Cold Crypto with @FinanciallyFitz

“New World Banker” Fitz Hall talks crypto currency and making money with UST

Ludovici : So with all these new forms of “currency” and “tokens” going around what exactly is money to you ?

Fitz : Money is a social construct. It’s whatever society deems it to be. If it’s durable, portable, easily transferable, it can be labeled currency. Corn and cattle used to be a form of money. Then it was gold & silver. And from gold and silver came fiat currency which is what most people associate with money today.

Ludovici : What is fiat currency?

Fitz : Fiat currency is money regulated by the government. Fiat currency initially came from banks storing people’s gold & silver in exchange for paper notes. Historically every form of fiat currency has gone to zero. You want money to be inflationary not deflationary unlike fiat. And easily transported/transferred unlike gold and silver were.

Ludovici : So where does Bitcoin come in?

Fitz: In the 90s after people learned how to code and realized computers could do anything they wanted to create a digital form of money that wasn’t dependent on the government. Sakatoshi Nakamoto released a white paper known as Bitcoin and found out how to put it in code form. It was probably the first real scarce version of an asset. Its superior because it is infinitely divisible.

Ludovici : Okay so that’s why you can get into Bitcoin with any amount of “money.” What are the alt coins then?

Fitz : Altcoins are basically money experiments. People looking to create financial sovereignty. “Smart money.”

Ludovici : Smart money ?

Fitz: Smart money is digital. Its flexible. You can take your money out of a closed system and put it in an open environment. Dumb money is the money that sits in your bank account which isn’t flexible. It doesn’t appreciate. Therefore you don’t get the best use out of it. Smart money, you can borrow from it while it still accrues interest. Before, you could only do that with whole life insurance policies. Now the digital society made it possible for just about anyone to do this. If something goes wrong in the world you don’t have to run to an ATM and the government doesn’t dictate the value of your money.

Ludovici : Wow, so what about the banks ? Atleast they’re stable right ?

Fitz : How much are you earning on your money at the bank? Very little if anything. Your money actually decreases in value. If a bank came to you and said ‘we have a new program if you switch to our bank your money would earn 20% APY.’ You’d switch right? This is what stable coins do.

Ludovici : Stable coins?

Fitz: Stable coins are coins that maintain their value. The goal is to take what we deem as stable and put it in the Metaverse. Instead of USDT, known as Tether, or USD, known as U.S dollars, which are centralized, an alternative would be UST, Terra USD, which is decentralized, an algorithmic stable coin. Take your dollars and convert them to UST.

Ludovici : How ?

Fitz: Google ‘Terra Luna’ and download ‘Terra Station’ which is a digital wallet. Download another wallet that allows you to interact with Terra coin and other coins/ecosystems. Such as Coinbase or Crypto.com. Send money to Coinbase or Crypto.com, either or, to buy UST. Then send the UST you just purchased to your ‘Terra Station’ wallet. After the money is deposited into your Terra wallet, watch your money grow upwards of 19% instead of 0.01% which it would just sitting in a bank account.

Ludovici : This is what the wealthy are doing with stocks, buying stocks for their kids and their kids’ kids. So how do I set my kids up with crypto?

Fitz: You can let them set their self up. They’re “play to earn” games like Anxie Infinity or Defy Kingdom that reward them with crypto just for playing. So instead of them just playing games that waste time, let them play these and actually be earning money. You can find the games on CoinGecko.com

Check out more tips and tricks from Fitz on his instagram @FinaciallyFitz and join his discord group !