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Clownhattan Project, Not Gonna Make It (NGMI) Questions Answered As Well
Level 1 - Not Gonna Make It (NGMI)
Welcome Avatar! Tomorrow is the *celebration*. We’re looking forward to it as many of you are as well! April 27, 2021 at 2 Times Square NASDAQ we will meet at 3:45-7:00pm EST. For those that are already in Tier 3 you’re all set along with our international visitors (special thanks to all of you flying in for taking the time to join the fun!).
Some Logistics: This is not a protest or a riot. If you attempt to break/damage or harm anyone, we will be watching. In fact… if you do anything illegal or go out of your way to hurt anyone, we will do our best to track you down. Camera crews area already in route and will be there at ground level. Don’t be stupid.
You’re there to have fun and give the media/institutions absolutely *nothing* to say. If you have a ton of fun, this is perfectly legal free speech. If we see anyone attempting to damage property, harm anyone etc. we will not only try to stop it on the spot… but we will also look for you after the fact. Point of emphasis: some people showing up are disabled, cancer patients, doctors, lawyers etc. so be careful about the people you’re interacting with (ie. don’t be a clown bank).
With the big warning out of the way, everything else is FAIR GAME!!! You can bring music, balloons, juggling items, unicycles, different masks, food (nothing illegal), drinks (nothing illegal), water guns, clown makeup, water balloons, T-shirts, signs, etc. (anything else you can think of that is not illegal/dangerous). Be sure to wear a mask which not only makes the event more fun but complies 100% with all the Covid-19 rules (checkmate!).
Music. Many want to participate in the beginning of the event (4PM market close music begins) and we think this is fair! So here is the official theme song music to *start* the event: Beethoven Greatest Hits
After 5-10 minutes you’re free to play whatever you like: Rap music, Russian music, Brazilian music, Korean pop, Country music, Nigerian music, Canadian music (No Drake, plz thx), French music, German music…etc. (hint hint on who is coming!)
Some US Token Giveaways: At the event we’ll have random clowns giving away t-shirts, masks, codes for free US Token (yes you can get free US tokens via PayPal if you show up and have something cool). This is likely going to be a decent sized group of people so we’ll do our best to find the right people to give rewards to.
Summary: Have a ton of fun. This is a celebration of the birth of a *new* financial system where individuals are given *equal* opportunity and *unequal* results. That is the future and a system we entirely believe in. This is not a negative event. But a positive event built on helping everyone make it to DeGen Island 2035. It won’t be an easy 14 years… But WAGMI in the end especially if you’re already reading this (you will likely have your own personal Citadel).
Comment Contributor Rewards: Starting next month for everyone on the paid sub stack, we will begin to choose “top commentator” of the month. What does this mean? If you’re on the paid sub stack and you leave solid comments for the month, we will ping you and gift you the $100 back for the cost of the subscription.
We’re working out the details but it’s pretty simple. We will read top rated comments (based on likes, length and engagement) and we will also use our own qualitative view of which content was most impactful. If you attempt to spam it or game the system by having people like a worthless comment, we will delete the comment and potentially ban it. This will prevent spam in the comments section.
Why are we doing this? It will improve the quality of the comments section. We’re not foolish enough to believe we’re the richest people in the world. It just isn’t possible (nor the smartest). So. By doing this we can incentivize smart people who may not comment often to drop in with their thoughts. This is a win win as you’ve already paid to be part of the culture and you will be given a chance to get the entire year for free. Think of it as Reddit but with better incentives (avoiding loads of troll posts).
Debates and Emotion: One last note. There is no way everyone will agree with our writing, picks or analysis. We are going to make mistakes. Again. We are going to make mistakes. There is just no way we can follow thousands of projects and there is no way we’re going to have the same investment philosophy as another person.
We see people arguing on twitter. We see people claiming that “they” have the correct answer to everything. Honestly it is fine. We are certain many commenters will be richer and better investors than us (that is simply the law of large numbers). Just recognize we’ll be putting in 100% effort going forward once our e-comm business is sold and we can get a small team together to help scale. That’s the best we can offer. If you disagree with our calls/views you don’t need to follow them! All decisions are yours. After all. This is a Cartoon Bull (from 2035 living on Degen Island).
Not Gonna Make It (NGMI) Questions
For many of the subscribers a lot of this is going to be eye-roll material. If you don’t understand these concepts you should dedicate a weekend to reading, YouTube, Twitter and any other sources you can find on crypto currency. If the items in here are new to you, we’re glad you’re at least trying to learn. That said… you are certainly behind (we’re straight forward and honest about it). The boat is sailing already and the long-term battle is already complete (opinion). So. We can get you ramped up here as fast as we can.
Central vs. De-Central: Centralized means controlled by a single group. Facebook is controlled by Zuckerberg and his crew. Amazon is controlled be Bezos and his crew. Banks are controlled by the CEO and his crew. Even this Substack is controlled by its CEO + employees (eventually if Substack is bright they will decentralize the product).
*Real* crypto currency projects must be decentralized *long-term* (opinion). This means that a real crypto currency project has no central point of failure. The problem is that every single crypto currency begins as a centralized project. Think this through.
While the Bitcoin Maximalists (people who only believe in Bitcoin and every other coin is worthless), even they have to admit that Bitcoin *was* centralized in the beginning. When Bitcoin was first launched there were only a few people running nodes on the network so by definition it was centralized. People forget this. At this point, we’d argue that Bitcoin is the most decentralized product in the world (someone will jump in the comments and argue for something else!).
So what does this mean. It means that any crypto currency we look at or try to invest in 99/100 times will be decentralized over time. Our strong belief is that decentralization is the future. This is also why we’re hiring people we’ve never met and will not meet (until 2035 DeGen Island). To prove that you can scale without knowing a person’s name, race, age or location.
Not Your Keys, Not Your Coins: This concept has been around for a decade now. If you do not own the private keys to your coins where you’re holding the crypto assets… you do not own any crypto currency at all. Why? If someone is holding your passcode/seed phrase it means a *Central Authority* controls your money.
In the physical realm this would be similar to having $1M US token buried under your house vs. $1M US token sitting in a bank account at Chase. Anyone who has made this type of money knows that it is not easy to take a million dollars out of a bank. Paperwork and explanations are needed.
If you are confused by this see our prior post on Coinbase. Coinbase is the leader in US token on ramps. And. Not much else. They are effectively a digital bank. They are also at risk of a “digital bank run”. IE. what happens if everyone takes their coins off of Coinbase? The exchange would have no value anymore as they have no coins to buy and sell. Similar to a bank run. If a bank has no deposits it can’t generate returns. This should be clear to anyone, even a newbie at this point.
Crypto Wallets: The easiest way to get started is with a hardware wallet. This is because software wallets have risk of hacks. For example. If you decide to store all of your coins on a smartphone, you can get sim swapped. Someone can hack your phone and send all the coins out.
By using a hardware wallet you reduce the risk dramatically (for a beginner we think Trezor/Ledger are perfectly fine, more intense people will recommend ColdCard or running your own node). Do you own research. The main concept here is that you want no internet connection linked to your wallet on a consistent basis.
Final note on Metamask (could be replaced by others in the future). The one downside of crypto is that there are new projects popping up every day. So if you want to invest in new projects (DeFi, NFTs etc.) it is *generally* better to have at least a few hot wallets. A hot wallet is something attached to a browser such as Brave, Chrome etc. as an extension. Again. For beginners Metamask is fine if you’re looking to use a hot wallet for some higher risk positions and want to move funds faster.
Big Picture Crypto - Flattening of Opportunity (Not Results): Currently the system we all grew up with is a rigged game. If you are born to a wealthy family you get to be wealthy forever by default. Why? Your parents get to put you into the “best” schools. You go to the “best” university to get the stamp of approval. And. Your parents end up getting you a good job even if you fail in school and barely graduated. You also know how to communicate with other rich people since you grew up with them!
This is not a fair environment from an opportunity perspective. If crypto is done right, everyone gets an equal opportunity but unequal results. This is why we have no interest in being famous (HFBK - Have Fun Being Kidnapped). Our goal is to prove that anyone with talent can focus all their energy in the right direction and make it based on merit (not fake credentials).
Nobody born with pocket aces (the elite) would want this. This is why they are currently trying to recreate the same structure within crypto. You’re seeing it with your own eyes. The famous crypto people are trying to meet up and partner with major hedge funds and billionaires. So they can give them “tips” and pump the price of a project and dump the returns on the market.
We’re doing the exact opposite and plan on scaling this out for 14 years (until DeGen Island is an official stand-alone country). If people want to make a fair economy, they will sign up for this long-term vision. If they don’t? That is fine as well (grasshopper potential in future!)
Before moving on. There is *no* way the infrastructure is ready yet for full decentralization. You’re reading our thoughts on a centralized platform anyway. So. We’re going to try and time the changes correctly over the coming decade with you. If we fail… Ok. Don’t cry for us. We can sustain a 95% loss and still be in great shape forever.
The mission is clear. Build a fairer system and look for talent to branch out specific niche ideas. No need for worthless fame and attention. Leave that to the guys with massive insecurity issues. We can have a lot more fun as anons.
What is Decentralized Finance (DeFi): DeFi is the ability to take a loan against your crypto assets. Example. If you own one Bitcoin (pretend the value is $54,000), you can borrow a stable coin which represents $1 US token. This is a significant innovation. Before? You were forced to go to banks to obtain loans. Now you can obtain loans (decentralized peer-to-peer) without the use of a bank.
There is another bonus. Unlike other loans, the person lending money against the Bitcoin is covered in a market crash (or if the person does not pay back the loan). Example. You have one BTC you borrow $10,000 against that BTC at 5%. In this case you pay $500 a year if you don’t pay down the $10,000 loan. You are free to pay the loan back at any time. For the lender. They receive 5% interest as long as the loan is open. Also. If the price of Bitcoin collapses and the loan to value ratio gets to say 50%, the loan is considered a “default” and the bitcoin is sent to the lender.
Please read that paragraph carefully. It is an example in simple terms. The intense people in the comments section will point out specific liquidation ratios, specific yields, specific projects that have better rates etc. All you need to do is understand the concept. Collateralized loans are now possible with the click of a button.
What is a Non-Fungible Token (NFT): Long-term everything is going to become an NFT (opinion). Your house will become an NFT as it is a lot easier to use software code to transfer a contract versus piles and piles of paperwork. The music industry will be disrupted as you can “ICO” a hit song. The art industry will be disrupted as you can avoid replicas/fakes.
The above sounds pretty insane to a new person. So we came up with a simple explanation for the base level. People are buying JPEGs because they represent the *original* version of an art piece. Example. Even if you could make an exact replica of the Mona Lisa, it wouldn’t have any value because it isn’t the first one. It isn’t the original.
The argument for NFTs is that the original art work has value and if you attempt to make an exact replica by copying it to your desktop, you will not have the *exact* same hash. Within one click, everyone in the world will know that it is fake. All you do is click on the link that proves you “own it” and the ruse is up.
This is pretty powerful for insecure people that want to flex online (yes a real market). There are many people out there who want to prove they are rich online and this is a way to do it. Over time, certain NFTs will represent a lot of value since they will remain culturally relevant for quite some time.
This is also why we’re throwing the HashMasks event. If the event is successful, the clowns participating in the event will be forever marked as the first ever global troll, first ever decentralized celebration and first ever use of NFT in a culturally relevant event. It’s a leap call option (deep out of the money). Also. Who can possibly forget showing up to such an event? No one. All upside, no downside except the US Token we dropped on it.
This should be obvious but if you own one of the 52 bank clowns you should be getting anyone you know to show up to the event tomorrow.
ENS Domains: Getting lazy. If you see all these .ETH addresses and don’t get it… please watch this video asap. Otherwise… NGMI.finance