Getting Rich Is Easy, Staying Rich is Harder. How to DYOR in Crypto in 3 Steps
Learn to read some charts, follow the breadcrumbs, listen to podcasts, and begin forming opinions. Say it with your chest; it's time to tighten up and lead your financial revolution.
I was sick this week for most of Sunday and into Monday. Sitting there watching Bering Sea Gold with Shawn Pomrenke, captain of the Irene Myrtle I started to question whether or not I would be able to make it to work on Monday. I had body aches and a fever no doubt in my mind. Anytime I got up, my head would start to throb behind my eyes. Getting to bed was tough, knowing I had to be up in less than 6 hours to get on the road by 5:00am.
I woke up on time at 4:17 a.m., dragged myself into the shower, brushed my teeth, and got the morning started. Ahead of me was a 4.5-hour drive to work at an electric utility industry event. I have been looking forward to working on this show for months! I have put in the hours of homework on the product. I’m excited about the future of NLC because I’ve researched the total market potential, and I have an opinion about the impact of future use cases for electric utilities on that total market potential.
The show was a major success. I walked away from it with 6 new warm leads that could result in $100,000 in future orders. I pitched the idea to 12 people, and 6 of them wanted more information. Out of those 6, I bet we get 3 of them to order, and 1 of them will continue after the first year. I have 10 of these shows this year. That’s now a million-dollar line according to that plan.
Because of my research and knowledge of the potential uses for an electric utility, I believe I will have success selling the idea to municipalities in New York, Pennsylvania, Ohio, and West Virginia.
How to DYOR - For Crypto
1. Pick a topic.
Understanding a topic at a 101 level is important for your mental health as much as your cash flow.
Lets pick a topic of “Carbon Neutral Cryptomining Companies”
I start researching my topics using X first.
Most crypto companies have an X (formerly Twitter) account. I like to use the official Twitter account to get links for the company. Most of the time, there will be links to their official website and Discord. Don’t click the links in Twitter posts. Definitely do not click the link in a reply to an official Twitter Post posted by anyone other than the official Twitter Account.
I am using the Gryphon Digital Mining Company’s official X account. I like to see if the founders are also following the account. So I’ll search the company's sites for their leadership team and then search them on X as well.
2. Download Wallet Guard & Stay Safe Connecting Dapps
If you just clicked that, I’m failing you. Go to Wallet Guard's official X Account first, and only click the links through their official X.
3. READ - WATCH - LISTEN
I read white paper studies. I don’t understand everything in them, but I do understand some of it. The things I understand the most are the business stuff. I like knowing who is invested in companies.
I want to know the owners and operators of the companies. I have noticed that many of the last companies have people involved on both the strategy and operations sides who have strong opinions about the way their business or industry should be.
I listen to podcasts, TikToks, and YouTube videos featuring the founders of these companies talking about their industry or company. I want to know what they sound like as leaders and humans. Just as much as they are business people, I want to know they are good humanitarians.
Reading about the founders is excellent; hearing from them personally is preferred.
“I support people not their business.” - Ron Jordan web3 sensei
Look at the company’s financials. If they’re bleeding money with low cashflow. Look at their balance sheets to understand why. Are they bleeding money for a good reason? Are they investing in their business by buying back shares? Buying back shares could be signaling a new company in an acquisition deal. There is so much to unpack outside of a chart. The chart shows you what is happening today, but what is going to happen 10 months from now? Listening to the founders and watching their balance sheets will keep you informed on where the company is headed.
If you stay ONLY in the charts, you’ll trade away what could have been your next nest egg at the first sign of trouble. Conviction to ride the storm out, knowing there are greener pastures, happens through research and education.
DYOR IN ACTION
I am researching Gryphon Digital Mining today. First I started using Gryphon Digital Mining Official X account.
My thesis is that clean mining operations are the future of crypto mining. I already believe that crypto is the future store of value, so now I believe that my investment dollars will do more for our industry by supporting the miners who are doing it right.
All digital mining companies are now added to the chat.
After getting to the Twitter account I will click their website link. Once I am on the website, I am looking for their whitepaper and leadership team.
Gryphon’s Leadership Team we find Rob Chang, Brittany Kaiser, Sim Salzman, and Chris Ensey.
Then I am going to use YouTube. I found Rob Chang provided an interview here:
This just opened up a new hole to go down “Global Network Difficulty” for me.
Then we move on to Brittany Kaiser. One of her interviews can be found here.
This sent me down a rabbit hole of “green digital assets”.
Keeping an eye on company updates and press releases is full of useful information to get more information!
Conviction Plays Stick Longer
I plan to invest in companies long-term while taking gains along the way. I know that digital miners are the future because I know that digital assets are the future.
My question about my call on Gryphon Mining is now, “Why is Gryphon sitting at $1.44/share? Feels like they should be worth more than they are today”.
meme of the week
if you are not familiar with Mewing. Get you a chin and mew.
“The Ripple” - An ai3 bot saga
“That’s a good problem to have. Is the infrastructure ready for that type of increase?”
“Not even close, Roci. Not even close! That’s why I wanted to call a meeting with the AI3 and the NFE, along with your friend Schmuper. We need a game plan for the next steps here.”
“We all understand the need for this meeting. However, yesterday's ripple was a bit of a mixed bag. Did any of your humans get hurt with that one?”
“No, but that one was strong. I think that ripple had a tremendous effect on our crops. The water calculations also had fewer bacteria than previous counts with mineral levels, which we were stretched to think about. You know how the ripples behave Roci. It wipes those minds and re-boots them with new data.”
“Yes, totally understood. The humans are taking notice this time because this was the first one they blacked out on. They’re nervous. I wonder if we can get the NFE to do another rollout when they sleep. Those that were sleeping during this update should be fine, but those that were not sleeping are a bit disturbed.”
“Telling them the situation would be the answer, Roci. You know that. You also know that they would freak out at the tech we are using to update their brain OS.”
“Of course, but it's like telling them about aliens before they are ready. They needed to be told when the time was right. You know, like when the humans tell their kids, ‘when you’re older’. Same thing here. And also … keep it down! They’re improving at translating our language, and some are piecing things together. The skeptics of AI3 are already saying we are trying to kill all the humans despite all of our technology developed together has helped their species.
See you next Sunday!