Asset Backed NFTs, PoolTogether and Avoiding Regret
PoolTogether Community Interview #40 Callum CMc
Hello,
Welcome to the latest edition of the PoolTogether Community Interview Series.
Today we feature Callum CMc who has built some interesting projects of his own and is our first Scottish interviewee.
Tell us a bit about yourself. Describe yourself in a few words/facts:
Hello, I am Callum, @Callum_CMc on twitter, and I am currently based in Edinburgh, Scotland. I enjoy a good whisky, running up mountains and diving into new technology. Not all at the same time mind. I work on the development of smart grid technology.
How long have you been into crypto?
I first found out about crypto, beyond the occasional news cycle, from a colleague in mid 2017. Initially I treated it like a roulette wheel, pick a coin and pray to the digital gods.
At the end of 2017 things we’re getting crazy in the market so I started to dig a lot deeper into the technology and I was hooked. I hoovered up everything I could read about the topic and really understood the potential of decentralising banks and beyond.
Do you want to tell us about the main lessons you have learned since then?
It is easy to forget that what you're trading has a financial value.
Every trade you make should be done with answering the following questions.
- What value is the coin/ token giving beyond “number go up”?
Great you earn XX%/ year for “staking” the coin but who will actually buy next year when the supply has also increased XX%. That’s called a ponzi.
- Why and when would I sell this coin/ token? When a certain feature gets added? Or after X months/ years or even never. Have an end game and follow it.
- Am I OK with losing this money?
Bugs and hacks happen, don’t lose your life savings over a coin named Y.
And to keep sane, don’t get too involved with crypto twitter, it is a blackhole of time and energy
What was your best crypto moment?
Following the Ethereum merge. I was running up my own medalla testnet validator back in early 2020 so it was incredible to see the Ethereum main-net merge succeed on the 15th of September 2022.
If we are talking personally, then I created https://eth-ter-i-die.rip/#/ in 2020 which was my first project. Nobody used it and is now completely out of date and moth-balled but it is a great feeling to create something and put it out to the world. Maybe I’ll update it.
For Eth-ter-I-die, was to basically answer the question, if i died today how would be family access my web 3 assets. You select the projects you use and then it automatically creates a printable guide on how to retrieve the assets (and a brief intro to blockchains and wallets etc.)
I got some good feedback for it but life got in the way (moved back to the UK from Australia with my work.) and haven't really touched it since 2020
And your biggest fail?
Telling my friends and family about the space who aren’t technical.
I was raised by a single parent who has always worked for minimum wage so it’s hard to explain why I am not selling it all for a car or a house ect. (Don’t worry, I take care of her rent and bills).
For my friends and family that take the leap I feel personally responsible for any losses they accrue. It’s just avoidable additional stress.
How did you find out about PoolTogether?
I actually can’t recall how I found out about it, however I did first use it back in 2019 (I even found the V1 transaction! - https://etherscan.io/tx/0x1e82c9d5da691d7742229ecc863b5d5fc3d5d402f6a39b3031b52478e538eb62) I’ve used it ever since.
However I didn’t win anything until version 4 came along! It just made sense to me as we have Premium bonds in the UK and the concept seemed very similar. Just web3’ed!
What made you stick around?
I was initially impressed with the developers, there was no shilling or marketing ridiculous percentage gains, it felt honest. Also the pivots taken (V1, V2, V3 to V4 for example) were logical. They laid a great foundation for the current decentralised platform to progress from.
Would you recommend PoolTogether to others? How would you describe it to them?
Of course;
Premium bonds but with daily prizes and in US dollars. Simple.
Are you involved in any other projects or communities?
I peruse a few but not a major member of a single one.
The Asset Backed Foundation
I am interested in the asset backed NFT space but concerned how badly it is regulated so I have attempted to start the https://assetbacked.foundation/ to provide free advice for users and companies on what they should expect/ deliver in the space for it to be viable – If folk want to help just sling me a tweet.
The asset backed foundation was created as i've been following projects like blockbar.com that sell rare whisky via NFTs. While Blockbar seem very legit there seems to be some shady projects that I can see people falling for. So the aim is to create an alliance/ foundation (kind of like the cloud security alliance) for NFTs backed by physical goods to have standards or certifiaction to better protect users. This is a new idea, seeing where it goes at the moment, still getting feedback from folk
Do you have any other thoughts and comments you would like to make?
Even though I’m not an active member of the community I do appreciate the PoolTogether community, each time I click through the discord discussion it is a gem of a place.
For the community bit, the chat is generally very chilled, helpful and supportive. Plus there aren’t many projects that can raise millions to support its founders through a law suit.
Which books would you recommend people read? And why?
Join Me – Danny Wallace - Just a daft true story of a bored man who accidentally started a cult (a nice one). Silliness and committing to daft projects should be celebrated, life is far too serious sometimes.
What I Talk About When I Talk About Running - Haruki Murakami – I am a big fan of Murakami’s fiction books but this non-fiction book is a refreshing look into his hobby that isn’t tied to his job.
The Cryptopians – Laura Shin – An all round great book into the beginnings of Ethereum (and other smart contract platforms)
What is your philosophy for having success in life?
Strive for contentedness. Demonstrate gratitude. Do whatever you can to avoid regret in your life. Make sure you build up the path that led to your success you so others can get there more easily.
Thank you for reading this week’s PoolTogether Community Interview.
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