Saturday, January 29, 2022

Industry News & Trends: January 2022

Industry News & Trends: January 2022

Kicking off the year of 2022, the month of January possesses a high level of importance as it not only symbolizes a new beginning, but also leaves the first impression for the following 11 months – and what a month it has been. Continuing our tradition at Mozik of covering what goes on in the industry every so often, with this article we bring you all the important highlights and events of 2022’s month of January.

The Market

We can’t cover January without talking about the market crash that took place during the middle of the month. While BTC had a rough few months at the end of last year, almost no one foresaw it reaching lows of $33.5K in the later stages. Along this dip, Bitcoin brought the entire market down with it, as the global cryptocurrency market cap went from $2.25T to $1.70T – a 550 Billion dollar decrease.

NFTs suffered from this event as well, but thankfully to a lesser extent. The global NFT market cap fell by around 18%, and trading volume by 39%. Surprisingly, total sales went up by a whopping 30%; which, considering the circumstances, is an impressive feat. This data provides a silver lining to NFTs, and further strengthens the idea that NFTs – while related to crypto – can be a separate market that is less dependent on the traditional crypto markets.

El Salvador Doubles Down on Bitcoin

Following the crash, the president of El Salvador announced the purchase of a further 410 Bitcoins acquired by the South American country. When advised by the IMF to reverse their decisions on Bitcoin, essentially urging them to drop Bitcoin as legal tender, the president publicly refused by tweeting out a meme.

These series of events are important as they highlight how a country is committed to using the technology and fundamentals of decentralized blockchain to advance, in spite of all the obstacles, criticisms and scrutiny that lay in their way. Around 70% of El Salvadorans are unbanked, going to show how important crypto and DeFi is for the average person in a developing nation.

Intel Joins the Mining Race

It was recently revealed that tech giant and chipset manufacturer Intel will be entering the ASIC mining market with their own hardware – the “Bonanza” chip. Details on the hardware are scarce but according to sources it will be an energy-efficient machine, and it seems that there are orders placed for the product already.

If true, this could be a game-changer for the crypto market as a whole. For one, more competition in the mining market encourages innovation, which ultimately leads to better, more efficient machines. Such advancements improve network conditions, and more importantly, optimize energy usage – a frequent anti-crypto talking point that undermines one of the most important pieces of tech we currently possess.

DAOs Begin to Rise

DAOs (decentralized autonomous organizations) have begun to pick up interest recently as various groups are gathering and pooling resources to accomplish noteworthy – or at the very least newsworthy – feats. From a DAO that bought a copy of an unreleased movie concept for Dune for over $2 million, to one that wants to buy Blockbuster, to one that wants to buy the US constitution… there is no shortage of interesting, mind-boggling and intriguing goals that various DAOs have established.

Regardless of what one may think about these sometimes humorous ambitions, there is no doubt that DAOs possess a huge potential for effectively, securely and trustlessly utilizing a group’s resources to achieve a common goal. With the power of smart contracts and governance, almost anyone can participate with an ease of mind, and witness the power of unity enabled by the blockchain.

Crypto.com Gets Hacked

One of the biggest exchanges in the world – Crypto.com – suffered a serious attack this month that affected over 400 users. During the event withdrawals were suspended from hot wallets until the issue was fixed. A few days later, the exchange not only announced that it had reimbursed all the victims, but that it was also introducing a worldwide account protection programme, protecting victims of unauthorized transactions of up to USD$250,000.

In a time when centralization is under scrutiny and fears of hacks and theft of digital assets are widespread, the swift actions and professional handling displayed by Crypto.com is crucial to strengthen the trust not only in exchanges, but also in cryptocurrency as a whole.

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Guide to NFT terms: an NFT glossary

Source

1:1 Art

Art where each piece is one of a kind (1 of 1). Unlike 10K projects, PFP or Generative Art collections have a cap of NFTs released that can range from a few hundreds to 10K.

1/1 of X

Contrary to 1:1 Art, 1/1 of X means each NFT is unique, but part of a large and cohesive collection. E.g: Fidenzas by Tyler Hobbs or Crypto Punks (each Punk is 1/1 of 10,000).

10K Project

A type of NFT collection that consists of approximately 10,000 NFTs (but not strictly).

AAB 

ArtBlocks, the most important platform for generative art currently.

AFAIK

As Far As I Know.

Airdrop 

Distribution of an NFT token directly into a crypto wallet for free. Can be used as a marketing campaign or as scam by airdropping fake tokens to empty someone’s wallet.

Alpha

The first or very primitive release of a project. Or Investment term to track how a certain investment outdoes the market. E.g: Alpha of 1.0 = 1% improvement or Alpha of 20.0 = 20% improvement.

Altcoin 

Any other crypto that is not Bitcoin. Bitcoin Maximalists can also refer to them as shitcoins.

AMA 

Ask Me Anything. NFT creators or artists do sessions where anyone can ask questions about the NFT project, team, vision, etc. Usually hosted on Disc**rd, but also on Reddit or even Youtube.

Ape

Someone can be aping, ape in or aped on an NFT meaning someone is taking a large position relative to its own portfolio size. Some argue that when someone apes can mean that they're following the hype, out of FOMO or without due diligence. Not related directly to the Bored Ape Yatch Club.

ATH 

All-Time High. When a NFT project or token reaches the highest price to date.

Avatar project 

An NFT collection that consists of avatars that people can use as their profile picture (see PFP) in social media to show they are part of an NFT community like Crypto Punks.

Axie Infinity

ETH blockchain-based game where players battle and trade Axies (digital pets). The main ERC-20 tokens used are Axie Infinity Shards (AXS) and Smooth Love Potions (formerly Small Love Potion) (SLP).

Axie Infinity Shards

AXS is an Eth token that powers the Axie Infinity game.

BBag Holder

Someone who holds its position in a crypto or keeps an NFT until it's worthless.

BAYC

Bored Ape Yacht Club. A very successful PFP 1/1 of 10,000 individual ape characters collection. People use BAYC as a Twitter profile picture to brag about being part of this NFT community.

Bearish

Borrowed finance slang meaning someone is doubtful about the current market and that it will crash.

Bear Market

When the Crypto or NFT market is going down in value.

Bitcoin (BTC)

First and original cryptocurrency as outlined in a whitepaper by the anonymous creator(s) Satoshi Nakamoto.

Bitcoin Maximalist

Believer that Bitcoin is the only cryptocurrency needed. All other cryptocurrencies are altcoins or shitcoins. 

Blockchain

Distributed, decentralised, immutable database that is the basis of trust in Web 3.0 technology.

Bluechip

When an NFT project has a long track record of success and its value is sustained over time, therefore considered a solid investment.

BTD

Buy The Dip. A bear market can be an opportunity for crypto investors to buy a crypto or NFT at a lower price. 

Bullish

Borrowed finance slang meaning someone is optimistic that a market will increase in value aka moon.

Bull market

When the Crypto or NFT market is going up and up in value.

Burn

Common crypto strategy to destroy or delete tokens from the circulation supply intentionally and permanently in order to limit supply and increase the value.

Buying on secondary

Whenever you don’t mint an NFT directly from the project, you can always buy it in secondary NFT marketplaces like OpenSea. Most NFT sales are secondary market sales.

C​​Cappin or Capping

Slang for lying or faking. Opposed to no cap which means “no lie”.

Coinbase

Nasdaq listed US cryptocurrency exchange. Coinbase Wallet is one of Coinbase’s products where users can use a Chrome extension or app hot wallet to store crypto and NFTs.

Cold wallet

Otherwise called hardware wallet or cold storage. It’s a physical device to store your cryptocurrencies and/or NFTs offline. They are not connected to the Internet so are at less risk of being compromised. 

Collection

A set of NFTs under a common theme as part of a NFT drop or an auction sale in marketplaces like OpenSea or Rarible.

Collectible

A collectible is an NFT that is a part of a wider NFT collection, usually part of a 10k project, PFP project or NFT Game.

Collector

Someone who buys NFTs to build an NFT collection, be part of a NFT community or for speculative purposes to make a profit.

Cope

The opposite of FOMO. When someone doesn’t buy an NFT because one is still dealing with a previous mistake of not FOMOing at a fraction of the price. So choosing to stay out.  

Consensus mechanism

Method of authenticating and validating a transaction on a blockchain without the need to trust or rely on a central authority. Examples of consensus mechanisms are Proof of Work (PoW) or Proof of Stake (PoS).

Cozomo de’ Medici 

Twitter alias used by Snoop Dogg for crypto and NFT chat.

Creator

An NFT creator is a person that creates the asset for the NFT idea, vision and in many cases the art (e.g. a jpeg, audio file, video file).

Crypto Bags/Bags

Refers to how much cryptocurrencies someone holds, as in their bag of coins.

Cryptocurrency

The native coin of a blockchain (or protocol coin), secured by cryptography to be exchanged within a Peer 2 Peer economic system. E.g: Bitcoin (BTC) for the Bitcoin blockchain, Ether (ETH) for the Ethereum blockchain, etc.

Crypto community

The community of a specific crypto or NFT project. NFT communities use Twitter and Disc*rd as their primary social media to hang out.

Crypto exchange

Where someone can buy, sell or trade cryptocurrencies and tokens.

Cryptography

The foundation of blockchain technology. The use of mathematical theory and computer science to encrypt or decrypt information.

CryptoKitties

One of the first and most popular NFT based blockchain games. In 2017, the NFT project almost broke the Ethereum blockchain and increased the gas prices dramatically.

CryptoPunk

Currently one of the most valuable blue chip NFT projects. It was created by Larva Labs. Crypto Punk holders flex their NFT as their profile picture on Twitter.

CT

Crypto Twitter, the crypto-community on Twitter.

Cypherpunks

Movement in the 1980s, advocating for the use of strong cryptography and privacy-enhancing technologies as a route to social and political change. The movement contributed and shaped blockchain tech as we know today.

DDAO

Stands for Decentralized Autonomous Organization. When a NFT project is structured like a DAO, it grants all the NFT holders voting rights, control over future actions and the NFT’s project direction and vision. Many NFT projects are also organized as DAO to be a community-driven project.

Dapp

Mobile or web based decentralised application that interacts on a blockchain via smart contracts. E.g: Dapp is the frontend and the smart contract is the backend.

DCA

Acronym for Dollar Cost Averaging. An investment strategy to reduce the impact of crypto market volatility. E.g: buying into a crypto asset on a regular monthly basis rather than a big one time purchase.

Ded

Abbreviation for dead like "I sold my Punk for 90 ETH. I am ded."

DeFi

Short for Decentralised Finance. Blockchain alternative for traditional finance, where intermediaries like banks or brokerages are replaced by smart contracts to offer financial services like trading, lending, earning interest, insure, etc.

Degen

Short for degenerate, a gambler who buys into unaudited or unknown NFT or DeFi projects, without proper research hoping to chase high profits.

Delist

No longer offer an NFT for sale on a secondary market like Opensea. NFT Marketplaces can delist an NFT that infringes their rules. Or NFT owners can choose to delist their NFTs (has long as they have sufficient funds for the gas fees) due to price surges to avoid their NFT being bought or sold for a higher price.

Derivative

Projects derived from the original project that reinforces the value and importance of the original NFT. E.g: "alternative" punks.

Dev 

A skilled professional who can build NFT projects using smart contracts and blockchain technology.

Dex

Decentralised Exchange that allows for peer-to-peer trustless transactions that don’t rely on a centralized authority to take place. E.g: Uniswap, PancakeSwap, dYdX, Curve Finance, SushiSwap, 1inch, etc.

Diamond Hands

Someone who believes and holds a cryptocurrency or NFT regardless of the crypto or NFT market fluctuations. 

DLT

Acronym for Distributed Ledger Technology. It’s a protocol that allows the secure functioning of a decentralised database, through cryptography. This technological infrastructure scraps the need for a central authority to keep in check manipulation or exploitation of the network.

Dog coin

It’s a memecoin based on the Japanese dog breed, Shiba Inu, first popularised by Dogecoin. Other notable coins are Shiba Inu or Floki Inu. These dog coins are frequently subjected to pump and dumps and are extremely volatile. The original dog coin DOGE was created as a joke in 2013. Elon Musk it’s one of Dogecoin's most famous supporters.

Doxxed/Doxed

When the identity of an NFT team member, dev or creator is public, known or verifiable. In the NFT market, when a NFT team is doxed it’s a usually sign of confidence and transparency for NFT collectors to ensure they will not be scammed for an anonymous creator.

Drop

The release of an NFT (single or collection) into the NFT market.

DYOR

Acronym for Do Your Own Research. A common expression used in the crypto or NFT community to disclaim responsibility for the financial/strategy advice someone is providing the community and to avoid being called out by others in the NFT or crypto community.

EEIP-1559 EIP 

Referring to Ethereum Improvement Proposal 1559, commonly known as the London Fork. It’s an upgrade to the Ethereum protocol code to improve the blockchain security and scalability. The major change consists in shifting from a proof-of-work consensus mechanism (PoW) to a low energy and lower gas fees proof-of-stake system (PoS).

ERC-1155

Stands for Ethereum Request for Comment- 1155. A multi-token standard that can represent any number of fungible (ERC-20) and non-fungible tokens (ERC-721).

ERC-20

Ethereum Request for Comment- 20 is a standard defining a fungible token like a cryptocurrency.

ERC-721

Ethereum Request for Comment- 721 is a standard defining a non-fungible token (NFT).

ETH

Aka Ether, the currency symbol for the native cryptocurrency of the Ethereum blockchain.

ETH2.0

Also nown as the London Fork or EIP-1559 EIP. It’s an upgrade to the Ethereum network to improve the network’s security and scalability. The most dramatic change is the shift from the proof-of-work consensus mechanism (PoW) to proof-of-stake system (PoS).

Ether

Or ETH, the native cryptocurrency of the Ethereum blockchain.

Ethereum

Network protocol that allows users to create and run smart contracts over a decentralised network.

FFCFS

Acronym for First Come First Served. Commonly used strategy in a NFT collection drop when the demand surpasses the supply.

Few

Short for "few understand". Similar to the irony behind the "probably nothing" expression. Like X person bought into a popular NFT, because it understands its long term value.

Fiat Currencies or Money

National government-issued currencies like the US Dollar (USD), Euro (EUR) or Great British Pound (GBP) that are not backed by a commodity like silver or gold. FIAT means an authoritative or arbitrary order like a government decree.

Flex

Slang for showing off. In the crypto community, it’s a Lamborghini or a gold Rolex. In the NFT world, it’s a CryptoPunk or BAYC PFP on Twitter.

Flip

Quickly buying and selling crypto or NFTs to make a profit.

Flippening

Colloquial expression coined in 2017 for when Ethereum’s market capitalisation surpasses Bitcoin’s.

Floor Price

It means the lowest asking price for an NFT collection or subset of a collection on a secondary market like OpenSea.

Floor Sweep

Refers when a NFT collector or investor buys all the lowest listed NFTs on a secondary NFT marketplace.

FOMO

Acronym for Fear Of Missing Out. Buying a crypto or NFT out of fear of missing out on the next big thing.

FOMO-in

Buying a crypto or NFT regardless if it's at the top of the market for FOMO.

Fractionalise

Turning one NFT like a Crypto Punk into X number of fractions ERC-20 tokens that prove ownership of that Punk. This allows for i) collective ownership of an NFT, ii) making an expensive NFT affordable for the common NFT collector and iii) adds more liquidity to a very illiquid NFT market.

FR

Abbreviation for For Real?

Fren

Means Friend and what people in the NFT community call each other in an endearing and positive way.

Foundation

An exclusive, by invitation only, NFT marketplace that specializes in NFT art.

Fungible

Means X can be traded for another X and still hold the same value. E.g: My dollars = your dollars. My 1 ether = your 1 ether. My casino chip = your casino chip. On Ethereum, fungible tokens are defined by the ERC-20 standard.

FUD

Acronym for Fear Uncertainty Doubt. It can be a) when someone spreads negative and sometimes false news to discredit a certain crypto or NFT project. Or b) the overall negative feeling regarding the future of the NFT/Crypto project or market, especially when going through a bear market.

Fudder

Someone who has FUD or engages in FUD about a NFT project.

Fudding your own bags

When an NFT collector or crypto investor speaks negatively about an NFT or crypto project he/she has invested in or has a stake in. Usually negative comments about the team or vision.

GG

Means Gangster. A term of endearment used amongst the NFT Community.

Gas/Gas fees/Gas prices

The fee charged to complete a transaction in a blockchain. These gas prices vary tremendously between the blockchains, the consensus mechanism used to validate transactions or the number of transactions being made at a specific time.

Gas war

When a lot of NFT collectors (or bots) are trying to mint an NFT at once and therefore resulting in gas price surge.

Generative art

Artwork that is algorithmically created by code with unique traits and rarity.

Genesis drop

It refers to the first NFT drop a creator makes on an NFT auction platform.

GG

Interjection for Good Game.

GM

Interjection for Good Morning.

GMI

Acronym for Going to Make It. Opposite of NGMI (NOT Going to Make It).

GOAT

Acronym for Greatest Of All Time.

GTD

Acronym for Going To Dust. When a token or NFT project turns out to be a bad investment.

GTFO

Get The F*ck Out, as in “gtfo with that fud dude” if someone is talking bull.

GWEI

One billionth of an Ether (ETH) also known as a Shannon / Nanoether / Nano — unit of account used to price Ethereum gas transactions.

HHEN (Hic Et Nunc)

A popular NFT art marketplace for art built on the Tezos blockchain. Big NFT marketplace for inexpensive NFTs but not a very user-friendly UI/website.

HODL

Misspelling of HOLD coined in an old Reddit post. Synonym with “Hold On for Dear Life” meaning hold your coin or NFT until the end, whether that they’ll moon or dust.

Hot wallet

Wallets connected to the Internet, less secure than cold wallet because they’re more susceptible to hacks.

Hype

Term used to show excitement or anticipation about an upcoming crypto project or NFT.

IICO

Acronym for Initial Coin Offering. It’s the crypto equivalent to a stocks’ IPO (Initial Public Offering) but with far less scrutiny or regulation (leading to a lot of scams). ICO’s are a popular way for crypto projects to raise funds. 

IDO

Acronym for Initial Dex Offering. To put it simply it means to launch NFTs or tokens via a decentralized liquidity exchange. It’s a common fundraising method used by upcoming crypto or NFT projects. Many consider IDOs a far better fundraising alternative to ICOs.

IDK

Acronym for I Don’t Know.

IDEK

Acronym for I Don’t Even Know.

Imma

Short for I’m going to be.

IRL

Acronym for In Real Life. Refers to  the physical world outside of the online/virtual world of crypto, NFTs, gaming or social media.

IPFS

Acronym for Interplanetary File System. A peer-to-peer file storage system using hashes to recall and preserve the integrity of the file, commonly used to store NFTs outside of the blockchain.

It’s Money Laundering

Someone can use this expression to suggest that NFT prices aren’t real and that actually people are using NFTs to launder money, without providing much proof or explanation on how it works.

IYKYK

Stands for If You Know, You Know This. Similar to the expression "few", used when someone buys into a popular crypto or NFT project, slightly because of FOMO but also because it believes in its long term value.

JJPEG/JPG

File format typically used to encode NFT art. Some people also use Jpeg to mock people buying NFTs as in “All that money for a jpeg”.

KKMS 

Short for Kill MySelf.

LLarva Labs/ LL

NFT Creators behind the popular NFT projects like Cryptopunks,Meebits or Autoglyphs.

Laser eyes

Bitcoin meme signalling support for BTC and/or it will break the $100k per coin valuation. 

LFG

Acronym for Let’s F*cking Go! A common rallying call used in the crypto or NFT community to lead people into buying an NFT or a crypto.

Liquidity

Term that means that a token or NFT has a high volume activity in the crypto/NFT market. It’s easily sold and resold. But usually the NFT market it’s illiquid when compared to the general crypto market, due to the non-fungibility nature of an NFT (there are less buyers for every NFTs out there).

LMFAO

Stands for Laughing My F*cking Ass Off.

Looks Rare

Ironic expression commonly used in the NFT Community. Rarity is a driver of an NFT’s value.

London Hard Fork

Known as EIP-1559, was an Ethereum code upgrade proposal designed to improve the blockchain security and scalability. It’s major change is to shift from PoW to PoS consensus mechanism.

Long run

Means someone is committed to the NFT market or an NFT project in the long term.

MMaximalist

Typically refers to Bitcoin Maximalists. People who only believe that Bitcoin is the most secure and resilient blockchain. For Maximalists, all other cryptocurrencies are shitcoins therefore a waste of time, development and money. 

McDonald's

Common and ironic expression amongst the crypto community. It means that Mcdonald’s is always a valid backup plan or career in the case all cryptocurrencies crash and disappear.

Meatspace

Synonymous with IRL - In Real Life.

Memecoin

Cryptocurrency like Dogecoin that is based on an internet joke or meme.

Metamask

Popular crypto hot wallet platform to store crypto and NFTs.

Metaverse

Term was coined by writer Neal Stephenson in the 1992 dystopian novel “Snow Crash”. It’s an immersive and digital place where people interact via their avatars. Big tech players like Meta (formerly known as Facebook) and other independent players have been designing their own version of a metaverse. NFTs can have utility for users like buying, trading, winning, accessing, experiencing or interacting with things inside a metaverse.

Mfer

Short for “mother f**ker”.

Miners

Single person or company that mines one or more cryptocurrencies like Bitcoin or Ethereum. Both blockchains need computing power for their Proof of Work consensus mechanism. Miners provide the computing power and receive coins/tokens in return as payment.

Mining

Mining is the process by which new tokens enter in circulation as for example in the Bitcoin blockchain. Also, mining ensures the validity of new transactions happening in a given blockchain that uses the PoW consensus mechanism. Therefore, the ones who mine are rewarded by ensuring the validity of a blockchain.

Mint/Minting

Mint an NFT is the act of publishing your unique instance to a specific blockchain like Ethereum or Tezos blockchain. In simpler terms, a creator is adding a one-of-kind token (NFT) into circulation in a specific blockchain. 

Once the NFT is minted - aka created - NFT collectors can i) direct mint, therefore purchase the NFT by paying the specified amount directly into the project’s wallet. Or ii) buy it via an intermediary like an NFT marketplace (e.g: OpenSea, Foundation, Rarible, etc.). Later, the NFT owner can choose to resell the NFT, most NFT creators set up a royalty for every time their NFT is resold.

Minting interval

How often an NFT creator can mint or create tokens.

MOAR

A misspelling that means “more”.

Moon/Mooning

When a coin (e.g. ETH), or token, like an NFT goes exponential in price and the price graph sees a vertical climb. Crypto or NFT users then use the expression that “X token is going to the moon!”.

Moon boys

Slang for crypto or NFT holders who are looking to pump the price dramatically - taking a token to the moon - for short term gains and with no real long term vision or commitment.

NNever trust, always verify

Treat everyone or every project like something potentially malicious.

New coiner

Crypto slang for someone new to the cryptocurrency space. Usually newcomers can be more susceptible to FUD or scammers.

NFA

Acronym for Not Financial Advice.

NFT

Acronym for Non-Fungible Token. The type of token that can be created, bought, sold, resold and viewed in different dapps. The ERC-721 smart contract standard (Ethereum blockchain) is the most popular amongst NFTs.

NFT Marketplace / NFT Auction platform

Platforms where people can sell and buy NFTs, either via an auction or pay the seller’s price. The largest NFT marketplace is OpenSea. But there are other popular NFT marketplace examples like Foundation, SuperRare, Nifty Gateway, Rarible, Hic et Nunc (HeN), etc.

NFT Whale

A NFT collector or investor who buys a large amount of NFTs.

NGMI

Acronym for Not Going to Make It. For example, something said to someone who has paper hands.

NMP

Acronym for Not My Problem.

Nocoiner

It can be someone who simply doesn’t hold cryptocurrencies, mistrust the crypto market or believes that crypto is either a scam or a ponzi scheme.

Noob/N00b/Newbie

Slang for someone new or not experienced in cryptocurrency or NFTs. These people are more susceptible to scams, drawn into pump and dumps or getting rekt on bad coins.

Normie/Normy

Similar expression for a nocoiner.

NSFW

Acronym for Not Suitable For Work. Referring to online content inappropriate for viewing in public or at work. It began as mostly a tag for sexual content, nudity, or violence, but it has envolved to range a number of other topics that might be delicate or trigger viewers.

Nuclear NFTs

An NFT or collectible with more than 1,000 owners. For the NFT to be sold or resold, every co-owners must give their permission beforehand. Otherwise, the NFT transaction can’t be made.

OOG

Acronym for Original Gangster and it popularized by 90s Hip Hop culture. It means the first, the original or the person who has been around since the very start and earned respect in the community. In NFT terms, Cryptopunks are the OG of NFTs. 

On-chain vs Off-chain

An on-chain NFT is when the artwork (like a jpeg, video or music file) is stored directly into the blockchain making it more secure and less susceptible to being stolen. But, note that most blockchains can only store small amounts of data. 

Off-chain NFTs means that the high quality image, music or video file is not stored in the blockchain. But, the NFT data is stored on an external party like a) a centralized server, highly vulnerable to the server being shut down/exploited. Or b) an InterPlanetary File System (IPFS), also an external party but more secure way of finding data because it utilizes a distributed, decentralized system.

OpenSea

By far the largest NFT marketplace in the world, currently.

PPaper Hands

A crypto or NFT holder who is permeable to negative market sentiment or FUD. And does not hold their crypto or NFT for long. Expression used to describe someone who sells as soon as NFTs enter a bear market.

PFP

Stands for Picture For Profile. Twitter users who hold popular NFTs like Crypto Punk or BAYC use their punk or monkey avatar as their profile picture.

POAP NFT

Stands for Proof of Attendance Protocol. These types of NFTs are awarded to attendees of events, regardless if they’re physical or virtual, as proof you attended.

PoS

Stands for Proof of Stake. A consensus mechanism used by blockchains like Bitcoin or Ethereum to achieve agreement, trust and security in every transaction and keep the integrity of the blockchain intact. PoS mechanisms are considered more environmentally friendly than PoW as they’re lower energy and in emissions.

PoW

Stands for Proof of Work. A consensus mechanism used by blockchains like Bitcoin to achieve agreement, trust and security and keep the transactional integrity of the blockchain intact. PoW mechanism requires a lot of computational power, therefore uses more energy resources and higher CO2 emissions than the PoS mechanism.

Private Key

It can be similar to a password. It’s a secret number that allows users to access their cold or hot wallet funds, prove ownership of a certain address and sign transactions on the blockchain.

It’s not advisable to share a private key with anyone as it makes a person vulnerable to thefts. In case someone loses or forgets its private key, it can use a recovery phrase to restore access to a crypto or NFT wallet.

Pre-mine

A term used in crypto to refer to the act of creating a set amount of tokens before their public launch. It can also be known as a Genesis Sale and is usually associated with Initial Coin Offerings (ICOs) in order to compensate founders, developers or early investors.

Probably nothing

It’s an ironic expression used by NFT enthusiasts to refer to an important or soon to be big news, project or person in the NFT space. Meaning when someone says probably nothing it actually means that it is probably something.

Protocol Coin

Stands for the native coin of a blockchain. As in Ether for the Ethereum blockchain or BTC on the Bitcoin blockchain.

Pump & Dump

The term pump means when a person or a group of people buy or convince others to buy large quantities of a crypto or an NFT with the single goal to drive the price to a peak. When the price peaks, these people sell their position high and for a hefty profit, therefore dumping the price and leaving other slower investors or newbies rekt or at a loss.

RRarity

Rarity in NFT terms refers to how rare an NFT is. The rarity can be defined by the number of traits, scarcity or properties of an NFT.

Reaching

Slang for an exaggeration over something to make it sound worse than what it actually is or to take a point/scenario too far.

Recovery phrase

A 12-word phrase that acts like backup for your crypto private keys. A person can recover all of the crypto wallet accounts’ private keys from the recovery phrase. Is not advisable to share the recovery phrase with anyone.

Rekt

Slang for wrecked. When a crypto or NFT project goes wrong or down in value sharply. Or more broadly, when something goes wrong like a person is price out by the gas surge or an NFT floor price goes down.

Right Click Save As

An Ironic expression used by people who don’t understand the value or potential unlocked by NFTs. Person who makes fun that she/he can easily get a digital artwork by Right Click Save As and mock the NFT space and its hype.

Roadmap

The strategy outlined by an NFT project. A way to explain to the NFT community or a potential NFT investor, the different stages, value and the long term vision of the NFT project.

Royalties

NFT creators can set up their NFT so each time their NFT is resold, the creator gets paid a percentage of the sale price.

RN

Acronym for Right Now.

Rug Pull/Rugged

Slang for a scam when the founders, team or developers suddenly leave a crypto project and run away with all the investors’ funds leaving them with nothing.

SSatoshi Nakamoto

The anonymous creator of the Bitcoin whitepaper and whose identity has never been verified.

Scammer

Someone actively trying to steal other people’s crypto or NFTs.

Secondary

Secondary refers to secondary NFT marketplaces, where NFT collectors or investors can resell NFTs after they’ve been minted. The price of an NFT or NFT collection is determined by those who list them.

Seed phrase

Another name for recovery phrase is the 12-word phrase that allows you to recover all of the crypto wallet accounts’ private keys and regain control of the wallet. Is not advisable to share the seed phrase with anyone.

Seems legit

When an NFT project or a person in the NFT community looks promising and the real deal, meaning seems legitimate. Depending on the context can also be used ironically.

Seems rare

An ironic expression or dismissive comment used by the NFT community. For example, It can be used sarcastically when someone asks for feedback on an NFT they own or created.

Ser

Slang for sir and a polite way of addressing others in an NFT community.

Shill

Expression when someone wants to promote or get exposure to an NFT they own or created. 

Shill Thread

It’s a common Twitter strategy to gain traction by encouraging NFT creators to share a link to their NFT project in the hopes of getting bought or noticed by the NFT Community and potential buyers.

Simp/Simping

A NFT holder or creator who comes off as trying to hard impress an NFT whale or investor.

Sh*tposter

A person who mostly posts meme content on Twitter for fun.

SLP

Acronym for Smooth Love Potion. It’s a token players can earn as a reward in the NFT game Axie Infinity.

Smart Contract

A self-executing contract where the terms of the agreement between buyer and seller are directly written into the code and without third party or human intervention. Ethereum is a blockchain that can execute smart contracts, on the contrary to Bitcoin which does not have that capability.

SMFH

Acronym for Shaking My F*cking Head. Common reply to a person showing unbelievable idiocy.

Sock Puppet

Scam account used to lure noob investors into fake investment services.

Snag

It means to buy an NFT quickly and for a very low price. Can also be known as sniping.

Sotheby’s

Very famous auction house that has recently auctioned Beeple’s NFTs or Bored Ape Yacht Club and Crypto Punks’ NFT collections.

Stake

Crypto term for locking up a certain amount of crypto tokens for a set period of time to earn interest. In the NFT space, there are popping up a lot of projects or services that allow NFT holders to earn interest for holding a certain NFT.

Szn

Stands for season referring to crypto or NFTmarket cycles.

TTINA

Acronym for There Is No Alternative. Example: someone asks “why are you investing in BTC?”, to which the reply is “TINA”.

TINA RIF

Acronym for There Is No Alternative Resistance Is Futile.

This is the way

A commendation for positive behavior by someone in the NFT Community.

VValhalla

Ironic use of the Viking “heaven”. Meaning someone’s NFT collection is either going to be a profitable and blue chip project, therefore they can ascend to Valhalla or is going to tank and that person will have to work at a Mcdonald’s.

Vibe

Term used to express a positive emotional state.

Volatile/Volatility

Term used to describe rapid market fluctuations and crypto or NFT prices go up and down quickly in a short period.

WWAGMI

Acronym for We Are Going to Make It. Rally cry to build momentum for a crypto or NFT project and lead even more people into buying, shilling or supporting a specific project.

Wallet

There can be a hot or cold wallet, but both are a place where someone can store their cryptocurrency and tokens. Hot wallets are always connected to the Internet like MetaMask, Trust wallet or Phantom. On the contrary cold wallets are hardware wallets to store crypto or NFTs offline like Nano Ledger.

Weak Hands

Synonymous with Paper Hands. Someone who immediately sells their crypto or NFT because of a bear market, FUD or any other negative sentiment.

Web 1.0

Refers to the beginning of the Web. A period from around 1990 to 2005, also known as the read-only web.

Web 2.0

Refers to an iteration of Web 1.0. From 2005 to the present moment, where social media platforms like Facebook, Instagram, TikTok, Google, Twitter, etc reshaped the web, therefore becoming the read-write web.

Web 3.0

A term coined by Ethereum co-founder Gavin Wood and it’s an idea of what the future of the web could look like. Most peoples’ data, info or content would no longer be centralized in Web 2.0 giants - the Big Tech - but decentralized, mostly thanks to blockchain technology. Web 3.0 could be known as read-write-trust web.

Wen

As in When.

Wen Moon

Popular expression from crypto Twitter not so much in the NFT space. Refers to the still distant future when a token will moon.

Whitepaper

Document released by a crypto or NFT project where it lays the technical information behind the concept, vision, roadmap and plans to grow a certain project.

Whale

Someone who owns a large position on a specific or many cryptos or NFTs.

YYodo

Acronym for You Only Die Once. The opposite of Yolo.

Yolo

Acronym for You Only Live Once. A person can use this when they just realized they bought a shitcoin or crap NFT and they’re getting rekt.

Source


Rollercoin is an online bitcoin mining simulator in which you can mine real bitcoins for free without paying for electricity - get a 1000 satoshi now!

Rollercoin is a game that you compete with your friends, who will have a bigger farm to mine bitcoin, ethereum or dogecoin. Аll you have to do is register and customize your avatar, then you're ready to start the race.

The best part is that this game does not require depositing money to grow your farm, it is enough to play games, raise enough money and buy your first miner.

Once you have collected the sufficient minimum amount (about 4-6$) you can withdraw your money to your personal wallet. You can take 1000 satoshi which will help for the development of your farm. They are equal to 0.00001 BTC.

1000 FREE SATOSHI HERE

It is possible to progress quickly with the new "Event Pass" in the game. If you buy it and take all the prizes you will increase the power of mining by 1.22 Ph/s. Of course, if you do not want to give real money for "Event Pass" there are also free prizes.

ONLY NOW you have the opportunity to get a lot of free miners, RLT and trophy as decor in your mining room!

There is a new option with which you can win free RLT by performing tasks. You can complete all tasks and take hundreds or even thousands of RLT.

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FOR THE FIRST TIME IN THE GAME YOU CAN CRAFT A MINER. If you have 2 or more identical miners, you can combine them and get a brand new one with a higher power than the sum of the combined miners. For this you need parts, you can buy them from the store or win them completely free while playing mini games.

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Hint:

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Notes on using Rollercoin:

• All purchases from the site require RLT, which is Rollercoin's own cryptocurrency.

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• You can only split power from mining crypto once every 12 hours.

• You must win at least one game per day to maintain the current level of your "PC", otherwise it will go back to the lowest level.

• The more games you win, the more difficult it is, and the longer the cooldown. On the flipside, you get a bigger score which adds to your mining power.

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• The higher your mining power, the more crypto you can get from each completed block.


USA Originating DNs: What Are Your Preferred Banks and Credit Cards? What Technologies Help or Hinder Your Lifestyle?

TL;DR - American, soon to be digital nomad, with extensive non-working travel experience (late teens / early 20s; over a decade ago). I am changing up my financial accounts (checking accounts, credit cards) and seek insight from current long-term DNs on their recommendations and "gotchas" to watch out for. The digital world has evolved a lot in over a decade, including with respect to finance. I'm hoping to optimize ahead around Two Factor Authentication, non-swipe payment methods, digital wallets, virtual phone lines, VPNs, Virtual Mailboxes, Virtual Cards, eSIM (which I already use), and more. I'm extremely tech literate and understand all these things, but have no idea how pervasive/accepted they are outside the USA, nor how much they help (or hurt) digital nomads (who live abroad and/or still work for USA-based employers). So, I've provided below the checking/credit cards I plan to get below and welcome any input on that, with respect to the above. And, I welcome you to expound free-form on any of the above really. And if I'm being honest, I invested so much time in the below, I kind of hope it may help others, too! For reference, I anticipate an annual spend of $30k, ranging between $14k and $60k. Most my travels will focus on Europe and SEA, with my first few planned relocations (for 3-6 months each) including: Medellin (Colombia), then Lisbon (Portugal), then Prague (Czech Republic), then Belgrade (Serbia), then Chiang Mai (Thailand), then Seoul (South Korea) and Tokyo (Japan).

----

Hi DNs! I'm a 33 year old male American (still in the USA) and switched to full-time remote work last year. I love it! I traveled extensively (backpacking over a decade ago - without working), so am fairly familiar with most the common long-term travel discomforts (lodging, loneliness, foreign languages, getting around, discrimination, threatening dark alleyway knife encounters, fraudsters, etc.). With respect to finance, those difficulties included declined credit/debit cards and an inability to utilize most ATMs (due to my providers failing to remember that I told them my travel itineraries well in advance), as well as currency scams and occasionally exorbitant ATM and foreign transaction fees! Of course, there was a lot of good/fun in traveling too, else I wouldn't be pursuing the DN lifestyle, haha.

Since my youthful travel, technology has exploded around the world. I'm a professional ethical hacker, so am extremely comfortable and savvy around the technologies discussed (it has literally been my job to defeat many of these technologies - often successfully - perhaps I'll share that in a future AMA, lol), but I'm not familiar whatsoever with precisely how pervasive these technologies are outside of the USA (i.e. South Korea vs Colombia) and, more importantly, how problematic they may or may not be for someone living a long-term digitally nomadic lifestyle (while working for a USA headquartered employer, no less). I'm talking about 2FA (Two Factor Authentication), non-swipe payment methods (PIN, contactless NFC, Digital Wallets [i.e. Apple Pay], Venmo), Virtual Phone Lines (i.e. Google Voice), VPN (Virtual Private Networks), Virtual Mailboxes (no, not email), Virtual Cards, eSIM (which I already use), and more. I'm also quite financially literate, to the point that I achieved FIRE (Financial Independence Retire Early) in my late 20s, but I happen to find my work rewarding and continue to be frugal (i.e. save >50% of income) - so I continue to work, because I enjoy it. To be clear, I'm not your every day bitcoin pumping dropshipping entrepreneur type whose nomadic to keep costs low or meet fellows in his "tribe" (I can't recall what DN post I read this in before, but that was absolute gold!) - I just love travel, embracing new cultures, and meeting all sorts of new and fun people around the world. With that said, I've shared below the checking accounts and credit cards I'm planning to open to get a sanity check from you all. As well as my technological roadmap / planning thoughts, which I'd love your feedback / suggestions on!

Note: I intend to annually spend between $14k and $60k (depending on country/city and, of course, my mood) - with a typical year being $30k. For security purposes, I prefer spending with credit cards, not debit cards. And, if possible, using a digital wallet (i.e. Apple Pay). Also, I prefer cashback rewards over points/miles, due to the sheer simplicity/convenience, thus I'm mostly looking at the best yielding card with the lowest fees. Also, I have an an exceptional FICO Score (>820), so I don't anticipate issues getting any credit card - those seeking to emulate me should know you'll likely need a score of >690 to get these cards (and getting one will drop your score in the short-term, so if you want 2-3 of the below cards mentioned, then make sure to start with the best one for you). And last but not least, the fun part! I plan to travel mostly to Europe and SEA, with my first few planned relocations (for 3-6 months each, accounting for taxable citizen dates/rules and Schengen Area visa limitations) including: Medellin (Colombia), then Lisbon (Portugal), then Belgrade (Serbia), then Prague (Czech Republic), then Chiang Mai (Thailand), then Seoul (South Korea), and then Tokyo (Japan).

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I am thinking of adopting the following banks & credit cards as a nomad / expat:

  1. Checking Account: Schwab Bank High Yield Investor Checking
    1. Primary Use Cases:
      1. ATM withdrawals
      2. Back-up payment method when credit cards are declined, due to fraud protection
    2. Secondary Use Cases: < capable of performing functions of the Alliant Account (see below) >
    3. Payment Network: VISA
    4. Payment Methods: Swipe, Pin, and NFC (Near Field Communication [contactless])
    5. Maintenance: None. You don't need to use, regularly deposit to it, or pay an annual fee
    6. Fees:
      1. FTF: 0%
      2. ATM: 0%. All international ATM fees (no limit) are waived/reimbursed
    7. APY: 0.03% (pretty meh, but I wouldn't be keeping more than ~$2k in here at any time)
    8. Other Details:
      1. Mobile App Access: Exists and supports mobile check deposits. However, I'm unsure if it supports 2FA - would love your feedback on that, robustness, and convenience
      2. Physical Bank Access: Schwab is one of the most (USA-based) widely distributed banks around the world - meaningful, in the event that fraud prevention prevents an ATM withdrawal. That said, I couldn't find reliable data on worldwide physical branch presences for any USA-based banks
      3. Insured: Yes - FDIC ($250k)

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  1. Checking Account: Alliant High Rate Checking
    1. Primary Use Cases:
      1. Paying credit card balances
      2. Funding and withdrawing from my brokerage accounts
      3. Funding my Schwab checking account (see above)
      4. Receiving paychecks
    2. Secondary Use Cases: Temporary back-up for EVERYTHING, in the event that I get robbed (i.e. wallet containing Schwab debit card and all credit cards gets stolen). Needless to say, this debit card would will live in my luggage (and smartphone digital wallet & venmo), not my physical wallet
    3. Payment Network: VISA
    4. Payment Methods: Swipe, Pin, NFC, Digital Wallet (i.e. Apple Pay), and Venmo
    5. Maintenance: None. You don't need to use, regularly deposit to it, or pay an annual fee
      1. Note: A monthly deposit (i.e. paycheck or brokerage account transfer) is required to receive the APY for that specific month, however
    6. Fees:
      1. FTF: 1% (the VISA fee isn't waived)
      2. ATM: 0% at >80k domestic ATMs (map). ALL international ATM fees (up to $20/month) are reimbursed
    7. APY: 0.25%. I actually prefer Nationwide Advantage Checking (0.45%) for this reason, BUT maintaining an Alliant checking account is a requirement for maintaining an Alliant Cashback Credit Card (see below for primary credit card), which ultimately is more rewarding, since I keep the majority of my money invested in the market
    8. Other Details:
      1. Mobile App Access: Exists and supports mobile check deposits. However, I'm unsure if it supports 2FA - would love your feedback on that, robustness, and convenience
      2. Physical Bank Access: N/A - Alliant does not have physical branches anywhere
      3. Insured: Yes - NCUA ($250k)
      4. Certified Checks: Can be obtained over the phone - is this useful internationally?

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  1. (PRIMARY) Credit Card: Alliant Visa Signature Cashback
    1. Payment Network: VISA
    2. Payment Methods: Swipe, Pin, NFC, and Digital Wallet (i.e. Apple Pay)
    3. Maintenance: Must possess an Alliant checking account (see above)
    4. Redemption Rules: Must accrue at least $50 in cashback, before claiming the credit
    5. Fees:
      1. Annual: $0 - this is the current price. However, over the past few years, I've seen it vary from $0 to $99/yr. In the event that it goes to $100/yr again, the additional 1% over a 1.5% card means $10k/yr in spending will make up for the annual fee, so if one only spent $10k/yr on this card, then it would equivalent to the Capital One Quicksilver card (below)
      2. FTF: 0%
      3. Cash Advance (ATM): 3% ($10 minimum)
    6. Rewards:
      1. All Purchases (up to $10k/month): 2.5% cashback
      2. All Purchases (if you manage to reach the $10k/month spend limit): 1.5% cashback
    7. Visa Signature Benefits (non-exhaustive list; see [1] and [2] for all benefits):
      1. $0 Fraud Liability: Only applies to transactions on VISA's network (i.e. fraudulent cash advances from an ATM are akin to a debit loss, NOT a credit loss). Federal law limits fraudulent losses to $50 (credit) and $500 (debit), provided you're reporting your losses within 60 days (i.e. check your accounts regularly). Therefore, Visa's benefit is really just saying it will sometimes waive the $50 fraudulent loss scenario. See [3] for more info
      2. Rental Car Collision (and theft) Waiver: Auto-applied, UNLESS you purchase it from the rental car provider. It's valid for 31 days internationally (and 15 days in the USA). It covers the entire cost of the vehicle, but literally nothing else (i.e. destroyed luggage, injuries to you/others, property damage for others). Only applies to economy-through-luxury classified passenger vehicles (i.e. no minivans seating over 9 people, trucks, cargo vans, or anything classified as "expensive"). Also, if you still carry primary auto insurance as a digital nomad (i.e. a vehicle back in the USA), then this collision protection serves to EXTEND that insurance. Collisions and theft must be initially reported within 45 days, with claims needing to be submitted within 90 days (365 days allowance to acquire all documentation). Note, there are some country exceptions/limitations. The waivers does NOT apply in Ireland, Israel, and Jamaica. Additionally, Australia, Costa Rica, Italy, and New Zealand require renters to carry a certain amount of insurance, which VISA's waiver EXTENDS
      3. Extended Warranties: Auto-extends the manufacturer's warranty on all purchases (except for vehicles, real estate, computer software, medical equipment, and some other items). If the provided warranty is <1 year, then Visa doubles it. If it's 1-3 years, then Visa adds 1 year. If it's >3 years, then no extension is provided. If utilized, there is a cap of $10k/claim, with a lifetime cardholder limit of $50k. Mind you, if you didn't keep the original receipt AND save the original manufacturer's warranty, else you won't be able to submit a claim. So, as a digital nomad, that probably means taking photos with your phone and storing them on the cloud later on...a hassle for non-expensive purchases
      4. Travel and Emergency Assistance Services: Medical evacuation, legal referrals, lost luggage locator service, cash disbursements (if card is stolen), real-time over the phone emergency language translation, pre-trip planning assistance (i.e. exchange rates, vaccination requirements, weather), etc. To be clear, the phone call to get help is free, but the service rendered (i.e. ambulance ride, lawyer, interpreter) will not be free
      5. Roadside Dispatch: Available 24/7 globally. "The service fee is $59.95 per call and includes towing up to 5 miles, tire changes, jump starting, lockout service, up to 5 gallons of fuel and winching"

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  1. (SECONDARY) Credit Card: Capital One Quicksilver Cash Rewards
    1. Payment Network: Mastercard
    2. Payment Methods: Swipe, Pin, and NFC
    3. Maintenance: No requirements - like any card though, you have to use it occasionally
      1. Pro Tip: Put a recurrent charge (i.e. Spotify, Netflix) on your non-primary credit card
    4. Redemption Rules: None - can use as little as $0.01 and they never expire
    5. Fees:
      1. Annual: $0
      2. FTF: 0%
      3. Cash Advance (ATM): 3% ($10 minimum)
    6. Rewards:
      1. All Purchases: 1.5% cashback - it doesn't get any simpler than that!
    7. Other Benefits:
      1. Redemption Options: A statement credit is simplest, but you can also get discounted gift cards. If you own this card and can speak to whether these non-statement credit redemption options are any good, I'd be curious to know!
      2. $0 Fraud Liability: I assume this is comparable to Visa Signature Benefit's, except provided via Mastercard
      3. Virtual Card Numbers: Can create temporary card numbers for purchases on questionable websites
      4. Customer Service: Operates 24/7
      5. Concierge Service: Operates 24/7, for help planning and booking travel, dining, and entertainment
      6. Credit Monitoring Identity Theft Alerts: Comparable to Discover (see below), except it monitors 2 credit bureaus (Experian and Transunion) for activity
      7. Purchase Notifications: Capitol One's website claims they're instant, but I have no experience with it - perhaps you know?
      8. Extended Warranty: Auto-extends the manufacturer's warranty on all purchases (except for vehicles, animals, plants, used items, and more). If the provided warranty is <2 years, then Capital One adds up to 2 years. If utilized, claims must be at least $500, but no more than $10k. Must have original receipt and warranty paperwork. So, as a digital nomad, that probably means taking photos with your phone and storing them on the cloud later on...a hassle for non-expensive purchases.
      9. Purchase Protection: If you see something you bought is selling for a lower price, within 120 days of your purchase date, then you may submit a claim for reimbursement of the difference (up to $250/claim). You may make up to 4 claims within a 12-month period.
      10. Travel Accident Insurance: Details are scarce.
      11. Baggage Delay Insurance: If baggage is deemed "urgent and essential" and delayed by >4 hours, then you may claim $100/day (up to 3 days, thus $300 max). The airfare must have been booked with Capitol One Quicksilver.
      12. Trip Cancellation and Interruption Insurance: You're covered up to $1.5k/trip, if it's a "qualifying reason".
      13. Rental Car Collision (and theft) Waiver: Details are scarce.
      14. Travel and Emergency Assistance: Details are scarce.

----

  1. (TERTIARY) Credit Card: Discover IT Cashback < I've actually owned this card for a while >
    1. Payment Network: Discover
      1. Note: Mediocre global penetration makes this a back-up for VISA & Mastercard
    2. Payment Methods: Swipe, Pin, and NFC
    3. Maintenance: No requirements - like any card though, you have to use it occasionally
      1. Pro Tip: Put a recurrent charge (i.e. Spotify, Netflix) on your non-primary credit card
    4. Redemption Rules: None - can use as little as $0.01 and they never expire
    5. Fees:
      1. Annual: $0
      2. FTF: 0%
      3. Cash Advance (ATM): 5% ($10 minimum). It can also be free, if done with a cashier at one of these stores - I do this all the time in the USA, but I don't think this'll be an option abroad
    6. Rewards:
      1. Rotating Quarterly Categories: 5% (on up to $1.5k in spending, thus a $75/quarter cap)
      2. All Other Purchases: 1% cashback
    7. Other Benefits:
      1. Credit Monitoring Identity Theft Alerts: The most important thing it does is monitor your Experian credit bureau for activity - This actually saved me once! It's quite good
      2. Free FICO Score Monitoring: Handy, if you engage in credit card sign-on bonus strategies
      3. Redemption Options: A statement credit is simplest, but you can also get gift cards for between 5% and 30% off. Examples: Banana Republic/Gap/FootLocker/Macys/similar (20%), various globally recognized restaurant chains (mostly 10%), and other random ones for 5% (i.e. AirBnB, Apple, Uber, Lyft, Target). A lot of useful ones, regardless of where one is located, though obviously most easily utilized within the USA. It's worth noting that the cash back never expires, so there's no rush to use it (aside from the impact of inflation, of course)
      4. Purchase Notifications: I'm informed within SECONDS of every debit and credit, so I get a real-time impression of fraudulent charges or accidental over-charges. Super handy in the USA. Probably a good sanity check I have my notifications set to inform me of ALL debits/credits (even $0.01), which usually happens within seconds of my making a payment, so I can quickly validate a charge is what it should be. Especially since it will translate it to USD (i.e. if I get confused with a vendor talking in their currency, this provides a post-purchase sanity check). For those who own Alliant Visa Signature Cashback credit card - can you do this, too?
      5. Customer Service: Operates 24/7 out of the USA (i.e. English speakers)

----

  1. (BONUS) Credit Card: TBD (likely American Express Platinum)
    1. Rationale: In the ~3 months preceding my DN departure, I'd likely open a credit card offering a great sign-on bonus, thus funding my air travel (and covering the costs of the annual fee), and then cancel the card (before renewal). I'd go with whichever card is offering the best sign-on bonus for my travel at the time. I have a slight preference for American Express Platinum, since they provide 3 months (per flight) of 100% paid for Emergency Medical Evacuation Insurance - I used this benefit once before, getting a private jet for 2 people (plus medical staff) back to the United States, which saved my life once. Of course, I could just buy such a benefit separately, but I've experience with their following-through with the benefit

----

Other Open Questions I Have: < given I plan to travel to countries on every continent; hopefully for years to come >

  1. Do you feel it's necessary to have a VISA AND Mastercard checking account?
  2. Do you feel having three credit cards (VISA, Mastercard, and Discover) is plenty?
    1. And what about American Express? Some googling indicates to me it's less pervasive internationally than the other 3 payment providers
    2. How often do you experience tripped fraud alerts? (please note your card, if comfortable)
      1. How long does it take you to resolve those fraud alerts? As in, can you resolve it quickly on the phone with an agent right then (and do you HAVE to do it right then and there, even if you're in a rush to be somewhere, lest you face headaches later) or are you trying a different card?
      2. Also, at what point (if ever) do those fraud alerts eventually stop for you? Or is it a constant "every time I go to a new city/country" kind of ordeal?
  3. Do you struggle with Google Voice? (i.e. 2FA SMS, call quality, connection reliability)
    1. Do you use an alternative Virtual Numbers option? And if so, why?
  4. Speaking of 2FA (Two Factor Authentication) - how are you managing it? (Email, SMS, Mobile App, Physical Hardware Token, Other)
    1. Also, if you have one of the checking accounts or credit cards I've mentioned in my list above - can you share what 2FA options you do/don't have with that company?
    2. Note: I feel like a mobile app invites a huge problem if one's phone is ever stolen/lost. Lots of travel risks loss of the physical hardware token (not to mention it being a pain with only some companies accepting certain tokens, thus you end up carrying multiple devices, in addition to non-physical 2FA options - at least, that's how it is with America's financial system today). And SMS, besides being notoriously security weak (better than not having 2FA at all, however) is something I think most (all?) virtual phone lines/numbers (i.e. Google Voice) treat very suspiciously (i.e. sometimes the 2FA code won't be delivered). For this last one, I could be way off base, however
  5. What VPN(s) do you use? How reliable has your experience been with commercial VPN uptime?
    1. And do you use more than one VPN?
      1. Note: I've yet to pick a VPN provider. I'm thinking I should have two. One commercial option. And perhaps another that I remotely manage with a friend remaining in the USA. My must-haves for VPN are as low of latency as possible and the ability to select the endpoint (i.e. VPN endpoint is in NY)
  6. What payment methods do you find you most commonly use?
    1. Do you find it varies a lot by city, country, and/or continent?
    2. Do you find it varies a lot by the vendor?
      1. Example A: In USA, you don't pay rent with a credit card, because of huge fees - is it the same internationally?
      2. Example B: In USA, most food cart vendors use POS (Point of Sale) hardware/apps (i.e. Square, Clover) - is it the same internationally?
  7. Any tips/tricks you've gleaned for getting SIM service on your smartphones?
    1. Also, is eSIM common most places now? I feel like a trendsetter here in the USA for using it. I did this because my smartphone permits TWO simultaneous SIMs, with a maximum of one NANO SIM - so I switched my primary (AT&T for now) SIM to eSIM - that way I can "suspend" it while traveling abroad, yet get another eSIM (or NANO SIM) local to where I am in the world at any given point.
  8. What resource(s) do you trust above all else for ensuring you're always somewhere that has good internet uptime and quality (so you're able to work remotely)? And how often has your resource(s) misled you? (FYI - My job entails a LOT of real-time video conferencing)
  9. What has your experience been like using digital wallets (i.e. Apple Pay) and payment apps (i.e. Venmo) in most countries? (I suspect a DN would find it far simpler to keep all their cards back at their lodging, thus handling payments with cash and their smartphone. And, if the smartphone gets stolen, at least it's "locked", thus your financial accounts remain secure/untouched!)
    1. Do ATMS internationally even permit usage of a digital wallet? If not, then I suppose one would still need to carry a debit card with them, just in case
      1. Note: My plans (described earlier) are for two debit cards, with only one intended for international day-to-day usage (for ATMS primarily), because of the risks of theft/fraud
    2. Do you find it's easier to keep your wallet on hand with lots of debit and credit cards?
  10. If you use a virtual mailbox (not email, but scanned physical mail that's addressed to a PO box), which provider do you use and why (i.e. cost, convenience)? And, just as importantly, have you had any notable difficulties with it?
  11. Note: Present day, I'm almost completely digital / paperless (i.e. living in the USA now, I get maybe 3-5 envelopes a month, of which MAYBE 1 is meaningful). I've also managed to stop ~99% of junk mail from ever reaching me (took days of calling/emailing/letter-writing various agencies and companies). For this reason, I'm honestly most likely to use my parent's address while abroad in the very beginning. But, fast forward a few years, I don't want to burden them as they get older. So, before I ask them, I'm curious what non-friend/non-family options some of you are choosing and if it's worthwhile
  12. Do you use virtual card numbers while abroad? If yes, how has your experience been with it?
  13. Note: All of my online shopping are from sites I trust, so I have a hard time seeing the use for this while being a DN, given Amazon and similar is worldwide. But, if you have stories of when you HAD to use a more questionable website for a more localized online purchase, I'd be very curious to learn more. I'm not sure where virtual card numbers should sit in my repertoire of DN options is all
  14. If you are using one of the checking accounts or credit cards I've mentioned above,
  15. What RSS Feeds, Blogs, News Sites, Sub-Reddits, or otherwise are your favorites when it comes to preparing to and actually living in a country? I'm talking finding living accommodations (though in some places its easiest to just walk the street still, I suspect), being made aware of political unrest / violent crime upticks, the areas where DNs and/or English-speaking expats are most common (just to get a break and talk fluidly in your own language with peers for a short spell), finding fun activities, literally, anything that you deem helpful or important before arriving or after arriving. Have fun with it! And, heck, if you've got good podcasts/videos I can load onto a laptop/smartphone to listen to while flying or on public transit, all the better!
  16. Open Question / Challenge: If you want, I invite you to try and dissuade me from approaching my DN plans with cashback credit cards in favor of points/miles rewarding credit cards. I chose cashback because I felt, given the way I constructed it, it's probably ~75% cost effective as a miles/points approach, but without all the redemption hassle (i.e. deciding which card to use where to maximize points returned, having to transfer around points/miles to different airlines/hotels located where I am / am about to go, trying to value the points, keep track of reward rates changing over time, use-it-or-lose-it clauses to keep track of, and paying taxes/fees atop the redeemed points/miles). Maybe I'm overblowing the time commitment it actually takes people to do all this, but it sure does sound like a headache not worth the effort on an average annualized spend rate of $30k. If you're able to generate >$500 more than the cashback approach, without more than a couple hours thinking however, I'll concede you the win. :D To be clear, sign-on bonuses don't count! (as I already account for that in my above plan and that's really more of a credit card churning topic [which I'm not opposed too, but it's a separate topic of discussion])

Top 5 Don’ts of Cryptocurrency Wallets

Top 5 Don’ts of Cryptocurrency Wallets

Crypto wallets keep your private keys - the passwords that give you admittance to your cryptocurrencies - protected and accessible, permitting you to send and get cryptocurrencies like Bitcoin and Ethereum. They come in many structures, from hardware wallets like Ledger (which appears as a USB stick) to portable applications, which makes utilizing crypto as simple as shopping with a credit card on the web.

https://preview.redd.it/p71k712auke81.jpg?width=602&format=pjpg&auto=webp&s=ee9fa07924db6570ee10818ded25dda790f57fcc

Dissimilar to a typical wallet, which can hold real money, crypto wallets in fact don't store your crypto. Your possessions live on the blockchain, but can only be accessed utilizing a private key. Your keys demonstrate your responsibility for computerized cash and permit you to make exchanges. Assuming you lose your private keys, you lose admittance to your cash. That is the reason it's vital to guard your hardware wallet, or utilize a believed wallet supplier. Below mentioned are the 5 don’ts that you should consider:

  1. Buying and selling crypto is pricey

At the point when you utilize a cryptocurrency wallet to gain admittance to the crypto market that is a benefit. The expenses for gaining admittance to the market can be exceptionally high contrasted with customary trades.

Albeit this can be an entirely agreeable arrangement, you ought to be cautioned that the expenses can likewise be higher. Assuming you are intending to trade crypto consistently it probably won't be smart. Also, you should have a go at looking for a cryptocurrency trade that can offer you the least charges for exchanging.

Consequently, you ought to be cautioned that to purchase cryptocurrencies through your wallet you would need to address for a superior cost.

  1. Using a cryptocurrency wallet accompanies liability

Assuming you are new to the crypto market, you should realize that utilizing a wallet has a ton of obligations. When you are utilizing your account balance, you realize that you can depend on your bank assuming something occurs. You essentially call client assistance and the issue gets addressed in only minutes.

In any case, there is no client care for your crypto wallet. Assuming you are utilizing a non-custodial wallet, you are your proprietor. You are answerable for your assets 100 percent. Therefore, it is vital to appropriately store the private keys.

A little mix-up could wind up making a major loss of your assets. Along these lines, you ought to consistently recollect that a cryptocurrency wallet accompanies a ton of obligations. Also, you would not have the option to depend on committed client assistance for your account.

  1. Software updates

Assuming you felt that holding your crypto assets in a wallet was liberated from programming updates, then, you were off-base. Both hardware and programming wallets require ordinary programming updates to appropriately run.

Cryptocurrencies are continually changing, even little changes in the code of the organization could influence clients' assets. This is the reason crypto wallets are continually updating their frameworks. Simultaneously, organizations are continuously looking for better and more proficient answers to ensure clients' assets.

Standard support is likewise occurring. Crypto wallets supplier can likewise find bugs on their code. To fix these issues, they ought to overhaul clients' software. This can be something awkward for financial backers that don't move their assets for extensive stretches of time.

Moreover, not overhauling the software of your wallet could likewise present dangers to your assets. That is the reason it is absolutely critical to consistently refresh the software of your wallet. It merits bringing up that you will be told by your wallet maker when there is a move up to the wallet.

The positive thing of having a paper wallet is connected with the absence of programming updates. You will forever be prepared to move and get reserves.

  1. Very severe security

Hardware wallets are the most secure on the lookout to appropriately store your assets. You can be certain that your digital resources will be a long way from programmers and aggressors. Nonetheless, they expect you to be truly liable for them.

This implies that you want to hold them in a protected spot. Besides, in the event that you lose your private keys or you failed to remember your password, you should realize you may lose admittance to your assets for eternity. As we referenced previously, as you hold your keys, you become liable for your digital resources.

For example, the Ledger Nano hardware wallet will tidy the gadget up on the off chance that you fail to sign in multiple times with your password. In this manner, be consistently mindful that without your private keys you can lose admittance to your digital cash in a flash.

At last, never leave your keys in places you don't recollect. In addition, you ought to consistently have a safe reinforcement that would assist you in recuperating your assets in the event of a crisis. Assuming you like to depend on outsiders, you can basically hold your assets in return. Notwithstanding that, this isn't suggested considering it tends to be assaulted by programmers.

  1. Never trust outsiders

In cryptocurrencies, everything is connected with trust. You don't confide in outsiders. The equivalent occurs to buy a hardware wallet. At the point when you go to the authority shop you can be certain that you are buying the first item. You can then be certain that assuming you send assets to this hardware wallet they will be secure.

If all things considered, you buy your hardware wallet from an affiliate or on the web, you may be getting defrauded. Outside dealers could alter the gadgets and you could wind up losing every one of your assets.

For clients that need to buy their first hardware wallet, the best thing to do is to utilize the authority site of the dealer. Record Nano has incorporated an instrument that permits clients to check whether or not their wallets are ruined. This can likewise be an extraordinary method for understanding whether or not your wallet is compromised.