High Interest Means High Risk
It sounds simple, but it’s as straight forward as it gets and it’s worth reminding. High interest means high risk. If any ape tells you something like “this is a sure thing”, “trust me bro”, or “no risk” they are lying to you or it is some sort of illegal scheme (did I hear Ponzi?). Sounds very simple indeed, as some superhero used to say, “with great power comes great responsibility”, in the same way with great interest comes great risk. Which means nothing more than “you can lose all your money”. Simples.
As a rule of thumb, this monkey follows this simple thought “if you don’t understand it, don’t touch it”. As a matter of fact, some financial products are developed to be as complex and difficult to understand as possible. Obviously, the purpose of this approach is for someone who isn’t you to make money while you put the funds there. Eventually, you could make money, or you could lose it all but, trust me, the ape that designed the product already made her money.
Always be careful with financial products, regardless if they are traditional financial products or super new crypto defi ultrasmart blockchain decentralized community driven coin-token-NFT-(insert your own crypto-thingy here).
And, remember, as they say “cash is king”… Or bananas. Bananas are good.
This article is **NOT financial advice,** just a monkey typing stuff.
Pic Source: Freepik https://www.freepik.com/
Welcome to 2023! Heading towards a Recession?
Happy New Year my beautiful apes! Yes, we are in 2023 and cars still don’t fly, we can’t teleport and the metaverse is just a Second Life 2.0 type of thing… Disappointed? It can get worse!
Analysts say that this year many developed economies could fall into economic recession. Countries like the US, UK, Germany, Italy and a good chunk of EU countries could see their GDP fall for two consecutive quarters technically triggering an economic recession. The good news so far is that winter temperatures in Europe are abnormally high giving breathing space to countries that are highly dependent on gas for heating, electric production, and industrial uses. The bad news is that we still have a few months of winter ahead of us and things can still get very messy. We are not out of the woods yet!
On a different part of the world, China is facing the issues created by government’s “Zero COVID” policies as well as rejecting using western vaccines favouring locally developed ones. Now China is struggling to contain COVID contagion which is putting the Chinese health system under huge pressure. This can have global consequences in the trade markets if Chinese production of goods and transport of those goods are affected by lockdowns and closures as we saw in the last couple of years.
So, yes, apparently 2023 is going to be yet another challenging year. Hope you all stay safe and healthy!
This article is **NOT financial advice,** just a monkey typing stuff.
Pic Source: Freepik https://www.freepik.com/free-photo/empty-wallet-due-coronavirus-economic-impact-background-illustration_18462911.htm#query=economic%20recession&position=5&from_view=keyword
Deliciousness to Effort Ratio: Ode To A Fried Egg
Anyone that likes cooking, like this monkey, know that there are some dishes that are absolutely delicious but a pain to make. You love eating them, but they take a lot of effort to get them to the plate. Beef Wellington is delicious (if you have the chance, try the one they make at the Savoy in London), but it will take you over 2 hours to get it ready. And it’s not easy! On the other hand, a pasta al’arrabbiata will take you just 20 to 30 minutes and it’s still great. Then, how do you choose what to cook? Introducing the **“deliciousness to effort ratio”**. This is, how good it is what you cook compared with how long it takes to prepare. The higher the ratio, the better the dish with little effort.
And this monkey thinks that the highest deliciousness to effort ratio belongs to a **good and simple fried egg**. You only need 3 ingredients to prepare it: **extra virgin olive oil, salt and an egg**. And it takes less time to prepare it than it takes me to type here how to get a good one. Just get a small frying pan, put the olive oil in (a good amount so the egg floats in it) and heat until a bit of smoke comes out. When the oil is very hot, crack the egg carefully not to break the yolk and put it in the boiling hot oil. With a spoon pour some of the oil in the pan over it so the yolk cooks a bit and the white cooks completely. Repeat to taste. I really like it when the borders get nicely brown and crunchy. At that point, just get it on a plate and pour a spoonful of the remaining oil on top and add a pinch of salt. Eat with abundant crusty bread.
Deliciousness level; no lower than an 8 out of 10. Time to prepare a fried egg; around 2 minutes.
Deliciousness to effort ratio: **Unbeatable!**
Pic Source: Directo al Paladar https://www.directoalpaladar.com/curso-de-cocina/como-hacer-huevos-fritos-perfectos-trucos-errores-a-evitar-para-lograr-puntilla-yema-libro
Make Your Bitcoin Cash Work For You
Getting your assets to generate more assets is one of the key pillars of capitalism. Now, in the middle of an inflation crisis, it’s even more important to maintain the real value of those assets. A way to do so is to generate more of them.
How do we generate more Bitcoin Cash? For instance, **Binance is offering now an 8% return for your Bitcoin Cash in flexible savings deposits**. To do this, you need to deposit your Bitcoin Cash in Binance, click on “Earn”, search for Bitcoin Cash and you get to the “Flexible Savings”. Then simply click on it, select the amount you want to subscribe and confirm. After this, your Bitcoin Cash will start generating more Bitcoin Cash on a daily basis. At the moment, the annual return for your Bitcoin Cash savings is 8% APR which is close to the inflation values we are all suffering. And the best part is that **you can withdraw your Bitcoin Cash any time you want without any penalties**, that’s the “flexible” part of the scheme. I don’t know about you, but this monkey likes 8% flexible savings!
This is just a simple, easy way to get your Bitcoin Cash to work for you but I’m sure there are many others! **Do you have any other tricks you want to share?** Write them in the comments! The ape community will be thankful.
This article is **NOT financial advice,** just a monkey typing stuff.
Pic Source: bitcoincash.org https://bitcoincash.org/
Money Saving Tips to Help You Beat Inflation
Everything is getting more expensive. From bread to petrol, electricity, and streaming subscriptions. All prices go up while salary increases seem to be sluggish. In the end, this means that we have less spare income in our pockets to buy delicious bananas. But fear not! This monkey brings you a few tips that can help ease the pressures of inflation.
**Avoid convenience stores:** They are (almost) always more expensive than bigger supermarkets. In the end they offer “convenience” at a price, but you can go to a bit more distant shop and save a significant amount.
**Change shops:** Do you have a discount shop nearby? They may not look the best, but you can get the same items as in other shops. Just cheaper.
**Always have a list when shopping for groceries:** And stick to it. The marketing guys working at big supermarket chains work very hard for you to buy all those things you don’t really need. Make a list of what you need before venturing into a supermarket and avoid temptations!
**Be wary of big “family”, “XXL” or “value” packs:** They are big, flashy and they look like they are saving you money for buying in bulk but sometimes they are more expensive per kilo (litre, pound, ounce…) than smaller packages. Always check the price per unit, sometimes *“it’s a trap!”.*
**Pink tax / Blue tax:** What are these? Usually, products that are predominantly targeted to a gender but have an alternative version targeting other genders (usually changing colour to pink, blue or similar). And these products are more expensive when bought in the alternative colour. Example: Shaving razors are predominantly bought by men, and they are sold in black/blue tones but there are also shaving razors targeted to women that are usually pink/purple. Pink razors tend to be more expensive than the same razor in blue/black version. Do you care that much about the colour of a disposable item? This monkey doesn’t.
**Look for voucher codes when shopping online:** Most online retailers have voucher codes that provide a discount to those using them. Discounts can be a percentage of the price, a fixed amount when you make purchases over a certain value, etc. They are easy to find, and they can save you real money for just a 5-minute online search!
**Join all the free loyalty programs:** Airlines, supermarkets, hotel chains, credit cards… You name it! There are tons of loyalty programs out there that can provide savings, offers, free upgrades… No matter how often you use those companies, just participating in the program is usually enough to get something extra. Join them and take advantage of those promotions!
**Walk instead of driving or using public transport:** Significant savings can be done just by walking instead of using a car or public transport. More considering petrol prices these days! And your health will thank you for it. If you can walk to places, this is a great way to save money!
**Cancel insurance autorenewals:** This monkey has never, ever, ever renewed an insurance policy with the same company. Why? Because the renewal offer has always been more expensive than what other companies would offer for the same level of insurance. Always check the market before renewing an insurance policy. One exception could be car insurance, remember to check the bonuses you may have for staying with your current company and if competitors would match them.
**Cancel internet autorenewals:** New internet providers enter the market (almost) every day. It’s a very competitive market and to gain customers, new companies offer very good deals. This monkey got a 30% reduction and double speed connection in its latest change. You may have a couple of days of “readjustment” to your new internet provider but then you enjoy months (or years!) of cheaper service.
**Avoid paying fees:** Sometimes we use services that charge you a small fee like withdrawing money at a random ATM or paying for delivery when buying something online. They may not seem like much but when you add them up, they become significant. Fees sometimes are easily avoidable with just planning things ahead or looking for fee-free alternatives. Don’t pay fees if you can avoid it!
Do you have other tips? Share them with this monkey and the ape community in the comments!
This article is **NOT financial advice,** just a monkey typing stuff.
Pic Source: Freepik https://www.freepik.com/free-vector/saving-money-financial-concept_9650757.htm#query=saving&position=11&from_view=search
Trading 212, Brief Introduction And First Impressions
It took well over a year after “joining the queue”, but I finally got the invitation to open a Trading 212 account. Happy days!
If you are not familiar with the company, Trading 212 is an investing platform that works on a “commission free” basis. This doesn’t mean they don’t charge any commissions at all, but if you follow a few tips, you will not be charged any commissions. For instance, if you deposit your money via bank transfer and instant bank transfers, then you don’t pay any commission. If you decide to deposit money using credit or debit cards, you will not be charged a fee until you deposit €2000. However, if you continue depositing money via credit or debit card after those first €2000, then you will be charged a 0.7% fee. There is also a currency conversion charge of 0.15%. What is this “conversion charge”? If your account is in EUR and you are buying/selling products denominated in USD, GBP, JPY or any other currency, then you will be charged a 0.15% fee for converting the foreign currency into your local one.
The platform includes lots of different “instruments” (stocks, ETFs, etc.) from all around the world and stock exchanges including NYSE, LSE, Germany, Spain, Italy, France… Plenty to choose from!
To purchase your first shares or ETFs, just deposit some funds, search for the instrument you want to invest in and buy them. They will appear in your portfolio the moment the order is completed. Remember that if you are buying shares in a foreign market the exchange may be closed at the time you place your order and it will take a few hours to complete! And, by the way, you can buy fractions of shares in case the share price of your dream company is too high (Tesla? Apple?). For instance, you buy €100 worth of Tesla shares and you will receive 0.12 shares of Tesla (unsure of Tesla share price at the moment but you get the idea, right?).
Oh, and did I mentioned that you can get a free share worth up to €100? Get a monkey friend to pass you an invite both of you will receive a free share once you deposit some funds which can be as little as €1. Not bad!
But remember, don’t totally go bananas with your money. Only invest money you can afford to lose. Ask yourself, if your investment is worth €0 tomorrow, would I need to do any changes in my lifestyle? If your answer is “yes” you probably can’t afford to invest that money! Be careful with your peanuts and bananas!
This article is **NOT financial advice,** just a monkey typing stuff.
Pic Source: Trading 212 https://www.trading212.com/
The US Economy Faces Great Challenges, Say Corporate Overlords
This monkey likes to follow what happens in the economy in general and some countries in particular like the US, China, EU (yes, not a country but many), some places in Africa and APAC… Keeps monkey aware of what may happen to its bananas.
We are experiencing great challenges and we all feel them in one way or another. Inflation is biting hard (almost) everywhere. The UK just published their latest estimate of price increases for June, and they are 9.4% higher than last year. The greatest annual increase in 40 years. Again. And the Bank of England expects inflation to peak around 11% this year. This, of course, is not an exclusive issue of the UK, inflation in the US is 9.1% and the Eurozone faces price increases of 8.6%. Figures that have not been seen since the 1970s.
All this shows that something is not right in the economy. And Corporate America is reacting. JPMorgan CEO Jamie Dimon has warned of an incoming economic “hurricane” after the bank’s earnings fell short of expectations. Meta (the company previously known as “Facebook”) Mark Zuckerberg told his staff that we are facing "one of the worst downturns that we've seen in recent history" which is quite a statement considering that his company was founded 4 years before the 2008 financial crisis that almost wiped out the global financial system. Elon Musk has written an email to his Tesla employees that he had a “super bad feeling” about the economy (maybe he’ll tweet again about Doge to compensate?). Not bad, eh! But, wait! There’s more! Apple is slowing hiring, Goldman Sachs is reintroducing their proprietary “Hunger Games” where a 5% of their bottom performing employees are fired at the end of the year (pressure? What pressure?) plus they will also slow hiring. Netflix is losing subscribers faster that it takes them to autoplay the next episode of “Money Heist” and, yes, they are going to tell you off for sharing your password with your older apes. Oh, and did I mentioned that China keeps their zero tolerance COVID policy and their economy almost contracted in the second quarter?
And yet, with all the above, with fuel and energy prices at all-time highs, with massive geopolitical uncertainty and volatility, the US economy created 372,000 jobs last month and the unemployment rate is at 3.6% which is very, very low. There may not be an *amonkeylypse* after all. Fingers, toes and tail crossed.
This article is **NOT financial advice,** just a monkey typing stuff.
Pic Source: Freepik https://www.freepik.com/free-photo/facade-old-building-with-columns-new-york-stock-exchange_4800866.htm#page=20&query=economy&position=14&from_view=search
Binance Offers Now a 5% Flexible Savings On BCH Deposits
As many other animals like magpies, ants or bees, this monkey likes saving money, collecting loyalty points and other token schemes.
It was great to see that Binance is now offering a 5% flexible savings interest rate for deposits in Bitcoin Cash (BCH) from their previous 0.82%. This is, Binance offers now 6 times more interest for depositing your BCH than they did a couple of weeks ago. Great stuff!
While this does not cover the increase in cost of living in many countries, with inflation hitting 8%, 9% and double digits in most places around the world, it’s still a good way to “store” your hard-earned tokens. You will probably not get rich by doing so, but at least you will get something in return rather than hoping that its value goes up quick.
Storing your tokens in a centralized exchange like Binance has its risks (not your keys, not your coins and so on) and more with what has been happening lately in the cryptosphere and some rumors going around (hello Coinbase!) but this monkey came here to play token hoarding and if Binance gives me a bit of interest for them, I’ll be happy to deposit them there.
CZ, if you are reading this give me a heads up if Binance experiences “operational challenges” in the future. I promise to send you a nice case of premium bananas.
This article is **NOT financial advice,** just a monkey typing stuff.
Pic Source: bitcoincash.org https://bitcoincash.org/
Prioritize Effectively. Your Life May Depend On It.
As a monkey living in the wilderness in fear of predators and in need of finding bananas, peanuts, water, and other essentials, sometimes I read a few tips on survival. Not that this particular monkey is very skilled at it, but it gives a bit of peace of mind and provides some teachings for day-to-day life.
This way, I came across a survival manual by the great John “Lofty” Wiseman. Lofty is not a random anybody, he served for 26 in the Special Air Service (SAS), the British special forces unit, so he knows a thing or two about surviving on extreme conditions. In his famous book “The SAS Survival Handbook” he mentions what I like to call “the rule of three of surviving”: **you can survive 3 minutes without oxygen, 3 days without water and 3 weeks without food**. Lofty points out that most (untrained) people, when faced with a survival situation, waste a lot of very important time trying to find food first, when that should come after a few other way more critical tasks. This is, once checked that everyone in the party is OK (as OK as you can be in a situation like this), you should find shelter for protection and make a fire for heat and morale (fire is good!). Then it’s time to find water and, finally, food.
Lofty’s wise words made this monkey realize that some of those teachings can be applied in daily life. Especially, they help prioritizing tasks and goals. For instance, at work we all face urgent issues that need fixing. However, **not all urgent issues are important in the same way that not all the important issues are urgent**. Jumping on things as they pop, it’s not an effective way of working!
Prioritizing tasks in an effective manner, not only make you more efficient at what you do, but also can help free up some valuable time you can then spend with your little monkeys, jumping around some trees or just enjoying some bananas while you relax.
This article is **NOT survival advice,** just a monkey typing stuff.
Pic source: Freepik https://www.freepik.com/free-vector/hand-drawn-multitask-business-woman-illustrated_12063420.htm#query=tasks%20woman&position=29&from_view=search
Bitradio, A Great Idea That Needs Reviving
This monkey enjoys listening to the radio while doing monkey stuff, so when it discovered Bitradio it was a very nice surprise. Bitradio is a free radio service that allows you to stream thousands of radio stations from around the globe and will reward you with Bitradio coins (BRO) for listening to them. Bitradio also allowed you to earn BROs by staking your tokens using its own wallet. Very simple. Very good concept. Monkey likes. https://bitrad.io/?ref=237413
However, a few months ago the Bitradio blockchain stopped creating new blocks. The blockchain stalled at block 686685 according to CryptoID. This means that no new transactions can be done on the Bitradio blockchain. So, all the tokens are “stuck” and can’t be moved, swapped, bought or sold. It also means that you can’t earn new BROs for listening to the radio using Bitradio which is a great shame as the platform is still working fine.
While this most likely means the end of Bitradio, there’s still a small Telegram community that hopes that the blockchain can be revived so BROs can be earned again and Bitradio’s future becomes brighter than it is now. Can a blockchain be revived? Could a “hard fork” create a Bitradio 2.0 using the current online platform? If you have ideas on how this could be achieved, I think the Bitradio community would be very happy if you would share them in the Telegram channel. This particular monkey would be very grateful. https://telegram.me/bitradio
This article is **NOT financial advice,** just a monkey typing stuff.
Current Inflation and Its Resemblance to the 70s
Inflation is just the increase in general prices. This is the increase in the cost of living. A small amount of inflation, of increase in prices, of around 2% is in general beneficial as it incentivizes people to “move” their money, to invest it. This influx of investment money then allows companies to fund their plans and, eventually, grow, create more and better jobs and repay those investors in the form of dividends.
However, when inflation is too high it can become dangerous for the economy. High inflation significantly increases costs for companies which they will have to pass those extra costs to customers in the form of higher prices which can reduce their demand. This reduction in demand leads to less sales, reduction in jobs as companies don’t need so many employees which leads again to smaller demand as unemployment increases which, eventually, can lead to an economic crisis and recession.
The current environment reminds of what happened in the 70s. During the 50s and 60s we enjoyed a long period of cheap fuel and high growth with contained inflation around 1%-2% a year. Then in 1973 the price of oil multiplied as producers increased prices as a retaliatory measure for the US and western countries support of Israel during the Yom Kippur war. This created a huge increase in petrol (and energy) prices and huge increase in inflation. Most of the same story repeated in 1979. Because of these oil crises, inflation in the late 70s and early 80s reached 13.5% in the US and almost 25% in the UK which led to high unemployment (unemployment rates mostly doubled in a year) and significant recessions. Does all this sound familiar?
Today we are already facing high inflation rates in developed economies like we haven’t seen in decades (8%-9%) and economic growth is slowing down significantly. However, unemployment remains low in most developed economies.
Governments and monetary officials are already reacting to try to contain inflation growth; Central banks are already increasing interest rates. This generates a reduction in economic growth as it increases the cost of borrowing for both companies (less investment) and consumers (less consumption). In this way, the Fed, Bank of England, Swiss National Bank, etc. are already increasing interest rates. Some of them, like the Fed, very aggressively. However, this can also trigger a recession. Achieving the balance between reducing inflation and avoiding a recession is key (and very difficult!).
A significant increase in, essentially, oil and gas production would reduce inflationary pressures dramatically as energy prices in general would be reduced and that translates into less costs for (almost) any other item and service we use in the economy.
However, oil, gas and energy prices are not the whole story. Cereals (wheat, barley, etc.) and fertilizers are also heavily impacted in the current geopolitical environment as Russia and Ukraine are top worldwide exporters. These commodities are also putting pressure on food items (both for human and animal consumption) and this translates into higher inflation levels.
Are we then cursed to repeat the story of the 70s? Not necessarily. First of all, and this is important, monetary policy officials and governments know what happened in the 70s and what worked and what didn’t back then and are already reacting to control inflation. That’s a huge advantage already. On the other hand, debt levels are significantly higher now than they were in the 70s due to economic support provided by governments during the COVID pandemic.
It’s a very tricky exercise of balances but, at least, we have been in a very similar situation before!
This article is **NOT financial advice,** just a monkey typing stuff.
Pic Source: Freepik https://img.freepik.com/free-photo/front-view-arrangement-economy-elements_23-2148793796.jpg?t=st=1655908274~exp=1655908874~hmac=5d2ec1255700a576de4c1f388c5d6918e4ed69aead9c93eb7ff45a3a644c54a4&w=1380
We Have Been Using NFTs Wrong
Using NFTs for digital art makes no sense beyond laundering money (digital art + crypto assets = squeaky clean $$$). In the end, some of the key features of digital art include to be infinitely replicable and each of those copies is an exact copy of the original. Additionally, digital art can be moved freely with (mostly) zero costs. Furthermore, visualizing your digital art depends on your device and display. Not the same to see your Bored Ape in your 5.5” mobile screen that in a 8K OLED 85” screen.
The above is probably the reason why value of NFTs has been dropping from its peak in November 2021. From then, the NFT market has lost over 90% of its value. As reference (even if not directly “art” NFT but a digital asset(?)), Jack Dorsey’s first ever tweet NFT was initially sold for $2.9 million US dollars. The buyer tried to re-sell it in again in April for $48 million dollars and got a top bid of… $280 dollars (not thousands, nor millions, plain dollars). This monkey sees no point on using NFTs for digital art (but, hey, I’m just a monkey with a laptop!).
However, using NFTs as proof of ownership of physical assets can make a lot of sense. Especially for those that are tricky to move around and can be resold and/or kept as an investment. For instance, BlockBar sells NFTs of luxury liquor brands and each NFT corresponds to a physical bottle. This is, you buy an NFT of (say) “Johnnie Walker Masters of Flavour” or “Royal Salute The Time Series 51 Year Old” (unfortunately this monkey can’t even dream of those…) and you are the rightful owner of the corresponding bottles. Then you can choose to redeem (burn) your NFT in exchange of the bottle and admire it, drink it, show it off, etc. OR you can sell the NFT to someone else and that person becomes the rightful owner of the bottle. This is, either you hold the NFT or the bottle, never both at the same time. Considering that moving bottles of ultra-expensive liquor is quite tricky (packaging, insurance, red tape….), NFTs provide a great way of creating a secondary market for the products without the hassle of moving stock around. Simples! https://blockbar.com/
This article is **NOT financial advice**, just a monkey typing stuff!
Quantitative Tightening Has Arrived. What it is and What to Expect
First of all, what is quantitative tightening? Quantitative tightening is just the opposite than quantitative easing, this is, a way to reduce the money supply in the economy. In the case of the United States, this translates into the Fed not reinvesting the proceeds of its bond portfolio which leads to lower reserves in the system and tighter financial conditions.
So, the Fed is going to start shrinking its balance sheet. This is a huge endeavor. For reference, the Fed’s balance before the Financial Crisis was a few billion USD, today that figure is around 9 TRILLION USD. This reduction will take time and could mark the end of easy access to financing.
The Fed flagged its plans to start quantitative tightening well in advanced. However, given that liquidity in the treasury market (key for US financial markets) is going to be reduced and a high inflation environment, price volatility is expected to increase.
Additionally, the Fed increased interest rates by 75 basis points yesterday (15-06-2022), the highest increase since 1994, in an attempt to reduce rampant inflation. This will increase borrowing costs for consumers and businesses and thus reduce economic activity.
Could all this be the end of cheap money?
This article is **NOT financial advice,** just a monkey typing stuff.
Can We Trust Algorithmic Stablecoins? The Collapse of LUNA And UST
What eventually brought down UST and LUNA was a bad design of the algorithmic balance that should maintain the peg of UST to the US dollar. It was an algorithm that worked OK as long as market conditions were not very challenging . Additionally, the algorithm didn’t seem to have any “fail safe” switches.
However, the decisions made by the Terra team were not optimal. When it was clear that the “attack” (call it “panic”, call it whatever) was creating a “death spiral” that was not going to be able to maintain the UST-USD peg AND was also bringing down LUNA with it, possibly the best decision would have been to stop transactions and analyze what was going on and why. Another option could have been to limit value of transactions for “X” hours. Or simply unpeg UST from USD and unlink it from LUNA. While this last option would have not saved UST initially, it could have saved LUNA and the BTC reserves LUNA Foundation had which could have been used later on to try to bring the price of UST again close to USD even if unpegged.
I think algorithmic stablecoins can work BUT they need proper, careful design and implement a series of fail safe switches to avoid what happened to LUNA from happening again.
This article is **NOT financial advice.**
READ FIRST: Sending Bitcoin Cash to Binance
Ok, this monkey lost a few bananas for sending some Bitcoin Cash to the wrong wallet address. ****DON'T BE LIKE THIS MONKEY AND READ THIS BRIEF GUIDE FIRST!****
You have a few BCH and want to send them to your Binance wallet. Perfect! Then you go to Binance, get your spot address for depositing BCH, come back to read.cash, paste it in the "Send my money" bit and this happens:
So, the Binance address you are trying to send your Bitcoin Cash to is NOT valid, you have to go to cashaddr.org and "convert" it to a valid one. OK, perfect.
Then you get here:
This is the ****CRITICAL POINT THAT OTHERS GUIDES MISS****, the "Legacy Address" may already be filled up with an account code and you may assume (as this monkey did) that it's already your Binance address ****BUT IT'S NOT****! It's a random address. You need to enter there (copy/paste) your own Binance address and then you'll get your REAL VALID address in the CashAddr Address box. Copy/paste that CashAddr address in the "Send your bitcoin cash" box in read.cash and you are good to go.
This monkey went a bit ape and didn't double and triple check that the Binance wallet address in the cashaddr converter was his own and lost a few good bananas that some other monkey is surely enjoying by a beach in the caribbean.
**Don't be a stupid monkey (like the one typing these lines) and double and triple check the Binance address you enter in cashaddr!! It will save you a few good peanuts!!**
Future Proof Your Work, Your Professional Career Will Be Grateful For It
Dr Louisa Petchey, Senior Policy Officer at Public Health Wales, said:
*“Human beings are not naturally good at thinking long-term, and our brains are hardwired to focus on short-term concerns or think that the future will be like the near past."*
Sometimes it may look like what you are doing will not be used beyond a specific project and, sometimes, we don't pay too much attention to reusability and possibilities of expanding the tool you are working on. Sometimes you may even think that you *actually* "future proofed" your work just to discover a few years down the line that, for some reason, that tool just doesn't want to work anymore. Remember Y2K? Nobody in the 60s, 70s, 80s thought that using 2 digits for years was going to be a problem until you approached year 2000 ("00") and then calculations involving years could create a serious mess!
Creating "future proof" tools takes more planning, effort and work but, eventually, it will save time and make you more efficient down the line. It also shows your planning capability and that you work towards long term goals which is usually aligned with the way companies plan their strategy. In the end, it makes you and your work stand out from the crowd and improve your career prospects.
Even if the project looks like something small, make it easy to update. Make it easy for others to use it. Make it easy to expand. Make it easy for your future self!
Bottom line is; **think and plan before you start working on something**. Ask yourself: Will I use this in the future? Will someone else need to use this in the future? Is this project easy to update/expand? Will it work in the future? What will happen to this if I leave the company, would anybody else be able to use it?
@Crypto_Monkey
