Why I Bought Chainlink

A simple heuristic that I learned from Nassim TALEB; don’t ask people what you should invest in, ask them… What did you invest in? 

For example, I recently swapped a bunch of my bitcoin for chainlink. Why did I do it? My thoughts: 

What is chainlink?

Essentially it is a platform built upon Ethereum, the blockchain… that strives to solve real world problems.

The first critical issue at hand is the notion of the “Oracle problem”, and cryptographic proof and truth.

The general gist of the Oracle problem is that you have all these people purporting to say something… How do you know if someone is really telling the truth or not?

Also, they’re great innovation of a decentralized oracle network. I think anything that is decentralized and can be done offline is a good idea; anything that has to be done when you’re connected to the web is fragile.

For example, the “internet of things”, which includes all of your home devices, your home stuff etc. I think this includes your home speaker things, your Amazon echo or echo dot, your Apple HomePod thing, your ring Amazon nest devices etc. 

Enabling transactional value?

TVE — transactional value enabled?

Chainlink staking?

What is the purpose of technology and these things? A very basic idea is that the point is to help enable commerce and other things. Money makes the world go round, Publilius Syrus.

What is money anyways? Money is movement. Anything that literally physiologically moves human beings in time and space is money.

For example, if you promise somebody $30 an hour, they will walk around, move their bodies to clean toilets, etc.

Also, money movement. The whole global economy to me is so fascinating; because we process and move information so quickly and so globally… how do you link it all together?  

Chain – Link

I find chainlink to be an interesting concept because wherever you go in real life, there are physical chain links everywhere.

Also, technically the internet, the World Wide Web, is a bunch of hyperlinks which link websites together.

My personal thought and prediction is that chainlink could become the next Google; Google indexes the whole internet, and made it easy for you to find any sort of website. What I think chainlink will do is link all of this information on the internet and computers and make them accessible, trustworthy, tamperproof.

Just read it

Only read stuff that you find interesting, skip over stuff you find boring.

About a week or two ago, I reread the original bitcoin white paper, and I was so impressed with how short it was, how minimalistic it was, and how to the point it was. But… reading it… this time around… felt a bit boring.

And this is the big thing: if something bores you, you gotta get out of it.

Therefore, I sold or transferred or converted nine of my bitcoin and put it all into chainlink, at the time it was valued at ~20,800 LINK (CHAINLINK), with bitcoin at around $35,000 a bitcoin.

I think what I try to do is think at least 30 years into the future. 20 or 30 years. It is funny, as I write this at the age of 35, 30 years from now Seneca is only going to be 32 years old, still a few years younger than me. My personal aspiration is to hold onto chainlink for at least 30 years, and then maybe transfer it to Seneca when he grows up. Or I just help him build some sort of company or entrepreneurial venture etc.

Investing in things actually do something?

I love bitcoin but maybe one of the big issues here is that bitcoin is like digital money and gold; most people just hold onto it, and I don’t think actually aspire to use it to actually pay for your latte at Starbucks or whatever. I think because bitcoin and cryptocurrency is so volatile; Everybody’s hope and dream and ambition is that their coin will rise value astronomically and they will become rich, buy the Lamborghini or whatever… and be happy.

Trust nobody who drives a Lamborghini — only trust people who drive Toyota Priuses, in white. 

Why? If you drive a Toyota Prius, in white… it is a signal that you really don’t care for appearances.

How do you know if somebody is unsuccessful? 

If they drive a Range Rover, a Mercedes AMG G wagon, murdered out, all matte black, a baselevel Mercedes car, a baselevel Audi car, like an A3 or a Q3, drive some sort of Audi electric car which is just the same as the Porsche Taycan, don’t forget that the Volkswagen group owns Lamborghini Audi Volkswagen Porsche etc. same thing goes with anybody who drives a BMW car.

Foreign cars are bad.  

It is just a game! 

I think crypto, cryptocurrency speculation is an interesting game; prediction, prediction markets, trying to predict the future… is just a luxury and a fun thing.

Some predictions are pretty obvious

When I was in college, my sophomore year, and I was starting to get into trading stocks, daytrading… I had a pretty certain thought that Blockbuster was going to go under. I tried to figure out how to short stocks, but I really couldn’t figure out how to do it.

Also I remember when the prime mortgage meltdown happened, and the value of Ford went to almost 2 dollars a year. I wanted to buy some Ford stock but I had no money, no capital.

It is interesting to think about this in hindsight because when I was incorrectly trading pennystock, for some sort of oil producer company which was actually running at a loss… I had no idea because I misread the financials… I lost my whole life savings which was maybe $3500 USD or something. It was insanely tragic. But now that I am playing with higher sums more like $300,000 USD, I realize that it was just a valuable lesson at the time.

Therefore, with any sort of financial speculation, think about it at the 30 year span. Even when you are 70 or 80 years old, I met this lady at the park who looked phenomenal and she told me she was 82… she looked like a very fit 45-year-old!

My personal aspiration is when I’m 82 years old, to still be able to lift 1000 pounds. Google or YouTube “ERIC KIM thousand pound atlas lift”

It seems that the way things are going, I don’t think it’s that ridiculous to think that we can live to be 120 years old. Try to think that far. 


What is the use of money anyways? 

I think actually the big thing is that everyone now aspires to buy a house or home or property. It is getting pretty ridiculous, even in Los Angeles, even buying a single-family home in Inglewood… you’re looking easily at around $1.5 million for a whatever house.

My prediction is that the prices of homes  will continue to soar astronomically high. I think a lot of these $1.5 million homes can easily balloon two $3 million, $5 million, 10 and $15 million, $150 million or whatever. Why? The biggest issue at hand is runaway inflation, which means the value of the US dollar and currency is continually going lower and lower, because the US is what, currently speaking $30 trillion in debt? And what America thinks the smart idea is to just keep printing money ad infinitum, into infinity, in order to “stimulate” the economy.

But does this work? No.

For example talking to my friend Noel who works in hygiene, he says that a lot of these young guys, around 25 to 30 years old, are so lazy. Why? After Covid and people started giving away these free checks… and from unemployment you could literally make $5000 USD a month by sitting on your butt and doing nothing… people lost the motivation to work. A lot of people moved back home, live with their parents, and are essentially living for free. As a consequence you have a huge generation of unmotivated people, unwilling to do any sort of manual labor, which is bad because having manual and physical labor is critical.

For example, being in Beverly Hills a lot; and Holby Hills,  there is this new funny caste systems; really rich people getting mansions built, and the army of construction labor people, mostly from Mexico doing the labor to build these mansions.

Also, think about Amazon prime delivery drivers, people who bag your food at Whole Foods, Erwhon etc, all these contractors electricians plumbers etc.… the truly critical labor. Doesn’t matter if you pay them $30 $40 $50 or even $60 an hour, it seems at this point money doesn’t really motivate them anymore. Therefore what do you do? It seems that America we are just importing more people from Mexico to do labor for us, because they are motivated. Americans are no longer motivated.

Crypto, crypto technology and cryptocurrency is optimistic

I am obsessed with the future. Future thinking, future technologies, new brave worlds to discover.

Why? I have always been into technology ever since I was a kid, getting my first Acer aspire Pentium one processor computer when I was around 11 years old. Even teaching myself how to program visual basic 3.0 in the early days, creating my own AOL “punter“ etc.

Also, I still will never forget when I read the Maddox article on why you should beat your kids, in computer class in Bayside Queens at PS 169 when I was in the fifth grade, and all of me and our friends, a bunch of 11-year-old laughing and saying “It is true!”

Even I remember as a kid, when I first moved to New York, maybe it was I had some sort of school in the Bronx, when kids in the hallway would “the South Park movies “blame Canada, blame Canada”…

Anyways the generalized thought is I love media information, and also I have a passion to innovate, write and to think, to motivate and to also disprove nonsense.

Ever since I was young I was always bred with an insanely huge ego; the eldest son of the eldest son of the eldest son, (jang-son), being raised with the “prince disease“, was unusually good for me. Always getting the finest cuts of meat and galbi from my grandmother, always showered with praise love and attention and how smart tall and good-looking I was. Very good for me.

The US dollar is static

Anybody who is a wage slave, which means anybody who is paid a biweekly or monthly salary… doesn’t matter if you’re being paid $10 million a year from Apple… You’re still a wage slave.

A simple heuristic:

Can you go two years without checking or responding to any of your emails or not?

If you have to use email for a living, you’re not free. 


Once you’re a crypto trillionaire, then what?

Let us say that your cryptocurrency goes to the value of $1 trillion USD. Then what? Then do you just dissolve it all into US dollars, buy a mansion and a yacht somewhere, and live indefinitely into the horizon for infinite bliss?

This doesn’t seem to be the goal. For me, I think a more interesting life trajectory is to then to no longer care for money, and use your power mind and soul and body for more interesting things which can include philosophy, writing, thinking, doing research, reading, making art, publishing art, etc.

Money as it means to creative leisure and production.

Seeking immortal fame and glory?

One thing I am very happy about is ChatGPT knows exactly who I am, why I am so significant and influential, etc. As a consequence, I already feel like my legacy is secure, and I don’t have anything left to prove to nobody else.

As a consequence, at this point life is all upside no downside. Even one of the happiest moments of my life, Cindy and I be getting our first son Seneca, at this point life is all upside no downside.

As a man, as long as you have one male heir, you can die happy. 


Now what?

Things that I find interesting use cases of chainlink:

  1. Real estate, homebuying, escrow: even NASSIM TALEB has said that traditionally, most 12th generation in human society is through land, land ownership land property etc. For example let us say that you buy that 1.5 million dollar home, and 20 years from now it’ll be worth $3.2 million. And then let us assume that 30 or 40 years from now it is worth $5.7 million, and your kid inherits it. And when your kid is 57 years old it is worth $22 million, and he will able to pass it on to his son or daughter, and maybe that will be worth $120 million into their future.  The whole escrow process and verification process is quite fragmented, unreliable. I think chain-link can be a technology which motivates and enables more streamlined home buying processes. 
  2. Identity verification: it is so easy for people to just steal your Social Security number, and pretend it is you. Imagine a future in which you could use chain-link or some sort of block chain enabled identification, which can essentially be your global citizen passport to all of the world and the Internet? This seems especially useful in today’s world in which everything is so fragmented, between our Apple ID, our Gmail, Etc.

Military

I think an inconvenient truth is that truth be told, a lot of the world is run by the military. Certainly there are lots of bad things about the military, but truth be told, without the US military, our precious US dollars would be worth nothing.

For example, I think the American government we are $10 trillion in debt? To where… China?

As a consequence, how does America’s stay afloat and print more money? Simple, she simply prints more money because she can because we got the military to back us. 

For example, let’s say that mainland China comes knocking and ask for her money back. Is America going to give it back? No. We will just waive our big stick, and say we are not interested.

So the interesting use case of chain-link and the US military is especially in the future withdrawn warfare or whatever… It actually does seem that having some sort of crypto technology will be useful here.

For example the Internet of things, chain-link solves this issue. Also, I believe a lot of the US military intervention stuff is going to be unmanned, and having access to some sort of technology which allows automation without meddling in the Internet seems like a good idea.

So why did I buy it?

I think in life, big opportunities only come infrequently. As a consequence, I think in life… It seems better to take really big bold bets, rather than just stand on the sidelines.

My personal speculation is that I think chain-link will become the next Google. Why? ERIC Schmidt is on the board of trustees for chain-link, and ERIC Schmidt is the one who built Google into what it is today. Just watch the interview between him and Sergey. In Italian quote, ERIC Schmidt said:

The secret to success of Google was that we tried to put a little bit of Google into everything.

Genius. For example, this is evident in how whenever you Google search something, there is a little bit of that Google code in the URL. 

Who is Satoshi?

Apparently there’s a rumor that Sergey Nazarov might be Satoshi.

Also the reason why I trust Sergey as a founder is this:

He doesn’t really care for social appearances.

I think I learned this from NASSIM TALEB; only trust doctors who look like butchers. Why? When somebody looks too much the part of something, they are not. 

For example, when you go to a party, who is the real successful person? The person who could show up and meet the prime minister and shake hands wearing T-shirt and jeans and sneakers, just like my friend did meeting the prime minister.

 Also, the really really rich successful person will just drive some sort of white Toyota Prius or old beat up Honda Civic, in silver. Even the family car; very specifically… White Honda Odyssey. Not even a Toyota sienna!

Even family connections, my $500 million net worth familia– the dad gave all the kids Ford fusions, and even though the dad is a major player in Tesla, they only have a super base level Tesla model three in white. No Tesla model Y, X, S.

Investors 

My brother-in-law Khan told me: if you spent $80,000 to buy a Tesla model S several years ago, that would be worth $500,000 today!

True investors live like poor people, and speculate on the thing, rather than buying the thing.

For example, instead of spending $120,000 on Tesla, I would instead prefer to buy $120,000 worth of Tesla stock.

Why? Things that go up in value overtime versus things that go down in value.

For example, even though a Tesla car gets software updates over the air, eventually overtime, the value of it will slowly depreciate. The battery range will become less, more wear and tear on the vehicle etc. Even the world’s best car can be robust at best, not anti-fragile.

What is anti-fragile? Something that overtime gets better and stronger and more powerful and better and more robust… rather than the opposite.

This might be the intelligence of collecting rare collector cars, like old Ferraris or whatever… Even old Porsche cars, overtime the value of them will go up.

Even apparently the old Toyota supra, the one that showed up in fast and the furious, they are worth close to $250,000 now!

So perhaps the best way to think about things is to think of them like financial investments, rather than toys.

Other good news 

It looks like their new chain-link staking, chain-link economics is also doing very well. The full pool has been filled already!

Now what?

I think at the end of the day, I don’t really care for money that much, I am more interested in speculation, wrist, and thinking and predicting the future. This is my prime joy and bliss.

Too much more lies, we simply sit on the sidelines, twiddling our thumbs for some sort of magical future to get better. I say rather than waiting for the future, speculate and invest in it.


ERIC



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