Break into Bitcoin with Rossco Paddison & Awesome Events

Great seminar. I really loved the part where we got practical and actually did something to see how it all works. Rossco has a wealth of knowledge and shared so much with us. Day 2 started kinda slow with recapping and some emotional stuff where folks were like … I’m not here for this. But hey if you can go for one of these it has a lot of value. We downloaded the Jaxx wallet/app on your phones and set up our private keys which should be kept but kept secret. We transferred LiteCoins. Even though he was selling a 3 day seminar and a 6 month one he didn’t push it. It felt like he only really brought it up once in 2 days.

One of the ladies had an issue with money and he talked about how to treat it. Then he did an NLP Marin exercise with her (below). All I can say is that it was a great exercise and later I wished for the person who won the free course to give it to her and he did the next day! My sceptical side kept usually comes up a lot more but one of the few times it did this time was when Rossco mentioned having more than 12 billionaire in his phonebook. Sceptic was like – is that because he made them rich, is he just showing off, is it connected to bitcoin and if so did they become billionaires with bitcoin. A lot of these seminars have the same theme… sell fear and scare people… then sell your idea and solution (like most documentaries these days, which is why I stopped watching them). I’ve known and studied a lot of these ‘sales’ people and know all the tricks lol. Anyway, another point made was that as some point church and state separated so money and state is bound to separate and it wont be easy.

I stayed for the extra evening session with Dave Campbell to know more about the ‘Done for you’ style of making the money. It was more humorous. He talked about the reserve and fiat system etc. You can know more about that in the Money as Debt Series. Talked about how the mainstream claimed the internet, phones, etc were a sham and would not last. Basically in the ‘done for you’ system you can buy packages that earn you some profits after the cuts are taken. You can re-invest until it’s a good amount. Get your original capital out so you’re de-risked and leave the rest in to compound. Watch this space for a link –

Make sure you know the different between Platforms and Software and which one of each is Public and Private. I also liked that he wanted to get rich and buy land to plant trees and talked a lot about planting trees. He also met up with Jeffrey Slayter who is another great mix of spirituality, business and public speaking.

19 Industries The Blockchain Will Disrupt

So what is Cryptocurrency like Bitcoin
– You don’t own it but you control it. It’s an asset on a ledger.

– So you need 3 things:
1 – Master node (on a ledger that lists transactions). Each ledger/block has 6 transactions. Once the block is completed a new block is started which is why sometimes it takes time to confirm payment.
2 – Users (that make transactions). They need wallets … read on.
3 – Miners (that confirm proof of work/calculate the transactions). They earn by getting a transaction fee and extra 12.5 bitcoin by completing a block (last bit to close the ledger). Don’t worry they don’t see your money or who you are. They see hashes and public/private keys.

– There are 3 types of wallets:
1 – Online wallet like coinjar, coinspot.
2 – Cold Storage/Physical drives like Trezor.
3 – Hot wallet which is an app on your computer or phone.
– You want to get away from online wallets ASAP as they don’t have private keys. Cold storage is best.

– When you have a wallet you will get a public address/key and a private key. The public key is like your BSB/Bank account number. Anyone can know it but can’t do anything with it to get your money. The private key is like your login and password when you do online banking. If someone has both of these they can unlock and access your funds.

– Pros about cryptocurrency – Transparency, neutrality, speed, low cost, nation/borderless, decentralised. (Cons were not discussed… queue skeptic).

– There are soooooo many ways to make money in this space. See below.

Ever wonder how Bitcoin (and other cryptocurrencies) actually work?

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Some of the many many ways to make money with cryptocurrency.

– Buy and hold like stock investments. Don’t spray and pray. Do your homework. Don’t find the needle in the haystack, buy the haystack. Also look at the company values (White Paper: company’s academic document/financial security prospectus) to make sure they match with yours. We look at CoinMarketCap.com to see different coins and how to read the pages. Buy little bits of each that you like and buy at dips. Once on the coins website, look around for things like Github (facebook for developers), Bounty affiliate programs (to become an affiliate to sell to others to sell to others to sell to others….). You can also go to the company’s site from coinmarketcap.com and look for the ‘Developers’ link to see what they’re up to.

– ICO (Initial coin offering) where you have a company that works towards releasing it’s own coin (think startup). We randomly looked through a list of hundred’s different companies will have different values that you can see on their WhitePaper. Go to icoalert.com, on each website see if their values match yours, read their mission, WhitePaper and roadmap. Clicking on buy is not the fastest or the easiest way to do it, look for ‘bounty’ or ‘affiliate’ and you can get extra tokens or private message the founders and ask if they have any ‘group buy’ offers and what are the max-mins. You can flip like other traders when the price is right or you can hold. A good holding – strategy spreading it out on different investments and holding and seeing how it goes. Thegobone.com has a Master Spreadsheet that you can look at – http://thegobone.com/spreadsheet

– Mining by setting up miners or paying miners (cloud mining, building mine farms). Beware as these machines take a lot of power! Rossco showed us a timelapse of a/his mining facility and setting it up. Talked about miners like ASIC (fastest) are fixed chips that can do 14 terhash but only one currency but can change the coin mined. Miners can be immersed in mineral oil to speed them up to 5 times the speed. There are sites (usually close to power plants that have surplus power to use) where you can buy a mine and send it there, or buy a mine from the company already set up. Just make sure you use something like cryptocompare to find the best rates as companies will take services/hosting/maintainance/paying for power/etc fees. giga-watt.com is a good place to start and so is hashflare.io. Basically you’re renting space and getting returns everyday. Mine different coins, spread it out, invest and re-buy. A mining pool is where miners buddy up to make a pool of say 5,000 – 50,000 miners to close ledgers and earn the 12.5 bitcoin faster.

– Done for you where you buy packages and someone invests them for you and takes their cut. You can also make money by referring others.

– Trading like forex. You can move from Bitcoin to Litecoin to Etherium. A lot of these people are against Ripple even though it’s gained momentum because it’s released by the banks when the whole thing was to get away from relying on banks. While looking at the trading graphs he showed us something called Fibonacci retracement to find trends (draw a line at the top of the highest and bottom of the lowest, then use the fibonacci lines to find the patterns. There are about 50 patterns to learn what to do with stocks e.g. head and shoulders… to know more he mentioned a site called trading pips or trading tips :oS). You can start at tradingview.com, binance.com, coinergy.io (.io sites are ok for crypto/blockchain sites).

– Earning it.

– Building a business around it.

Why you should invest in Bitcoin

Click to get the book, ebook or audiobook

Notes on Strategies/Mindset/Re-Framing/Resources
– Limit investment to 10% of earnings maximum.
– $320 Billion are just paid in fees to transfer money like through Western Union.
– Warren Buffet’s cigar butts approach when starting to invest – The idea is that buying these stocks is like finding a mostly smoked, discarded cigar. Though the stub might be ugly and soggy, the puff would be free. Once that momentary pleasure was enjoyed, however, no more could be expected.
– The Starfish and the Spider: The Unstoppable Power of Leaderless Organizations book. A spider dies after you remove the head. A starfish on the other hand has all the parts it needs to live in all the legs. Bascially it’s a de-centralised system. Paras note: That’s where we want to get to with or without bitcoin (look up permaculture, transition towns, freeconomy). How the Spanish couldn’t take over or overthrow the Native Americans because there wasn’t one leader.
– Free Course by Princeton University – Bitcoin and Cryptocurrency Technologies.
– If you want to sell Bitcoin as a business you have to register with AUSTRAC and to know the best rates use sites like CoinMarketCap as other sites like coinjar would have a markup.
– Do not invest and more than you are willing to lose.
– Look at this stuff through technology glasses and not money glasses. Then showed the video of how the world is going to change in 2030’s to 2050’s.
– Money finds it easy to go towards great ideas and not ideas that just improve incrementally.
– Mine different coins, spread it out, invest and re-buy.
– Finally: Know where you’re at, play to your strength (like I’m a fantastic saver because I’m cheap), have 5 minimum investment strategies which don’t have to be all crypto and learn while you earn.

NLP Marin Money Exercise
– 3 chairs (Person, Money, Observer).
– You sit as the person in the person chair and put your wallet or purse on the money chair. Talk to money… when I sit in your presence money, I feel like… Be open with your feelings and go as into it as you can.
– Then sit in money chair and answer how it feels to be in the presence of ‘person’. What does money want me to do, how does money want me to improve our relationship. what message does money have for me?
– Next sit in observers chair. What can you observe/learn from the conversation. Don’t push it, be with the silence if that’s all there is.
– Move back to person seat and breath in all the answers/solutions.

Finding your Purpose Exercise (He did this because a chatty attendee wanted to know how to change the world with bitcoin.)
– Figure out what someone gets out of bed and fights for or pains them.
– What breaks your heart the most?
– What about it, what about the picture don’t you like?
– What is the monetary value in it?
– What do you do and what have you achieved? What other skills?
– Amplify your pain and imagine the world is like that. Then imagine the opposite and describe it like it’s a painting.
Find your calling in this way. With cryptocurrency you can start by being a consultant or find the company whose WhitePaper matches what you stand for.

Things I still need to look into
– Lightning network, atomic transfers, penetration tester, single point of weakness, protocol coin, NLP Marin Belief Collapses, Michelle Masters Money Magic, Andreas Antonopoulos London Real talk, Zombie coins, cloud mining, building mine farms, cryptocompare, mining calculators.

Recommended from Awesome Events
youtube:
Andreas Antonopoulos
Cliff High
Coin Mastery
Data Dash
Arcane Bear

If you made it this far congrats… now the flip side:
Why Bitcoin is Stupid – Part 1 by Mr. Money Mustache

497: Why Bitcoin is Stupid – 2 by Mr. Money Mustache

(Paras note: One thing that is really really really bothering me about the whole bitcoin thing is the amount of energy used to generate/mine the coins. Energy means heat, heat means warming, if it’s going to get bigger and bigger, it’s going to get hotter so hope there is a solution to that.)

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