Bitcoin ESG

September 7, 2023

Bitcoin has been in the crosshairs of ESG proponents for a while now. They claim that the energy miners use to perform proof of work is extremely damaging to the environment. Consequently, anyone investing within the framework of ESG should reject Bitcoin. While we could argue the merits of ESG to begin with, we won't for now. We will assume that it is a legitimate investing philosophy, and everyone should keep in mind the environmental, social, and governance impact of their investment choices.

Firstly, the energy consumption of mining is relatively small on a global scale. A recent report by KPMG showed that energy usage from mining is equivalent to all the tumble dryers used worldwide. And yet there is no push to force everyone to use clotheslines. The focus on energy consumption also ignores the other two letters that Bitcoin improves upon. The social aspect of Bitcoin cannot be ignored. Approximately 30% of the world's population is unbanked. Bitcoin solves this problem by not requiring a financial intermediary and granting access to anybody with a smartphone and internet connection. Finally, there is governance. Bitcoin's decentralized network, which performs PoW and validates transactions, is the fairest form of governance there is. It is a trustless system where no one entity has undue power. You cannot say the same for the modern corporation. So, ignore the fear-mongering and keep stacking.

DAIM Bitcoin green

Worldcoin: Submit to the Orb

July 24, 2023

Sam Altman, the man who brought us ChatGPT, is introducing his newest and arguably most ambitious project, Worldcoin. At its surface, Worldcoin may seem like any other altcoin you can dive into. It currently trades on Kucoin and Binance, if that's your thing. Worldcoin's primary goal is to provide a unique digital identity to users, enabling them to make purchases, transfers, and receive other digital assets through their app. To ensure that a user is human and not a robot, they will have to scan their eye to fully access the app's functionalities. However, using your phone to scan your eye won't work; you must use Worldcoin's proprietary orb to do so. Currently, there is a limited number of orbs, and the project is not available to US citizens, making obtaining an orb challenging. While it is an intriguing idea, we do not recommend seeking out an orb or trading the coin on secondary markets. The ethos of crypto lies in decentralization, so the fact that you need to trust a centralized entity to scan your iris gives us pause. We still believe that the future of crypto is Bitcoin.

Worldcoin Orb on DAIM website

What is a Crypto Expert?

June 7, 2023

The term "crypto expert" seems to be thrown around a lot these days. For a nascent and niche sector it doesn't take much time or accomplishments to stand out as a leading authority on the subject. If you are just looking to learn then you can take what these "experts" say with a grain of salt. But if you are looking to invest in Digital Assets, you must use extreme discretion. Don't be so quick to trust any person you see on Twitter touting 10000% returns on their altcoin strategy. If you are looking to Digital Assets as an investment you need to consult with an investing professional. These people will have general securities licenses and will be bound by strict regulatory guidelines that prevent them from making overzealous claims of future investment performance. Until there is more regulatory clarity on the space it would be best to only trust individuals licensed by FINRA. A good starting point is to look up a potential crypto manager on Brokercheck. Verify they are licensed and have never had any disputes against them. Absent a respected regulatory body to keep bad actors in check, participants will have to rely on the legacy system for now. But remember even if someone is licensed, what they say is not gospel. If something sounds too good to be true, it probably is.

a crypto expert may make claims of trading prowess but chances are they lose more than they make

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