Market Meditations | April 21, 2021
We at Market Meditations are working our dream jobs. It won’t be easy but you can all do the same. Today, we discuss how to land a job in crypto. And much more.
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As at 16:30 BST
Crypto. Bitcoin continues to trade in a tight range whilst Ether price is seeing green, reaching the highest level since early February. BNB also in the green.
Legacy. Stocks were mixed amid disappointing earnings from giant companies and mounting concern over a flare-up in coronavirus cases.
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Getting a job in crypto, arguably the most riveting and thriving industry in the world right now, is not only energising but more realistic than you may think.
Consider this article your one stop shop for landing that dream job. We’ll show you the pros and cons of getting a job in the crypto space, where to find them, and what skills you need before you apply.
PROS AND CONS OF CRYPTO JOBS
✅ Being Early. The ability to become an early employee on the ground floor of a revolutionary company. What’s more is that you have the ability to rise through the ranks quickly and become a major player if you prove to be successful at the job.
✅ Network. Working on the ground floor of a company building meaningful products means that over time you will build up a network of people that could be invaluable for any endeavour you might pursue in the future. We discuss this more in our podcast episode, #52 Crypto Gems, Networking and Finding Happiness with CryptoMessiah.
✅ Remote Work. Given that crypto is a global industry, the job market is not limited to your physical location. Most jobs at minimum have entry level positions that allow you to work remotely but it’s not uncommon to find companies that are fully remote across the board.
❌ Fast Paced. Crypto is a 24/7 market and you’re competing with people and companies across the world. This industry is filled with some of the most hungry people you’ll meet and working seven days a week is not uncommon. If you’re not deliberate whilst planning your day, then your sleep patterns, nutrition, or meditation can become out of sync. Check out this video, 10 Things A Crypto Trader Can’t Live Without, to see the different things I need to keep sane.
❌ Crazy Workload. Given the fast pace of the industry, you’ll find that some companies don’t hire for traditional roles. Rather they hire capable people with high ceilings so that they can be trained to complete any task or role that comes up within reason. To that end, expect a crazy workload as everyone on the team works together to complete whatever task is necessary at that time. Check out my podcast with Sam Bankman Fried where we discuss the concept of hiring with high ceilings in more detail.
SKILLS YOU NEED
1️⃣Know Crypto Basics. Before applying, make sure you understand and are ready to discuss the basics of Bitcoin, DeFi, Blockchain, NFTs, etc, in an interview or written format should it come up in the hiring process. Here are a few FREE resources to help get you started:
Crypto Basics: Beginner’s Guide to Owning Cryptocurrency
Security Basics: 9 Step Essential Cryptocurrency Security Guide
NFT Basics: Introduction to NFTs
2️⃣Communicate Effectively. Speaking English will help drastically, but knowing other additional languages can be a bonus. Understanding how to present yourself confidently and in a friendly manner without coming across as arrogant is essential.
3️⃣Stay Up to Date. Be aware of and understand the key components of any major event that’s happening and be able to communicate about these events confidently. Make sure you understand how different communities on Twitter, Telegram, and Discord operate.
4️⃣#1 Tip: Take whichever company you’d like to work for and analyse what they’re doing and what they need. Then compile a document of every part of the business wherein you can add value, whether that’s by making them more money, creating increased efficiency, or freeing up their time. If you’re missing a particular skill, teach it to yourself. Send your document out and repeat this process with at least 50 companies. You’re almost guaranteed to receive a response from one person, especially if you offer to work for free (practically speaking, you might have to work 9AM-5PM at your regular job and 6PM-10PM at the crypto job until you can make the transition financially). This is a high risk high reward strategy. We elaborate on this in our YouTube video Top 3 Tips to Land a Job in Crypto (No Experience Required).
WHERE TO FIND CRYPTO JOBS?
? Social Media. As simple as it sounds, reaching out to people via Twitter, Telegram, or Discord mentioning that you’d like a job AND proving how you personally can add value is something we’ve seen work consistently in the crypto space.
? We’re Hiring. At the moment, we’re looking for talented crypto writers / researchers / technical analysts. If this sounds like you, email us a write up of a recent crypto news events: ? email@example.com ?
? Build Wealth. Getting a job in crypto can be one of the most rewarding decisions you make. We hope this article gets you started on a path towards a more fulfilling future. Make sure to let us know if you enjoyed this type of topic and whether we should cover more networking and career strategies in the future by leaving a comment.
Are the Doge Days Over?
Dogecoin fans had positioned yesterday as a day to send prices skyrocketing to $1. To their disappointment, the token closed the day down 28% at 29 cents.
? FURTHER UPSIDE FOR DOGE? A remaining question is whether this year’s gains in dogecoin might draw fresh capital and labor to the project, similar to the way last year’s pump in GameStop shares led to a $1 billion capital raise, a search for new management and potentially a transition to an e-commerce strategy. Based on activity on the open-source software site GitHub, Dogecoin development has been sporadic at best, but appears to have picked up recently.
? NEW ENTRANTS? Another question is whether we will continue to see a pick up in similar experimental tokens. Twitter and TikTok has been full of new tokens aiming to cultivate the same sort of DOGE hype and following.
? EVERYTHING YOU KNEW OUT THE WINDOW? There has certainly been some frustration amongst the community. Many people who have placed deliberate and calculated trading strategies are questioning why they didn’t purchase large amounts of DOGE instead. The best way to deal with this is to recognise assets for what they are and know how much exposure you want to them. If your selection process is random, you’ll always be disappointed. You should have a portfolio allocation strategy where you decide how many very risky assets such as Dogecoin you would like to hold and then stay true to that. Recognising that for all the Dogecoins out there, there are hundreds of similar projects which have created serious losses. This comes back to survivorship bias: we only hear about the success stories and not the many losses.
Gary Gensler: Friend or Foe?
Gary Gensler is now chairman of the U.S. Securities and Exchange Commission. A body that governs trading at the largest stock markets in the world. Ever since the crypto community heard Gensler’s name, we’ve been trying to understand the implications for us.
While at MIT, Gensler’s research and teaching focused on blockchain technology, digital currencies, financial technology and public policy. In fact, two of his courses, Fintech: Shaping the Financial World and Blockchain and Money are available for free.
A FEW THOUGHTS:
On the whole, Gensler has made positive comments about crypto and blockchain. According to Gensler, “these innovations have been a catalyst for change. Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend to”.
Not to mention that Gensler will serve alongside Commissioner Hester Peirce, who has advocated for a more permissive U.S. regulatory stance for digital assets. Just last week, Peirce went public with an updated version of her so-called token safe harbor proposal. Should the two find alignment on crypto issues, Gensler’s term in office could lead to the sort of clarity currently sought by the U.S. based crypto industry.
? FREE Educational Resources:
Some of the links we’ve included are affiliate, they give you rewards and discounts and earn us a commission. Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision.