Getting your head around the crypto space

BbyA...nMtW
6 Jan 2024
169



The first step in crypto is getting your head around the space. It is not an easy task as this is still a nascent industry. But when it becomes easy to understand and use, that'll be well after all the early opportunities are gone.

And it's actually pretty easy once you get into it. Just know that you're working with products that are advanced betas at best. The future of finance and, ultimately, digital ownership is being thrashed out right now. Expect some (very) rough edges.

There's a lot of 'learn X' in crypto at the moment. Most are garbage. This post is a result of a number of emails I've sent to people who've asked me how to get started in the space. What you see is just the latest iteration of that. Don't take it as the finished article, take it as the best I have right now.


Learning the basics



You'll always struggle in this space until you learn the basics. Don't stress you're missing out by taking your time. I "missed" out on the first defi summer and that's not stopped me being successful since. "missing out" on whatever the latest and greatest thing is right now won't stop you being successful either.
It's not about making money. Approach with a gambler's mindset and you'll likely have a net negative time. It's about growth.
The opportunities in this space are more and more not trades but investments.
Trades are short term. Investments are long term.

Even longer term is jobs. And this space will need a lot more people working in it as it expands.
Do the work. There is no other way to succeed long term.


Wallets

Whilst you need at minimum a Metamask wallet (see below) I highly recommend using Rabby for EVM based chains (pretty much all of them) https://rabby.io/

On Solana I highly recommend Backpack https://backpack.app/

Outside of that you'll need to do your own research. A reminder: A wallet provider doesn't hold your crypto, it just allows you to view and use your wallet address on the blockchain. So you can have an infinite number of wallet providers that all are looking at the same address and set of assets. Which is super handy should you find yourself unable to see some assets in your particular wallet of choice (or you don't like one of the apps).



Metamask Learn

https://learn.metamask.io/ : Best place to start for newbies. Some of this you'll know, some you won't. Get yourself a Metamask wallet. You'll need it.


Jupiter

Jupiter is also a wonderful resource, only for Solana, but for most people Solana will be the majority of your time on chain.
Start with their onboard to Solana https://welcome.jup.ag/
And then check out their guides https://station.jup.ag/


Keir Finlow-Bates

How this guy does not have 100 million followers on any of his socials is beyond me. I’ve bought both his books. Just excellent. The YouTube videos are a must. He is the kinda of brilliant where he can walk through the woods and explain something complex like the Ethereum merge, in terms anyone can understand, and still not dumb it down or leave out the contentious issues.

Much more prominent people in the space have devoted much more time and energy to the same topics and still haven’t made them as clear.


Couple of things to start with




Milk Road

  • https://milkroad.com/ : Use this as the go to find How-Tos and reviews for products. Sort of like a crypto CHOICE/CANSTAR
  • https://milkroad.com/daily/ : the newsletter is fun, informative and offers a bit of alpha (though mostly it's for the educated LOLs).



Decrypt (also available as an app)

Only so-so as a news portal. The learning stuff is the best thing here. Do the courses and spend your news time in things like The Defiant, Blockworks, DL News and Blocmates




The Defiant

https://thedefiant.io/tutorials

  • Great news services. Focuses on defi.
  • Their learning material step up from Decrypt's explainers in terms of audience knowledge needed but still intros to concepts and products.
  • I also really like their podcast and if you’ve done the above, then you’ll be able to follow along.



DL News

https://www.dlnews.com

  • News arm of Defi Llama, the best market data service in crypto IMO.
  • The best serious crypto reporting at the moment anywhere when it comes to the nuts and bolts of the industry and of regulation.
  • Make sure to sign up to their newsletters.



Blockworks

https://blockworks.co

  • They’re trying to be the 'Bloomberg of Crypto and doing a good job. Website content is good, but not spectacular
  • The podcasts are the best stuff here. I listen to 0xResearch, The Bell Curve, and Lightspeed regularly, but there’s something for everyone.



Blocmates

https://www.blocmates.com/

  • Okay approach with caution. There’s a lot good stuff here but you need to be careful with this one.
  • Trying to be the bratty kid to the more professional players in this space (i.e., Coindesk, The Block, Blockworks etc..). They pitch themselves as the degen version of the ‘Bloomberg of Crypto’.
  • Focus is on education and they are more in the trenches than most others so their insights are very valuable however…
  • Go back and look at the prices/current state of some of the projects they’ve covered in the past and you’ll see some wreckage. They shill too much still, but that’s more a case of the entire space needing to grow up more than them being dodgy. It's a degen focused platform first and foremost so take everything with a grain of salt.
  • Podcasts are fun, a nice foil (and still informative) to the more serious ones from Blockworks and the The Defiant.
  • The Discord is excellent. I’m a pro pleb level in there now. It’s very fun. And very wild.




Next Steps

Do some learning and reading/listening.

My next posts will focus on:

  • some stuff you can do right now, on Solana
  • some specific sources of information I listen to/read in the space


Don’t do anything on Ethereum. Not until you know more.
You’ll just burn needless money on gas fees.


You can have some cake

Cakes On Solana
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