins for other fiat cryptocurrencies, but it’s safe to say they are the small fish in the stablecoin world.
You can find their real-time attestations here for their various cryptocurrencies - https://real-time-attest.trustexplorer.io/truecurrencies
Gemini Dollar – GUSD
This is a fairly small coin, but was backed by the Winklevoss twins who also invested in Coinbase. Their attestations are just as concerning as the rest and they are just as centralized, except likely much easier to manipulate given their small market cap in comparison to other stablecoins
Gemini dollar is one of the smallest stablecoins ranked 141st by market cap with just under 206 million.
Apparently they cleared an audit from Deloitte, but given their small size, I think that’s believable and not really that novel - https://www.coindesk.com/business/2020/04/22/gemini-clears-new-deloitte-audit-in-bid-to-appeal-to-wall-street/. However, like anything else, we don’t really know and still have to rely on trust.
All of their attestation reports can be found here: https://www.gemini.com/dollar
Security audit that barely says anything - https://www.gemini.com/static/dollar/gemini-dollar-trailofbits-audit.pdf
Binance & Paxos – BUSD, USDP
Their attestations are again just like the others with little to no proof of anything aside from the numbers they report.
BUSD is ranked 9th based on market cap with just under 18 billion while USDP is 59th with a market cap just under 1 billion.
The attestation reports for Pax Dollar and Binance USD can be found here: https://paxos.com/attestations/
Conclusion
There are many other fiat-backed stablecoins, but they all generally have the same issues and concerns around things like how centralized they are or how we know that the audits are accurate and that we can trust these entities. It’s not decentralized and it’s not trustless. My main gripe is that stablecoins are meant to offer us better solutions to get in and out of crypto without having to rely on the flawed traditional banking system, but instead may actually just amplify those flaws offering these institutions more control and power over the crypto ecosystem than banks could ever have. I don’t believe fiat collateralized stablecoins are safe or truly stable. However, I do think they are a necessary evil. We will explore other types of stablecoins in the future.
With other failed cryptocurrency stablecoins like Facebook’s Libra being prevented over anti-trust concerns, one has to wonder when the SEC will come after these institutions and how it will impact the crypto market. USDT & USDC sit 3rd and 4th and thus represent a large chunk of the cryptocurrency market. We will get into this in a future episode in the series. Next up will be “algorithmic stablecoins” or non-collateralized stablecoins. In that we will look at coins like UST/LUNA, TITAN/IRON, and more.
Do you hold any stablecoins? Do you trust that any stablecoins are backed to the degree they claim to be? Do you trust Tether as an entity? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
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https://3speak.tv/watch?v=scottcbusiness/pogabgsm
Most people do not take very good care of their online security. Here are 7 things you can do to protect yourself better online. Take it from someone who studied IT Security, cybersecurity matters.
This is my 519th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
For passwords and emails, you want to have the fewest connections possible between them, no re-used passwords, and only one recovery email completely separate from everything. The worst thing you can do is have one email that connects to everything and gives a bad actor access to everything.
• Passwords
o It’s easiest to use a password manager to manage all your passwords which shouldn’t be re-used if possible.
I like to use LastPass - https://www.lastpass.com/
o Have different passwords at the very least for your more important accounts. If you don’t want to have 100 passwords, you can use one for your bank, one for crypto, one for bank email, one for your crypto email, one for social media, and one for your recovery email.
o Since there are hacks, leaks, etc. You should try to change your passwords once a year.
o Use http://www.passwordmeter.com/ to create a good password and https://www.security.org/how-secure-is-my-password/ to see how long it would take to crack it
o The best type of password that you can remember is 3 words with at least one capital, 3 numbers, and 1 special character.
Example – 471!girlrainbowbridgE – This would take 3 sextillion years to crack.
• Emails
o Use a public facing email for things that are unimportant.
o Use multiple emails with no identifiable words that connect to you in some way for important accounts. For example, if your name is Scott Cunningham, don’t use an email like scottcunningham@email.com for your bank account.
o A good example of an email could be similar to the password style like Hillbrushpropellor@protonmail.com
o Use an email provider that won’t penalize you like Google might. I recommend Protonmail.com
o Don’t use your bank, crypto, or recovery email for anything in public. Use your unimportant email to sign up for things.
o You can check if your email was in a database leak or if any passwords you have connected to them were leaked: https://www.avast.com/hackcheck/#pc and https://haveibeenpwned.com/.
• Use security and privacy services
o Use something like a VPN for privacy and security as well as a secure browser. I like to use Brave browser because it also blocks ads and things could potentially contain something malicious and save data.
o Limit as many permissions where possible like on social media accounts and use as many privacy options as possible. Brave browser also has privacy options you can enable.
o Use an anti-virus software. I like Avast, but I also McAfee since it comes with Bell’s internet service.
o Also always keep your firewall on and your system up to date with the latest updates and patches for security flaws.
• Understand social engineering
o The most important thing you need to keep in mind is that 90%+ of “hacks” are just social engineering. You are most likely to run into trouble online because you were simply tricked. Whether it’s by a phishing website, fake email, or anything similar.
• Privacy & sharing personal information
o You should share as little personally identifiable information as possible. If you are not public facing with your professional career, you’re better off hiding as much private information as possible from the public. This is most important for crypto-related accounts.
• New accounts
o Always create brand new accounts instead of using social account logins like Google or Facebook.
o Use platforms that don’t require much information from you. (No KYC)
• Internet usage
o Always connect via an Ethernet cable and avoid using Wi-Fi where possible.
You can be much more easily tracked and hacked via Wi-Fi
Do you follow any of these practices? Am I missing any or wrong about any? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/redsgiiy
You want to take full advantage of the social platforms out there that use blockchain technology or have crypto monetization. Here are the 13 platforms I used to earn $412.68 CAD worth of fiat & crypto in March as well as some insights.
This is my 518th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
My total alleged crypto social media income earnings are now up to just over $38,461 CAD not including crypto appreciation after originally receiving the payouts.
March Metrics & Content:
To briefly go over my social media results for March, I received around 3,500 engagements, 12,500 video views, 600 comments, 3,800 followers, and 87,000 impressions.
March Earnings:
Publish0x – 5.50 AMPL - $1.4 CAD = $7.70 CAD + 67.37 STA - $0.077 CAD = $5.19 earned from post rewards. That’s a total of $12.89 CAD.
Brave Browser – 8.12 BAT – $1.15 CAD from ad rewards and from creator donations for a total of $7.27 CAD.
LBRY/Odysee – 63.50 LBC - $0.042 CAD = $2.72 CAD from user earnings, content earnings, invites, etc.
Hive – 63.19 Hive - $1.53 CAD = $96.68 CAD and 50.41 HBD - $1.21 CAD = $61.00 CAD. That’s a total of $157.68 CAD from post rewards.
LeoFinance – 10.07 LEO - $0.2767 CAD = $2.79 CAD earned from post rewards.
Cos.TV – 395.67 COS - $0.0243 CAD = $9.61 CAD earned from post rewards.
Read.Cash & Noise.Cash – 0.20 BCH - $470 CAD = $95.81 CAD earned from post rewards.
DTube – 16 DTC - $1.05 CAD = $16.80 CAD earned from post rewards.
YouTube - $35.60 CAD earned from monetization.
Blurt – 167.5 BLURT – $0.022 = $3.69 CAD earned from post rewards.
Loop – 497 LOOPR - $0.12 = $49.70 CAD earned from airdrops.
Serey – 2094 SRY – $0.00324 = $6.80 CAD earned from post rewards.
The grand total came to $412.68 CAD which is about $321.89 USD.
March Insights:
My earnings dipped a bit, but my April earnings will greatly outperform what I did in March. I also had COVID during this time. I did post a lot less than I would have liked to, but aim to increase my frequency.
My top consistent earners continue to always be Read.Cash and Hive. I’ve been very focused on building up my HBD and earning my 20% APR there. Blurt mainly dipped to me missing out on posting as I lacked extra Blurt. One major issue on there is you can run out of Blurt and have to go out of your way to buy more which I didn’t bother with. DTube I earned a lot less, but posted a lot less too.
Loop continues to offer decent $50 airdrops every month though the platform barely works and my posts never go through even though I try to use it every time. I forgot to mention Serey in the video, but I’m tracking my rewards there now. It’s basically a Hive clone and I tested withdrawals etc. with no issues. I will continue to track this platform.
I will continue to share these reports every month to give you a breakdown of what my earnings are to be completely transparent and give you an idea of what you could do if you shared on all of these social platforms too.
What are your income goals? Are you using any of the platforms I shared above? Is this useful and or encouraging for you? Would you like to see these reports every single month to get a better insight into crypto social profitability? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/hoebqnkq
I’ve noticed a lot of misleading use of blockchain terms like Web3, blockchain, decentralized, metaverse, etc. The semantics of all of this needs to be discussed because I can only expect it will lead to a lot of people losing money.
This is my 517th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
It seems to me that with a lot of the content I post especially when I dive into decentralization, Web3, the metaverse, and these terms that have been increasingly used as buzzwords that I need to take some time to clarify the semantics of all of this.
It’s become clear that many people are using words like Web3, blockchain, decentralization, and the metaverse for marketing purposes. They are not accurately reflecting what someone would generally assume they mean.
• Many crypto-monetized platforms are considered “blockchain platforms.”
o SoMee blocked your withdrawals for almost 10 months, DLive and Theta make it nearly impossible to withdraw. Platforms like Minds have you pay to withdraw funds.
o You don’t get a free pass because you claim to be for free speech and are against then fully control my funds. I prioritize financial censorship over content censorship.
o A term that is used a lot is “blockchain-based” which usually just means crypto-monetized and even then it’s usually very restricted.
• Many platforms that are fairly centralized in many aspects are considered “decentralized” because they offer one pillar towards decentralization while all the rest lean towards centralization.
o A DAO isn’t automatically decentralized just because it’s in the name. See Wonderland DAO as a perfect example.
• Many people will use terms like Web3 or metaverse and conflate them with NFTs, a fully centralized entity, or are just simply referring to Web2.
o Almost all “Metaverse” platforms are run fully centralized with only NFTs touching the blockchain and every single other aspect of them is centralized. On top of that, we are seeing platforms like Coinbase launch an NFT platform, Twitter connecting to your ETH wallet to verify your NFT ownership, and essentially the largest centralized entities KYCing you into their databases.
• Many cryptocurrencies will compare themselves to the wrong use cases on purpose.
o Doge is frequently compared against Bitcoin for fees and usage as a digital cash alternative only because it’s up 20x more expensive than other competing digital cash alternatives like Bitcoin Cash or Dash.
o https://bitinfocharts.com/comparison/transactionfees-doge-xrp-ltc-bch-xmr.html#1y
• Many projects will use semantics and obfuscation to tell a narrative.
o Hex isn’t a scam because it doesn’t meet the exact definition of a scam, but it’s full of sketchy problems that would lead most laymen applying common sense logic to conclude it is a scam.
The answer to all this is education and more importantly, calling things what they really are. I’ve already explained previously that everything we have today is basically the Centraverse and Web2. One could argue that projects that integrate blockchain in some ways are Web2.5, but I would 99% are inaccurate labeling themselves for marketing purposes.
I’ve found it problematic for me to make these long videos because then people can go after me on semantics, but it’s very different when you lead people to believe something isn’t what it really is or make poor comparisons on purpose, use logical fallacies, or mislead people to make a profit.
It’s also worth mentioning that you will also get the other side too where they’ll say something isn’t decentralized, it’s just distributed, but it’s important that we don’t get too into the weeds of things too that it’s not understandable by the average person.
Am I wrong about any of these? Did I miss anything? How many projects are just making marketing plays and how many are being genuine? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/bixlestg
It’s become more apparent to me that there is no clear definition of decentralization and there are so many factors that there is no way to easily classify something as decentralized.
This is my 516th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
I’ve decided to create a matrix that will serve as a reference to accurately determine if something is decentralized and to what degree on a spectrum. This is particularly being made with blockchain social platforms in mind, but I’m sure most elements could be applied to other projects.
• Can anyone monetize?
• Is there a KYC process?
• Are the tokenomics of the system sustainable?
• Do they have a terms and conditions?
o Do they have something like a “we always still retain the right to ban you” clause?
• Do they sell premium features
o Are they payable without KYC?
• Are there “back-doors” or super administrative users that could log into or manipulate a user’s account in some way?
• What is the initial token distribution/was there a pre-mine or ninja-mine?
• What is the ratio of tokens staked vs liquid tokens? How many people are staking?
• Number of core developers?
• Can you self-host content and or utilize peer to peer technology?
• Number of decentralized application (dapp) developers?
• Can anyone post content and participate? (Is it invite-only)
• Can anyone develop third party applications/tools/services for the platform?
• How challenging/easy is it to fork or clone?
• How is privacy handled?
• Is it open source?
• How concentrated is the wealth of the ecosystem?
• Is their cryptocurrency an actual cryptocurrency?
• Does it support and uphold free speech?
• How are moderation and censorship cases handled?
o Do they go after copyrighted material?
• Is the governance decentralized?
o Is it a DAO?
o Is there a company and or CEO behind the project?
o Is voting transparent while also protecting privacy?
o Is there anything protecting the governance model from an attack?
• Does the project actually use and integrate with a blockchain?
o How many nodes are there?
o How distributed are the nodes?
o What’s the barrier of entry to start a node?
o Are they incentivized fairly without over concentrating wealth to the top nodes?
• Does it use Amazon Web Services, Google, Cloudflare, or another service that could create a single point of failure?
• How many of these factors are trustless versus policies/promises?
Some further questions can be considered to further determine if that platform is also a decent one.
• Is it free to use?
• Does it have working media functionality?
• Are the load times reasonable?
• Is it easy to sign up?
• Is there a decent sized community?
• Are there language filters?
• Do you have to download something to use it?
• Does it have a mobile application?
Did I get anything way wrong? Am I missing anything? What is the best way to measure if something is decentralized? Should decentralization even be the goal? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/jqjgaloq
Odysee and LBRY have changed a great deal over the years and as someone who helped endorse them, referred thousands of people, recommended it, and did LBRY first exclusive videos, we need to talk about what has happened to them.
This is my 515th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
When it started out, there was no KYC of any kind, you could freely earn LBC, it was inexpensive to post content and they gave out enough free LBC for people to still afford to use the platform. They claimed that if you used LBRY the “decentralized” application that it was different from Odysee and that it was in fact decentralized and censorship-resistant. They claimed they were not only a YouTube alternative, but a YouTube successor.
That has all changed. TLDR: you have to pay to use the platform, they have ads with no ad share for users, they want you to pay with a credit card, they have KYC, they didn’t payout LBC they promised to creators who promoted them for 2 years, it’s not decentralized, they ban channels, monetization is completely centralized, and basically everything they were championing themselves for doing isn’t really something they offer.
Here's why I’m concerned:
- The governance of LBRY and LBC is 100% centralized and controlled by them (Lab From Mars).
- They ban channels on the "decentralized" application. – https://odysee.com/@paintythepirate:4
o You can spin up your own server and do a bunch of extra work to view banned content which is better than nothing, but the reality is almost no one knows about it, how to do it, nor will they do it, just like with the LBRY 100k LBC claim mentioned below. * They tanked rewards, I now get like close to just 1% of what I used to earn as a creator there. I earn more from Brave browser ad rewards now. You also need to do a lite KYC “verify” to earn rewards.
o The tokenomics were short-sighted and clearly don’t work. The LBC monetization is 100% centralized and always going down. Since they prepared so poorly what really happened is the top creators and early creators got all the LBC and then they massively lowered rewards for everyone else. I don’t know many crypto social platforms that do this that weren’t rug pulls like Bitclout, SoMee, or Uptrennd.
o https://verify.lbry.com/ - You need Discord, two legacy social platforms and to try to make a pitch with as much personal details as you can in hopes that they will approve you after manual inspection. Not only is this a ton of KYC, it relies on legacy platforms which also need tons of KYC, and they leave it completely open to human bias with the manual inspection. The biggest problem with censorship isn’t that evil people exist, it’s that you give people the ability to potentially do evil or make mistakes when you could provide a trustless solution with blockchain instead. * They just announced ads (and there is still no ad share for creators). * You have to pay LBC to post videos. * To buy their new premium membership so you don't see ads, you have to KYC & use a credit card. * There is no incentive to keep holding LBC – The way it was used previously hardly works now and creators are mainly incentivized to just sell right away now. * They didn't release a claim feature for LBRY partner founders who were owed 100k LBC on February 14 2022
o This was probably one of the more egregious things they did. They provided very hard to follow instructions that very few can or have been able to follow. You can just email them and go through a manual process, but I believe this was just a way to setup obstacles for this process to slow down and or entirely mitigate a massive dump of LBC. With it’s current 40,000 trade volume in the last 24 hours, that would suggest that 1.1 million LBC would be an entire days worth of volume which would just be 11 creators who received the 100k selling. It’s almost been two months and there is still no feature for these users as promised.
You might be thinking hey this guy is a nobody, who cares what he thinks about this stuff, he doesn’t know what he’s talking about. Well, I was one of the first creators and that’s why I got the 100k for being a founding partner creator, I was in their LBRY first program, had upgraded rewards, interviewed Julian Chandra and Jeremy Kauffman, and am the 47th most popular creator on the platforms according to https://lbrynomics.com.
Interview 1: https://odysee.com/@ScottCBusiness:4/Julian-Chandra:b
Interview 2: https://odysee.com/@ScottCBusiness:4/Interviewing-Jeremy-Kauffman-From-LBRY:7
I genuinely believed for a long time that I was one of few people who even truly understood the mechanics of the platform and in the early days I even used the command line to do my claims. I had a whole channel dedicated to educating people on how to use LBRY: https://odysee.com/@HowToLBRY:e.
I poured in countless hours to this platform and there is really no benefit for me to share all of this aside from alienating LBRY users and upsetting them with all this information. The reality is that if you don’t have your policies and promises hard-coded into the blockchain, they aren’t real promises and policies that you can rely on.
While I understand they are in an SEC lawsuit right now and that has made things hard for them, I don’t think that abandoning everything they originally stood for it the right play. It also makes me wonder about giving out the 100k LBC to founding creators as they knew about the SEC lawsuit during that time and had us going around promoting it anyway for a 2 year timelocked period. When they finally announced the SEC case their coin skyrocketed then tanked in what “looks” like a rug pull in retrospect.
https://odysee.com/@lbry:3f/lbryin2022:f – In this blog they said it perfectly. “LBRY is not the future of web3 social video” and “The future of LBRY social video is Odysee.” I think this perfectly sums it up. The future of the platform is not about decentralization, it’s about their centralized front end of Odysee.
Also anyone who tells you “it’s just one interface and that you can make your own” is making a disingenuous argument since no one is building interfaces on LBRY except them and they control the entirety of the governance of LBC and the LBRY protocol.
https://twitter.com/ScottCBusiness/status/1503774789709844482 - This is the Twitter thread where I started talking about this and Jeremy responded there. His responses made sense, but don’t change the reality of the situation or the results we have now.
If you are sitting here wondering “then what do I use?” – 3Speak on Hive and D.Tube are your best bets right now for decentralized video that lives on the blockchain with decentralized monetization.
Am I wrong about LBRY/Odysee? Am I missing something? How important is monetization and decentralization? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/tgqyxshd
Time for another update on my investment portfolio and my passive income journey. In this episode, I cover my regular monthly update sharing what I invest in and why. This is amateur investing at its finest!
Disclaimer: This is not financial advice and is purely for entertainment purposes. All my stock information is 100% accurate, but my crypto data may or may not be simulated
I share everything so you can follow everything I’m doing with 100% transparency. The point of doing all this is to show you that it’s possible and provide some sort of framework that can be followed. This isn’t financial advice, and you shouldn’t exactly replicate my investing. What you should do is figure out what works best for you and stick to the basics of dollar-cost averaging, investing in good assets, avoid liabilities, compounding interest, be frugal, buy low, and sell high.
I cover my rules for investing here: https://bit.ly/3qBgm4p
Here is the breakdown for my investing and budgeting templates: https://bit.ly/3EIGFe6
Investing Spreadsheet Template Link: https://bit.ly/investingtemplate
Income Tracking Spreadsheet Template Link: https://bit.ly/incometemplate
Budgeting Spreadsheet Template Link: https://bit.ly/expensestemplate
Below I will list everything for the monthly report:
My new stocks investments in a few Canadian ETFs, namely VDY, PDC, FCCD, and XEI are up about 2.5% on average and doing well.
I am making an average of $179.16 a month from passive income mostly from stock dividends, crypto income, and some from music royalties. I aim to get back up to my previous amount of around $250 as my next milestone. This year I hope to get up to $400 with crypto passive income.
My portfolio is roughly rounded to about 76% crypto, 4% stocks, 2% in precious metals, and 18% in liquid fiat cash. My total annual projected income from passive sources is $2,149.87. $446.30 of those yearly profits come from stock dividends and about $1,700.75 comes from cryptocurrency staking. My continued focus on building my crypto passive income has been fruitful and I will continue to pour money into these investments.
In my last update, my total portfolio value was $272,896 CAD. My current portfolio value with all my investments is $320,579. This is up about $47,683 from last month’s total value. My highest portfolio value ever was around $395,000 which is about 19% higher than where I’m at now. I’m getting close to this again largely based on Ethereum and Bitcoin going back up. I believe we will see new all time highs for these two.
I earned $219.34 CAD from stock dividends, $0 CAD from crypto real estate, and $172.94CAD from the two months of staking ATOM, HBD, and TRX. In total, I have earned about $754.49 CAD from crypto and $1,950.13 CAD from stock dividends.
My portfolio in terms of stock sector breakdown is just 92% into those 4 ETFs noted above and 8% into an investment fund. I’ve completely scrapped my goals for retirement and will be sharing my new goals and strategy in my next update.
For crypto, my main breakdown between ETH & BTC is 59% ETH, and 41% BTC. This is allegedly valued at $207,088.41 CAD at the time of writing this. For privacy crypto, I have about $3,226.44 worth of XMR. For staking crypto that earns me passive income, I have about $16,957 worth of HBD, Hive, TRX, and ATOM. I’ve sold off my MTR and have been powering down my Hive for HBD. I have $10,905 worth of speculative investments in Rune, Luna, and Binance Coin. Lastly, I have $9,568 worth of crypto cash in Dash, Bitcoin Cash, Litecoin, and BUSD.
Every asset class noted above has significantly increased over the last two months and I will continue to grow these and build them up.
I have been investing more into having some fiat cash and precious metals around. I’ve also spent a great deal to fully prepare for emergencies including everything from hunkering down to evacuation and even power outages. I will do a breakdown on that in the future.
Was this helpful for you? What stocks do you invest in? Do you prefer growth investing or building passive income? Do you invest in cryptocurrencies that pay out regularly? Let me know what you think about this in the comments below and don’t forget to subscribe!
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/tuvcdabo
You want to take full advantage of the social platforms out there that use blockchain technology or have crypto monetization. Here are the 14 platforms I used to earn $455.60 CAD worth of fiat & crypto in February as well as some insights.
This is my 513th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
My total alleged crypto social media income earnings are now up to just over $38,049 CAD not including crypto appreciation after originally receiving the payouts.
February Metrics & Content:
To briefly go over my social media results for February, I received around 6,000 engagements, 95,500 video views, 1,200 comments, 3,400 followers, and 207,800 impressions.
February Earnings:
Publish0x – 5.05 AMPL - $1.35 CAD = $6.82 CAD + 102.64 STA - $0.11 CAD = $11.43 earned from post rewards. That’s a total of $18.25 CAD.
Brave Browser – 1.024 BAT – $0.919 CAD from ad rewards and 6.89 BAT from creator donations for a total of $7.27 CAD.
LBRY/Odysee – 99 LBC - $0.043 CAD = $4.31 CAD from user earnings, content earnings, invites, etc.
Hive – 39.38 Hive - $1.25 CAD = $49.23 CAD and 36.61 HBD - $1.24 CAD = $45.40 CAD. That’s a total of $94.63 CAD from post rewards.
LeoFinance – 24.07 LEO - $0.269 CAD = $6.48 CAD earned from post rewards.
Cos.TV – 896 COS - $0.01876 CAD = $16.82 CAD earned from post rewards.
Read.Cash & Noise.Cash – 0.32 BCH - $405 CAD = $128.45 CAD earned from post rewards.
DTube – 18.06 DTC - $0.9 CAD = $16.25 CAD earned from post rewards.
YouTube - $48.36 CAD earned from monetization.
Blurt – 802.56 BLURT – $0.0464 = $37.24 CAD earned from post rewards.
Loop – 500 LOOPR - $0.12 = $60.00 CAD earned from airdrops.
Yup – 61 YUP - $0.23 = $14.11 CAD earned from post rewards.
Torum – 15.60 XTM – $0.21 = $3.42 CAD earned from post rewards.
The grand total came to $455.60 CAD which is about $364.84 USD.
February Insights:
While my earnings have been declining with the overall market, now that it is on the uptrend again, I expect things to start trending upwards. I have been posting significantly less so that can’t be discounted, but I intend to be posting much more starting in April.
My top consistent earners continue to be Read.Cash and Hive. I’ve been powering down my Hive in order to funnel everything into HBD. I’ve also powered down the majority of my Blurt for the same reason. Blurt and Cos.TV have delivered fairly consistent rewards, I’m just not fully confident in their models. Cos.TV is too centralized and has approvals. Blurt requires crypto to post and there are times when I can’t post because of it. It’s also important to mention that I only get a handful of votes there so my earnings are largely contingent on those upvoters.
I’m not going to report on Yup or Torum going forward as it’s misleading when you can’t get your money out which is also why I stopped reporting on Den.social. Loop is terrible but they give out airdrops so I will continue to monitor that. In my next update I will provide some more insight on Serey after testing withdrawals.
I will be noting in every post going forward briefly how I do sponsors to keep everyone in the loop. If you’d like to see fewer sponsors, follow me on blockchain platforms and share this content so that I am able to earn more and have less need to use sponsors at all.
I will continue to share these reports every month to give you a breakdown of what my earnings are to be completely transparent and give you an idea of what you could do if you shared on all of these social platforms too.
What are your income goals? Are you using any of the platforms I shared above? Is this useful and or encouraging for you? Would you like to see these reports every single month to get a better insight into crypto social profitability? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/yzevqanl
For new people in the crypto space, it can be pretty overwhelming to understand all the nuances. Cryptocurrency coins are different from tokens, let’s talk about those differences and why they matter.
This is my 512th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe! Note that I had COVID when recording this so please forgive the potentially lower quality
Some examples are Tron with TRC20, Ethereum with ERC20, and Binance with BEP20 tokens. There are many chains that have their own tokens as well such as Hive, Solana, Polkadot, Avalanche, and more.
The main thing to consider is that when you are using the ecosystems of these blockchains and want to trade between tokens, you can only do that within each ecosystem. So, you can only trade ERC20 tokens for other ERC20 tokens or Ethereum on a “decentralized” exchange like Uniswap. Thorswap offers you the ability to trade across chains like from Bitcoin to Ethereum, but that was covered here: https://peakd.com/hive-167922/@scottcbusiness/ybrwvnta
To some degree, it could make more sense to just invest in the underlying asset. For example, if you invest in Ethereum, you would have seen a massive jump in value when Shiba Inu blew up in hype (which is now worth only 28% of its all-time high). Also, remember that you are generally stuck within that ecosystem and subject to its features and drawbacks. For example, using any ERC20 tokens costs Ethereum gas fees which have been very high for some time.
Also, note that projects can distribute tokens across multiple chains. For example, you can get USDT on many chains: https://tether.to/en/transparency/. You can see on that site that they have issued huge amounts of USDT across Ethereum, Tron, Algorand, EOS, Solana, Avalanche, and more.
I don’t at all support Tether, by the way, it’s extremely centralized.
What are your thoughts on cryptocurrency coins vs tokens? Did this explanation help? Where do you like to trade? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/hmawshhk
Crypto exchanges froze Canadian funds, they froze Russian funds, stablecoins can be frozen in any wallet and transactions can be reverted, banks are freezing assets, you can’t sell or buy Russian stocks. Sound crypto is a must.
This is my 511th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
Crypto exchanges froze Canadians’ funds under emergency orders, banks froze accounts, and bitcoin was blacklisted from centralized exchanges.
Stablecoins aren’t safe because with something like USDT or USDC, we don’t know how accurate their backing is and what’s worse is that it’s more centralized than the banking system where they can easily freeze your funds even in a decentralized wallet and revert transactions.
Banks and stock exchanges are preventing you from trading Russian stocks. Not only are they telling you what you are allowed to invest in, but you also cannot sell your stocks that you had already invested in and are basically forced into losing everything by these institutions.
Exchanges were being demanded to also ban all Russian civilians crypto accounts by the Ukraine Vice Prime Minister: https://twitter.com/FedorovMykhailo/status/1497922588491792386
Almost all exchanges unilaterally said no as he actually suggested that exchanges should sabotage ordinary users. The major concern is that US and western governments could put out legal orders to make this happen and exchanges would have to comply.
Binance however agreed to go after specific users like politicians etc.
Here is an article covering this: https://sanfranciscotribe.com/Home/crypto-exchange-sanctions-exchanges-refuse-to-comply/
https://www.yahoo.com/news/binance-crypto-exchange-refuses-to-freeze-russian-accounts-080546197.html
https://www.cityam.com/crypto-exchanges-refuse-to-ban-russian-users-as-rouble-trading-surges/
Consider this, not having access to your money is more or less fraud or a scam. So these companies that have sanctioned Russian users are basically scamming them. In any other instance, having your access to funds taken away would be a clear scam like Squid game token.
How important is decentralization to you? Do you think it’s under attack? Where do you think we will be in 5 years? What are you doing to stay ahead of the curve? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/dbiqvjgk
Time for another update on my investment portfolio and my passive income journey. In this episode, I cover my regular monthly update sharing what I invest in and why. This is amateur investing at its finest!
Disclaimer: This is not financial advice and is purely for entertainment purposes. All my stock information is 100% accurate, but my crypto data may or may not be simulated
I share everything so you can follow everything I’m doing with 100% transparency. The point of doing all this is to show you that it’s possible and provide some sort of framework that can be followed. This isn’t financial advice, and you shouldn’t exactly replicate my investing. What you should do is figure out what works best for you and stick to the basics of dollar-cost averaging, investing in good assets, avoid liabilities, compounding interest, be frugal, buy low, and sell high.
I cover my rules for investing here: https://bit.ly/3qBgm4p
Here is the breakdown for my investing and budgeting templates: https://bit.ly/3EIGFe6
Investing Spreadsheet Template Link: https://bit.ly/investingtemplate
Income Tracking Spreadsheet Template Link: https://bit.ly/incometemplate
Budgeting Spreadsheet Template Link: https://bit.ly/expensestemplate
Below I will list everything for the monthly report:
I liquidated my total portfolio for $38,902.49. The total deposits that I made were $30,923, but I made one withdrawal of $150 leaving the total at $30,733. This means that I was up 26.5% on my stocks when I sold everything which I am very happy with. This includes everything like my dividends earned, compounding interest, trade costs, etc. This happened in February, but I still shared most of this already.
Going forward I am simply investing outside of banks and in a few Canadian ETFs, namely VDY, PDC, FCCD, and XEI to keep things extremely simple and not waste my time over something that is so centralized. I will be aggressively looking for ways to invest in synthetic stocks through cryptocurrency like with Terra for example. Most attempts on Ethereum and other chains have been eliminated already even in “decentralized” environments. I’ve put about $11,000 into these ETFs and I’m already up 3.45% as of writing this.
After liquidation, I am making an average of $137.31 a month from passive income mostly from stock dividends, crypto income, and some from music royalties. I aim to get back up to my previous amount of around $250 as my next milestone. This year I hope to get up to $400 with crypto passive income.
My portfolio is roughly rounded to about 75% crypto, 5% stocks, 2% in precious metals, and 18% in liquid fiat cash. My total annual projected income from passive sources is $1,647.71. $430.41 of those yearly profits come from stock dividends and about $1,217.30 comes from cryptocurrency staking. My crypto income continues to climb exponentially from the continued topping up of my accounts and compounding the interest I’m earning. I’ve also started to focus much more on crypto income and have less reliance on fiat altogether.
In my last update, my total portfolio value was $266,755 CAD. My current portfolio value with all my investments is $272,896. This is up about $6,141 from last month’s total value. My highest portfolio value ever was around $395,000 which is about 31% higher than where I’m at now. I’m slowly but surely making my way back to my all-time high.
I earned $101.86 CAD from stock dividends, $0 CAD from crypto real estate, and $78.13 CAD from my last month of staking Hive, HBD, TRX, and MTR staking on Den.Social. In total, I have earned about $651.04 CAD from crypto and $1,834.99 CAD from stock dividends.
My portfolio in terms of stock sector breakdown is just 92% into those 4 ETFs noted above and 8% into an investment fund. I’ve completely scrapped my goals for retirement and will be sharing my new goals and strategy in my next update.
For crypto, my main breakdown between ETH & BTC is 57% ETH, and 43% BTC. This is allegedly valued at $178,316 CAD at the time of writing this. For privacy crypto, I have about $2,404 worth of XMR. For staking crypto that earns me passive income, I have about $10,980 worth of HBD, Hive, TRX, and ATOM. My blurt and MTR is to be sold as soon as possible for Hive. I have $8,243 worth of speculative investments in Rune, Luna, Matic, and Binance Coin. Lastly, I have $7,263 worth of crypto cash in Dash, Bitcoin Cash, Litecoin, and BUSD.
My investing lately has been much more heavily focused on precious metals and survival preparedness gear. Mainly I’ve been acquiring silver and gold for precious metals and power outage supplies and emergency food. I’ve also been dabbling with survival skills and preparing faraday gear.
Was this helpful for you? What stocks do you invest in? Do you prefer growth investing or building passive income? Do you invest in cryptocurrencies that pay out regularly? Let me know what you think about this in the comments below and don’t forget to subscribe!
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/eqdtwujz
You want to take full advantage of the social platforms out there that use blockchain technology or have crypto monetization. Here are the 14 platforms I used to earn $622.16 CAD worth of fiat & crypto in January as well as some insights.
This is my 509th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
My total alleged crypto social media income earnings are now up to just over $37,593.42 CAD not including crypto appreciation after originally receiving the payouts.
January Metrics & Content:
To briefly go over my social media results for January, I received around 12,000 engagements, 33,700 video views, 2,800 comments, 2,500 followers, and 155,000 impressions.
January Earnings:
Publish0x – 9.5 AMPL - $1.20 CAD = $9.5 CAD + 0.06 FARM - $133.45 CAD = $8.58 earned from post rewards. That’s a total of $19.98 CAD.
Brave Browser – 0.791 BAT – $1.55 CAD from ad rewards and 6.41 BAT from creator donations for a total of $10.44 CAD.
LBRY/Odysee – 172 LBC - $0.0389 CAD = $6.69 CAD from user earnings, content earnings, invites, etc.
Hive – 78.92 Hive - $1.22 CAD = $96.28 CAD and 89.67 HBD - $1.29 CAD = $115.67 CAD. That’s a total of $211.95 CAD from post rewards.
LeoFinance – 75.97 LEO - $0.23 CAD = $17.47 CAD earned from post rewards.
Cos.TV – 811.67 COS - $0.0228 CAD = $18.51 CAD earned from post rewards.
Read.Cash & Noise.Cash – 0.37 BCH - $362 CAD = $132.13 CAD earned from post rewards.
DTube – 50.92 DTC - $0.827 CAD = $42.12 CAD earned from post rewards.
Bastyon – 0 PKOIN - $0.39 = $0 CAD earned from post rewards.
YouTube - $50.41 CAD earned from monetization.
Blurt – 1453 BLURT – $0.0435 = $63.25 CAD earned from post rewards.
Loop – Loop earnings will be included in the next report.
BitTube – 10.76 TUBE – $0.0041 = $0.04 CAD earned from post rewards.
Yup – 85.90 YUP - $0.3847 = $33.05 CAD earned from post rewards.
Torum – 16.69 XTM – $0.91 = $15.24 CAD earned from post rewards.
The grand total came to $622.16 CAD which is about $485.28 USD.
January Insights:
My earnings have continued to go down with the market so I am still seeing a strong correlation between the overall sentiment in the market and how much I am earning. I am again attributing this to the willingness for people to invest and the demand for crypto and how much people are searching for content.
My top consistent earners continue to be Read.Cash, Hive, and DTube. LBRY has completely fallen off now only earning about $7 in January. I am continuing to focus on funneling my earnings into Hive to grow them by holding HBD for 12% APY.
I will be noting in every post going forward briefly how I do sponsors to keep everyone in the loop. If you’d like to see fewer sponsors, follow me on blockchain platforms and share this content so that I am able to earn more and have less need to use sponsors at all.
I will continue to share these reports every month to give you a breakdown of what my earnings are to be completely transparent and give you an idea of what you could do if you shared on all of these social platforms too.
What are your income goals? Are you using any of the platforms I shared above? Is this useful and or encouraging for you? Would you like to see these reports every single month to get a better insight into crypto social profitability? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/pamvsejt
I’ve covered SoMee many times before. This is my final warning to stay as far away from anything related to SoMee as possible. Let’s dive into the details.
This is my 508th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
For the full blog breakdown:
Publish0x: https://www.publish0x.com/at-scottcbusiness/somee-s-last-effort-to-take-your-money-xyyrlgg
Read.Cash: https://read.cash/@scottcbusiness/somees-last-effort-to-take-your-money-2eb40990
To be clear, I thoroughly used and tested SoMee for over 2 years. I was using it up until February 11th, 2022, when I decided I would put SoMee to rest as malicious and that they will never improve their platform or fulfill their promises. Their planned incompetence has gotten them very far, but it’s time to call it what it is and leave them for good.
Conclusion
For 2 years SoMee claimed they would come out with all these innovative revenue models and had all these MASSIVE influencers parroting these points even though none of it was ever real. None of them did their due diligence and this was amplified by massive influencers like BitBoy who failed to disclose that he was likely paid and more importantly that his lead researcher was working on the SoMee team until at least 1 year after his original post about SoMee. He is still listed as being part of their advisory board and on their team today. The real concern here is: was he complicit in one of the biggest crypto social media scams in history that are still underway?
Everything their marketing was based upon was simply celebrity influencers. Even BitBoy 2 years ago said they had people bigger than him coming in to promote the project which didn’t really happen and if you consider the small celebrities and influencers they snagged relevant, well it was clear they didn’t know what they were promoting either as they likely read off the claims SoMee promised from their paid scripts.
All of these people claimed SoMee had features and things that made it unique and different from everything else and it wasn’t true.
I want to be clear, this isn’t about me going after the influencers and people who promoted SoMee as even I had an interview with the CEO when I first learned of it. There is nothing wrong with not knowing something is bad, but it should be more than obvious now that SoMee acted out of malice and that continuing to passively endorse it with old content is wrong. Furthermore, they should all come out and apologize to the people who lost money and disclose how much they were paid in this whole mess.
Now SoMee is just a Hive community and nothing about what SoMee was claiming was done by SoMee, it’s just Hive which received no credit. They were also supposed to integrate with Cardano through CardStarter which never happened.
The scariest part about all of this is that the influencers never really used the platform and if they did, then they were lying to you. None of them mentioned that you can’t get your funds out, that it wasn’t really decentralized by any means, and most importantly, they weren’t really using the platform.
A quick check on any of the influencer accounts who touted SoMee as being so amazing leads you to find that they don’t really post or use the platform. If it’s the most amazing social media platform ever, then why aren’t they using it?
SoMee offered MASSIVE rewards for posting because the rewards weren’t real and thus were able to trick enough people into thinking they would get rich by using the platform. It’s also very important to call back to the massive amount of SoMee they had claimed to have burned. Luckily, they were able to get around this loophole as well as the mass amount of dilution and fractional reserves they had for ONG by doing an airdrop onto Hive with a new token that they could just put up with a completely new supply at a price worth a fraction of the old token.
In the nearly year-long period where users had no access to funds, SoMee clearly devised an exit plan to get their funds out without ever paying back or even giving access to funds to their investors, users, and paid influencers. Essentially everyone but the team was screwed in this process and lost almost everything. To this day, no one from the team nor any of the influencers has addressed what has happened and they are now raising funds for a private company that has raised over $250,000. This is still ongoing, and it is very likely a full-on exit scam now.
I was in several groups with early investors during a lot of this journey who were all very concerned about what was happening. These were the select few who were willing to pay $100 to verify in order to access their funds. They were all too scared to speak up and so I was doing that on their behalf publicly to the main group. Eventually, I was banned for asking too many questions. They may claim otherwise, but I didn’t insult anyone, I never cursed, I was perfectly polite, and only ever asked simple questions to be answered. The issue was that they believed the CEO’s word and ignored the red flags. Eventually, it was too late, and they were too deep to be able to get their money out and had to sit through like everyone else. SoMee’s Telegram was shut down after too many people asked questions and wanted clarifications: https://t.me/onG_social
It may also be worth mentioning that when I wanted to verify, they required fiat payment processor methods and not crypto which I found very odd. I wanted to instead pay with crypto and while they claimed it was possible, they were unable to do it. So, they just instantly verified me even though they claimed it wasn’t possible and there were legal requirements around KYC which is why they had it in the first place. They continually blamed their old dev team which an insider has told me was their scapegoat on purpose all along as well as claiming that they needed KYC for legal compliance.
I think it’s important to mention this as it seems like to me SoMee did the slow rug pull where they simply continue making delays and raising money again and again which is exactly what they’ve done and are doing still.
This is one of the most iconic cases of not relying on “authoritative” sources or influencers to actually do their due diligence to look into this kind of thing. The people who endorsed SoMee barely used it and knew very little about it or they were malicious.
They raised funds and executed what appears to be an exit scam MULTIPLE times. They are now on one of their last iterations of this with Republic and likely again with their DAO and I’d like to protect as many people as possible.
It’s impossible to say how much was actually lost with all of these raises and coin conversions etc. But I think it’s fair to say that almost anyone who invested in SoMee lost money aside from maybe the staff and selected influencers.
This is my last post covering SoMee as I’ve already said everything, I can say about it on multiple occasions. However, while it’s clear that it is, I won’t definitively say it was a scam for my own protection. Watch out and I wish you all the best in your crypto ventures in the future.
Have you ever used SoMee? Did you invest in SoMee or ONG? Do you think I missed anything or got anything wrong? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/keezcghs
There’s so many things you can do to better set up your finances. I try to do ALL OF THEM. Let’s go through everything that I do to prepare my finances for the worst and how you can too.
Basic Recommendations:
This covers what you should have set up to start.
Fiat:
o Multiple bank accounts - I prefer one online bank and one physical bank
o Multiple stock investing accounts - One bank investment account and one third party
o Savings - Have at least 6 months worth of expenses saved
o Cash stash - Have at least 3 months worth of expenses saved
Cryptocurrency:
o Most cryptocurrencies if held correctly in a wallet only you have access to provide more security and ownership rights to you than almost any other asset in existence. This is enhanced greatly with a hardware wallet.
Scarce Assets:
o Precious metals (gold, silver) - Have some stored with you in a safe and some in a vault storage service.
o Bitcoin and similar scarce cryptocurrencies - Access funds through a cryptocurrency ATM, Spend and use worldwide with ease
Digital Cash Cryptocurrencies:
o Dash, BCH, LTC, and other cryptocurrencies with fees around 1 cent or less
- Purchasing gift cards
- Direct payments
- Pay bills through a service like https://bitcoinwell.com/
- Access funds through a cryptocurrency ATM
- Spend and use worldwide with ease
Alternative Spending:
- Prepaid Visas
- Gift cards
- Payment providers
Paypal, Venmo, etc. - Crypto VISA card - I use Bitvo here in Canada because it’s non-KYC though most do require KYC.
Further Considerations:
Taxes
o Paying taxes - Understanding taxes (especially for small business owners).
o Pay a financial advisor or lawyer to find out how to lower your taxes.
Investing
o In Canada we have a TFSA or a tax-free savings account that allows us to contribute up to a specific amount that can be invested tax-free. There is also an RRSP account or registered retirement savings plan which is sort of like a ROTH IRA in the US. Many other countries have something like this for retirees. However, to really be prepared for a crisis, I would favor liquidity and not be using a retirement-focused account and I personally don’t.
Password manager
o To manage all your passwords which shouldn’t be re-used (so you should have a lot). - Backup phone / satellite phone
o If you lose access to your phone which you use to authenticate or lose access to your cell phone provider. I have a backup phone with a backup activated SIM card that I pay for monthly as well as non-active SIM cards for other telecommunications providers.
Safe
o A fireproof and waterproof safe is key for protecting anything physical.
Surveillance and physical security
o Basic WiFi cameras to monitor your home, locks, insurance, etc.
Crypto hardware wallet
o I use Ledger, you want to have at least 2 though so you can recover quickly after you lose access to one of them. SafePal is a more affordable option.
o You can spread out risk by using multiple hardware wallets, but the main risk is associated with the seed phrases and how you protect those. Ideally, laminate them and keep these hidden away from where you store your wallet.
Backups
o Have as many backups and ways to access your wealth as possible without sacrificing security.
Emergency supplies
o Anything you need in an emergency scenario, including ammunition and firearms.
Real estate
o I’m a bit iffy on this one as the market is crazy and there’s a lot of concerns around where housing is going in the future, but if you can afford it, then it’s better to have than not.
Long term deposit boxes
o You can store physical assets in long term deposit boxes in other countries like Switzerland for example.
Use privacy services
o Use something like a VPN, a secure browser, etc. when you’re accessing your finances as well as not disclosing your finances to anyone (the opposite of what I do).
Wealth concentration & authoritative oversight
o Keep in mind that most physical assets and financial tools that are easily influenced by the government like your bank account can be easily taken from you.
o Having advanced security and investing most of your wealth into assets that cannot be taken from you will mitigate this risk, namely cryptocurrency.
o The majority of your wealth should be concentrated outside of central banks and government control
Is there anything I might have missed? Are you practicing any of these? What’s the best way to protect your wealth and prepare your finances for an emergency? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/ybrwvnta
Thorchain offers us the solution we’ve been asking for: a truly decentralized swap exchange that utilizes smart contracts. That’s a mouthful and needs some unpacking, so let’s dive into it.
This is my 506th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
In this video I go through using https://sideshift.ai/ which is fantastic, but still not as secure or fast as https://app.thorswap.finance/. This offers you the ability to trade between chains for the first time in decentralized way using smart contracts. While it has much fewer coins, it’s adding more all the time and is very promising. You can invest in its growth so to speak with the Rune token and use it for liquidity etc. I’m mainly just interested in the interoperability this offers provided by the ThorChain blockchain.
It's as simple as connecting with your wallet of choice and then choosing one of the available cryptocurrencies to trade.
You can currently trade Doge, LTC, BTC, BNB, ETH, BCH, RUNE, and several BEP20 and ERC20 tokens. They are working on Luna right now and Monero is the next big coin to be added.
It's a pretty amazing thing that after going from centralized exchanges to exchanges without KYC to swap exchanges that are centralized to decentralized swap exchanges with smart contracts that are on one chain to now finally cross chain swaps.
Have you ever used ThorSwap or invested in Rune? Is there a better decentralized exchange than ThorSwap? What’s your go to decentralized swap exchange? Do you care if a swap exchange uses smart contracts or not? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find the rest of my sponsorship, referral, donation, and extra information here: https://read.cash/@scottcbusiness/sponsorships-referral-support-resource-f7efb629
https://3speak.tv/watch?v=scottcbusiness/ikgkojjl
Do you ever get the feeling like you could be interacting with an AI or perhaps the number of likes on a post seems way too inaccurate? 64% of internet traffic in 2021 came from bots so let’s talk about what that means and what the future holds.
This is my 505th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
What is bot traffic and why does it matter? - https://www.cloudflare.com/learning/bots/what-is-bot-traffic/
Bot traffic could be anything from a fake social media account to a click farm to algorithmic trading, to fake web traffic, to malicious hackers. Bots can do a lot of things, but you’ll typically find them doing simple tasks like Facebook’s feed fetcher bot to pull previews for the feed. This bot alone makes up a huge portion of internet traffic and is an example of a good bot. But even in a way, a good bot can be bad because it can act in the wrong way or simply overwhelm smaller websites. Most bot traffic comes from Amazon Web Service and Microsoft Azure which are two massive public cloud systems.
There are several reasons why bot traffic is so important to recognize:
• The majority of trading is algorithmic and done by bots.
• The majority of trading volume on exchanges are made up by bots – Forbes reported as much as 93% on some exchanges in 2018
• Bots run the majority of moderation and censorship programs.
• Bots make up the majority of the internet – aka you don’t know what’s real since more is fake than real.
• The percent of bad bots are increasing.
• Bots can heavily influence and skew data to almost entirely negate the accuracy of online research studies, most notably in healthcare related studies.
• The perception of public consensus and sentiment online is completely fictional.
Let’s take an example scenario. Very important breaking news is shared. This new is against the mainstream narrative so it is flagged, mass disliked, and mass commented on saying things like “fake,” “lies,” “this is written by a bot” (ironically). The point is that with bots, any opinions formed by community consensus and not by directly consuming the content itself will result in a distorted reality. This is the reality today. Framing, cutting clips, not actually showing the clip or image and telling you what happened or what it depicts. YouTube removing dislikes, auto removing comments, etc., the list goes on and on.
The recent plummet in stocks and crypto could just simply the mass majority of trading that is done by bots that happened to catch a trend and follow it with a cascading effect with futures liquidations.
Algorithmic Trading:
https://www.forbes.com/sites/yoavvilner/2018/11/24/all-there-is-to-know-about-bots-role-in-cryptocurrency-trading/?sh=7ac12a6a4fc3
https://www.cnbc.com/2017/06/13/death-of-the-human-investor-just-10-percent-of-trading-is-regular-stock-picking-jpmorgan-estimates.html
https://www.cnbc.com/2018/12/05/sell-offs-could-be-down-to-machines-that-control-80percent-of-us-stocks-fund-manager-says.html
https://blog.quantinsti.com/growth-future-algorithmic-trading/
https://seekingalpha.com/article/4230982-algo-trading-dominates-80-percent-of-stock-market
https://therobusttrader.com/what-percentage-of-trading-is-algorithmic/
https://www.sec.gov/files/Algo_Trading_Report_2020.pdf
https://www.mordorintelligence.com/industry-reports/algorithmic-trading-market
Below are several references to research reports, studies, and reviews of those studies on bot traffic mainly focused on 2020 and 2021:
2012-2016
https://www.statista.com/statistics/670782/bot-traffic-share/
2020 – 41%
https://www.globenewswire.com/en/news-release/2021/04/13/2209196/35210/en/The-Pandemic-of-the-Internet-Imperva-Research-Labs-Reveals-Bot-Traffic-Climbs-to-Record-High-in-2020.html
https://www.jmir.org/2020/10/e23021/
https://www.imperva.com/blog/bad-bot-report-2021-the-pandemic-of-the-internet/
2021 - 64%
https://www.barracuda.com/bot-threat-report
https://www.digit.fyi/two-thirds-of-internet-traffic-is-now-made-up-of-bots/
Do you think 64% of the internet is made up of bots? Do you think it will keep increasing? Have you ever not been sure if you were interacting with a bot? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/czqfjvgy
Time for another update on my investment portfolio and my passive income journey. In this episode, I cover my regular monthly update sharing what I invest in and why. This is amateur investing at its finest!
Disclaimer: This is not financial advice and is purely for entertainment purposes. All my stock information is 100% accurate, but my crypto data may or may not be simulated
I share everything so you can follow everything I’m doing with 100% transparency. The point of doing all this is to show you that it’s possible and provide some sort of framework that can be followed. This isn’t financial advice, and you shouldn’t exactly replicate my investing. What you should do is figure out what works best for you and stick to the basics of dollar-cost averaging, investing in good assets, avoid liabilities, compounding interest, be frugal, buy low, and sell high.
I cover my rules for investing here: https://bit.ly/3qBgm4p
Here is the breakdown for my investing and budgeting templates: https://bit.ly/3EIGFe6
Investing Spreadsheet Template Link: https://bit.ly/investingtemplate
Income Tracking Spreadsheet Template Link: https://bit.ly/incometemplate
Budgeting Spreadsheet Template Link: https://bit.ly/expensestemplate
Below I will list everything for the monthly report:
I cover the recent stock buys I went through, share my portfolio breakdown updates, and share my thoughts on the current market. I’m back into regularly investing while I focus on maxing out my TSFA. I am currently estimated on average to be making about $263.04 a month from passive income mostly from stock dividends, crypto income, and some from music royalties. This currently covers my portion of the utilities and internet as well as my phone and backup phone bills, rental insurance, and all my monthly subscriptions.
My portfolio is roughly rounded to about 74% crypto, 16% stocks, less than 1% in precious metals, and 11% in liquid cash. My total annual projected income from passive sources is $3,156.45. $1,879.83 of those yearly profits are coming from stock dividends, about $1,198.42 are coming from cryptocurrency staking, I already earned about $16.38 from my RealT crypto tokenized real estate before I sold it, and $61.83 came from music royalties. My crypto income continues to climb exponentially from the continued topping up of my accounts and compounding the interest I’m earning.
In my last update, my total portfolio value was $320,413 CAD. My current portfolio value with all my investments is $266,755. This is down about $53,658 from last month’s total value. My highest portfolio value ever was around $395,000 which is about 33% higher than where I’m at now.
I earned $183.26 CAD from stock dividends, $0 CAD from crypto real estate, and $52.04 CAD from my last month of staking Hive, HBD, TRX, and MTR staking on Den.Social. In the January report I will be covering my ATOM. I’ve been testing earning Tron on Ledger Live, Staking ATOM on Crypto.com, and UST on Anchor Protocol. These were all flops. Ledger live has too many prompts, it’s great for security, but not ideal for regular use. Crypto.com isn’t really that ideal since 99% of it is lending and I figured I might as well stake everything in the same wallet: Trust Wallet. For UST on Anchor, the only reason they can offer 19% is because it’s lending and custodial. I’m not continuing with any of those. In total, I have earned about $556.23 CAD from crypto and $1,730.79 CAD from stock dividends.
My portfolio in terms of stock sector breakdown is now 11% Utilities, 18% Insurance, 23% Banking, 18% Real Estate, 2% into an Investment Fund, and 28% into general ETFs. My main purchases were my usual Tangerine investment fund purchase, adding more to my real estate with more Northview stock, and buying more FCCD ETFs for general investing into high Canadian dividend stocks. My goal is to average about a 5% yield on my portfolio and I’m currently at an average yield of 4.85%.
For my dividend stocks, I’m up 16.01 % on my $41,461 worth of dividend stocks. This is an increase of 7.5% from last month and will likely continue to increase as I continue to add to my TSFA.
For crypto, my main breakdown between ETH & BTC is 58% ETH, and 42% BTC. This is allegedly valued at $167,208 CAD at the time of writing this. I’m now separating all of the different categories of crypto I invest in. I have a handful of XMR, RUNE, BNB, and MATIC as my speculative investments. I hold DASH, BCH, and LTC in case I need them for digital cash. Lastly, I also hold HBD, Hive, ATOM, TRX, BLURT, and MTR for staking. I still expect a big run-up to happen soon in 2022 with the update to Eth 2.0.
Was this helpful for you? What stocks do you invest in? Do you prefer growth investing or building passive income? Do you invest in cryptocurrencies that pay out regularly? Let me know what you think about this in the comments below and don’t forget to subscribe!
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/tqtjpvsm
You want to take full advantage of the social platforms out there that use blockchain technology or have crypto monetization. Here are the 16 platforms I used to earn $856.22 CAD worth of fiat & crypto in December as well as some insights.
My total alleged crypto social media income earnings are now up to just over $36,971 CAD not including crypto appreciation after originally receiving the payouts.
December Metrics & Content:
To briefly go over my social media results for December, I received around 7,000 engagements, 18,500 video views, 1,200 comments, 1,300 followers, and 194,000 impressions.
December Earnings:
Publish0x – 7.19 AMPL - $1.13 CAD = $8.12 CAD + 0.06 FARM - $222.23 CAD = $13.72 earned from post rewards. That’s a total of $21.84 CAD.
Brave Browser –5.46 BAT – $1.55 CAD from ad rewards and 1.277 BAT from creator donations for a total of $10.44 CAD.
LBRY/Odysee – 1,593 LBC - $0.04618 CAD = $73.57 CAD from user earnings, content earnings, invites, etc.
Hive – 82.58 Hive - $1.90 CAD = $159.90 CAD and 128.12 HBD - $1.24 CAD = $158.86 CAD. That’s a total of $318.76 CAD from post rewards.
LeoFinance – 42.98 LEO - $0.29 CAD = $12.63 CAD earned from post rewards.
Cos.TV – 1160 COS - $0.0338 CAD = $39.21 CAD earned from post rewards.
Read.Cash & Noise.Cash – 0.26 BCH - $553.61 CAD = $143 CAD earned from post rewards.
Den.Social – 28.45 MTR - $0.36 CAD = $10.24 CAD earned from post rewards.
DTube – 67.15 DTC - $1.14 CAD = $76.55 CAD earned from post rewards.
Bastyon – 0.31 PKOIN - $0.40 = $0.12 CAD earned from post rewards.
Yup – 22.80 YUP - $1.08 = $24.62 CAD earned from post rewards.
BitTube – 273 TUBE – $0.004 = $1.14 CAD earned from post rewards.
Torum – 9 XTM – $0.913 = $8.22 CAD earned from post rewards.
Blurt – 1297.75 BLURT – $0.0435 = $56.49 CAD earned from post rewards.
YouTube - $62.37 CAD earned from monetization.
The grand total came to $856.22 CAD which is about $693.54 USD.
December Insights:
My earnings have dipped a little bit but are fairly in line with what I’ve been earning lately. This is my 25th report and the more data I acquire, the better the results become.
My top consistent earners are still Read.Cash, Hive, and DTube. LBRY is no longer a consistently high earner as my earnings have plummeted. It would have been way lower too if I hadn’t received a donation. For January I expect to receive less than 200 LBC. Even though Blurt lost a lot of value as most coins did, Blurt is still delivering pretty solid and consistent earnings. I was pretty skeptical of Blurt originally, but I like what they are doing. However, I am powering down now on Blurt so I can divert my passive income generation to HBD on Hive which will not only produce more profit, but it will be a safer place to store that wealth.
I do want to note that like in the video, I explain how I run my ads and sponsors, why I do it, and I show you all those I’ve worked with. The idea is that with 100% transparency, there is no possibility for miscommunication or shilling in a way that is unethical. My sponsored segments are purely ad space and do not warrant an endorsement by me. If you’d like to see fewer sponsors, the best thing you can do is share, like, comment, subscribe, and get the word out so that I earn more platforms rewards and don’t need sponsors. The idea is to become financially independent so I can focus all my energy on educating and creating content.
I will continue to share these reports every month to give you a breakdown of what my earnings are to be completely transparent and give you an idea of what you could do if you shared on all of these social platforms too.
What are your income goals? Are you using any of the platforms I shared above? Is this useful and or encouraging for you? Would you like to see these reports every single month to get a better insight into crypto social profitability? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/ebezythm
Given that Wonderland DAO’s cryptocurrency $TIME has gone down a lot recently with the latest news, I wanted to talk about the sustainability for projects like these offering 83,000% APY.
This is my 502nd episode/article. I put a great deal of work into this content if you find it valuable, please do like, share, comment and subscribe!
First off, it’s pretty clear that these are Ponzi schemes, scams, or whatever you want to call them. Regardless, we need to go through these because so many people fell for them and got swept up in the grandiose expectations and promises. It’s not only Wonderland either, but there are also other projects with ridiculous staking APYs.
Listed below are some sources and examples of what I’m talking about. These are the bad projects, but that doesn’t mean the space is bad. There is just a lot of media attention and common misunderstanding of what DAOs actually are. Very soon I will also do an episode covering what are DAOs. This is a list of all the DAOs currently: https://coinmarketcap.com/view/dao/
Wonderland.money was found out that their co-founder was also the co-founder of QuadrigaCX and that sent this project spiraling towards 0. Realistically it has always been going to 0 with an APY as of writing this set at 83,000%.
https://www.coindesk.com/markets/2022/01/27/wonderland-rattled-after-cofounder-tied-to-alleged-quadrigacx-190m-exit-scam/
https://www.wonderland.money/ - 83,000%+ APY?
Olympus DAO is another example of something similar to Wonderland with nearly 2000% APY. Previously when I checked it was over 5000%.
https://www.olympusdao.finance/ - 2000% APY?
The first DAO created was hacked - https://www.wired.com/2016/06/50-million-hack-just-showed-dao-human/
https://www.coinopsy.com/dead-coins/the-dao/
The ConsitutionDAO was a complete flop and people lost most of their funds due to fees.
ConstitutionDAO - https://gizmodo.com/is-the-crypto-fueled-plan-to-buy-the-u-s-constitution-1848077239
https://www.vice.com/en/article/qjb8av/constitutiondao-aftermath-everyone-very-mad-confused-losing-lots-of-money-fighting-crying-etc
https://www.investor.gov/protect-your-investments/fraud/types-fraud/high-yield-investment-programs
As the SEC points out, anything over 30-40% is likely fraud and I agree.
Have you invested in any DAOs? What are your thoughts on DAOs? Did you invest in Olympus or Wonderland? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/fdjonqqf
With Metaverse tokens taking a -50% dive, I wanted to talk about why what we currently have is not a Metaverse, moreover, all we have is the centralized Metaverse aka the Centraverse.
This is my 501st post, welcome to the journey to financial independence and learning about blockchain!
The Centraverse is my way of referring to what is really the centralized Metaverse. The core concept of the Metaverse is decentralized so it’s important to call what we have now what it really is. There is no single entity that can remove you from the Metaverse in principle, but that’s what we have today.
The real Metaverse is meant to be many digital spaces that are interoperating together. The easiest way to conceptualize this is by referring to the movie Ready Player One where users could port between worlds and bring all their gear and items wherever they went. We currently have nothing like this and the closest we’ve gotten are games like Roblox, Second Life, Nintendo Miis, Snapchat avatars, Xbox avatars, Fortnite, Minecraft, and so on.
With the recent purchase of Activision Blizzard by Microsoft and then announcing cross-platform bans and block lists, I believe this had already started to conceptualize. Microsoft is attempting to become a gatekeeper for the gaming community and with it, locking in its piece of the Metaverse. Also, Gamestop announced they would create NFTs for games and the Metaverse which boosted their stocks by over 25%. This is just more fluff, they won’t be backing the Metaverse but likely just releasing collections and such. Expect more and more to be following suit and cashing in.
The only reason corporations are cashing in is because they have control. If they are able to capitalize on this before we have a truly decentralized Metaverse, then maybe they can capture the masses on their system because in comparison it will perform much better.
What we are seeing now with blockchain games and Metaverse-related cryptocurrencies like Sand, Decentraland, Ceek VR, and more is nothing more than centralized interfaces interacting with NFTs. 95% of what you experience on these platforms would not be kept if their servers were wiped. The only thing that is on the blockchain for almost all of these companies are their NFTs. The NFTs by themselves are just simple collectibles and only with these centralized interfaces are we able to interact in a Metaverse-esque way.
One thing that’s important to consider too is that a lot of what is being created doesn’t really require blockchain and it seems like most things are being built in reverse from the idea that crypto must be involved in order for them to cash in. 99% of what I see is an NFT distributor with some kind of interface application masquerading as Metaverse technology.
Elon Musk and Jack Dorsey were right to criticize the Metaverse, but they wrongly conflated it with Web3. Web3 can refer to any blockchain decentralized applications and virtually the whole ecosystem of Hive. A lot of Web3 is actually fantastic and not related at all to the Metaverse concept. I will again call out Hive as I believe it could actually provide the framework for some future Metaverse given that it actually can store a lot more data on the blockchain and isn’t just some centralized interface that connects to NFTs like most platforms.
Now that you’ve heard everything I had to say, I’d love to hear from you. Is the Metaverse centralized? How long until we see a true Metaverse concept? Will we ever get a decentralized Metaverse? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/fxaffrgp
Welcome to the comprehensive guide to the crypto-monetized social platform Bastyon and their cryptocurrency PKOIN. We will cover every aspect of the platform and using the cryptocurrency in this tutorial.
In this guide we will go over the basics of Bastyon: what is Bastyon, profile setup, posting, the content feed, the search feature, settings, video content, and content in general.
We will also cover intermediate features on Bastyon: moderation, the reputation system, your keys, using multiple accounts, earning crypto rewards, KYC requirements, and messenger.
We will also discuss some insights on Bastyon such as the roadmap, whitepaper, cover some statistics & data, and decentralization & anti-censorship technology.
We will briefly cover setting up a node as well as the desktop and mobile applications.
We will also cover PKOIN, the cryptocurrency discussing what is PKOIN, its tokenomics, your wallet, the block explorer, transferring PKOIN, withdrawing & selling PKOIN, buying & depositing PKOIN, and future uses of PKOIN.
Throughout the guide, I will also insert questions and answers I asked directly to the creator for clarification and confirmation.
For the full blog breakdown check it out here:
Publish0x:
Read.Cash:
Did this cover everything about Bastyon & PKOIN? Am I missing anything? Have you tried Bastyon before and will you try it now? Let me know what you think about this in the comments below and don’t forget to subscribe!
👉 https://www.youtube.com/channel/UCDBycVghUbnimnzqirsU1Jg?sub_confirmation=1 👈
This is my Bastyon profile + referral link if you want to sign up: https://bastyon.com/scottcbusiness?ref=PLH8biT5rMdvE1zXFhsvNkzphVRK6cNM7p
The main crypto platforms that I am using today are LBRY (Odysee), Publish0x, DTube, Hive (3Speak & LeoFinance), Read.Cash, Noise.Cash, Minds, Bastyon, Blurt, Yup, Carbon, Cos.Tv, and Den.Social. I also actively use Twitter, Hyprr, Brighteon, Rokfin, Rumble, GazeTv, Medium, Parler, Gab, Torum, Bitchute, Flote, and Linkedin. You can find me everywhere as @ScottCBusiness
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
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~ Sponsors
- My top $SCB donors are Publish0x, Ralak, & JustyDoan on Memo.cash
- This video was sponsored by Bastyon
- Also if you want to trade cryptocurrency futures, then check out my other video sponsor MyCoinStory: https://mycoinstory.com/register/f33bee63
https://3speak.tv/watch?v=scottcbusiness/qgpkvjdo
One of my biggest concerns about AI, the Metaverse, NFTs, robots, and machine automation is that human creativity itself can be replicated, replaced, and outpaced. Let’s talk about the value of creativity today.
To start, let’s simply talk about the idea of creativity. It’s mostly subjective. It’s our way of creating something new and valuable. Specifically, that’s what creativity produces. So, then we must ask what is new and what is valuable. It’s obvious what is new, something that hasn’t been made before and typically unique versus just new as in recently made.
Regarding value, this is where we must have a debate. Is the subjective interpretation and appreciation of art what makes it valuable or is it something else? Is it more reliant on the creator’s reputation? Is it more reliant on technique and effort? To be clear, it’s not just for art, but that’s an easy example of a product that comes from creative efforts.
I hope that it’s a mix of subjective appreciation and the objective technique, effort, and work put into the creation itself. This means that something machine generated with no effort wouldn’t qualify nor would a painting made by a robot that can paint a magnificent painting in under 1 minute. My concern is that most art and creative enterprises are more subjective than anything. The issue is that we may not be able to discern what was made by humans and what was made digitally or by machines. This would mean that we could easily be outpaced and the person who would have all the control and influence would be the one who owns the machines or AI.
You always have people who are afraid of new technology taking away their jobs, but I would argue that hasn’t been an issue for creative work. Now that we are at the point where humans can be replaced by machines in nearly every aspect, creativity was supposed to be the last haven where we had the upper hand and that is quickly fading too.
You would also have the problem we are having now with algorithms that they are steering content creators to create content based on what the algorithm thinks we want versus what we actually want. In the same way, if everything was machine generated, they would be able to create and manipulate culture based on what they think versus what we want.
This sounds fairly dystopian, but we have to reconsider that in a time where creativity is fading and automation is taking over, creativity is one of the last truly human things left.
We see this with examples like machine generated art that people are mass producing for NFTs. People are also hiring Fiverr artists for $5 or using services to produce NFT versions of themselves based on a picture. The effort right now for a lot of digital art like this is the lowest it could possibly and thus I would argue it’s not very valuable nor should it be. It’s not just for NFTs, it’s for anything this is just one example.
With the girl who sold fart jars then deciding to sell NFT fart jars and actually making a profit being a reality now, I have to ask if you think we are in a rational market? More importantly, how is it that people are valuing a digital copy of anything over the real thing? I fully endorse NFTs and the technology behind it, but I don’t agree with using them frivolously and creating what is essentially digital waste.
Do you agree or disagree? What is the value of creativity? Does effort & skill matter more or the subjective appreciation of the art? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
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Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
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https://3speak.tv/watch?v=scottcbusiness/zgyaykll
There are so many ways that your own psychology is against you like loss aversion, sunk cost fallacy, anchoring, and much more. You are your own worst enemy and by understanding this you can invest smarter.
This is where a lot of this is explained and it is an amazing piece of material every investor should read: https://www.investopedia.com/terms/b/behavioralfinance.asp
It’s important before we start to level set what we are talking about. Fundamental analysis of assets is where you look at the financials of a company within the context of its industry and has little to do with psychology.
When we are talking about technical analysis which focuses on trends, patterns, and other indicators, market psychology is a large component of this, and this is what we are discussing today. Most investors are not investing based on the numbers and instead focus on more superficial factors, namely their own emotions.
There is so much going against you so if you think the odds are in your favor, refer to this to ground you and help you invest more rationally.
According to Investopedia, the 2 best approaches to avoiding emotional investing are diversification and dollar-cost averaging. This is exactly what I’ve always done and recommended to lower risk exposure and because dollar-cost averaging has been proven to return the best profits over time.
Also, if you’re interested in fallacies and the ways our emotions and thinking can mess us up, I highly recommend learning about all logical fallacies and biases. I used to do a weekly post summarizing 5 fallacies and did something like 20 posts in the past. I think it’s really beneficial to understand and internalize these.
In a perfect world, the rational and logical investor would believe in the efficient market hypothesis (EMH). This means that all stock prices are valued accurately based on the information available. Unfortunately, biases, behaviors, and more get in the way and we end up with the irrational market we have today. If anything, the EMH is a guide for what assets should strive to be and while the market can be irrational, you can minimize risk in many ways.
I think the most effective and simplest way to beat out all the emotional fallacies, biases, and behaviors that negatively affect your finances is to always ask the question “What makes me special?” For example, you want to start day trading and look at the statistics that most people fail, so ask yourself, “What makes me special?” You should almost always come to the conclusion that you’re not special and that you are just as likely to fail as anyone else. This isn’t to discourage you, it’s to keep you rational and level-headed with your finances so you don’t lose money.
How big of a part does our psychology play in investing? Is investing more about algorithms or human emotion? Is behavioral finance the key to success? Let me know what you think about this in the comments below and don’t forget to subscribe!
👉 https://www.youtube.com/channel/UCDBycVghUbnimnzqirsU1Jg?sub_confirmation=1 👈
The main crypto platforms that I am using today are LBRY (Odysee), Publish0x, DTube, Hive (3Speak & LeoFinance), Read.Cash, Noise.Cash, Minds, Bastyon, Blurt, Yup, Carbon, Cos.Tv, and Den.Social. I also actively use Twitter, Hyprr, Brighteon, Rokfin, Rumble, GazeTv, Medium, Parler, Gab, Torum, Bitchute, Flote, and Linkedin. You can find me everywhere as @ScottCBusiness
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
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Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/mwqnwnnn
This is a controversial opinion on NFTs because while I believe most people think they’re silly, there’s a huge community that is now being tapped into by the mainstream, influencers, and celebrities.
It’s fair to say that most people making money are the issuers of NFTs. This could be like the NBA issuing a top shot collection or a popular artist who is releasing their own NFT collection. This has now started to include influencers and celebrities who are cashing in lazily on their fanbases.
There’s a rampant amount of scams, low value projects, and low effort projects, that it’s nearly impossible to know what to invest in.
This is not investing, this is speculation. This is akin to trading collectibles in real life and if you don’t think that’s investing, then neither is this. Too many people who want to invest money find themselves buying random NFTs not understanding the liquidity isn’t there and someone has to actually buy it from you.
A lot of what actually makes an NFT valuable is the exclusivity or its rarity, you can’t just buy random ones and hold them hoping they will go up in value.
You have to become a marketer of NFTs if you actually want the value to go up especially given ideally there are a scarce amount of the one you buy into.
NFTs are exclusive or special anymore because everyone is launching an NFT. It’s become more like unnecessary “digital waste.”
There is also a huge amount of plagiarized NFTs and even an entire archive dedicated to just saving NFTs images for other to utilize: https://thenftbay.org/index.html.
I support NFTs, there are so many use cases for the future, but I would guesstimate that 90%+ of the market is just looking for quick cash, not to support artists or some noble goal.
Current Use Cases For NFTs:
• Collectibles
• Tokenized physical assets
• Tokenized real estate
• Tokenized digital rights and monetization – books, music, etc.
• NFT Staking
• Domains
• Video game assets
• Social media/Marketing
• Event tickets
• Tokenized ownership proofs – products, charities, and more
Future Use Cases For NFTs:
• Secondary market for gaming assets
• Healthcare records and other records that need to be valid, updated, and accessible
• Identity management
• Certifications, licenses, deeds, or any kind of record can be minted into an NFT
• Loyalty/subscription items
I will cover the “Sleepminting NFT” scam in the future.
Do you agree or disagree? Do you own any NFTs? What do you think about NFTs currently and the future of NFTs? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/nazqrzla
It’s highly unlikely that with a coin that you don’t have conviction in that you will ride out the 100x let alone even a 10x. If you only put in $100, you’re not going to make anything.
In 2019, 1% of the adult population, or 51.9 million individuals, were millionaires. Today, there are 56.1 million millionaires making up 1.1% of the population. It takes the typical investor 32 years to get rich. The average age to make your first million is 50.
Millionaire stats: https://balancingeverything.com/millionaire-statistics/
https://fortunly.com/statistics/millionaire-statistics/
https://moderngentlemen.net/millionaire-statistics/
This next section isn’t to discourage you from investing in crypto, but to help you be more rational in your investing and expectations. I’ll attach some sources and then speak to them.
Not everyone is getting rich from crypto: https://www.investopedia.com/news/no-everyone-not-getting-rich-bitcoin/
62% of investors believe cryptocurrency will make them rich: https://www.newsweek.com/majority-crypto-investors-believe-it-will-make-them-rich-1583964
Just like how with NFTs, distributors and artists are getting rich, in crypto investing, it’s mostly exchanges and founders making the money: https://www.fool.com/investing/2018/01/28/whos-really-getting-rich-in-bitcoin-and-cryptocurr.aspx
A lot of people are losing money investing in crypto because they get into rug pulls, scams, sh*tcoins, here are some examples of people losing tons of money: https://www.cnbc.com/2018/08/20/after-the-bitcoin-boom-hard-lessons-for-cryptocurrency-investors.html
The important thing to consider is dollar cost averaging versus lump sum investing, trying to buy dips versus buying when crypto rises, and only investing in cryptocurrencies with good fundamentals.
Here’s some startling statistics on day traders: https://tradeciety.com/24-statistics-why-most-traders-lose-money/
A few statistics that really jump out at me are:
• The average individual investor underperforms a market index by 1.5% per year.
• Active traders underperform by 6.5% annually.
• Traders with up to a 10-year negative track record continue to trade.
https://vantagepointtrading.com/why-most-traders-lose-money-and-why-the-market-requires-it/
This article very succinctly explains the nuances of this. Crowds creates trends that continue until everyone gets on board, then it reverses. This means that only a small percentage can actually win. Also the main reason why people sell at a loss (and most do) is due to social influence.
You will more than likely succumb to the psychological behaviors that constantly affect your financial decisions, especially when investing. I will cover this in more depth in the future, but many in the space can understand the basics of how FOMO, FUD, panic buying, and panic selling can completely ruin an entire portfolio.
Approximately 60% of former NBA players go broke within 5 years of retiring while 78 percent of former NFL players have gone bankrupt or has some sort of financial stress within 2 years of retiring.
https://www.cnbc.com/2018/05/14/money-lessons-learned-from-pro-athletes-financial-fouls.html
https://www.investopedia.com/financial-edge/0312/why-athletes-go-broke.aspx
Do you agree? Are you looking to ger rich quick? How does stock investing differ from crypto investing? Are people’s expectations realistic? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
*This episode was sponsored by BC.Game – Sign up using my link - https://bc.game/i-4ofetk9d-n/
https://3speak.tv/watch?v=scottcbusiness/fbonrzro
Time for another update on my investment portfolio and my passive income journey. In this episode, I cover my regular monthly update sharing what I invest in and why. This is amateur investing at its finest!
Disclaimer: This is not financial advice and is purely for entertainment purposes. All my stock information is 100% accurate, but my crypto data may or may not be simulated
I share everything so you can follow everything I’m doing with 100% transparency. The point of doing all this is to show you that it’s possible and provide some sort of framework that can be followed. This isn’t financial advice, and you shouldn’t exactly replicate my investing. What you should do is figure out what works best for you and stick to the basics of dollar-cost averaging, investing in good assets, avoid liabilities, compounding interest, be frugal, buy low, and sell high.
I cover my rules for investing here: https://bit.ly/3qBgm4p
Here is the breakdown for my investing and budgeting templates: https://bit.ly/3EIGFe6
Investing Spreadsheet Template Link: https://bit.ly/investingtemplate
Income Tracking Spreadsheet Template Link: https://bit.ly/incometemplate
Budgeting Spreadsheet Template Link: https://bit.ly/expensestemplate
Below I will list everything for the monthly report:
I cover the recent stock buys I went through, share my portfolio breakdown updates, and share my thoughts on the current market. I’m done saving back up money to pay for taxes and going forward I will be maxing out my TSFA in 2022 then I will likely get back into crypto after a rise and crash. I am currently estimated on average to be making about $219.40 a month from passive income mostly from stock dividends, crypto income, and some from music royalties. This currently covers my portion of the utilities and internet as well as my phone and backup phone bills. My next goal is to cover rental insurance which will be easy to achieve and then my average monthly grocery bill is the next big milestone.
My portfolio is roughly rounded to about 80% crypto, 12% stocks, less than 1% in precious metals, and 8% in liquid cash. This is the most cash I’ve ever had in my portfolio, but it’s just to pay my taxes. After that, I will be focused on my TSFA and following the crypto market for the big rise and crash we expected in 2021.
My total annual projected income from passive sources is $2632.74. $1,685.15 of those yearly profits are coming from stock dividends, about $869.38 are coming from cryptocurrency staking, I already earned about $16.38 from my RealT crypto tokenized real estate before I sold it, and $61.83 came from music royalties. My crypto income continues to climb exponentially from the continued topping up of my accounts and compounding the interest I’m earning.
In my last update, my total portfolio value was $379,688 CAD. My current portfolio value with all my investments is $320,413. This is down about $59,270 from last month’s total value. While this is a big drop, it’s nothing I haven’t seen before, and still expect to see massive gains in crypto very soon especially with ETH 2.0 about to launch.
I earned $84.30 CAD from stock dividends, $0 CAD from crypto real estate, and $52.80 CAD from my last month of staking Hive, HBD, TRX, and MTR staking on Den.Social. Going forward I will also track my staked BNB & ATOM. In total, I have earned about $426.06 CAD from crypto and $1,445.67 CAD from stock dividends.
My portfolio in terms of stock sector breakdown is now 11% Utilities, 18% Insurance, 24% Banking, 20% Real Estate, 1% into an Investment Fund, and 26% into general ETFs. I always add $100 to my investment fund with Tangerine, but that was it for last month. My goal is to average about a 5% yield on my portfolio and I’m currently at an average yield of 4.80%.
For my dividend stocks, I’m up 14.32% on my $38,341 worth of dividend stocks. This is an increase of 3.95% from last month and will likely continue to increase as I max out my TSFA. I’ve spent way more on trading fees than I should have, and I will cover this in another video.
For crypto, my breakdown is now 2% LBC, 6% DASH, 2% BCH, 1% LTC, ~1% BNB, 54% ETH, and 36% BTC. This is allegedly valued at $320,413 CAD at the time of writing this. I still expect a big run-up to happen soon in 2022 with the update to Eth 2.0.
Was this helpful for you? What stocks do you invest in? Do you prefer growth investing or building passive income? Do you invest in cryptocurrencies that payout regularly? Let me know what you think about this in the comments below and don’t forget to subscribe!
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👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
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https://3speak.tv/watch?v=scottcbusiness/xpagnyyo
Crypto bots are spamming scams on so many platforms nowadays it’s becoming hard to keep up with them. And so, it’s much easier for me to make a video addressing this than to individually warn people and deal with each occurrence.
Those on Twitter who post publicly in need of assistance are typically targeted with these spam bot scams. For example, mentioning the phrase “My account was hacked,” “My account was locked,” “I need help with my crypto wallet,” or anything like that will trigger the bot attack. Also using popular wallet names “MetaMask” or “Atomic” will trigger this too.
On YouTube it’s more based on the category you are discussing and if you’ve used crypto-related tags in your content. They may impersonate the original poster and try to get you to contact them elsewhere, typically on Whatsapp. They also may just post a lot about how some trader helped them make tons of money and leave their contact info. Again, it’s all very obviously a scam, but people who are very new, desperate, or uninformed may be taken advantage of by these low-effort bot spam scams.
Now because it’s unlikely this will be solved without mass censorship and huge overcorrections, the best bet is to use platforms that have solved this or at the very least don’t have this issue. Most crypto-monetized and blockchain social platforms don’t have this issue or have found ways to deal with it. The golden example is Hive. You can get started on peakd.com which is one of many Hive interfaces. Hive is completely decentralized and requires some minimal effort or investment to get started. Beyond that, you are limited by your investment for the bandwidth you can utilize which prevents new joiners from spamming. This means that in order to spam without providing value, they would have to invest money into Hive. Beyond that, known spammers have low reputations and comments are hidden on most interfaces.
Does it make more sense to clean up centralized platforms like Twitter and YouTube or to migrate to better platforms like Hive? Have you seen these bot scams? What do you think about all of this and what is the best solution? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/bgnnyrpx
You want to take full advantage of the social platforms out there that use blockchain technology or have crypto monetization. Here are the 16 platforms I used to earn $1,185 CAD worth of fiat & crypto in November as well as some insights.
My total alleged crypto social media income earnings are now up to $36,115 CAD not including crypto appreciation after originally receiving it.
November Metrics & Content:
To briefly go over my social media results for November, I received around 6,900 engagements, 22,100 video views, 1,800 comments, 600 followers, and 202,000 impressions.
November Earnings:
Publish0x – 7.063 AMPL - $1.67 CAD = $11.80 CAD + 0.0558 FARM - $154.79 CAD = $8.63 earned from post rewards. That’s a total of $20.44 CAD.
Brave Browser –2.066 BAT – $1.82 CAD from ad rewards and 4.04 BAT from creator donations for a total of $10.52 CAD.
LBRY/Odysee – 2,064 LBC - $0.06119 CAD = $126.28 CAD from user earnings, content earnings, invites, etc.
Hive – 74.606 Hive - $2.99 CAD = $223.07 CAD and 71.761 HBD - $1.25 = $89.70. That’s a total of $312.77 CAD from post rewards.
LeoFinance – 49.078 LEO - $0.37 CAD = $18.16 CAD earned from post rewards.
Cos.TV – 780 COS - $0.0265 CAD = $20.67 CAD earned from post rewards.
Read.Cash & Noise.Cash – 0.183 BCH - $755.66 CAD = $138.29 CAD earned from post rewards.
Den.Social – 35.9 MTR - $0.614 CAD = $20.67 CAD earned from post rewards.
DTube – 48.7 DTC - $1.38 CAD = $67.21 CAD earned from post rewards.
Bastyon – 4.17 PKOIN - $1.45 = $6.05 CAD earned from post rewards.
Yup – 80.34 YUP - $2.61 = $209.69 CAD earned from post rewards.
BitTube – 6.6 TUBE – $0.0051 = $0.03 CAD earned from post rewards.
Torum – 14 XTM – $2.29 = $32.06 CAD earned from post rewards.
Blurt – 2880.2 BLURT – $0.049 = $141.13 CAD earned from post rewards.
YouTube - $59.70 CAD earned from monetization.
The grand total came to $1,185.03 CAD which is about $959.87 USD.
November Insights:
My earnings have dipped a little bit but are fairly in line what I earned previously if you don’t include the large anomalous donation on Read.Cash in October. This is my 24th report and the more data I acquire, the better the results become.
My top consistent earners are still Read.Cash, Hive, DTube, & LBRY/Odysee. My TUBE earnings were dismal but I believe over time this will become much more impactful, just like Blurt has been. Cos.TV has also been going up in value and my rewards seem more impactful. Torum offers good rewards but it’s only activity based, not based on your content rewards. Bastyon is amazing, but the earnings are a little low at the moment. Den.Social’s fees are too high that none of my rewards seems to mean anything for the most part, same with YUP.
One thing I really like about Read.Cash is that they offer the ability to swap out your coin when you withdraw, acting as a swap exchange in a way. They use Shapshift.ai which is a really useful service for swapping crypto. This makes it really easy to withdraw your rewards the way you want.
I will continue to share these reports every month to give you a breakdown of what my earnings are to be completely transparent and give you an idea of what you could do if you shared on all of these social platforms too.
What are your income goals? Are you using any of the platforms I shared above? Is this useful and or encouraging for you? Would you like to see these reports every single month to get a better insight into crypto social profitability? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
👥 Support Me & Follow Me Elsewhere 👥
👉 http://www.scottcbusiness.com
Ask questions in my Telegram: https://t.me/cryptoandthings
You can find all my cryptocurrency addresses on https://cointr.ee/scottcbusiness
You can find all of my referral links here: https://linktr.ee/scottcbusiness
https://3speak.tv/watch?v=scottcbusiness/bidlhzid
There is so much opportunity in the world of crypto passive income, but there’s also a lot of misconceptions. The biggest one is that lending and staking are interchangeable and offer the same thing. Let’s discuss the differences.
This guide on Coinmarketcap offers the best breakdown on staking that you could possibly find: https://coinmarketcap.com/alexandria/article/crypto-staking-guide-2021
They also offer guides on a lot of useful concepts and topics in crypto.
I’ve seen countless exchanges and heavily centralized institutions offer “staking” which was really lending. Binance & Crypto.com are too widely known examples of this. Even if the platform offers TRUE staking but is an exchange, the benefits and cons are the exact same as lending.
After rigorously going through reddit and various forums, I’ve concluded that most exchanges just misuse the word staking and are simply lending. This is easily understood by contemplating how they for example, you can get make 19.26% from “staking” TUSD on Crypto.com’s DeFi wallet. TUSD is a stablecoin meaning it’s not really changing in value and yet somehow, you can earn nearly 20% on it. The only way this is even possible is from lending it given there are currently no fiat-pegged stablecoins that can natively be staked.
This is plainly seen through three things:
- Users can stake unstakable coins.
- Stablecoins offering returns.
- Returns that are way above what the coin natively offers.
After some digging and help from my community, I found the answer here: https://help.crypto.com/en/articles/4675818-all-about-defi-earn-on-crypto-com-defi-wallet
When you stake ATOM or CRO, you are actually staking. When you “stake” anything else, it’s really just being lent. This includes TUSD and thus proves my initial concern that staking and lending are used interchangeably and I would argue that they purposefully try to make you confuse the two at their benefit.
The biggest differentiation between lending and staking is the control and ownership of the crypto that you are dedicating to the process. With lending, you are required to give up control and thus you do not have full ownership. Typically, you either have to give it to the entity to hold or you hold it on an exchange platform like Blockfi, Crypto.com, Nexo, Celsius, etc. The issue is that you have to KYC and you must ask permission to withdraw your funds. There may also be minimum withdrawals, fees, and much more, but the main caveat is that the responsibility and the liability is no longer yours. If they get hacked, the owner does something malicious, they get sued, go bankrupt, etc., then your crypto is gone too. Soft-staking is what most exchanges offer where it’s not exactly true staking or it’s just lending of some kind.
With staking, you can typically do this from a native wallet for that network or from various DeFi wallets. Staking / decentralized lending can also be done through smart contracts. For example, you can lend on TrueFi through a smart contract, you can stake/lend various coins on Trust Wallet through a smart contract, or you can stake directly through a smart contract on a native wallet using Tron like TronLink.
Outside of exchanges and lending platforms, you should also avoid staking-as-a-service platforms like MyCointainer because they still typically take ownership of your crypto in order to stake it or charge huge fees to use their service.
The main ways I stake currently are through Hive and Tron using their native wallets. On Hive I hold HBD in savings for a 10% APR claimed and compounded monthly while my Hive is delegated to earn approximately 13% APR claimed and compounded daily. Note that you do need to power up your earnings for it to truly compound daily though. I’ve tested the Crypto.com DeFi wallet and it’s good for staking, though your options are limited to mostly ERC20 tokens, so the gas fees make it not really worth using. Essentially using any non-custodial wallet that you control, offer staking or lending via smart contracts, has no KYC, and that you have the keys/seed phrase for should have you covered.
One thing I appreciate a lot about crypto passive income is that it’s easier to compound with payouts being paid out more often, has fewer fees, and you receive your payouts in the crypto making it easier to compound and less effort to manage, typically payouts are higher, and it can be achieved in a fully decentralized way.
A few more notes for staking: there are typically lock-up periods or stakeout times. A lock-up period is how long you have to lock up your coins before withdrawing and a stakeout time is how long it takes to unstake. There may also be minimum requirements to start staking and for claiming staking rewards. These are all important to keep in mind when shopping around for what you may want to stake. Sometimes staking will be a bit more advanced where you have delegated proof of stake and DPoS Witnesses who are essentially people that rune the nodes. An example of this is Hive, where you can earn your 3% on your staked Hive or you can delegate it using Dlease.io as an example and earn an extra 10% on top of that. In Hive, voting for a witness doesn’t affect your stake, but for Tron, voting for Super Representatives (Tron Witnesses) is how you determine your TRX returns and APR.
There are also other ways to earn passive income like running a node or providing liquidity for swap exchanges, but this was purely focused on the two easiest methods: lending & staking.
This is a great breakdown on USD-N and how it was able to offer over 10% yield. It’s because it was backed 100% by WAVES and when you earn USD-N, it’s from selling WAVES, so your yield is based on the performance of the underlying asset.
https://en.cryptonomist.ch/2020/08/16/usdn-staking-yield-stablecoins/
I’m always open to learning about new coins that are stakeable and am happy to receive recommendations and explore them. In a future video, I will go through all of them and offer my thoughts on the best coins for-profit and reliability.
The bottom line is that staking and lending are used interchangeably now and you need to understand what is really staking and what is really lending. More importantly, you need to know what’s best for your interests. If you care about KYC, ownership, and decentralization then you want to be actually staking or at the very least using a non-custodial wallet with smart contracts.
Have you ever mixed-up lending and staking? Do you lend or stake? How do you earn passive crypto income? Let me know what you think about this in the comments below and don’t forget to subscribe!
Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated
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