It’s a new year, and Jimmy joins Porter for a discussion about ambition, perseverance, and reflection – traits we will all need to follow through on those New Year’s resolutions…or any goal, for that matter.
It’s a new year, and Jimmy joins Porter for a discussion about ambition, perseverance, and reflection – traits we will all need to follow through on those New Year’s resolutions…or any goal, for that matter.
The “bye” in the title of this episode, “Life Bye Legacy,” is intentional. It’s a farewell to what came before and an understanding of what happened in the past. It’s about being grateful for what brought you here but being ready to forge your own path.
Jimmy tells us about his father, a plumber, who was frugal, independent, and proud of his trade. And though he wanted something similar for Jimmy, Jimmy wanted something else for himself.
If you’re in a similar situation of choosing your direction in life:
Jimmy found his passion in banking – specifically decentralized banking – cryptocurrencies. In addition to talking about Ireland’s economy, he gives us a primer on blockchain, cryptocurrencies, and when to take risks.
Quotes from today’s episode:
“It didn’t matter what job I had if I didn’t know how to manage my finances.”
“Begin with the end in mind.”
“I had to find my own way. Talking about understanding new frontiers and taking calculated risks, understanding that it’s going to take work.”
“Understand the risks before you make the decisions.”
On blockchain – “This digital reliance of transaction value was inevitable.”
Sponsors and Resources mentioned in today’s episode:
[0:21:59] Bee and the Bear Creations
[0:48:46] Patriot Empowerment Institute
Layered Money: From Gold and Dollars to Bitcoin and Central Bank Currencies by Nik Bhatia
Follow the Tracks to Where Perspectives Meet Values:
Remember to Subscribe and Leave a voice message at TransactingValuePodcast.com, for a chance
to hear your question answered on the air!
Until next time, I'm Porter. I'm your host; and that was Transacting Value.
An SDYT Media Production I Deviate from the Norm
All rights reserved. 2021
Alrighty, folks. Welcome back to our next episode of SDYT that a cast. Where values still hold value. We're talking about a few different topics with a few different guests and even some personalities about realistic perspectives.
In building resiliency, finance, fitness, mental, and spiritual health. As always, if you want to contribute material or join us on an episode, email survival dad y t at gmail dot com or message on Facebook, Instagram, or YouTube.
Now if you're new to the podcast, Welcome. Thanks for stopping in. And if you're returning, welcome back. Thank you for hanging out with us for a little bit. To everyone watching, hit the podcast. Subscribe, ring the bell.
That way you get notifications every time a new episode comes out. I'm really glad you guys stopped by. So let's cover our next episode. Alrighty, folks. Welcome back to SDYT the podcast, where values still hold value.
I'm Porter. I'm your host, and now here on season 2 of the podcast, we have monthly core values. Then we're going to illustrate through these stories, there's some dialogue, a little bit of monologue.
Each month, with a different 3, core values. Now, here in January, we're talking primarily through ambition, perseverance, and reflection.
If you are a continuing listener to podcast, you may be familiar with some of these themes depending on which podcast episodes you've listened to so far, if you are new to the channel, well, I'll be the first to say, welcome.
However, this particular month in January, those are more the training values that you're gonna hear. Today, we've got a special episode.
We've made it through the holidays. We've made it through 20 21. Working our way through Omicron around the world, job markets, inflation, supply chains, crypto all sorts of decentralized financial concerns and considerations.
22 is going to be a crazy year. That's my prognosis. Any more specific than that? I guess it depends on the industry. But for today's episode, I'm pretty excited about it.
We got Jimmy Mullen who's gonna call in here shortly. We're gonna talk to him specifically about his perspective as revolves around these 3 values, these core values for the month of January.
In an episode that I think we've come to call life by legacy. Once Jimmy gets here, we'll talk about it a little bit more.
But again, guys, for the time being, I really appreciate you stopping to tune in and listen to us for for a little while. My name is Porter. I'm your host, and this is SD YT the podcast.
Alrighty, folks. Again, welcome back to SDYT of Podcast. I'm Porter. I'm your host. Today's guest, we've got Jimmy Mullen. And now, Jimmy, we really haven't gotten through to your introduction too much.
You've been working with us on Survival Dead YT, the video series. We've had you a couple times on some episodes here on the podcast as well, but for listeners, let's talk about you a little bit, man.
So first off, Welcome to 20 22, man. Welcome back to the podcast. Partner, thanks man. It's really good to have your back. You had a new back, I suppose. Yeah. I suppose I suppose it is.
So you guys just got through the holiday season as well. You pretty much mirror the same holidays and and roughly the same dates and schedules that we have here in the states. Right? I don't wanna sound ignorant, but I am.
And for some of our listeners, maybe who are a bit more unaware how are your holidays? Yeah. Let's let's hear about it. Port over all my holidays. We're good time. Yeah. We were able to spend time with family.
Run the 20 fifth of December is the same. We we celebrate Christmas, the same time as you might as well. A difference being on the 20 sixth of December, we have Saint Stephen's Day, which you probably don't have there in the states.
Unless maybe you've got some sort of Irish heritage or something. But other than that, it's basically all the same.
We go to charge we have services there, get to see our families a bit, have some food, party drinks, and, you know, wake up and there's some gifts and things for the the children. But That's basically the extent of the holidays.
And then, obviously, now we run off the same calendar, which I believe was not wholly due in part to the ignorance of your statement, but in either case, we also work off the same calendar.
So now we are also in 20 22 on on this side of the Hemisphere as well. Yeah. I I appreciate the clarification.
Either way, I'm glad you made it through the year. I hope your family's healthy and, you know, COVID and things didn't really take too much of a toll for you. No, it didn't. I wasn't too much of a COVID type.
Influencer with my family. Everything went pretty smooth. We had a few people, small car in the gathering, but it was a good time. Everybody stayed healthy and rounded out the air, pretty well was very good.
Good, man. Good. I'm glad to hear it. And how was your family doing partner? Did you get a chance to see everybody want to and enjoy the end of 20 21 and in all the ways that you hoped you could have?
Not really. I usually like to watch the ball drop. You know, it used to be actually Dick Clark hosting. Right? And he would get out and talk about it, and then You'd see this sort of big mirrored ball in Times Square, I think it was.
And it would drop at midnight. Those types of scenes, I think any more now, It's not watching that that really made the difference for me. It was just everything that led up to the anticipation of being with family.
And just just ringing in the new year celebrating the end of 1 and how well things went and, you know, you sort of entered the season of being thankful at the end of each year.
Then in anticipation of the next, the hope that the next will be half as good as the 1 prior. And that's I guess sort of the best you can hope for.
You know? So, yeah, in short, I suppose I did. Aside from not watching the ball drop, yeah, I suppose I did. Round out the year in in a way that was probably the most beneficial as it could have been.
I got to see my family. Got to relax a little bit, went on a road trip, which was nice, road trip. Is that right, where'd you go? Basically down the East Coast.
Down to the Florida Panhandle, hung out around Central Florida for a little while, and then and then drove back up to the house. That was by the extent of it, a bit longer of a drive than I expected, but but it was good.
It was cathartic. Yeah. It was nice. I appreciate you asking. But what we're What we're talking about that, what did you end up doing for the new year then?
All part of the new year for me, and let's see, starts basically like every other year. I woke up. Once I woke up, it was time for a modern day drink. I understand it's not for everybody, but but this is something that I enjoy.
So went, was able to get through there, get into the morning, and then mostly relaxed through the day. That was New Year's Day. Well, good, man. Really excited to get to this episode.
I'd love to hear more about your holidays and how everything went. But I feel like we have a lot to talk about, and most of it's about you anyway. So I think we can we can roll into that. My pleasure. Let's talk about it. Let's go.
I'm ready. Right. Okay. So January, core values for the month, ambition, perseverance, and reflection. And I think that fits your story pretty well, actually. But you said you wanted to call it life by legacy when we spoke before this.
Why? What what does that what does that mean? We see partners not necessarily by, like, in alignment with what type of legacy was of previous generations. It's more like saying goodbye.
Understanding what happened, what came before you, understanding the gratitude and the grateful things that it allowed your life to become, but sort of forging your own path so to speak takes a bit of drive, bit of perseverance, And then at some points, you get down eventually, you catch a second wind and remind yourself what it is about these particular goals that you want to in body, right, or that you want to achieve.
So in that sense, life by legacy as in a BYE actually, life by legacy is I think a fitting title for farthest episode.
Okay. Well, I appreciate you breaking it down. I'm excited to see where this goes. I I don't know exactly the extent of the story you wanna discuss.
So I'm I'm just not gonna talk too much. I wanna ask you some questions as we go, but I really just wanna hear your story and and see what it is you have to say. So let's start at the beginning.
How about you just take the next couple of minutes and give us a quick rundown you know, maybe maybe your your childhood as it applies to this this life by legacy topic, maybe from your childhood or into adulthood, frame of the context before us.
So so party for your you, maybe, all of your listeners as well.
My childhood was it went well. Right. It went I was able to exercise my imagination, like many other children, I did not pay much attention to what was going on at school, or even really in my life.
My daddy was a tradesman, you might say. He was a plumber, had his own irrigation company.
He would work residential things mostly. A lot of people needed putting in sprinklers or whatever in in their yards or or it would travel sometimes at Dublin or Park or Galway, wherever there was decent business.
Consulting sometimes, installing sometimes, working on new build houses for plumbing, not just in the yard, but wonder room, kitchen sink, things like that, put me in the plumbing, and then then he would come back home.
Alright. He ran his own business on the side for for some time, couple of years, I suppose.
But to always put value on being able to be self sufficient, take care of yourself right, whether it was a trade like electrical or plumbing, which was more his specialty, maybe it was understanding how to stretch a dollar, understanding how to repair your clothes, take care of your vehicle, whatever do well in school was academically, probably a second priority in that regard, but that was my dad.
So as we went through that and I began to grow up and and realized that he would push for me to be in different trades, get different certifications, start my own business, whatever, in in whatever capacity.
I began to realize that blue collar trade, I suppose, was not what I wanted. It was what he wanted for me.
Once I was better able to, from maybe a more mature perspective, understand what it was I wanted to accomplish my life, self sufficiency was still air cars, but I realized once my dad was able to what ended up being a bankruptcy filing, and business sort of essentially cannibalized and and collapsed.
I realized that it it didn't actually matter, what it was I did with my life if I didn't know how to manage my finances, or those finances of a business as well?
I started looking more into investments into real estate. I started looking more into now decentralized finance, but at the time as well as centralized finance. Concerns, capabilities, accounting, things like that.
The structure wasn't necessarily there. I remember I think it was probably maybe 10:11 years ago. I'm in my hepatitis now. So this puts me what early twenties, I suppose, maybe late teens, more or less.
But at the time, I remember hearing about this crypto currency rage, this bitcoin phenomenon, and not the digital coin anywhere. I I think I think at the time I talked about it tomorrow, like manopoly money. Right?
Like it's there and sure what that's tangible and that's paper, it's the same conceptual degree where it's not accepted anywhere. It's not cut in any actual valuation for anything, but I spent my actual money on buying the bargain.
I ended up with a bar game and a bunch of current setup was no good anywhere, even though it cost me real money to get it. And I think that was the lens at which I initially viewed this cryptocurrency Bitcoin at the time.
Since then, I've begun to realize it's more of interest, I suppose, and less of a passing glance or or whatever you might call it. There was a few things about it though that I'm I'm still slightly unsure of.
I've been learning a bit more, looking a bit more into the block chains, algorithms and building and designing and developing engineering of the product protocols for the software.
I understand a bit better how it works, I've never quite got into the mining, but, you know, it's interesting.
When I told him to have about it, he said, it's not anything that you need to focus on or pay attention to. What if it fails? Where's your money then? What's it backed by? How do you get your money back?
All of these types of things? The only thing I could think of, I'm trying to explain it to him. Well, you took all your actual money and you put it into a business that was then represented by a service for transactional value.
I'm taking all of my money or not all of it actually, but taking my money and putting it into not a service necessarily but a product and in that particular product, product transacting the value.
Right? So he understood transacting service as a value for making more money essentially.
Right? What he did not speak necessarily was transacting a product, which was a bit strange in my opinion, but there were also things about it that I couldn't disprove.
I couldn't convince him of anything more than my own confidence and my own passion. And it it was really in that that I started finding my own way.
I started finding things that gave me the opportunity. To better research and look into from different perspectives to different angles, be more critical of what I was doing.
So I started to do that. I started to find that my father's shadow is a tradesman. My father's shadow is a blue collar hobbyist, a varying trades even. It was not going to be more my future as much as it was his past.
And that gave me the opportunity then to take the lessons I learned from him, the lessons I learned from other generations, before him before us, which were merchants and ship captains, centuries before all the way to some military members, some businessmen here and there along the way some farmers.
I wanted to deal with finance instead, and I think I started to find my own way after that which essentially led me to this title of life by legacy.
I bet that was a difficult conversation. By then, I'm sure he already accepted that you weren't gonna follow in his footsteps. Partomental is sure if he did or not, or if he does or not, but he is a part of nonetheless.
So whatever he expected me to be able to do to follow in his footsteps or not, I think, has since become irrelevant, given up his business maybe initially wanted to build we'd have something to leave for us.
But in the end, that that 1 takes into account what it is, he wanted for us out of our lives, not what we wanted for us out of our lives.
My siblings and I. So it was a difficult conversation, but he's supportive. He he is supportive. He let me start at the beginning.
Basically, to get out of your father's shadow, and this could be anybody for our listeners, whoever you feel like are sort of falling into or becoming or being forced to grow into that maybe isn't quite your image, your appeal, your style.
Or even your interest in general, how do you overcome that? Where do you start you said you wanted to get into finance and everybody else was sort of blue collar into different trades and things in your in your line.
Where where do you start? You know, how do you how do you identify these things?
Before you can even talk about whatever the topic is, You have to identify what it is that you're interested in, what it is you're good at, what it is that sort of gets things moving.
Right? Now the wind falls off upon your face and the rain falls softly upon your fields, so to speak, is a sort of a blessing it.
I I really like it gives people the opportunity to have some sort of peace in their lives. And I I think that's might be a bit metaphorical, especially if you don't actually have fields.
But it gives you the opportunity to smell the flowers, right, to to stop for a second in your life, have a semblance of peace, however long it might be, inhale for a second, and just think to yourself what about life, not do you want to get out of it, not do you want your life to look like?
Those are all lofty and ambitious, long term type things. But What about, in your head, what do you enjoy doing? What are the moments? What are the catalysts for the moments that give you pace? For me, I enjoy numbers.
I don't work with people quite as well, and so once I understood that this sort of concept for decentralized finances to New Frontier, and it's going to change everything, probably in the next decade, if not sooner, direct technologies moving, but it's common and it's inevitable.
And that's where it's going to go. Right?
Science, the technology, engineering, the math, the languages, communication, whatever all these other topics at schools are all going to be popular and necessary, but they're all applications essentially of this technological integration into our data lives.
Right? So for me, that's where it was. It gives me something to focus on, but if you can't identify that for yourself, whatever it is for you, Well, what are you really talking about?
What are you what is the golden? What are you really trying to accomplish? If you don't know, you're not going to get to anywhere. It's a lot more simple to Start with the end in mind.
Right? And then back to plan, connect the dots as you move forward in. Okay. So once you identify what it is that you want to do or what you're passionate about or a hobby or whatever, how do you have the conversation?
Or more importantly, maybe who do you talk Those are 2 separate points that are of equal importance, in my opinion.
If you're just going to stand around and talk to yourselves, you may not be accomplishing too much. Unless of course your audience is just not physically there.
Maybe you accomplish a more than you realize. Who do you talk to? Who do you tell it? Well, It's it's much like we've been doing in these episodes, right, or even in the video series where we start to consider what's called booking.
Right, you start to consider based on this category, potentially, what types of people have an interest or a background knowledge in that information.
And once you've identified that, you work on getting in touch with them to book an appointment to conduct the interview.
Similar in part to how we accomplished this particular episode, right? You sort of target the audience that you want to talk to.
And then talk to them. Now what is it that you talk about? Well, it depends on who the person is. What do you mean? Right. Well, if the person is a successful position, they probably don't have a whole lot of time.
Not the least of which to talk to somebody who just says, can you teach me about naming the industry? There are so many different variables I don't have the time for that, not patients.
You need to identify specifically what it is you want to accomplish, how you want to do that, and then come talk to me, get it in there in about 5 minutes or less.
If you can do that and you piqued my interest, I'll call you back later and we'll discuss. If you can't do that, I don't have time to sit here and listen to your ramble as you think out loud.
All of that should have been done beforehand. Now the flip side is if you talk to somebody who's maybe just 1 of your friends or, you know, maybe a family member or something like that.
You could talk to them about those things ramble and vent, but eventually you've lost somebody's attention. So you've got to find ways to get people's attention back.
If you're able to do those things and talk to the right people about these things that you're passionate about are the 3 steps ahead of anybody else, and now you just exponentially cut a time down in half that's gonna take you to accomplish your goals.
You find people that are interested, you know what you are interested in, and then you talk about it.
Before we get into what types of things you wanna talk about how do we go about this more specifically? Maybe even in Ireland as you've experienced it.
And then ultimately, sort of fulfilling these core values for January, ambition, perseverance, and reflection based on getting out of somebody else's shadow, which is what you're describing today. Let's take a quick break.
Hey everybody. This is Porter with SD YT the podcast. When we're talking about spending time with your family and even remembering loved ones, maybe when you can't be there. I'd like to pass to Mike for a second over to my buddy, Dax.
He's gonna talk about the bee and the bear creations. That's BEE and the BEE ARB in the bear creations. Text? Hey, everyone. It's Stack's here. I just wanted to take a moment and give a shout out to my wife, Julie.
She is a artist of sorts, but she has a Facebook page called the B and the Bear creations. And what that page is for is basically you wanted to do a specialized item like a tumbler or a hat or a vinyl or a decal or shirt.
You can go there. You can ask some questions, look through the wares, but then give a DM and try to sort it out.
And then work at adjust pricing. But if you're interested something like that, go ahead, like her page. It's the Be and the Bear creations on Facebook. So Go enjoy. Alright, everybody. Welcome back to SD YT the podcast.
Porter. Again, today we're talking to Jimmy Mullen, host of discussions from Dublin on the survival dead YT video series, Jimmy, what's going on, man. Parts or not much, everything's still going pretty well as it was a few moments ago.
Okay. Alright. Well, I appreciate your candor. But so we're we're talking about these these monthly core values here, Virginia, ambition perseverance and reflection.
And what you wanted to discuss earlier before we took that break, you were talking about identifying what it is that you want to accomplish to get out from somebody else's shadow, right, to make a name for yourself, be your own person, essentially.
Let's talk about that for a second. What types of things? If you had to pick 3 questions that you would ask somebody say because you only have 5 minutes and you get your initial pitch out there, let's say, 60, 90 seconds, whatever.
You put it out there, and then you have the opportunity for 3 questions. What are your 3 questions? Right. So I'll get to a 90 second pitch.
Right? I got 2 questions. 1 of them's obviously going to be when's a better time we can talk more, so that's already taken up 1 of the 3. Another question I'd like to ask, maybe something like, how would you like to be involved?
And maybe the third question I bring up or better to ask, not in many particular order either, is probably some to the extent of How do you see your role growing over the next next month to years?
It gives them the opportunity then to say, into the future.
Right? It's like any good realtor showing off a house you try to explain things to a potential buyer as if they already live there, right, or you can totally see your kids playing in the backyard here.
You can totally see yourself cooking in the kitchen, things like that. Think about how you could grow and your family could grow with this house, right, to work this vehicle and whatever salesmanship apply Same thing in this pitch.
Right? So I give up 90 seconds on my pitch. I ask a question about contact information and time. Ask a question about interest over the next couple years and to roll in the next couple years.
And I think if I had to pick 3 questions, that's probably where I would start. Yeah. Okay. Alright. I appreciate it. Let's talk a little bit about I guess they're in Ireland.
Okay? Because this is geographically, at least, this is an area that I'm certainly not familiar with. What what are some considerations, I guess, for the market there, you know, in Ireland.
What what is it about the market that you want to know? What what what do you mean exactly? Just a special effort. Telling you that you got to specify what it is you want to know. Otherwise, you're gonna get the vague answer.
Fair enough. Let's see. So tell me how it is opportunity to get jobs, increase wealth, different industries that are popular within the Ira's job market, Well, English is a primary spoken language, so that helps.
Right? If you don't speak English, you're not gonna get very far.
There's also, Gailic, here in Ireland, that gives you the opportunity to converse a bit better. But for the most part, everybody's going to understand English. Tax rates, standard rates are up to around 20 percent.
So it gives you the opportunity to take your income, sort of math out, work, about just whatever There might be some other factors in there while your tax rate might go up or drop, but that's sort of the standard right.
There are other multinational companies that are moving into Ireland as well. Maybe you've heard of Gamma, Right? Google, Amazon, you're looking at Microsoft and Apple.
Hairisine probably met that as well. If I had to guess, Ryan Air, obviously is ours. But so all of these companies bring with them tremendous work opportunities as well, especially now that it's past the other 92 years.
A COVID is is starting to pass. Mostly compared to where it was, at least, things are opening back up. The service industry is pretty big here.
In Ireland, tourism's starting to come back. What else? We're talking about technology, industry, We're talking about things like maybe even engineering, health care. It it really quite depends on on what it is you want to assess.
I like the best about the market here in Orlando. You're looking at Dublin probably being the biggest city but And like I mentioned earlier, I actually go away, a car as well.
Business and finance is becoming quite a good beggar. So has a industry segment at least. We're able to move a bit more whether it's TA like technical analysis, for example, or actually as an asset manager.
The crypto market is is definitely on the rise around the world of written article this morning about down in what was it?
Miami over there in the States. Charge arrival in New York is a financial hub for DFI. That's might be interesting.
I doubt it's going to apply here in Ireland to the same degree, but sort of that's the gist of the market I assume. Okay. Well then let's let's talk about crypto a little bit, decentralized finance things to this effect.
I'm not, I guess, as familiar as it sounds like you may be. So let's let's talk about that. Break it down for them. Let's talk about let's just start with cryptocurrency.
That's that's the biggest sort of buzz word, I guess. Let's start with cryptocurrency. Part of your donut again. Right, if you don't give me the specifics, there's so much wealth of information.
Go ahead and look it up. You can go to investopedia. You can go to, I don't know, trading view, You can go to Binance Academy. You can go to Trend Masters up on Discord.
There's all sorts of different things you can look at. To get to information on cryptocurrencies. But overall, it's a digital currency. Okay. But is that is it really that new? Like, it just sounds foreign. Right?
Part to think about this selective monopoly money. Right. I spent my real money on the game, on this board game, the paper, the cardboard, plastics, and whatever. Right? And I spent my real dollars or real money earned on the game.
The paper money I get in return carries no actual value until somebody says, You can give me 500 dollars of your monopoly money. In return, I will fix your sink for free at your house.
Well, now that paper money holds value. Right? If everybody around the world were to say, Shar would take the paper money from the Monopoly game and give it value, it then holds value because that's we put behind it inherently.
Crypto currency is much like that conceptually where digital version is duck currency. Right? It's not US dollars, for example, put into a checking account The paper does not become digitized.
There is a digital footprint, a digital presence representing that physical being, not being a dollar, right, physical material at currency.
It's the digital footprint then that gets trafficked and transferred to whatever, the physical amount stays in a vault somewhere. It doesn't actually go to where let's say you travel you worked on a trip. Right?
Let's say you go down to Eastern Seaboard from the States from somewhere up north down to, would you say, Florida, right? On the time you get to Florida, if you were to go to a ATM, to pull out your cash, we're not getting your cash.
There's a digital record that says this much amount of cash is available or not in your account from where you are deposit in the cash somewhere up north.
You go down to Florida and you pull the money out based on the digital record. The digital value is what was transacted, but you are then able to get physical representation of the digital footprint.
Right. Now take into account if it were the other way around. And what I mean by that is, if you were to take physical means of transact and value, say like paper currency, fiat money, right?
Deposited somewhere and then access digital methods and means of transacting value. You exchanged a physical presence for a digital 1, People play this in warcraft or games all the time.
It's not new. More importantly, it may seem foreign to people that have not played different random computer games or whatever to get value in a game, it's digital value transacting.
Right? So it was a credit card. You use a credit card, you're not getting any actual paper money. Unless you do a cash advance on a credit card, which I don't endorse, but this is not financial advice.
It's just my opinion. The point is, if you're going to do a cash advance with a credit card, you might get paper money as a result, right, to fee off money as a result.
If you don't, So you make a transaction with your credit card and you pay for it with your debit card or your account or your ACH or whatever online.
That's all digital digital digital transactions. Right? And then you earn points on the credit card, and you use those points to buy something else.
There is no fee out to money in play. Technically speaking, the values transacted digitally through what you might also consider a cryptocurrency. Now here's the thing. We'll get some water here for a second.
1 1 second. Here's the thing. When you start to talk about cryptocurrencies as it's applied today, what we're specifically talking about essentially what's colloquial net, colloquial is now called That's a tricky word to get through.
It's called bitcoin. Basically the first based on digital bits of information, zeros and ones.
Right? Alt coins, the alternative to Bitcoin, and stable coins, essentially as the third category. Now these are not necessarily the names of the actual digitized value representation.
Bitcoin, is the currency Evaluation Exchange Media. However, a Bitcoin software protocol The underlying Bitcoin blockchain was built first, with all of those parameters.
To say if this happens, then this happens. It's all digital and computerized. Right? The same reason there's a timer to water your lawn.
If it reaches a certain time on the clock, turn the water on. Right. Well, if certain conditions are met digitally. This then happens, and it's locked into this sort of next block of information.
Right? To best transact that, the form of currency as a means of transacting value, not as a fiat currency, but currency is a way of transacting value, Den was named Bitcoin.
So there are these 2 homonyms, you might call them, same name and state.
Right? Old coins are a collection of coins. Again, not actual fiat coins, but a collection of currency transacting value means, that operate on a platform on a blockchain that is not bitcoin as a blockchain.
Right? So let's call the coins just for the sake of simplicity VTC. That's called a blockchain as a software protocol, Bitcoin. Right? These old coins would be more equitable to Bitcoin as a term in concept. And there's a lot of them.
You've seen Shebainu, right, Dodgecoin. You've seen cardano polka dot, whatever. These are all considered Altcoins, alternatives to Bitcoin. However, as a class of transacting value that consider alternative coins.
Some of those transacting value means have a coin name, like a polka dot, for example, traded as DOT is the ticker, but it runs on a blockchain, more comparable to Bitcoin, not BTC, more comparable to Bitcoin as software protocol, but it's not Bitcoin's blockchain.
It's not Bitcoin's Pro call. It's a bit different. It's a bit quicker.
It's structured a bit differently, but it's still essentially an if and then, right, type algorithm. So here's the thing. What then are stable coins? Stabil coins are another class of coin. It's Bitcoin being the first, BTC.
Altcoins being the next with somewhere in the rough neighborhood of 15000 different crypto coins in the altcoin classification category family. Right? Stable coins, technically speaking, are not any more stable than the next.
They are still crypto, they're still digital currency, that is structured and secured cryptographically to be more secure and devaluation of these particular means of transacting value, these stable coins, are tied to actual currencies like USD tea, for example, is a US dollar token.
It's considered a stable coin because it's backed 1 dollar, 1 US dollar to 1 US D. T. So what that allows for, what that accounts for is Well, if I have 15 US DT, technically speaking, I have the equivalent value of 15 US dollars.
The problem here is if nobody accepts US DT, where you still just have the digital means of transacting value, but it tends to be more stable in its rate of equitability so to speak, that we're able to avoid arbitrage because it's based then on a regular currency that exists not based on some other form of out of nothing or digital means of stability, or I suppose instability in some crisis as well.
Okay, so these are all cryptocurrencies. Then. While crypto closes digital essentially and it's secured through different, a cryptographic means essentially a hash protocol.
Which is basically just layers of security, right? Currency because it's a way of transacting value. But that's all cryptocurrency really is, odd. So then how does that relate to decentralized finance?
Where do you call it defi? Right. Defi. Yes. Think about just like a like a central bank, right, essentially a repository, for finances, repository for either cash or balancing the accounts of cash.
So Let's say you've got to Wells Fargo, you've got whatever you've got, what much you have there? I don't know. US bank or something. Right? You've got a bank. In the states, the Federal Reserve acts as the United States Central Bank.
So as they balance out interest rates, as they balance out loan criteria or whatever, your Wells Fargo account then matches that, your US bank account then matches that, not the account, the bank rather.
Then matches that. They're long terms, their interest rates for different product services, whatever.
The central bank for a particular region manages all of these other things for banking products and services, decentralized finance, does not allow necessarily for a centralized bank to regulate this.
It's built into the software protocol, where there are multiple servers, dozens, sometimes more in some cases, of servers, and server farms.
All agreeing with each other that based on these software parameters, based on these algorithms, based on these bits and bytes of information, have to match everywhere.
So you say if there's 2000 different server farms with this 1 transaction taking place, let's say I send you 5 US dollars, this would not be accurate, but let's say 5 US dollars just for the sake of an example that's relevant, right, or relatable, maybe?
I sent you 5 US dollars. I've withdrawn from my account transferred to yours through an ACH transaction or whatever. Your bank then registers a credit of 5 US dollars in your account from mine.
Monengets decreased or debited 5 US dollars then, where they value equitable to 5 US dollars if I'm not using that currency, plus transaction fees and whatever else. Okay.
But that falls down to the 1 bank or those 2 branches of that bank to rectify the issue Ultimately, that region's central bank to say based on these rates, these transaction percentage rates, this is what's going to take balance, transfer rates, things to disaffect.
Right?
Now if there are 2 dozen different computers, saying that all of these things have to match up in order for this 1 transaction to be validated, In some cases, early on in as long as 10 minutes per transaction can't do that necessarily on a consumer level.
Bitcoin, not VTC. Bitcoin has a lightning network which has now translated into other versions as well for different other blockchain protocols.
Which cuts that down to seconds mostly. Right? And through different technological mediums and and justifications for that, but This Lightning network then allows for these types of transactions.
However, all then in this example, 2 dozen of these computers of these server farms have to then agree on a transaction to say yes, it's valid This money was there in that account, this money was there in that account, right?
And then it takes place. So to hack into 1 computer and change the account information, If it doesn't match with the rest, this flag does an issue, so it's easier to detect fraud.
I see. So that's why it's decentralized. Miss Rod, it's why it's decentralized. Okay. Alright. I think I'm getting it. So this means of finance is decentralized.
But you said stable coins are tied to essential currency. Right? So then it becomes centralized. No not quite the process itself is what's decentralized. Who backs the valuation for the money, for the currencies, that's my shift a bit.
So these stable coins, for example, if the United States Federal Reserve, the US Central Bank, for example, were to actually finalize and release these stable coins with an accurate valuation, I think they would be able to use it for legal purposes.
Large scale purposes. There's a book and forgive me. I can't remember the author.
If you track it down, put it down in the the show notes or whatever in the description for me, but there's book by the name of Lair Money is the title of that book. And within Laird Money, it talks quite a bit about this.
And in the end, you can make your own inference based on the information, but it gives you the opportunity to understand a bit better means of transacting value currently to die in the digital age.
What is this in the 20 first century at this point? Right? So there there may be some things there that explain it a bit better than I do. But these are definitely things that my dad would never understand.
Right? He just he just doesn't quite have the capacity for it, I don't think. Yeah. His name I I just looked it up. I don't mean to cut you off, Jimmy, but layered money, the author is Nick Batia.
BHA TIA. Looks like you find layered money on Audible. So Amazon essentially and hardback books as well, thrift books and some other stores. Right, I appreciate that a lot of money.
Nick bought you. Nick, if you ever do hear this, I appreciate you putting that material out. I found it very enlightening, and it actually helps took a passion for me as well. And clarify a few things also.
Now 1 more piece, part of that I want to make sure we talk about, this is not any actual financial advice. This is just putting it out to say that My job was a tradesman and he tried to get me to follow in his footsteps.
I'll be hit possibly a little bit disheartened that I did not, but I defined my own way, right, talking about understanding new frontiers and taking risks, calculated risks, understanding that it's going to take work on today's you don't want to get up because it's cold and you got to work in the water and doing sprinklers and digging holes.
Right?
For relatively low pay, certainly low appreciation. This is still work. It still requires work. You still have to wake up in the morning, dedicate some hours and to doing some research. Do your homework, look into the digital markets.
Understand how to read these trends into a certain degree even though it hasn't been a whole lot of time in this digital marketplace, which you could reasonably consider a form of technical analysis as well.
Understand why you're putting your money. There's still risk involved inherent and otherwise.
The money that you put in, you're not guaranteed to keep it, I'll make any money on it. No matter how many times people tell you that. Understand the risks before you make the decisions.
Yeah. It's funny you bring that up, Jimmy, that understanding the risk before you make the decisions, because The medicis banking family throughout history, thirteenth, I think, fourteenth century, something like that.
Bankers businessmen for their time. The Roth Childs prominent banking family over the last couple hundred years as well.
And and if you have Caesar, I think, even I I don't even know where this actually came, but there's a lot in saying, Festina Lentt, I think is how you say it, but it it means make haste slowly.
Right. So the idea is that you don't drag your feet so much that you relegate to inaction.
But it's deliberate enough where you take calculated risks, incorporate whatever controls you think are appropriate, to match we've talked about this before, but but to match whatever your, I guess, better correlate your tolerance for risk to whatever your actual realistic threshold for that risk is because you may be willing to lose 200 bucks But if you only have 5 dollars of disposable income each month, where if you lost it, it wouldn't matter your needs are still met.
And it's only been 2 months, Your tolerance may be 200 dollars, but your threshold is only 10.
Right? So do some homework to understand where to put that 10 dollars to get the biggest return as it applies to that 10 dollars and then take it in stride.
Right? So festina Lentt I like that. I like that. Alright. I like it a lot actually too, and we've also just had 2 of it. As a matter of fact, maybe you're saying the anchor with a dolphin wrapped around the the anchor.
Right. That's basically the logo for this festina Lent. Concept you brought up, it's actually more funny. You brought that up. As a matter of fact, And furthermore, if you look at the movie, what was it called?
It's a it's an animated movie, Luca. Luca, the big seller, and a big popeye looking brute making pastas. He's in there. He's got a tattoo similar to that as well.
I believe it's on his arm. Right. So there you go. It's actually more applicable than than what it just happened to be here. Yeah. I really appreciate you bringing it up. But before we wrap all this up, let's take a quick break.
Again, for our listeners, talking to Jimmy Mullen. We're talking about ambition, perseverance, and reflection here as we kick off season 2 of SD YT the podcast. So with that, we'll be right back in a couple minutes.
Jimmy Suttipro. Right no problem. The Patriot Empire Institute is a veteran operated non profit. It seeks to help active duty military members transition into different spheres of the civilian sector.
Patriot Department Institute focuses on bringing the best out of transitioning servicemen through mentorship and detailed planning regarding them member's goals by using a long term approach 2 years prior to EAS.
Patrian empowerment Institute is able to leverage both time and resources to increase the chances of a successful transition.
Please visit Patreon empowerment to dot com for more information. Alright folks. I'm Porter. I'm your host. Welcome back.
To our first episode now of season 2 2022 of SDYT the podcast. We're here talking to Jimmy Mullen. Host of Discussions from Dublin on Survivalival Dead YT of Video series, and we're talking about ambition perseverance and reflection.
Jimmy, you were talking about this life by legacy concept sort of how to get out of somebody else's shadow and find what you're passionate about it just so happened, we got to talking about finance, decentralized finance specifically, which is more the angle you want to get into.
1 of the points that you mentioned Earlier in the episode, we were talking about how it wasn't the right time 10:11 years ago.
I think you said. What changed? What what gave you a better opportunity to pursue this now. Marchable for 1, I'm older.
For 2, if both more capital saved up, more disposable income, you might say, so my Actual threshold for risk is a bit more in alignment with my tolerance part. Unfortunately, that was difficult to begin with, but it's okay.
It's a bit better now. It multiplies compounds the capability, I suppose. Also something else that has changed in the interdoyle, that's the parliament here. Regulations legislation has become a little bit more it's still wary.
Don't get me wrong, like it is around the rest of the world for d 5, but A little bit more appreciative of it because we've covered over the last about 2 years, right, we've had all sorts of ups and downs and changes of interest and whatnot, and our our trade show, they they changed so to speak.
The prime minister Martin, Michael Martin. He's been there about a year and a half now, and so he got in right in the middle of COVID.
But he has made the Recovery over this COVID, whether it be social, economic, cultural, whatever, as his priorities forget it through And so it's given us the opportunity as well to be able to flex a little bit on some interest that might be generating other income.
And like I said, business and finance being a bigger industry to time being, also with hospitality and tourism coming back, there's more people coming into Ireland that are Bidmore business savvy is a topazody Fi as well and a bit more interested in it.
So I think it's going to become a bit more friendly in that regard as well. I see. I think that's how it's gonna have to work throughout the rest of the world too, country by country.
I think there's some more of what you might consider developing countries that may adopt it sooner just for the sake of some semblance of stability.
Also it might be backed by other developed countries, and so sort of supporting countries or the developed nations in the supported countries or the developing nations.
There may be some industrial shift over the next few decades because of that, you know.
Different things that these countries are able to bring to the table because there's an influx of income able to transact with, you know, with with certain partners or just global trade in general, whether it's diplomatic or hopefully not, but but more aggressive potentially as well as things sort of come to a head.
Transacting value or finding a means to transact value is not new. So you might think at least I think this digital reliance of transacting value was inevitable.
You might say this started even in the nineties. Right? You're looking at PayPal, eBay, Amazon, like we're buying and selling things online, but we're not debiting the accounts. We're charging cards that are linked to the accounts.
The process has been there. I think I was I know. I was just naive to it, and I'm really really starting to learn more about it. So, Jimmy, I appreciate you coming on to this episode and talking a bit about it.
But But the more important thing, as we're talking about your ambition towards DFI and your perseverance on learning it and trying to work with your family and get them around to it.
And now here as it applies to our audience and our listeners as well, but reflecting back on what you've learned and And I think ultimately reflecting on what it is you're passionate about to your earlier point, just to get the whole process started.
Right? That's what gives you ambition and direction, and then you develop and design your own capabilities around that to support your deficiencies.
Building a support network. Part to let me cut you off for a moment, man. I really appreciate being here on your episode. I I have to go, actually. It's why you wrap up this episode.
I'm gonna have to step out, but I appreciate the opportunity, mate, we'll we'll be in touch and then Here to different point in time, we'll talk about doing some more videos for survival led, YET, as well.
I've got some discussions from Dublin segment I've been meaning to SanGI's haven't eaten in a while, so because of the holidays mostly, but whatever, I appreciate the opportunity.
And listeners thank you very much for being a touch later, and partner.
Enjoy what you kind of your new year might. Jamie, not a problem. Thanks, man. So to all listeners, as I close out this episode, Again, let me just say that I guess there's a few points.
1, if you feel like you live in somebody else's shadow or if you feel like you've lost sight of who you are, still need a support network.
Together we can combine and conquer whatever these aspirations are and build them into something that's prevalent and able for you to use successfully, whatever degree applies.
But secondly, you've got to understand what you're getting into and it has to start with identifying what your it in.
Whether you've got we've done some videos before in episodes as well, but if you've got ADHD and you can't focus and there's so much going on in your head, maybe find a way to channel that energy into something that you are interested in, and maybe that helps.
Right? We've talked about different Instagram posts and profiles as well to reach out with a digital support network. It doesn't even have to be physical anymore.
That's the level of reliance we're getting to. And then talk to somebody. Right? Reinforce that because we are what we eat just as much as who we are, is who we surround ourselves with at least on a regular basis.
Right? And so here throughout 20 22, while we're talking about the character of your character, sort of an annual thing.
Keep that in mind, whether it's digital or physical persona, you're going to be who you become. That's all I've got guys. I'm Porter, I'm your host, and this was SDYT the podcast.