Having ‘The Talk’ With Your Family | BanklessDAO Weekly Rollup
Catch Up With What Happened This Week in BanklessDAO
Dear Bankless Nation 🏴,
After the initial glow of DAO membership starts to fade, and the work on concrete tasks begins, our motivations to keep contributing may change. While early on it was the excitement of discovering new territory and painting it with ideas, it’s our connection to this new community that keeps us here.
The bDAO smiles from the ETHDenver photo feed are a great visual reminder of our community, and in today’s Community Call roundtable, the conversation on projects and guilds swung in the direction of community, as it underpins our DAO lives. Keep an eye out for Samanthaj’s projects/guilds editorial next week, and in the meantime enjoy plugging into bDAO’s Weekly Rollup.
🙏 Thanks to our sponsor:
🗓 Weekly Recap
BanklessDAO Weekly NFT Showcase 🔥
🧑🎨 Artist: JENetics
🏦 Auction Type: Open edition
💰 Price: 0.03 ETH
Old world sailors tattooed HOLD FAST on their knuckles; their steadfast will to “hold fast” was often the only thing that stood between riding out the storm and the chaos of the sea. Likewise, we HODL Fast in our turbulent DeFi seas.
🧑🎨 Artist: Hybridcode
🏦 Auction Type: 1/1 — Auction ends on Tuesday, March 1, 2022 at 2pm EST
💰 Reserve price: 0.2 ETH
Defrag Memory of a Digital Fragment. Reboot strange untouchable experiences beyond our Identity. Scratch invisible walls to collect emotional transactions. If Zero is Everythings, ZeroOne is a Prayer.
🚀 BanklessDAO Website Nearing Launch
Web3 is both a technical and cultural revolution and BanklessDAO is at the forefront. We’re updating our website to reflect the aesthetic that has come to characterize the vibes of this movement. Expect to see a redesign and a re-articulation of the DAO’s mission, vision, and values. We are building technology that supports full-stack decentralization. Most protocols today use centralized front ends for their web presence. We will be announcing and demonstrating a litepaper and proof-of-concept representing what a decentralized front-end means. We're calling it the FRAGstack because we're exploding centralized infrastructure. Join BanklessDAO and make your mark on history. bDAO Strong!
🧢 Merch in High Demand
In this episode we’re talking with Jaf, Product and Development Lead at Ethereum Push Notification Service (EPNS), which positions itself as the protocol for blockchain based notifications that are chain agnostic, platform independent, and incentivized. Some of the use cases we discuss are loan liquidation notifications, ENS name expiration notifications, and a tool for DAO governance that allows members to vote directly from the notification. As Jaf says, EPNS is a tool for reactive and proactive management.
Making Bank is a new show from the BanklessDAO Podcast Hatchery. It’s a show for BanklessDAO, by BanklessDAO, where each week we highlight a project and a personality from inside the DAO. We want to showcase the work that we do and the people who do it.
🙋🏻♂️ New Joiners Session 3
The number of channels and frequency of meetings and interactions on Discord can be overwhelming. If you are new member, please do attend our New Joiners Session where we guide you through the mayhem and help you take the next steps on your Bankless journey. The session is scheduled for Monday, February 28, 2022 at 14:00 UTC. Register here and be there!
👻 Chippi Drop Sells Out in 30 Minutes
The latest drop of beloved chippi NFTs sold out in less than 30 minutes. Created by perchy, our fabulous chippi frens are a cornerstone of bDAO culture. If you’re lucky, you can pick one up on the OpenSea secondary market!
To show our appreciation for Web3 writers, the BanklessDAO Writers Guild is increasing your pay the next four weeks! Submit an article between today and March 21, 2022 and get paid 33% more BANK for your piece if it’s published!
DAO Heat is collaborative contest featuring the hottest writing and design. The winner of the writing contest was announced last week (congrats MinaHasNoIdea!), and the design contest is now live. The design is to be based on the winning article. Winners will be awarded up to 3000 BANK + 10% of NFT sales.
Get a job in crypto! Do you like solving hard problems, care about building more efficient markets for everybody, and want to work at the frontier of decentralized finance? KeeperDAO is looking for full-time contributors, with salaries ranging from $169,000-$722,000. There are positions ranging from engineering, recruiting, product marketing, copywriting, and design. Sound interesting? Sign up for our referral program and go full-time DAO.
🙏 Sponsor: Balancer.fi — Automated Portfolio Manager and Trading Platform.
Having ‘The Talk’ With Your Family
Shortly after I joined BanklessDAO and received my first BANK payment, I spoke to my family about crypto. I’ve since had multiple conversations with friends, cousins and people of my age (I’m 22), and I’ve realized that Web3, DeFi and crypto are delicate topics of conversation with anyone, not just your family.
Talking to my family and friends, trying to explain to them this novel concept of digital currencies, I have learned a thing or two to ensure that the message is delivered effectively. My personal experience is that these talks are initially met with some degree of disbelief, but you can gain some ground by slowly walking them through it.
What makes crypto unique is that it is incredibly technical, volatile, novel and infamous. Gen X, Gen Y, and Gen Z’s from countries outside the U.S. and Europe are not usually conversant with financial vehicles apart from real estate and precious metals. I can personally vouch for my extended family of one hundred people that, beyond their savings accounts, pensions and fixed deposits, there is little acceptance or knowledge about traditional financial instruments like the stock market, mutual funds, and index funds, let alone crypto. Investing is viewed as incredibly risky and akin to gambling!
Fueled by skewed narratives and misinformation, cryptocurrencies have gained a notorious reputation as a risky and near-sighted craze. Therefore, by broaching crypto with your family, you are at an inherent disadvantage. It requires much more effort to get through, be convincing and make an actual difference.
First: Be Extremely Patient
We must remember that Web3 and crypto are complicated subjects. Unless your family are already integrated into the ecosystem, you may as well be speaking Greek or Latin. Just as a micro survey, I asked a bunch of my friends and cousins (none of them are above 30) if they could explain what crypto is in simple words. Out of around twelve people, no one could aptly represent the crypto space. It seems as if the crypto ecosystem is alien to all demographics — including me, until about a year ago — not just the elders. While it is one thing to have learned about crypto and chosen to steer clear, it is another to be completely oblivious and not bothered to even explore. The latter is where most families sit in terms of approach and attitude.
Your job is two-fold here: one, you need to show them why they ought to care about crypto, and two, you need to actually explain it to them. Empathizing with their lack of understanding of crypto is crucial. At the same time, don't be a crypto evangelist because not everyone is interested. More than anything, I found patience to be key in breaking the ice and getting the ball rolling.
Explain in Simple Terms: Analogies Work Astoundingly Well
One of the biggest pushbacks to crypto is that many people find it intimidating to even start learning. It takes some effort to break the ice and get your family intrigued about the concept. Combine this with an ultra-conservative approach to finance and you have a hard nut to crack. Simply explaining the technology to them won’t cut it. You need to keep it as simple as possible. Lose the jargon and use accessible language. Start with the basics in plain words:
“Blockchain is a collection of digital records that help you cut out the middleman while executing transactions.”
While giving the explanation, throw in appropriate examples and analogies. Take your traditional banking transaction: if your uncle Sam had to send you some money, he would have to send it through a bank. The bank usually takes some time to process the transaction and charges you a fee to send your money. Imagine if you could execute this transaction without the need for a bank, instantly and free of charge (well, sort of, there are gas fees but that is nothing compared to what Western Union charges to remit funds from abroad).
Give them an idea of how it can potentially change things. Talk about how human intervention is substantially removed (slip in some tidbits about smart contracts too if they have the appetite). Explain the convenience and security. For instance, if an insurance claim is made, upon fulfilment of x, y and z conditions, the claim is automatically processed and money is sent to the claimant. Imagine the queues and unnecessary documentation that are eliminated. Talking about crypto should revolve around how it can improve their financial convenience and freedom. Make it relatable and get them curious.
Engage With Their Concerns: These Are Valid
Due to the spread of misinformation, people have as many invalid concerns as they do valid ones. It is important to clear things up either way. I adopted a two-step approach to this — e2 as I like to call it — empathize and educate. The last thing that you want is to be dismissive about their concerns. Understand where they are coming from and explain to them what’s correct. Give them facts and accurate information, throw light on ways to educate themselves. Self-education is the way to drive understanding.
Concerns regarding the volatility and risks associated with cryptocurrencies are definitely valid. Yes, cryptocurrencies are volatile, they are risky and you may be scammed. You don’t want your loved ones to invest money and lose it. Tell them that while there have been less-than-ideal incidents, sound research and due diligence have led to good returns for investors. Give them tips to ensure that they are well-informed before dipping their toes into it. I started by sending them resources which included websites, blogs and thought pieces on crypto. For those interested, I showed them how to set up their wallets and accounts for trading and gave tips to keep them secure.
Many people believe that cryptocurrencies are “not real” or are “illegal.” This is your cue to tell them that cryptocurrencies are just like money, but digital, and that they derive value because people believe so, not because the Fed or a Government says so. Just because you don’t see it as USD or GBP or INR, that does not mean it is not real. Show them the real world utility: many platforms are already allowing people to use cryptocurrencies to pay for groceries or electronics. Tell them that cryptos are not akin to gambling or betting (although India is treating them so), that several are alternative currencies, recognized and legal in many countries around the world.
Explain the Possibilities, Not the Technology
The advent of Web2 was faced with skepticism and mistrust. It took time and education for the population to see the improvements to their lives before mainstream acceptance. Likewise, it would be foolish to expect a majority of the population to embrace crypto without proper education. You are bound to encounter a just-please-stop-talking gesture if you lead the way with the technical stuff. What matters is how the crypto movement can improve lives. So, lead with the advantages crypto offers:
It makes finance accessible to everyone with an internet connection. There are more than 2 billion people who do not have access to traditional banking systems. In contrast, your location and identification hardly matter with crypto. You can access decentralized financial systems without ever revealing your name or location.
All transactions are anonymous and secure. Instead of placing your trust in a centralized banking database to hold your sensitive data, you get to send the information you wish to the recipient. True decentralization.
With crypto, you are in charge. At any point, your bank can freeze your assets for their own reasons. With a digital wallet, you decide how it functions.
Transactions are immediate and free of transaction costs (well again, sort of). Imagine telling your uncle Sam that he did not have to pay the 4% transaction fee for his million-dollar yearly revenues.
I could go on and on here, but you get the point. Explain to them how cryptos form the basis of a financial system that is truly decentralized, permissionless and accessible to all. It is a regime where you are not answerable to any centralized authority and one that allows you to execute fast and secure transactions.
Get Them To Embrace This Freedom ... If They Are Interested
Many people have no interest in learning about cryptocurrency or the blockchain ecosystem. Respect that. Leave them be. However, if someone does show eagerness, lead them responsibly. Explain the risks and rewards of the game. Stress the importance of doing their own research (give them tips on how to research effectively too). Inform them that investing in crypto is not expensive, that they can buy it for as low as $10.
From personal experience, I am confident that proper education and guidance does make a difference. By following some of these steps, I was able to onboard two friends and a cousin onto the crypto train. LFG!
❤️ Contributor Care
Traditional hard work tends to be rather consuming.
We get caught in a spiral of never enough.
Never enough time.
Never enough money.
I am not enough.
Never enough fulfilment.
And yet we stick to it. So long, that stickiness turn into stuckness.
In face of crisis many of us become more awake.
Compartmentalization has to end.
There has to be more.
I am quitting this.
Web3’s purpose and mission pulls us. Down the rabbit hole.
And many of us repeat the experience.
Intense DAO work leads to burn-out.
Let’s not repeat the traditional work mantra of “leave your personal life at home. We don’t do emotions here.”
Let’s not only quit hard, non-fulfilling work, let’s quit this divisive mental model all round!
It’s time for a different mental model about DAO life.
One that allows us to bring our whole self to work.
One that emphasizes the importance of personal life outside of the DAO and builds upon it.
One that respects boundaries, supports through deep contributor care, and encourages taking time off.
One that supports our readiness and balancing our buckets.
Let’s upgrade our thinking and integrate our very humane aspects into DAO life.
DAO life invites you fully into the space. As your whole self.
🎣 Phishing School
Author: Dysan and the InfoSec Team
There is a lot of confusion around the OpenSea Hack. In this article, we try to gather all the facts and provide security tips for readers.
OpenSea was planning a contract migration for auction listings. All users would be required to “migrate” their auction listings to a new smart contract.
On February 19, 2022, an attacker started transferring NFTs out of users’ wallets.
The attacker stole just under $2M worth of NFTs (from 32 users) [see the wallet].
The attacker sold some of the NFTs and returned other NFTs back to the victims.
OpenSea has ruled out the contract migration tool as the attack vector .
Although it may be hard to know the motives and exactly what happened, the community agrees that this was caused by a phishing attack which involved a blind signing.
A blind signing is an attack where the attacker tricks the user into signing a transaction that is not in the best interest of the user. These transactions typically give a contract permission to transfer the user’s NFTs and tokens out of their wallet.
The attackers took advantage of the timing of OpenSea’s contract migration to send phishing emails to users. The phishing email looked like an OpenSea email and requested users migrate their listings prior to a deadline. A picture of the phishing email is included at the bottom of this article.
After a user clicked the “Get Started” button in the phishing email, they were directed to a phishing website. The phishing website asked them to sign a malicious transaction. In short, signing this transaction authorized the attacker’s contract to steal all of the user’s NFTs.
Here are some tips:
Be mindful of blind signing attacks and signing transactions in general. Signing transactions without knowing the permissions associated with them could give someone access to all of your NFTs and tokens.
Always verify the URL of the website you're visiting to ensure it’s the correct website.
Review token/contract approvals for your wallet periodically, and revoke the ones you no longer use. Here is a link on how to do this: https://tinyurl.com/infosec22.
Help Protect BanklessDAO
The InfoSec Team is a new group of security enthusiasts with experience across Web2 and Web3. Our mission is to protect BanklessDAO and educate our community on security matters so that we can all thrive in this wonderful ecosystem.
Funding of the InfoSec Team's mission is still pending on our Season 3 funding proposal. We need your Yes vote to reach the required 80% consensus to proceed. Without the necessary funds we cannot take on projects needing more resources. This includes adding protection against bots and scammers on Discord, providing more trust and safety articles, discussions and workshops for our community, and other ways we want to protect the DAO.
If you agree that BanklessDAO needs a team of people to protect it and its members, please vote Yes. 🙏
Proposals in Discussion
The frequent need for budgeting, planning, and goal setting due to the current length of seasons often leads to contributors focusing more on planning rather than execution. This proposal aims to create a 6-month season between April and October to let BanklessDAO focus and work more deeply towards achieving its goals and reduce the time spent on planning during the transition of seasons.
Dozens of BanklessDAO members are contributing to marketing, talent coordination, operations, and other projects that are required to start up the world’s first Web3-native consultancy. But these valuable contributors aren’t getting paid. In this proposal, Bankless Consulting is requesting funds so that BanklessDAO members who are contributing to the back office can be compensated fairly for their work.
There will be three seats open for the next Grants Committee term (that is for Season 4 and Season 5). The Committee is responsible and accountable for managing the grants system, reviewing grant applications, and managing the grants treasury, with the help of other guilds as needed (e.g., Treasury). There is a two-week period where anyone can submit an application. The details required are listed in the proposal.
✅ Action Items
🙋🏻♂️ Attend the New Joiners Session
🏛 Apply to serve on Grants Committee
🧑🏫 Help out with DAO Dash if you’re a Coordinape Round Admin
🔥 Submit your designs for the DAO Heat Design Contest
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🤣 Meme of the Week
Click it to see its full glory!!