Sketchy Ideas

Sketchy Ideas Episode 71: Crypto For Common Folk Pt. 3

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:30  Intro

  • Topic: Crypto For Common Folk part 3

    • 3:29 Sponsors

    • Cream City Marketing
      • www.creamcitymarketing.com
      • Spearity

        • www.Spearity.com

        6:50 Mining and what does it mean for business owners

        • Crypto mining and YOU → what does it all mean?
          • Important because it is growing
          • Will become a big topic

            • 9: 00 Mining

            • Mining is just a service platform
              • A bunch of computers that are running the same set of code and problems
              • A bunch of people want to get into mining
              • If you want to: start now
              • Mining makes crazy returns -B
              • When people are investing in mining the returns are so out of the norm that it almost doesn’t make sense

                • 12:00 Example of return on mining

                • EX: you pay 10,000 for this mining machine
                  • Your gross revenue monthly will be over $1400
                  • Most of these machines take a lot of power
                  • Breakeven in 7 months and profit in 8
                  • power
                  • Power when it comes to crypto
                    • Need money to plug it in
                    • around $300 monthly in power to plug these machines
                    • Will run for 2-3 years

                      • 15:20 return on mining cont….

                      • Market can change and your profit could drop

                        • 18: 50 expenses

                        • After 21/2 years you will be making $700 a month profit and you are doing nothing
                        • The point of this is if you follow the numbers, this beats any business model
                        • “Turning electricity into cash” -B 2:20
                        • Negative: they take a lot of power to run which is why the power expense is high

                          • 21: 10 Power

                          • Realistically it is double the amount of power your house would use, but you are making $700 monthly profit
                            • They need to maintain infrastructure that is not being used
                            • They cannot use the power. Power isn’t where we need it.
                            • Power is produced no matter what

                              • 24:00 Power storage

                              • Power storage is the problem
                              • Crypto is actually good for the environment because it is going where the future is going
                              • There is demand to upgrade → the power is being generated anyway, but crypto is actually using this power
                              • *sims example* run the power in the middle of the city

                                • 27:00 Access to People

                                • Crypto is doing good things for the world and for energy even if it is a huge power source
                                • “Nerds in basements”-M Michael explaining why crypto isn’t an MLM

                                  • 30: 00 Crypto Models

                                  • The idea and the return is almost unbelievable
                                    • There is nothing else that works this way
                                    • Because it is digital and other things require work ethic

                                      • 33:10 Systems

                                      • We are just getting good at this
                                      • Important takeaway is to look at the idea and begin to understand it
                                      • The more demand the more innovation happens -B 33:50
                                        • “Demand is the mother of innovation” - M

                                          • 36: 00 Don’t get left behind

                                          • Take advantage of the education right now
                                          • Financial literacy is important or you will get lost in the dust

                                            • Full Show Notes Here



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