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Set up Wallets
Onboard Fiat to Crypto
Onboard Fiat currency through a centralized exchange (CEX) like Coinbase, if you live in the US you will need to KYC.
Any crypto you leave on Coinbase resides in a wallet under the custody of Coinbase. Consider the location and reputation of any CEX where you leave crypto, and don’t do it.
You can buy or sell 100 cryptocurrencies, always use the Coinbase Advanced Trade features to save fees.
If you want to buy a particular cryptocurrency you can look up where it is traded on CoinGecko and check the ‘Markets’ tab.
KuCoin, based in Hong Kong, is a CEX available in the US, with a good user interface, that trades a wider variety of ALT tokens.
Always use a VPN when trading crypto overseas.
But, say what?
Interact with the Crypto Ecosystems
First you will need a Metamask browser extension wallet to interact with decentralized applications (dapps), CEX, games, and websites like NFT exchanges.
You will receive a 12 word seed phrase and a private key/password, these indicate the wallet is in your custody, protect these. You are also given a public key, a 64 character wallet address, you will use it to receive crypto.
Receive crypto from Coinbase, and you have arrived!
Now you can use DeFi to stake, or farm your crypto assets and earn yields 5% and up. You connect MetaMask to websites, or dapps in Web3, and that is your login. Gaming on. You can buy, sell and mint NFTs.
You may hold small amounts of crypto in your metamask for gas fees. Move crypto into Metamask in large amounts only on a temporary basis to perform specific transactions.
You have custody of this wallet, but it is ‘online’ and can be hacked, you can lose crypto and NFTs. These hacks are triggered if you connect to a website that you should not, or click on a link that is unknown.
Crypto is the ‘wild west,’ and there are scammers. It’s all part of the teaching, but generally, don’t respond to anyone you don’t know, and if it sounds ‘too good to be true,’ it is.
A good strategy is to set up two metamask wallets. First, set up Metamask on a browser and/or phone that you use daily to interact with websites and dapps. Second, set up metamask on your desktop, in a browser that you don’t usually use, and perform your limited high dollar transactions over there.
Always disconnect your metamask from daps when you are finished and ‘Lock’ the wallet.
You can create additional wallets inside the metamask installation, label them, and use them for various flows.
Store your Nuts
For storage of any crypto over a few hundred dollars you will need a Ledger hardware wallet, it’s like a thumb drive. Get it now, set it up, and start using it.
The hardware wallet is offline so your crypto is safe, you can store tokens and NFTs. You can interact with many dapps directly from the wallet.
Have a strategy where you never lose, or compromise, your hardware wallet, or your hardware wallet seed phrase, ultimately, that’s access to your crypto, and NFTs.
Buy Crypto
This is not financial advice, DYOR, but I consider it a really good time to be buying crypto. In the fall of 2022, the markets are down and its ‘buy low. sell high.’ Get ahead of the curve, before the hype starts, and crypto is already high.
DCA & Hodl
Dollar Cost Average (DCA) investing is a good novice, and hands off play, just buy the same amount of crypto every week regardless of price. And, hold it. You can DCA out as the macro crypto market cycle reaches highs, probably around late 2025.
ETH Merge
Being in a bear market, with an uncertain macro-climate, and the FED raising interest rates, I am buying ethereum right now.
Ethereum is market cap number two, a real tech company, and a smart contract platform, so second in volatility, at half the size of Bitcoin.
I don’t like Bitcoin because it uses too much energy,that will never change, and does nothing besides act as a store of value, which ETH can do better.
An historic event, the ETH Merge will occur in two weeks and there is much speculation that this software upgrade, where the blockchain adopts Proof of Stake (POS), and Ether becomes deflationary, and a ‘bond class’ asset, is the beginning of ETH climbing to 10K.
All other ALT coins will dump hard if we take another leg down, so I will avoid those until there in a certain long term uptrend, probably 2024.
War in Ukraine, inflation, the FED interest rate hikes, the housing markets, all create uncertainty that could contribute to further recession.
If these dump the markets, I am buying ETH all the way down.
Trader Beware
The crypto markets are volatile, daily moves of 10–20% are common. The entire market cap of the crypto space is $1T, that’s smaller than Apple.
FOMO will kill you, with many hard lessons, it’s stressful.
Do not attempt to trade crypto unless you decide on it as an avocation, and take a six month course. Beware YouTube. You will lose everything in these markets, it’s just a matter of time.
If you take this road, you can do very well. Make sure you have the chops, a trading plan, and a trading strategy, and that you have back tested these.
I like Eric Krown for technical analysis. Check out his youTube, and trading courses.
You will also need an account at Trading View.
Apply for a Grant
Although a lot of money in crypto has dried up because of the market downturn, there are many savvy players still in the game.
Most grants go to building tech, so if you are a developer you will receive money for almost any idea.
There are also many opportunities to receive grants for crypto advocacy, education and adoption, promoting the arts, building DAOs and community, and crypto marketing.
Writing grants in crypto is easy because you are expected to get to the point, keep it short, and it is your idea that matters.
Look at other grants on a platform, and take a template.
Gitcoin
Gitcoin has a mission is to get open source developers paid. They hold quarterly matching grants rounds, in broad categories, where your crowdfunded contributions are matched quadratically, meaning $1K from 10 people receives a higher match than $1K from one person.
Act now, because the next grant round takes place September 7–22, 2022.
Spork DAO
The Spork DAO has four components, each has opportunities to innovate, and perhaps get a grant. As the producer of the premier Ethereum event, ETHDenver, this is the Colorado front range powerhouse in crypto. Talk to them in discord, and write a proposal by connecting your metamask wallet.
ETHDenver DAO
With its genesis in 2018, ETHDenver is the birthplace of #BUIDL. Subsequently, the event gave rise to the Bufficorn, Spork Marmot, PegaBufficorn, BuffiGWEI, and now SPORKΞ. ETHDenver will continue focus on the world’s largest Web3 #BUIDLathon & Community Innovation Festival.
Colorado JAM DAO
Introduced in 2020, ColoradoJam is a collaboration with the State of Colorado. In support of Governor Jared Polis’ proclamation of Colorado as the “First Digital State”, the ColoradoJam Incubator will fuel Web3 projects alongside the State of Colorado to solve real world problems.
Bufficorn Ventures DAO
Our newest Prong of the spork, Bufficorn Ventures provides ongoing support to post-hackathon projects birthed at ETHDenver. Run by the community, Bufficorn Ventures has the flexibility to make grants or do more traditional investments.
Spork DAO Discord
The most important prong of the Spork. The other prongs simply could not exist without our global community. With 40,000+ unique contributors from over 100 countries over 4 events, the SporkDAO community is a powerful example of the decentralized future.
SEED CLUB
The Accelerator is 12 weeks of concentrated, collaborative learning and building with top pioneers and leaders in social tokens, DAO’s, cryptocurrency, NFT’s and web 3.
The SEED CLUB Accelerator is one part laboratory, one part playground. We expose project teams to the most innovative thinkers and operators in crypto. The Accelerator programming is a mix of workshops, presentations, interactive sessions, and fireside chats. https://www.seedclub.xyz/
MetaCartel DAO
A non-profit grants fund focused on creation and impact. This DAO is funded mostly by individuals in the community
MetaCartel funds:
DApps built on Ethereum
New consumer facing use-case experiment
Creation of new DAOs
Cryptonative experiments
Projects with Longevity
Community oriented.
That’s pretty broad. I’d say go for it.
MCV - Metacartel Ventures DAO is producing MCON2 in Denver , Setember 6th-9th, 2022.
Apply right away.
AAVE Grants DAO
AAVE has a rolling grants program, to provide grants to projects, ideas, and events that benefit Aavesome and its ecosystem.
https://aavegrants.org/
https://aavegrants.org/how-do-i-apply
AAVE funds:
Protocol development
Applications and integrations
Developer tooling
Code audits
Committees, sub-committees, and DAOs that serve the Aave ecosystem
Community (marketing and educational)
Events & hackathons
DYOR
Watch the Bankless Podcast
Ongoing education is necessary and I do well with podcasts. I like the Bankless community, and I rely on Bankless on YouTube.
Make it a daily habit.
The Bankless DAO podcast, community and premium membership are just what you need. At minimum, catch the ‘weekly rollup’ on Fridays.
Bankless also hosts the premier NFT podcast, ‘Overpriced JPGs,’ and Kevin Owocki’s GreenPill Podcast about regenerative cryptoeconomics.
For your crypto education I recommend a Premium membership at Bankless. This is everything you need to understand the complete landscape. Bankless Premium includes:
• A full Market Opportunity report every Monday
• The Inner Circle Discord Chat where we level up (monthly AMAs w/ Bankless!)
• The Podcast Debrief and Premium Feed where David and I drop raw insights
• Our Alpha Leak opportunity alert emails 🚨
• 30% discount to the Permissionless Conference (up to $300 value)
• The Bankless Badge NFT! (badge minting the first of every month) 🔥
• Ultimate Guide to Airdrops (25 potential airdrops to jump on!) 💸
