When is Bitcoin Halving Event, and What Should We Expect From It?

When is Bitcoin Halving Event, and What Should We Expect From It?

Bitcoin halving is a critical event in the cryptocurrency sector that influences Bitcoin’s issuance rate and market dynamics. This mechanism is embedded within Bitcoin’s protocol, ensuring the digital currency’s scarcity and, theoretically, its value over time.

The Bitcoin halving countdown engages the community long before the event itself, marking a period of heightened speculation and analysis. This countdown is not just a timer but a signal to the market of impending changes in the supply dynamics of Bitcoin.

When is the Next Bitcoin Having?

Bitcoin halving occurs approximately every four years after every 210,000 blocks have been mined. This event halves the reward that miners receive for adding new blocks to the blockchain. It’s a deliberate mechanism to control Bitcoin’s inflation by slowing down the introduction of new coins into circulation.

The next halving is scheduled to occur around 2028, following the 2024 halving. This event will continue to follow the Bitcoin halving pattern, reducing the block reward further and impacting miners’ rewards.

How Could BTC 2024 Halving Affect the Market?

The most recent halving in mid-April 2024 saw the block reward drop from 6.25 to 3.125 bitcoins per block. This reduction has several implications:

  • Supply shock. With fewer new bitcoins being created, any stable or increasing demand could lead to a supply shock, potentially pushing prices upward.
  • Mining profitability. The immediate effect on miners is reduced profitability, prompting efficiency improvements or exit from the market for those unable to sustain operations.
  • Market sentiment. Historically, halvings have led to bullish market sentiments as traders anticipate price increases due to the reduced supply rate.

Previous halvings have shown a pattern of influencing Bitcoin’s price and the broader crypto market:

  • First halving (2012). The block reward was reduced from 50 to 25 bitcoins. This event coincided with a significant price increase from around $12 to over $1,000 within a year.
  • Second halving (2016). The reward dropped from 25 to 12.5 bitcoins, leading to a gradual price increase that culminated in reaching $19,700 in December 2017.
  • Third halving (2020). The reward halved from 12.5 to 6.25 bitcoins, with the price marking its new all-time high of $69,000 in April 2021.

Bitcoin halvings play a fundamental role in the cryptocurrency’s economic model, directly affecting the supply and, indirectly, the market price. Each upcoming Bitcoin halving is a critical moment for the network and its participants, driving the development of Bitcoin as a digital asset.

Coinbase Wallet Ethereum Mining Pool Scam

Coinbase Wallet Ethereum Mining Pool Scam

David recently got back into online dating wondering if there’s something he’d missed out on last time. And he certainly got more than he bargained for.

In this video, David shares how he got roped into starting a Coinbase Wallet and was sent to a suspicious looking website to activate an Ethereum mining pool. Here’s what happened and what we can all learn from it.

Video Highlights:

  • 00:00 – What it feels like to be scammed…
  • 00:08 – The “dumb tax” David has paid
  • 00:38 – The story leading up to this point
  • 01:27 – What to look out for
  • 02:31 – The turning point
  • 03:27 – Get out of it while you can
  • 04:02 – Scammers are getting smarter
  • 04:20 – Lessons learned

Transcription:

Getting scammed and losing money can make you feel angry, frustrated, and humiliated. But oftentimes admitting it is the hardest part.

Dumb Tax

Hey, it’s David Andrew Wiebe. And yes, I recently lost a little bit of money to crypto investing. In the grand scheme of dumb tax that I’ve paid, whether it’s bad investing decisions, or bad business decisions, I would say four to 500 bucks is not a big deal. It’s not an amount to sneeze at either, but it’s not an amount so big I’m going to be worried about not being able to pay my rent.

As I said many times before in investing, you only want to play with money you’re okay with losing, especially if you’re in aggressive investing.

The Backstory

Now, here’s the situation. A couple months ago, I started getting back into online dating. I thought to myself, “Hey, maybe I missed out on something the last time around.” I didn’t exactly have a great experience with online dating, but I thought why not? “Let’s give it one more try and see if it has anything to offer.”

And so, before I knew it, I was talking with multiple young ladies online. One of them introduced herself and seemed normal at first, and then suddenly seemed to get really excited about talking about crypto investments. I found this a little bit peculiar myself and questioned her on it.

But she said no, “it’s just something I’m interested in.” But you know, looking back, that initial skepticism was a good thing. Because ultimately, I could have lost a lot more money. And in fact, there’s reports of people online saying they put their life savings into an investment of a similar nature and lost it all.

The Mining Pool Scam

So, here’s what it is. This is basically what you want to look out for. If someone you don’t know invites you to download the Coinbase Wallet, right away, that’s a red flag.

Now after you have your wallet set up, they’re going to send you a referral code or affiliate code, which is not really a strange thing in and of itself but the moment you activate that link is pretty much the moment you lost everything.

The next red flag is they’re going to tell you to go and invest in USDT or Tether. Now Tether is a stablecoin. There’s nothing wrong with it in and of itself. But it is a telltale sign they’re getting you involved in a mining pool. And how that mining pool works is basically every six hours it’s going to mine some Ethereum for you based on the amount of Tether you have in your Coinbase Wallet.

The person that I was talking to was emotionally manipulative and kept pushing me to put more money in there. We’d never met in person. We never had a phone conversation. And yet she called me a fool for not putting more of my money into the investment, which is another red flag. If someone is overly aggressive and really pushing you to put your money into it, chances are they’re doing it for themselves, not for you.

How David Caught onto the Scam

And it’s funny, you know. One night I was thinking to myself, “gee, you know, this Ethereum mining thing, it really seems to be working. It’s cool. I am earning one to 1.6% every six hours. So maybe I’ll put a little bit more money into there.”

And then my better senses kicked in and I started doing a little bit of research and looking around on YouTube. And the first two videos I found on the topic were “Coinbase Wallet mining pool scam,”
which is exactly what I’m sharing with you here today.

I went and checked my Coinbase Wallet just to make sure the money was still there and see if I could cash out before anything went down – before the wallet was completely cleared out. I managed to transfer over all my other coins out of the Coinbase Wallet because I figured if they have access to one thing, you just don’t know.

And last, but certainly not least, I started transferring over my Tether, at which point the transaction failed, it bounced. And then it was deposited into another wallet of unknown origin.

And so there you go, if you have a bunch of money in Tether right now in your Coinbase Wallet, and you’ve signed up for this mining pool through somebody else’s link, chances are they already have total control over your Tether.

The one thing I would have tried if I had the presence of mind to do it was to exchange my Tether for some other coin. But chances are that wouldn’t have worked either. And so, I’m sorry to say if someone on WhatsApp or even Messenger approached you and said “hey, get the Coinbase Wallet and follow this link.” Chances are they already have complete control of that Tether. And you should not put any more money into it period.

Will Coinbase be Addressing This?

Scammers are getting smarter out there, but I think this is something Coinbase should start looking into. They should at least have a cautionary note before paying a gas fee to be part of a mining pool.

But honestly, I think they should have a full-on warning saying “hey, if you sign up for this, your crypto is going to be transferred to some other wallet.”

Lessons Learned

So, what can we learn from this? Well number one, if it sounds too good to be true, it probably is. These people are going to come poking around, pushing your emotional buttons saying “Well what has your coach done for you? What have others done for you? What did your boss do for you lately?”

And they’re going to be like, “Invest with me. I have a 100% success rate.”  Nobody out there has a 100% success rate. You’ve always got to be skeptical of that.

Another thing we need to remember is that this doesn’t mean crypto investing is all bad. I just watched a couple of Noah Kagan videos today and he was talking about how he’s making plenty of passive income in crypto investing. It’s totally possible.

Closing Thoughts

As cool as Web3 is – please be careful out there. Don’t play with money you’re not willing to lose.

Thanks for watching. Don’t forget to like, comment, share, follow, subscribe, whatever it is you do on this platform. All right?

Subscribe to the Music Entrepreneur HQ YouTube channel

269 – 5 Steps to Web3 Success for Independent Musicians

269 – 5 Steps to Web3 Success for Independent Musicians

Is it time to embrace Web3 as a musician? What steps should you take if you’re interested in making a go of it as an independent artist?

That’s what we’re going to be looking at in this episode of The New Music Industry Podcast.

Podcast Highlights:

  • 00:27 – Web3 is here
  • 01:06 – Learning about blockchain-powered, decentralized platforms
  • 02:13 – Discover the platforms and experiment with them
  • 03:41 – Dig your rolodex well before you’re thirsty
  • 04:34 – Create your first NFT (if you haven’t already)
  • 05:46 – Understanding how to handle cryptocurrency, Bitcoin, Ethereum, etc.
  • 07:01 – Episode summary
  • 08:10 – Closing thoughts

Resources Mentioned in This Episode:

Transcription:

Hey, it’s David Andrew Wiebe.

Like it or not, Web3 is here. Now, nobody knows for sure how things are going to shake out with the current hype. The parallels to the dot-com bubble are practically beyond reproach, so separating hype from reality is a serious challenge.

But investor Eric Siu makes a good point – it’s called Web3 for a reason. It’s happening, and it’s here to stay. It’s the next evolution of the web.

Web3 is the next evolution of the web. Share on X

And so, we need to begin dipping our toes into the waters before jumping headlong into the unknown. But the time to get started is now. The longer you wait, the greater the chance you will miss out on incredible opportunities.

Today, we’re going to be looking at five steps to Web3 success for independent musicians.

Step #1 – Begin Learning

What is Web3? How does it work? Why does it matter?

Whether on The New Music Industry Podcast or Music Entrepreneur HQ blog, we’re no stranger to blockchain related topics:

The point is that what may have been taken for granted only six years ago is now manifesting at a dizzying rate. Decentralized, blockchain-based platforms are here. And there are already many creators taking advantage of them, earning a full-time living, and more.

The time to start learning is now. And if possible, you want to make it part of your daily routine to read, listen, or watch on the topic, whichever medium suits you best.

The time to start learning is now. Share on X

Step #2 – Start Experimenting

BitClout

Even on the podcast, I’ve made multiple invitations to come and join me on platforms like Odysee and BitClout. Odysee is like the blockchain-powered YouTube, and BitClout is like the blockchain-powered Twitter.

You’ve probably heard my invitation to join Koji in recent episodes as well, which is an amazing link in bio app that even allows you to create and sell NFTs.

I’ll talk more about NFTs in a moment, but what I want you to take away is that you can still be an innovator or early adopter in the technology adoption life cycle, and that can be an exciting thing.

Decentralized communities are still smaller than on most social networks, but they’re very connective, and they’re obviously forward looking.

These platforms also tend to value things like free speech and freedom of expression, and I know people kind of seesaw on that issue these days, but if that’s one of your values, that’s another reason to begin to check out Web3 platforms.

And while you might be intimidated, many of these platforms are just like the social networks you already use and are an excellent place to build a following and create connections, for reasons I’ve already shared. In many cases, there are even opportunities to earn on the content you share.

So, what else is out there? Here are just some of the many platforms people are getting excited about:

Rumble, DTube, Steemit, Mediachain, Fluz, Sapien, and Vevue are all exciting new platforms.

And when it comes to NFT marketplaces, there are many others, though some platforms already mentioned allow you to create and sell NFTs too.

Step #3 – Dig Your Well

Networking and collaboration are huge in the music industry. If you want to grow your music career, there’s nothing quite like expanding your rolodex.

I just got my first gig in Vancouver today, and it’s all because of who was in my network. It had nothing to do with my ability to sell myself, and everything to do with who I knew.

I’ve connected with influencers on Web3 platforms by showing up daily and posting valuable content. It’s far easier to get connected with a community that has something in common versus an amorphous giant like Facebook.

If you’re willing to do the legwork, you can create relationships with some of the top influencers now. It doesn’t matter whether you plan to ask them for anything. Simply being known can sometimes lead to opportunities in the future.

To generate more opportunities for yourself and your career, start connecting with more people. It will be easier now to connect with Web3 “big names” now than in the future.

To generate more opportunities for yourself and your career, start connecting with more people. Share on X

Step #4 – Create an NFT

The NFT craze is starting to find new pastures as the space gradually matures, though it’s still going to take some time for it to come into its own.

And here’s the bottom line – there’s nothing easy about succeeding in NFTs, just as there’s nothing inherently easy about YouTube, crowdfunding, licensing and placements, or TikTok.

It’s like those meme video you’ve probably seen:

  • Step 1: exist
  • Step 2: create
  • Step 3: sell
  • Step 4: complain that no one cares about your NFT

If you’re serious about NFTs, make it your full-time job. That’s not a joke. You need to dedicate some serious time, effort, and energy into it. You need to stay connected to your communities and improve your digital marketing skills.

If you’re serious about NFTs, make it your full-time job. Share on X

What I’m encouraging you to do here is to create one NFT, so you know what the process looks like. You know the steps involved, and in the future, if you want to create more, you’ll know exactly what the process is.

There is a gas fee for all NFTs, which in simple terms means there’s a cost to posting your NFT in the first place. Didn’t know that? Now’s the time to go and get some practice. Make your first NFT.

Step #5 – Learn How to Handle Cryptocurrency

Odysee

Decentralized social networks generally deal in cryptocurrency in some capacity. Steemit has STEEM. Odysee has LBRY credits. DTube has Datacoin.

Since this is how you’re generally paid in the Web3 landscape, you might at least want to know how to exchange your crypto for real cash.

Please understand. This is not investment advice. I’m not asking you to gamble away your life savings on SHIBA INU.

But many exchanges and wallets will give you a little bit of money to invest just for signing up, and you might want to put a little bit of your own money into it, like $50 or so, so you better understand the process.

And I’m not asking you to do anything I haven’t done here. I have a little bit of money invested in crypto, even if it’s not a lot in the grand scheme of things.

As with anything, the terminology can sometimes make things confusing. But the process, rest assured, isn’t as difficult as you might expect.

So, go through the basics of setting up a wallet, buying some crypto, moving it to another wallet of your own, and so forth, to gain a comfort level with cryptocurrency.

But again, please be careful. If you plan to invest, be conservative. Don’t give your recovery code to anyone. Don’t succumb to scammers asking you to invest with them. There are a lot of those going around right now, especially on WhatsApp.

Episode Summary

  • Begin learning what Web3 is all about. Start with the simplest of definitions. Read articles, listen to podcasts, watch videos. Ask friends. Check out decentralized social networks and NFT marketplaces like OpenSea, Foundation, Nifty Gateway, and so on.
  • Start experimenting. You can start experimenting risk free today. Many decentralized social networks are easy to sign up for, and posting content is typically the same as it would be anywhere else. You can start earning various cryptocurrencies on your activity today.
  • Get connected. Your network is your net worth. Take the initiative and start building new relationships. These can only benefit you in the short- and long-term.
  • Create an NFT. Create your content. Set up an NFT on your platform of choice. Pay the gas fee. Share your NFT with others. Go through all the motions so you know what the process looks like.
  • Learn how to handle cryptocurrency. Get set up with eToro, Uphold, Binance, Coinbase, Kraken, or another site. Invest a small amount of money into crypto. Sell some crypto. Move it to another wallet you own. Learn all the basics.

Closing Segment

The PDF Vault may well be one of the best free resources available for musicians. It includes multiple eBooks, blog resources, podcast resources like transcripts and cheat sheets, and more, and we’re still in the process of adding hundreds of resources to it. To sign up, go to davidandrewwiebe.com/PDFVault and access over 100 PDFs today. That’s davidandrewwiebe.com/PDFVault.

This has been episode 269 of The New Music Industry Podcast. I’m David Andrew Wiebe, and I look forward to seeing you on the stages of the world.

Upgrade to Members Only Audios for more exciting, exclusive training.

Will the Creator Economy Ever Implode?

Will the Creator Economy Ever Implode?

As I established last time, there is a growing awareness of opportunity in the creator economy. As with anything else, it takes a while for innovation adoption lifecycle curve to play out, but it’s fair to say we’re only in the early adopters phase now.

innovation adoption lifecycle curve

Image source: Wikipedia

Just because we’re in the early part of the curve doesn’t mean there couldn’t be a collapse, but if everything continues exactly at has been going, I don’t think there’s any reason to believe there will be any kind of implosion.

Many people assume the issue to be one of multiplication – in other words, one day the number of creators will be so great, and the competition so immense, that the sheer impracticality of entitled people sitting at home “doing nothing” instead of working a “real job” is unsustainable.

Not at all. There will always be a demand for public figures. We’re enamored with celebrity, and even those who have the guts to admit that celebrities are just as human, are still often beholden to names with a household stature, regardless of talent, skill, experience, or any other rational factor. Celebrity status, by definition, is irrational.

Celebrity status, by definition, is irrational. Share on X

The greatest threat to the creator economy isn’t that there will one day be too many creators and not enough people to consume their content. The greatest threat is the government, red tape, monopolies, and other factors that many write off as “tinfoil hat wearing conspiracy theories.”

“Entitled People Sitting at Home Doing Nothing”

I will get to the greatest threats in a moment. And if you want to skip over this section, I understand. But if you’ll indulge me for just a moment, there’s no fair comparison for a creator’s daily schedule to that of the average worker.

Sure, there might be a few lazy and entitled creators out there. But aren’t there people like that at your workplace too?

Almost categorically, I have not found creators to be lazy.

Firstly, creators don’t work for a guaranteed paycheck. They work for advertising revenue shares, affiliate income, and sponsorships (though there are other income sources as we talked about last time). The slightest of changes in platform-based algorithms can mean more views one week, fewer the next. There are no guarantees. Income is always a moving target and planning for these changes is incredibly challenging.

To make advertising income on YouTube, a creator needs to grow their channel to 1,000 subscribers. Similarly, a new Medium writer would need to grow their following to 100 followers to be able to join the partner program and start earning on their articles.

That’s just to begin earning. There is no real money in YouTube until one can reliably generate hundreds of thousands if not millions of views per video. Similarly, there isn’t much money in Medium until one can reliably generate thousands if not tens of thousands of views per article.

Secondly, a creator’s workday is generally “all day.” There is no cutoff. When they’re not creating videos or writing their next newsletter, they’re busy editing their content. When they’re not editing their content, they’re looking for inspiration. When they’re not generating ideas, they’re working on their next piece of content. It’s a hamster wheel, even if it’s fundamentally an enjoyable one.

I don’t know how my life looks from the outside looking in, but most days I write “reams of essays” to the tune of 5,000 words or more. Even billionaire comedian Jerry Seinfeld considered writing 500 words per day (that’s five hundred, not five thousand) sheer torture. That should tell you something.

And if not writing, I’m working on client websites, my latest podcast episode (which can easily consume 10 hours of my workweek), community endeavors (The Indie YYC), stacks of social media posts, and other marketing activity. And no, it isn’t all fun and games. Most of it isn’t. Imagine that. I’ve scraped and clawed for everything I have, and some would say that empire doesn’t even amount to much.

Most people aren’t willing to tolerate this level of risk. Unpredictable income? 12-hour workdays? Yeesh!

And that’s one of the reasons it will never get to a point where there’s no one working a day job.

If you want to get anywhere with anything – Patreon, NFTs, Substack, or anything else creator economy oriented you can name – one must approach it like a business. Ask entrepreneurs and they will tell you – entrepreneurship takes everything you’ve got, and then some.

Entrepreneurship takes everything you’ve got, and then some. Share on X

The Biggest Threat to the Creator Economy

Many assume government is a fluid thing, adapting based on economic conditions, disasters, pandemics, the wellbeing of citizens, and so on. Not so.

Just for fun, research Agenda 21, which is a publicly released 20-year-old United Nations plan. For most, the details of Agenda 21 will fall under the category of “unimaginable,” and “that will never happen,” but people said the same thing about vaccine passports in 2020.

Government is much closer to a ridged set of railway tracks than a sequence of turns to be negotiated on a highway. There is a plan. And it is being followed. And it is usually mapped out well in advance.

And what do we know about the government? For the most part, exactly what they want us to know. This information is typically relayed through the mass media.

One of the things they frequently talk about is preventing terrorists and the illicit from taking advantage of cryptocurrency (typically without citing any real-world scenarios that have actually played out). It’s mostly government agencies publishing these types of works, by the way. Do your own research.

Web3, NFTs, blockchain-powered social networks, and cryptocurrency are fast taking center stage in the creator economy as we speak. How does that bode for the creator of the future, if the government intends to seize what is fundamentally decentralized and transparent?

Or how about the idea that the internet of the future will be ruled by few? Conversations around removing the address bar in your browser have been going on for years. What if the internet was Facebook? Or Amazon? Or Apple? Or some combination thereof? You might think it absurd, but Microsoft isn’t the only monopoly to ever exist.

Also consider the unfolding conversation around disinformation, which has become more pervasive in the last two years. We’re already using so-called “fact checkers” to validate the accuracy of information (unsuccessfully, in my opinion). How much do you think “they” really want to keep the internet around, when the only truth is their narrative driven truth, and if you so much as question it you’re labeled a danger to yourself and the world?

With Facebook groups being deleted, YouTube accounts being shadow banned, individual tweets being censored or monitored, the internet is far from neutral already. Should push come to shove, “they” shouldn’t hesitate to pull the plug on this infrastructure.

If all this is a little too mercurial for you, let’s hit a little closer to home. About three years ago, the controversy around YouTube’s adoption of COPPA threw many creators right under the bus for something that fundamentally wasn’t their fault.

COPPA is important, YouTube basically started enforcing it retroactively, putting many creator categories, like visual artists, between a rock and a hard place. It might be out of sight out of mind now, but at the time it was a heated issue.

Final Thoughts

Will the creator economy implode? At the end of the day, anything could happen. But there’s no reason to think it will come to an end because there are too many people pursuing the path of the creator. If there is a collapse, it will likely be because of external factors.

My favorite tool for creators is Koji. Sign up for your free link in bio powered my mini apps here.

I Joined BitClout

I Joined BitClout

So, I joined BitClout. Here’s my profile:

BitClout

Mostly out of sheer curiosity. And Tom Kuegler’s recommendation didn’t hurt.

I don’t experiment with every new platform under the sun, but I come close. And these days, I’m relatively quick to recognize when something isn’t working or worth my time.

This is basically what I found with Twitter this year. I love Twitter. I wanted to make a real go of it. But the effort to reward ratio was nothing like I expected or was promised.

I can see now that a big part of that was a lack of conversations and a proper collective supporting each other. I now know just how powerful that can be, given how great my team has been in supporting the creation of my new membership.

So, if there’s a takeaway there, it’s to get into conversations and put structures in early. Make the decision to grow together with your collaborators or team. Support each other in setting and reaching goals and be fully committed and unreasonable in reaching those goals.

On that note, would you like to be a part of my BitClout game? Let me know.