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Going Bankless: The Ultimate GuidešŸŒ…

The starters guide to going bankless

Ryan Sean Adams
and
David Hoffman
Aug 7, 2020
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Last updated: April 1st, 2021


Welcome to your bankless journey!

This guide is your roadmap to the unknown. It’s your guide to the wild west of open finance. Don’t worry about figuring this out all at once. Just commit to learning a bit each week.

Welcome to the frontier.

- RSA

P.S. Get your crypto off an exchange using our Ultimate Guide to Ledger


The Bankless Guide

Start with this 8 minute video to get the basics.


Join us on the journey toward financial freedom! We’ll send you one crypto level-up daily.

Get your daily crypto level-up


Here’s what this guide covers:

  1. Bankless goals

  2. Resources for the journey

  3. Understanding core concepts

  4. Developing key skills

  5. Where to get help



1. Bankless goals

Going bankless is a journey towards freedom—self-sovereignty. Financial independence.

That means less reliance on two types of banks:

  1. Central banks

  2. Commercial banks

It’s not that we hate banks—we just don’t need them anymore. At least, we need them a lot less in our new crypto money systems.

But we’re practical. It’s too early to do this all at once. Too risky. Too difficult.

This open money system is just getting started.

That’s why it’s a journey.


Must do actions:

  • šŸŽ™ļøListen: Welcome to Bankless (2021 edition) šŸ‘ˆ do this first

  • šŸ“„Read the Bankless Skill Cube (that’s our map)


Westward for Gold!

Like all worthwhile journeys, this one isn’t easy! It takes effort. It requires risk!

We’re not just starry-eyed dreamers—we’re heading west because there’s gold! If we’re right—massive upside! New economies. New asset classes. The opportunity to become financially independent.

This is like learning HTML and buying .com domains in 1995.

Why go bankless?

  1. To maximize your crypto wealth (independence & wealth)

  2. To become a Bankless Jedi (skills & knowledge)

And it’s about a better system for future generations:

  1. It’s about rejecting authoritarianism (read the deeper reason)

  2. It’s about building it up not burning it down (read the cities burn below)

  3. It’s about how we can change the world (read the 3.5% rule)

  4. It’s about access for developing world (read straddling two worlds)

  5. It’s about a hedge against their money printing (read the cost of money printing)

Bankless means freedom and upside for each of us as individuals and an opportunity make the world a better place for future generations. If bankless wins, the world wins.


2. Resources for the journey

With your goals in let’s make sure you have the resources for your journey.

Weekly level-ups:

  • šŸ“„Subscribe to Bankless newsletter - read daily, recap on Saturday, see archive

  • šŸŽ™ļøSubscribe to Bankless podcast - weekly episodes & check the archive (the why)

  • šŸ“ŗSubscribe to Bankless YouTube - weekly Shows, Recaps, & tutorials

Get on the schedule:

  • (Mondays) Read rundown, watch video tactic, & listen to new podcast episode

  • (Tuesdays) Read new tactic to learn & watch State of the Nation video show

  • (Wednesdays) Read written piece by a Bankless community member

  • (Thursdays) Read thought piece for strategy calibration

  • (Fridays) Watch weekly rollup and discuss topic on open thread

  • (Saturdays) Read weekly recap and do the action items

  • (Sundays) Rest up for next week!

Community engagement:

  • šŸ§‘ā€šŸ¤ā€šŸ§‘ Bankless Discord - a community chat for the Bankless community

  • šŸ’¬ Bankless AMAs - AMAs w/ fascinating guests 2nd & 4th Thurs of the month

  • 🐦 Bankless Twitter - follow for news, updates, & inspiration

  • šŸ–¼ļø Bankless Instagram - for the dank memes

Starter Equipment:

  • You’ll need an exchange account to buy crypto (I like Gemini)

  • You’ll need a DeFi wallet (I recommend MetaMask for desktop & Argent for mobile)

  • You’ll need a hardware wallet for cold storage (Use the Ultimate Guide to Ledger)

Member Equipment:

  • šŸ“„Claim your Bankless Token Badge for 2021 (how to self claim here!)

  • šŸ‘•Check out the Bankless Merch Store


Crypto is moving fast…don't get left behind! Join us on the Bankless journey and we’ll send you daily insights and tactics to grow your crypto wealth and get to financial freedom using tools like Bitcoin, Ethereum and DeFi! (It’s free to get started)

Get your daily crypto level-up


Recommended Tools:

  • Exchange (U.S.):Ā Gemini or Coinbase

  • Exchange (non-U.S.)Ā BinanceĀ orĀ Kraken

  • DeFi Exchange:Ā 1inch or Matcha

  • Hardware Wallet: Ledger XĀ orĀ Ledger Nano S (our Guide here)

  • Desktop Wallet: MetaMask

  • Mobile Wallet:Ā Argent

  • DeFi Navigator: Zerion or Zapper

  • Earning interest: AaveĀ (decentralized) orĀ BlockFiĀ (centralized)

  • Borrowing:Ā AaveĀ (decentralized) orĀ BlockFiĀ (centralized)

  • Tax tracking:Ā CoinTrackingĀ (advanced) orĀ TokenTaxĀ (good DeFi support)

  • Retirement account: RocketDollarĀ (self-directedĀ IRAsĀ andĀ 401ks)

  • Crypto Visa card:

    • Crypto.com (U.S. - ā€œBANKLESS2020ā€ code)

    • MonolithĀ (Europe—purely banklessĀ šŸ”„)


Also—check out the Deal Sheet for the best deals on crypto products! šŸ’ø


Actions:

  • šŸ“„Read: How to dollar-cost average into crypto

  • šŸ“„Read: How to get your first DeFi Wallet (Argent)

  • šŸŽ™ļøListen: How to go bankless (the tools)

  • šŸŽ™ļøListen: DeFi’s Mainstream Wallet - Argent (a good starter Wallet)

  • šŸ’øCheck out the Deal Sheet


3. Understand core concepts

With your resources by your side you can start digging into the core concepts.

Read these first:

  • šŸ“„The crypto money portfolio (why ETH & BTC matter most) šŸ”„

  • šŸ“„A tale of 2 money systems šŸ”„

Money:

  • šŸ“„The moneyness of Bitcoin and Ethereum

  • šŸ“„The slow leak from fiat

  • šŸ“„Fedcoin on Ethereum

  • šŸ“„The next money upgrade

  • šŸŽ™ļøThe Evolution of Monetary Policy

Investing:

  • šŸ“„The crypto barbell strategy

  • šŸ“„Pick a time horizon

  • šŸ“„How to build a portfolio like a crypto native (how they performed)

  • šŸ“„Invest in DeFi like a financial planner

  • šŸ“„Crypto advice from a poker player šŸ”„

  • šŸŽ™ļøInvesting in DeFi Paradigms | Charlies Noyes

Paradigms:

  • Ethereum & Bitcoin are Digital Nations

    • šŸ“„A bankless nation (part 1)

    • šŸ“„A bankless nation (part 2)

    • šŸ“„The Three Nation Problem

    • šŸ“„The Digital Leviathan

    • šŸŽ™ļøA bankless nation

  • Economic bandwidth explains why ETH & BTC are irreplaceable as money

    • šŸ“„ETH and BTC are economic bandwidth

    • šŸ“„The trillion dollar case for ETH šŸ”„

    • šŸ“„ETH is irreplaceable

    • šŸŽ™ļøEconomic Bandwidth

  • Protocol Sink Thesis explains why DeFi will win

    • šŸ“„Great Protocol Sink

    • šŸ“„Uniswap is infrastructure

    • šŸ“„Global Public Goods and the Protocol Sink Thesis

    • šŸŽ™ļøThe Protocol Sink Thesis

    • šŸ“ŗSettlement Assurances & the Protocol Sink Thesis

Ethereum & ETH:

  • šŸ“„The fundamental value proposition for Ether šŸ”„

  • šŸ“„The digital finance stack

  • šŸ“„ETH's monetary policy is underrated šŸ”„

  • šŸ“„Ether: The Birth of the Digital Bond

  • šŸ“„Ethereum: Slayer of Moloch

  • šŸ“„A new model for money

  • šŸ“„The money game landscape

  • šŸ“„Ethereum is an emergent structure šŸ”„

  • šŸ“„Eth: The reserve asset

  • šŸ“„Ethereum’s tree of life šŸ”„

  • šŸ“„What if ETH had a fee burn 5 years ago?

  • šŸ“„How transaction ordering can save humanity

  • šŸ“„ Ultra Sound Money

  • šŸŽ™ļøEthereum: Past, Present, Future | Vitalik Buterin šŸ”„

  • šŸŽ™ļøEther: The triple point asset šŸ”„

  • šŸŽ™ļø Ultra Sound Money | Justin Drake šŸ”„

  • šŸŽ™ļøEIP-1559 | Hasu

  • šŸŽ™ļøEther’s Value Mechanisms

  • šŸŽ™ļøWhat's an Etherean | Nic Carter

  • šŸŽ™ļøSlaying Moloch | Ameen Solemani & Kevin Owocki

  • šŸ“ŗEther: A new model for money šŸ”„

Bitcoin & BTC:

  • šŸ“„Bitcoin’s Scarcity Game šŸ”„

  • šŸ“„BTC's monetary policy is overrated

  • šŸ“„DeFi on Bitcoin šŸ”„

  • šŸ“„ When Bitcoin Moon? šŸ”„

  • šŸ“„Is tokenized BTC bullish for ETH?

DeFi & Crypto Banks:

  • šŸ“„Crypto banks vs money protocols šŸ”„

  • šŸ“„The 2 faces of Ethereum (DeFi is a spectrum) šŸ”„

  • šŸ“„DeFi will do to banks what the internet did to newspapers

  • šŸ“„DeFi in Eth2: Cities, suburbs, farms šŸ”„

  • šŸ“„DeFi lending doesn’t exist (yet)

  • šŸ“„A crypto banking reality check

  • šŸ“„DeFi needs more value

  • šŸ“„Fork Defense Strategies in DeFi šŸ”„

  • šŸ“„Prize savings: The ultimate money lego

  • šŸ“„Rise of the liquidity robots

  • šŸ“„Safely unlocking the synthetics era

  • šŸ“„The democratization of value (redeemable tokens)

  • šŸ“„8 things stopping CeFi from integrating DeFi šŸ”„

  • šŸ“„Unsecured loans are coming to DeFi

  • šŸ“„The Fair Launch Movement

  • šŸŽ™ļøDeFi Trust Spectrum

  • šŸŽ™ļøInvesting in DeFi | Joey Krug

  • šŸŽ™ļøDeFi vs. Banks | Hasu

  • šŸŽ™ļøDeFi in the Eth2 Metropolis | Haseeb Qureshi

  • šŸŽ™ļøThe Bull Case for DeFi | Vance Spencer šŸ”„

Investing in DeFi Tokens:

  • šŸ“„How to think about crypto P/E

  • šŸ“„Are DeFi Tokens worth buying?

  • šŸ“„How to value crypto capital assets šŸ”„

  • šŸ“„Voting for cash flows

  • šŸ“„A framework for token value flows šŸ”„

  • šŸŽ™ļøEtheruem Opportunity & Token Valuations | Chris Burniske

  • šŸŽ™ļøCOMP Growth Hacking | Dan Elitzer

Token Reports

  • šŸ“„ Q2 Token Report

  • šŸ“„ Q3 Token Report

Yield Farming:

  • šŸ“„Aquaponic Yield Farming šŸ”„

  • šŸ“„Yield Farming Games

  • šŸ“„The Yield Farming Premium

  • šŸ“„The Bear Case for Yield Farming

  • šŸŽ™ļøGrowth Hacking DeFi | Dan Elitzer

  • šŸŽ™ļøFarming the Farmers | Andre Cronje

Stablecoins:

  • šŸ“„Rise of the crypto dollar

  • šŸ“„Crypto fiat: mutualistic or parasitic? šŸ”„

  • šŸ“„Stablecoin flippenings

  • šŸ“„Are stablecoins parasites?

  • šŸ‘„ Growing Dai to trillions | Steven Becker

Governance

  • šŸ“„The rise of protocol politicians

  • šŸ“„The life of a protocol politician

NFTs

  • šŸŽ™ļøThe Bull Case for NFTs

Technology:

  • šŸ“„Can fancy new cryptography scale DeFi?

  • šŸ“„When DeFi meets rollup

Crypto eating traditional finance:

  • šŸ“„ 5 ways crypto is like early Visa

  • šŸ“„Ethereum will eat Wall Street’s settlement layer šŸ”„

  • šŸ“„Decentralizing the global credit system | Jason Jones


4. Develop Key Skills

While you learn the key concepts take time to level-up on the key skills so you can do things in the the bankless money system—pay, lend, borrow, earn, trade, and invest.

Going Bankless:

  • šŸŽ™ļø How to go Bankless

  • šŸŽ™ļø Going Bankless with Maker | Mariano Conti

  • šŸŽ™ļø Going Bankless with Compound | Robert Leshner

  • šŸŽ™ļø Going Bankless with Uniswap | Caleb Sheridan

Pay & Receive:

  • šŸ“„How to get a crypto Visa šŸ‘ˆ

  • šŸ“„How to stream magic internet money

  • šŸ“„How to accept crypto payments

  • šŸ“„How to bank your business without a bank šŸ‘ˆ

  • šŸ“ŗHow to make instant payments with Loopring Pay

Lend & Borrow:

  • šŸ“„How to get a Dai savings account šŸ‘ˆ

  • šŸ“„How to open a loan on Maker

  • šŸ“„How to margin trade without a brokerage

  • šŸ“„How to create your own balancer pool

  • šŸ“„How to open an unsecured loan with Teller

  • šŸ“ŗHow to lend on Aave with Argent

  • šŸ“ŗHow to become a Uniswap LP with Argent

Earn:

  • šŸ“„How to get the best yields on your crypto money šŸ‘ˆ

  • šŸ“„How DeFi can pay for your lunches šŸ‘ˆ

  • šŸ“„How to make money on Synthetix

  • šŸ“„How to maximize yield farms with InstaDapp

  • šŸ“„How to leverage yEarn to maximize yield

  • šŸ“„How to make bank with Balancer liquidity mining

  • šŸ“„How to tokenize yourself šŸ‘ˆ

  • šŸ“„How to make money on Uniswap (V1)

  • šŸ“„How to use gnosis to profit on stablecoins

  • šŸ“„How to make money with Balancer

  • šŸ“„How to make money trading stablecoins when they’re off their peg

  • šŸ“ŗHow to earn COMP tokens with Compound Finance

  • šŸ“ŗHow to yield farm with crypto dollars using Curve Finance

  • šŸ“ŗHow to earn interest with mStable

  • šŸ“ŗHow to farm Meta (MTA) with mStable

Invest:

  • šŸ“„How to dollar cost average into crypto

  • šŸ“„How to buy tokenized gold

  • šŸ“„How to hire a money robot from Set šŸ‘ˆ

  • šŸ“ŗHow to buy and sell TokenSets in Argent

Stake:

  • šŸ“„Is custodial staking bad for Ethereum?

Wallets & Addresses:

  • šŸ“„How to get your first DeFi wallet

  • šŸ“„How to maximize your ENS domain

  • šŸŽ™ļøDeFi's Mainstream Wallet (Argent) | Itamar Lesuisse

Decentralized Autonomous Organizations (DAOs):

  • šŸ“„How to start a Moloch DAO

  • šŸ“„How to create a bankless DAO

Collectibles & Gaming:

  • šŸ“„How to make money on digital art

  • šŸ“„How to make money playing fantasy football

  • šŸ“„How to buy tape on Zora

  • šŸ“„How to make money using Opensea

  • šŸ“„How to make money in crypto gaming šŸ‘ˆ

  • šŸ“„How to make bank flipping crypto collectibles

  • šŸ“„How much do crypto gamers make?

  • šŸ“„How to make money with digital art on Rarible

  • šŸ“ŗ How to play PoolTogether in Argent

Trading & Betting

  • šŸ“„How to trade the ETH perpetual on dYdX

  • šŸ“„How to trade the ETH perpetual on MCDEX

  • šŸ“„How to trade BTC perpetual on dYdX

  • šŸ“„How to speculate on DeFi tokens with binary options

  • šŸ“„How to bet on DeFi with Polymarket

  • šŸ“„How to bet on DeFi with Augur v2

  • šŸ“„How to trade DeFi tokens with Matcha

  • šŸ“ŗ How to trade ETH perpetual on dYdX

Risks:

  • šŸ“„Assess risk of lending to a protocol šŸ‘ˆ

  • šŸ“„The only USD you own is cash

  • šŸ“„The final settlement layer

  • šŸ“„3 things DeFi can learn from the financial crisis šŸ‘ˆ

Taxes:

  • šŸ“„How to do DeFi taxes

  • šŸ“„Tax shelter your crypto in an IRA šŸ‘ˆ

  • šŸ“„How to record your crypto for taxes

  • šŸ“„How to set up a crypto 401k for your side hustle

Security & Privacy:

  • šŸ“„How to use crypto without doxing yourself šŸ‘ˆ

  • šŸ“„How to stay private in DeFi with Email

  • šŸ“„How to keep your ETH address from privacy cavities šŸ‘ˆ

Hedging Risk:

  • šŸ“„How to protect your ETH with Opyn

  • šŸ“„How to protect against hacks with Nexus Mutual

Learning to learn:

  • šŸ“„Use Twitter to level up in crypto

  • šŸ“„How to read on-chain data part 1

  • šŸ“„How to read on-chain data part 2

  • šŸ“„How to get a job in crypto


Essential Editorials

  • šŸ“„ETH is doubly undervalued (May 25, 2020)

  • šŸ“„You’re not late! (January 20, 2020)

  • šŸ“„Rise of the protocol politicians (October 21, 2019)

  • šŸ“„DeFi in ten years (December 5, 2019)

  • šŸ“„Money metaphors (January 13, 2020)

  • šŸ“„Crypto is for mainstream (December 16, 2019)

  • šŸ“„Everyday is proof of keys for DeFi (January 6, 2020)

  • šŸ“„Voting for cash flows (May 4, 2020)

  • šŸ“„ETH futures (May 11, 2020)

  • šŸ“„What happens when you attack DeFi? (February 17, 2020)

  • šŸ“„Why Pomp is wrong about ETH (August 20, 2020)

  • šŸ“„Uniswap and the Overton Window of Capital (September 21, 2020)

  • šŸ“„An Acid Test for Decentralization (September 28, 2020)

  • šŸ“„Exploring the Dark Forest (September 30, 2020)

  • šŸ“„ The Digital Culture Revolution

  • šŸŽ™ļø The people’s Narrative | Ben Hunt

  • šŸŽ™ļø Exploring the Frontier | Erik Voorhees


5. Where to get help

In the American West settlers traveled across the plains and mountains passes in covered wagons banded together for mutual help. These wagon trains were the best way to survive the rugged westward road.

The bankless journey is rugged too. And like early settlers we survive as a wagon trail.

The entire bankless community is ready to help you on your journey.

Go to the Inner Circle Discord channel and just ask.

You’re not alone.

You’re in the bankless nation now.


To continue the bankless journey sign-up for the daily newsletter now. The lite version is free.

I want to continue the journey


More guides!

  • Guide 1: Starting with the Bankless newsletter (šŸ‘ˆ you are here)

  • Guide 2: Using the Bankless Badge

  • Guide 3: Tactics and Tools


Special thanks to @Abv_Avg_Joe and @0x_Lucas for helping to put this guide together. Members like these make the bankless community special.


Note:Ā some links above are affiliate meaning at no cost to you if Bankless earns a commission


Not financial or tax advice.Ā This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

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Luuk in Future
Writes In Future Jun 21, 2020Liked by Ryan Sean Adams

Thanks for this epic piece, Ryan! It's this kind of content that makes this crazy journey feel comfortable and fun.

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FS
Jun 22, 2020Liked by Ryan Sean Adams

slowly wading into this but it looks promising

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