Weekly Action Recap (Dec 1st)
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Dear Crypto Natives,
A good week of level-ups:
We saw how technology is never the final settlement layer—there’s a deep social layer underneath these crypto machines.
We learned how to avoid doxing yourself when using crypto. (Read the rest of today’s recap for some awesome ant-doxing bonus tips from the Bankless community!)
We read Kain’s take on DeFi in ten years. A world where “capital is deployed in an instant to wherever it is most needed with almost zero barriers.”
Oh and I saw a demo for a new money protocol I’m really excited about. Not saying a word yet but Bankless subscribers will be first to hear about it in a week or two—I’ll include a tactic for ya. Stay tuned.
Now let’s do the recap!
Recap for the week of December 1st, 2019
- (Monday) The final settlement layer - capture
- (Tuesday) How to use crypto without doxing yourself - implement
- (Thursday) DeFi in Ten Years - calibrate
3 BONUS TIPS on how to use crypto without doxing yourself
Obfuscate the transaction amounts when you wash them. If you send an easily identifiable amount (like 11.43118754 ETH) into Coinbase and then out of Coinbase to another account, split or combine amounts (potentially from a few different accounts) it’s easy to track on chain.
To avoid this:
Split or combine amounts (potentially from a few different accounts)
Add some delay between sending into an exchange and sending out
Consider pre-washing some funds for emergencies—potentially to catch a dip on a project you want to invest in. Waiting until the last minute could cause you to slip-up and dox yourself.
Don’t forget—you can’t wash NFTs. Consider an ENS name. If you were to register a domain name through an unwashed Ethereum address that could be associated to your cold wallet then there’s no good way to un-dox yourself. Right now there are no ways to erase NFT owner history or transfer NFTs privately. Known tricks like routing funds through exchanges or using mixers like Tornado don't apply here.
Check your addresses using Ethtective. Plug in an address you’d like to check here. It will show all other addresses linked to that address. Use it as a tool to ensure make sure your addresses are properly washed.
I’ve added these to the tactic for your reference.
If all this seems like a lot—don’t worry. It will get easier. We’re the vanguard remember? Beta testing this new financial system for the world.
- Execute any good market opportunities you saw in Market Monday
- Complete weekly assignment: convert crypto to a tax-advantaged account
- Learn and implement the 4 steps for good crypto address hygiene
- Review the 3 Bonus Tips to avoid doxing yourself (see end of article)
- Consider: will DeFi become more efficient than traditional finance?
Tag me on twitter when you subscribe & I’ll deliver 3 x 🔥
Cool to see Evan giving out a Bankless subscription! (subscribe to WiE btw)
Don’t forget…you can check the archive and get caught up anytime
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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