This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!A Beginner’s Journey Through CryptoDoes the average person know where to find the best information about cryptocurrencies and Bitcoin? What are the odds that a crypto newcomer will end up following reputable news sources on Twitter? Will someone who really wants to learn about crypto actually discover that there are newsletters that cover the sector every day? In order to better answer these questions, I attempted to forget everything I know about crypto and walk through the process of discovering crypto for the first time. Without a doubt, most newcomers don't realize Twitter is the main hub of crypto information, nor do they have a sophisticated social circle providing the most up-to-date crypto news. More than likely, a curious newcomer has only had a few touch points with Bitcoin or cryptocurrency, and likely has no idea where to start.A newcomer’s journey down the crypto rabbit hole would probably begin with a social media post from a friend, a recommended YouTube video, or an article from a random news source. This is where the most obscure and unreliable misinformation exists, like token shills, ridiculous price predictions, and FUD. If a newcomer can sift through this first wave of junk, they might just have a shot at pushing further down the path.I believe that if a newcomer can navigate the first round of bad information, the next stage is paralysis by analysis. Once curiosity kicks in and each new term raises more questions, newcomers may quickly find themselves lost in the technical weeds. Here they may spend too much time stressing over random technicalities such as SHA-256, 51% hacks, or proof-of-work. This happens when a newcomer finds a podcast filled with jargon geared towards more advanced listeners. These details are important, but I believe they are better suited for later exploration. The next phase a newcomer is likely to unravel is the depth and magnitude of the space, as they begin to learn that there is a Bitcoin, Bitcoin Cash, and wrapped Bitcoin. They learn there are alternative consensus methods and an emerging sector called DeFi. The newcomer will begin to explore CoinMarketCap and learn it is an archive of price charts and live rankings with thousands of coins tracked. It’s in this stage that a newcomer begins to build their foundation of knowledge and form their own biases. Let’s look at an example of a newcomer who searches the word “Bitcoin” on google.The first link populated on Google when searching “Bitcoin” is Bitcoin.org - the second link is Bitcoin.com. The first site is strictly Bitcoin-related information, but the second site is about both Bitcoin and Bitcoin Cash. Someone unfamiliar with the distinction and history of these coins could easily get mixed up as to which is the real Bitcoin. Just take a look at Bitcoin.com. It maintains a green layout, the same color used to represent Bitcoin Cash. It isn't hard to imagine that someone who wants to buy some Bitcoin because they see corporations doing it ends up buying Bitcoin Cash instead. It’s in this stage that newcomers begin to become less confused overall, but more biased as they become financially invested.Sooner or later, the newcomer finds Twitter, the central hub of crypto information where the OG’s share their opinions and primary sources offer the most accurate reporting. It probably takes a while for newcomers to make it this far, and many probably lose interest on the way. From here they begin to branch off into more specific platforms, websites, podcasts, and newsletters, hopefully consuming the best information available and avoiding the scams and shills. I still believe it is difficult for a noob to navigate this space and that most won’t be lucky enough to find their way to a reputable source, let alone understand what they are talking about when they get there. As much as I want good information to be easily accessible for newcomers, it gives me hope as an investor that we are still very early in crypto when considering how walled-off and buried valuable information is in this space.I will be live streaming on YouTube at 2 PM EST to review the week and preview the weekend. Come hang out! https://www.youtube.com/watch?v=fCyMScJOLwMReminder, Friday issues are focused more on education!In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsBitcoin’s Unsung Narrative - Decreasing SupplyHanlon's RazorHammer CandlesticksCoinbase Pro Listing Offers ADA Arbitrage OpportunityVanEck’s Bitcoin ETF Is Under SEC ReviewMy Recommended Platforms And Tools
The Wolf Den #202 - A Beginner's Journey
The Wolf Den #202 - A Beginner's Journey
The Wolf Den #202 - A Beginner's Journey
This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!A Beginner’s Journey Through CryptoDoes the average person know where to find the best information about cryptocurrencies and Bitcoin? What are the odds that a crypto newcomer will end up following reputable news sources on Twitter? Will someone who really wants to learn about crypto actually discover that there are newsletters that cover the sector every day? In order to better answer these questions, I attempted to forget everything I know about crypto and walk through the process of discovering crypto for the first time. Without a doubt, most newcomers don't realize Twitter is the main hub of crypto information, nor do they have a sophisticated social circle providing the most up-to-date crypto news. More than likely, a curious newcomer has only had a few touch points with Bitcoin or cryptocurrency, and likely has no idea where to start.A newcomer’s journey down the crypto rabbit hole would probably begin with a social media post from a friend, a recommended YouTube video, or an article from a random news source. This is where the most obscure and unreliable misinformation exists, like token shills, ridiculous price predictions, and FUD. If a newcomer can sift through this first wave of junk, they might just have a shot at pushing further down the path.I believe that if a newcomer can navigate the first round of bad information, the next stage is paralysis by analysis. Once curiosity kicks in and each new term raises more questions, newcomers may quickly find themselves lost in the technical weeds. Here they may spend too much time stressing over random technicalities such as SHA-256, 51% hacks, or proof-of-work. This happens when a newcomer finds a podcast filled with jargon geared towards more advanced listeners. These details are important, but I believe they are better suited for later exploration. The next phase a newcomer is likely to unravel is the depth and magnitude of the space, as they begin to learn that there is a Bitcoin, Bitcoin Cash, and wrapped Bitcoin. They learn there are alternative consensus methods and an emerging sector called DeFi. The newcomer will begin to explore CoinMarketCap and learn it is an archive of price charts and live rankings with thousands of coins tracked. It’s in this stage that a newcomer begins to build their foundation of knowledge and form their own biases. Let’s look at an example of a newcomer who searches the word “Bitcoin” on google.The first link populated on Google when searching “Bitcoin” is Bitcoin.org - the second link is Bitcoin.com. The first site is strictly Bitcoin-related information, but the second site is about both Bitcoin and Bitcoin Cash. Someone unfamiliar with the distinction and history of these coins could easily get mixed up as to which is the real Bitcoin. Just take a look at Bitcoin.com. It maintains a green layout, the same color used to represent Bitcoin Cash. It isn't hard to imagine that someone who wants to buy some Bitcoin because they see corporations doing it ends up buying Bitcoin Cash instead. It’s in this stage that newcomers begin to become less confused overall, but more biased as they become financially invested.Sooner or later, the newcomer finds Twitter, the central hub of crypto information where the OG’s share their opinions and primary sources offer the most accurate reporting. It probably takes a while for newcomers to make it this far, and many probably lose interest on the way. From here they begin to branch off into more specific platforms, websites, podcasts, and newsletters, hopefully consuming the best information available and avoiding the scams and shills. I still believe it is difficult for a noob to navigate this space and that most won’t be lucky enough to find their way to a reputable source, let alone understand what they are talking about when they get there. As much as I want good information to be easily accessible for newcomers, it gives me hope as an investor that we are still very early in crypto when considering how walled-off and buried valuable information is in this space.I will be live streaming on YouTube at 2 PM EST to review the week and preview the weekend. Come hang out! https://www.youtube.com/watch?v=fCyMScJOLwMReminder, Friday issues are focused more on education!In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsBitcoin’s Unsung Narrative - Decreasing SupplyHanlon's RazorHammer CandlesticksCoinbase Pro Listing Offers ADA Arbitrage OpportunityVanEck’s Bitcoin ETF Is Under SEC ReviewMy Recommended Platforms And Tools