Sunday Essentials 🪥 by JAD (5/12/24)
Your weekly reminder to brush and floss every day - and more!
Gm gm everyone~
Happy Mother’s Day for those of you in the US! 💐
And congratulations to those who graduated this past week! 🎓
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Start this Sunday off with a bang - here’s the most viral talk from the recent TED conference in April.
Scott Galloway gives a compelling speech about how the US is "purposefully" moving wealth from the younger generations to the older generations.
This means the dream of having a comfortable life in the US has become substantially more difficult for younger generations.
Scott does a great job of sprinkling excellent points (and some questionable ones) alongside humor and compassion to give a TED talk that is worth listening to.
It’s also hilarious how his audience are visibly/audibly nervous throughout the talk 😂
Watch below ⤵️
Enjoy~ ☕️
The Bitcoin network crossed 1B on-chain transactions ✅
RobinHood was issued a Wells Notice from the SEC for their crypto arm 👀
All the more reason to self-custody your assets. You never know when an exchange will be targeted - even the exchanges that are publicly-registered companies in the US
Wells Fargo, Visa, Mastercard, JP Morgan, and other “top US banks” are taking part in a test for shared-ledger technology simulating US Dollar transactions 👀
VanEck launched a memecoin index, including top-performing coins such as DOGE, BONK, WIF, and PEPE 😅
Bitcoin mining company Marathon Digital ($MARA), officially joined the S&P Small Cap 600 index ⛏️
Revolut announced a new crypto exchange for its users in the UK, titled Revolut X ✅
UK-based telecoms provider, Vodafone, is seeking to integrate crypto wallets with its SIM cards 📱
🇺🇸 US job growth totaled 175k in April, less than expected; unemployment rose to 3.9%
🇨🇴 Bancolombia, Colombia’s largest bank, launched Wenia, a crypto exchange
🇿🇼 Zimbabwe’s Reserve Bank of Zimbabwe is releasing a physical version of its tokenized currency
This week’s interesting chart:
BTC Exchange Inflows
This chart, created by CryptoQuant, shows us that BTC exchange inflows are at a 10-year record low.
What does this tell us?
Generally, when BTC exchange inflows are high, it means that people are sending their BTC to an exchange (think Coinbase, Binance, Kucoin, Gemini, etc.).
And usually when this happens, it’s because people are preparing to sell their BTC on that exchange in return for USD.
So what does a 10-year record low exchange inflow tell us?
Well…given the above logic, it would appear that people are bullish and are HODLing (holding on for dear life) their BTC under self-custody.
Take with that what you will 👍
Bad breath, or halitosis, is often caused by bacteria that build up on the tongue or between the teeth.
Practicing good oral hygiene, including brushing your teeth twice daily and using a tongue scraper, can help remove these bacteria and improve breath freshness. Regular visits to the dentist for cleanings are also important in maintaining oral health and preventing bad breath.
My Thoughts On…
Layer 3s (L3s)
Most people have no idea what a Layer 1 (L1) is, let alone a Layer 2 (L2).
Here is a quick recap:
L1s are the foundations of a blockchain, with the main job being to process and record transactions cryptographically. Key features include decentralization, security, and creating/maintaining a network.
Examples: Bitcoin, Ethereum, Solana, etc.
L2s are like enhancements to the L1. They are built on top of L1s and help with scaling solutions by making transactions faster and cheaper - all without overloading the main L1 network.
Examples: Base, Arbitrum, Optimism, etc.
So when L3s came on the scene, it was a bit of a wild ride - even for me.
Thanks to my group chats for helping me out with that one 😅
L3s are essentially specific applications/services built on top of the L2, providing further functionality and use-cases (all while maintaining the speed, efficiency, and cheapness of a L2).
So…why am I writing about this?
For those of us who actively participate in the crypto market, L3s seemed to really come to life with Warpcast’s $DEGEN tipping mechanic.
And as mentioned above, it took me quite a while to understand what I was doing, the transactions I was signing, and the end-goal for participating in a L3.
When it comes to building out functionality via cryptographic networks, I strongly feel that L3s will become dominant as UI/UX matures.
That being said…those who are able to understand and participate now will likely be rewarded in the future.
After all, we’re still early.
What I’m Reading
Are You Hunting Antelope or Field Mice? by Tim Ferriss
A short read (<3 minutes) that will have you ponder the direction of your energy expenditure.
Sometimes articles like this are what you need to kickstart you towards a better path.
Happy hunting.
Song of the Week
So Good by Public Library Commute
What I’m Experimenting With
4 Hobbies Everyone Needs (or 3 as per Naval Ravikant)
I’ve been reading online that in order to be fulfilled, you need to have 4 hobbies that encompass different aspects of life:
Physical
Cerebral
Creative
Financial
I’ve been tinkering around with my “daily routine” to see what my 4 hobbies really are.
It would appear that for me, the gym/tennis, board games/reading, writing, and cryptocurrency are my 4 hobbies in the respective categories.
Naval also touched upon this in a slightly different manner ⤵️
What are your hobbies that keep your life fulfilling? 🤔
Stoic Passage
Fact of the Week
Did you know that the honey bee is the only insect that produces food eaten by humans? 🐝
Honey is not only delicious but also has various medicinal properties, including antibacterial effects and its ability to help soothe coughs and sore throats.
Honey production involves a complex process where bees convert nectar into honey by a method of regurgitation and evaporation, storing it as a food source in wax honeycombs inside the beehive.
(I’ve been consuming larger quantities of honey than usual this past week 🍯).
Quote I’m Pondering
“Optimists are successful; pessimists are right".”
Photo of the Week
Stay safe out there and be happy~
Best,
Philip
Disclaimer:
All thoughts and opinions are my own; please DYOR (do your own research) and remember that this is NFA (not financial advice). After all, I’m just another dentist.