So what will be the aftermath of this GME event?

These are simply my guesses, I don't actually know.

Wallstreet will likely push for licenses being necessary to trade, or put more limits on how many trades you can make, or some other way to screw the average person trading. 1/

I'm having difficulty seeing the need for any other currency in the world other than G$.

If it works, and it is decentralized, then why would we need more than one global-reach currency?

If it does the job perfectly, then why do we need another?

I don't mean there won't be others. What I mean is that maybe Crypto UBI will be like the existing non-democratic crypto market ranking. There will be a first-place market cap amount, and exponential decay to the #2, #3, #4, etc.

This is in contrast to the simplistic view where we assume there will be X systems and they all have more or less the same abstract Y market cap or reach, and they all add up to an integrated system with X*Y market cap.

All you have to do is design the controls the way they want to be designed. If you don't introduce some unneeded damage in it, then there won't be the need to come up with another system that fixes the damage and actually does complete "the system" that we will use.

E.g. Bitcoin would have worked, except it introduced the damage that is Proof-of-Work, which means it is unusable and will be replaced by Ethereum, which will use PoS, thus fixing the damage.

Circle of Competence 101

Warren Buffett and Charlie Munger often reference the importance of knowing the boundaries of your circle of competence.

But what is a Circle of Competence and how does it work?

Here's Circle of Competence 101!

1/ First, a few definitions.

A Circle of Competence is the set of topic areas that align with a person's expertise.

If the entire world of information were to be expressed in a circle, an individual's Circle of Competence is the small sub-circle that represents their expertise.

2/ The idea surfaced in the 1996 BH annual letter.

"You don’t have to be an expert on every company...you only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital."

3/ A Circle of Competence is built over time.

It is built through experience, reading, dedicated study, and effort.

It is dynamic, not static.

It can expand as you deepen your knowledge in new areas. It can contract if you fail to nurture your existing areas of expertise.

4/ To engage this mental model in your life, there are two key processes to go through:

(1) Identify what falls within your circle
(2) Identify the boundaries of your circle

(1) is all about figuring out what you know, while (2) is about humbly admitting what you don’t.

Everyone should own a digital asset that earns $2,000 per month.

Here are 10 dead-simple ways you can make your First $1 online (from people who actually did it):

🐦 Analyze viral Tweets

1. Get Twemex (free chrome extension)
2. Find influencers with viral tweets
3. Identify why they went viral
4. Put your analysis on a document.
5. Upload it to Gumroad
6. Sell it

H/t @BrianFOConnor

🔢 Extract data from yellow pages into excel

1. Find a B2B/B2C niche that needs offline data
2. Choose a digital platform (Excel, Airtable ..)
3. Move the data to the digital platform
4. Hire someone on Fiverr to do it
4. Sell it on gumroad

H/t @SachinRamje

🎨 Design flyers and graphics

If you are good at designs:

1. Find a niche (ex: Vegan resturants)
2. Create a profile on Upwork
3. Upload a portfolio
4. Start with a low charge per hour/design
5. Steadly increase your charge

H/t @abdussalampopsy

🏋️ Become a coach

1. Decide on a target persona
2. List down your achievements
3. Update your social profiles
4. Create a calendar account
5. Create content with CTA to book a call

H/t @OllieEmberson

Introduction to imbalance charts (orderflow trading):

A 🧵

(1/n)

Orderflow charts essentially show the real time buying and selling happening in the markets.

In below chart, you can see how market sell orders are shown to the bid side and market buy orders are shown to the ask side.

(2/n)

Using this, one can identify big buying and selling happening at various prices.

Imbalance charts takes this one step forward. How so? Read on to find out.

(3/n)

Imbalance charts shows buying and selling imbalances at various price points. How does it matter?

Imbalance here implies to what extent is buying more than selling and vice versa.

(4/n)

Why is that important? As a trader, if we know that buying at a particular level is x times more than selling or vice versa, it would help us understand the strength of supply or demand coming into the market.

(5/n)