In this video I explain how to set up a basic budget in a spreadsheet such as Excel or Google Sheets.
You can find a link to the Budget Spreadsheet Template and make a copy for your own use.
In this video I explain how to set up a basic budget in a spreadsheet such as Excel or Google Sheets.
You can find a link to the Budget Spreadsheet Template and make a copy for your own use.
Masternodes are incredibly popular right now. There has been an explosion in the number of masternode projects, and a kind of nuclear arms race to attract new buyers with high ROI. Many of the new coins start out with 1000% ROI or higher. This means that you could get your initial investment back within 2 months (if the price holds).
But setting up a masternode often requires a bit of Linux know how. The most popular set up is called a “cold wallet” where the coins that are kept as collateral live in your desktop wallet (preferably encrypted). Then a Linux Virtual Private Server (VPS) is set up that connects to the collateral and provide 24/7 masternode status regardless of whether your local wallet is open or connected to the internet.
Most of the masternode coins provide instructions on how to set up your Linux VPS. If you’re reasonably good at following directions, AND the guide is set up well, then it’s not too hard to figure it out yourself. However, many of the newer coins have incredibly bad guides.
Some of the projects have nifty install scripts, so all you have to do is download an install file and run it. Qbic is an example of this, however, the script doesn’t fully work, and will leave you with a broken installation.
That’s where I come in. I’ve installed more than 30 masternodes from more than a dozen different coins. My first client had been trying to set up his Goa masternode unsuccsesfully for 6 days. He was losing $225 a day!!!
In addition to setting up the Masternode VPS, I also walk you through the process of setting up your local wallet and troubleshooting any issues that come up.
All prices are quoted in USD and payable in LTC, ETH, or BTC at the current market rate.
Discount example 1: Masternode hosting for 2 coins on the same VPS
Discount example 2: Masternode hosting for 3 coins on the same VPS
Horizen (formerly ZenCash) is my favorite masternode type project. It is an incentive-driven application platform with optional zk-SNARK based privacy features that aims to provide everyone with complete control of their digital footprint. Launched in May 2017 (no ICO and no pre-mine), the platform is said to enable real-life use cases beyond the ZEN currency, including the ability to privately chat with others, publish information and go anywhere on the web with complete privacy.
As of Fall 2019, the team is reportedly working towards releasing the Horizen SDK which would allow developers and enterprises to build what they call “an unbounded set of applications, products and services on top of the Horizen technology platform which is a truly decentralized side-chain based system powered by Horizen’s globally distributed multi-tier node network.”
Horizen Secureand Supernodes Nodes are quite a bit more involved than Masternodes both in set up and VPS requirements.
I generally use OVH.com servers. Their VPS SSD 1 for masternodes and VPS SSD2 for secure nodes. I use Contabo for Super Nodes.
The coins will always remain in your local wallet. HOWEVER, I recommend that
It’s far more likely that you lose your coins due to negligence or your computer crashing than to being hacked. Please, for the love of God, back up your wallet and don’t lose the password.
I set up my first mastenode coin for myself and on December 28, 2017 and set up my first client a few days later. I have been using Linux since 2003. I have been running Linux VPSes since 2011.
If I decide to stop providing this service,
If you haven’t filled out the sign up form yet, that’s a great place to start Once we’ve talked/chatted and both agree to the work to be done, then I’ll need
You’ll need to
Masternodes mostly speed up network transactions and sometimes vote on the direction of the project. Secure nodes receive daily challenges where they receive and send a shielded (private) transaction each day. This provides the network with thousands of private transactions making it much harder to track. A secure node needs needs more memory than the typical masternode needs in order to run the challenges. There is also a performance aspect to secure nodes and super nodes, in that the node must complete the challenge under a time limit.
Secure nodes and Super Nodes are also paid differently than a masternode. Masternodes are paid (usually) from a lottery system based on a list of all masternodes running at a given time. Once a masternode has received its rewards, it goes to the bottom of the list. Horizen nodes are based on daily uptime. A nodes that is up for ~93% of the day is paid for that day. Payments are manually reviewed and paid out once a week.
Additional Horizen Resources:
Horizen Website – https://horizen.global
Horizen Academy – https://academy.horizen.global/
Horizen Discord – https://discord.gg/SuaMBTb
Horizen Blog – https://blog.horizen.global
Horizen Github – https://github.com/ZencashOfficial
Horizen Forum – https://forum.horizen.global/
Horizen Twitter – https://twitter.com/horizenglobal
Horizen Telegram –https://t.me/horizencommunity
Horizen on Bitcointalk – https://bitcointalk.org/index.php?topic=2047435.0
Horizen YouTube Channel – https://www.youtube.com/c/Horizen/
Horizen Facebook Page – https://www.facebook.com/horizenglobal/
Telegram and Discord are probably the best ways to get in touch with me. My username on Telegram is @patrokov. I have a Discord Server for the Masternode Service. My username is patrokov#7056. If you can’t start a DM with me in Discord, it’s most likely because we are not on the same servers. I can also Skype (same username) but Skype doesn’t alert me when I get a message, so it’s better to use a different method unless we pre-arrange a meeting or chat. E-mail also works. You can fill out the form below, and I will get in touch with you.
I mostly do the work in the evenings after work and on weekends.
We got family photos taken recently here are the photos!!!!
First family photos in 2 years. Taken on Palm Beach Island at the Town Hall building and the nearby beach.
Now that I’ve helped several people with their masternodes, I’ve noticed that many people are just copying and pasting the commands from an online setup guide. Unfortunately, a lot of the guides gloss over important things like server security. The video below shows how to secure a Linux VPS. All of the commands in the video are found below it, so you can just copy and paste them…ironic isn’t it?
As root on the VPS:
usermod -aG sudo crypto
su – crypto
sudo apt-get update
now back on your computer
Mac or Linux
#copy the contents of id_pub.ppk
#paste it into .ssh/authorized_keys on the vps
chmod 660 .ssh/authorized_keys
Now test your new keys
Leave the first putty window open
Open a NEW session and choose your private key from the auth
Save the session
Did it work? Yay!!!
Now let’s disable password and root logins:
you could sudo nano /etc/ssh/sshd_config
but that’s not cool. Let’s do it with sed!
sudo sed -i ‘s/PasswordAuthentication yes/PasswordAuthentication no/’ /etc/ssh/sshd_config
sudo sed -i ‘s/PermitRootLogin yes/PermitRootLogin no/’ /etc/ssh/sshd_config
#restart ssh server
sudo service sshd restart
Now test your settings
Open a new session and try to log in with firstname.lastname@example.org
It shouldn’t let you
Now try to login as your username without using the key, and it shouldn’t let you.
You’re half way there, livin on a prayer!!
Now let’s install a simple firewall
We’ll lock down all the ports except the one needed by SSH and your coin (this will change depending on your coin).
We’ll limit the number of SSH connections to help prevent brute force attacks
sudo apt-get install ufw -y
sudo ufw allow ssh/tcp
sudo ufw limit ssh/tcp
sudo ufw allow 9999/tcp #replace the number with the port of your coin
sudo ufw allow 8888/tcp #you can open additonal ports if running more coins
sudo ufw logging on
sudo ufw enable
sudo ufw status
And now let’s install fail2ban
sudo apt -y install fail2ban
sudo systemctl enable fail2ban
sudo systemctl start fail2ban
So you’re convinced. Bitcoin and cryptocurrency are the wave of the future (or at least you hope to make a fortune trading the swings), but the new tax law that you’re supposed to calculate your gain and pay taxes on every trade is cramping your style. Well, you could avoid paying taxes if you owned and traded the cryptocurrency inside of a tax deferred retirement account (or better yet, a Roth IRA so you never pay taxes on the gains).
But doing so is a bit complicated. For years I had heard of “self directed” IRAs that allowed you to invest in real estate (but my IRA didn’t have enough money to do that). Later on, I learned about how you could invest in gold through an IRA or the IRA could even start its own LLC that you manage (also known as a checkbook IRA). But I never had a reason to want to do so.
Enter Cryptocurrency. No matter whether you’re HODLing, trading, or running masternodes, the potential upside is enormous, and you don’t need a huge amount of money to get started. Now there’s a reason to put that arcane knowledge to use. What follows below are the things I’ve learned by doing this process myself.
You’ll need to open a self directed IRA with a custodian that allows IRA/LLCs. My personal preferences are:
Due to anti-kickback laws, no one you deal with can “recommend” a service to you. So if you already selected an attorney, they’ can’t recommend an IRA custodian, and vice versa. But perhaps if you worded your question in the form of “which companies are the easiest to work with?” they might be able to answer.
Based on these two criteria, I selected Kingdom Trust, but in their 2018 updated fee schedule it looks like they eliminated the IRA/LLC option, and the regular self directed IRA option has a percent of portfolio based fee, which simply doesn’t work for me.
They’re pretty much all going to charge an annual (or more often) maintenance fee, check fee, wire fee. They often charge per “asset” within the IRA, but the only asset should be the LLC you’re going to form.
You can begin this step while you’re waiting for the IRA to fund. I consulted with two attorneys (Mat Sorensen and Nick Spradlin). I ended up going with Nick Spradlin mainly for the lower price and because he has offices in Florida. This step took about two weeks.
Note: Technically your IRA owns the LLC, so the IRA should pay the attorney, not you.
You WILL need a Tax Id number for your LLC, so it’s easier to pay the attorney to file it for you than for you to do it yourself (IMO). It’s also easiest to name your LLC: FirstName LastName IRA LLC. That way when you go to the bank, they immediately see the relationship. You can also pay for a DBA (doing business as fictitious name) but I didn’t opt to. I highly recommend using an “e-book” rather than a traditional printed binder.
You can also pay for the attorney to be your registered agent within the state of registration (which should be your state of residence). This makes a lot of sense when you’re investing in real estate and there may be legal issues with subcontractors or tenants, but I’m not sure it’s such a great deal if you’re just buying Bitcoin.
A couple weeks later you’ll get an e-mail with several things.
This will likely involve several forms. For the Custodian that chose, I had to fill out an LLC agreement form where I told them the name of my LLC and provided all of the documents above, and then an Investment Authorization “Kit” (series of forms) authorizing the IRA Custodian to “invest” (send money) to the LLC. At this time, the safest thing to do is request a check made out to your LLC’s name sent to your address.
The reason for this is that you’ll need to have some money to start a bank account. None of the local banks I talked to would let me start the account with a zero balance and then wire the money in. The alternative would be to deposit the minimum with your own money, wire the funds from the IRA, and then withdraw the minimum deposit once the wire goes through, but the IRS might look down on that, so better safe than sorry.
As part of opening the bank account, they’ll ask you a series of questions required by the Secrecy in Banking act. One of them includes whether you are creating or exchanging virtual or digital currency. To the best of my reading, the answer is no. (If you answer yes, they won’t let you open the account by the way.) DISCLAIMER: I am not an attorney, nor do I play one on TV, nor did I sleep in a Holiday Inn last night. This is not advice nor a legal opinion. The best that I can see is that if you’re in the business of exchanging (like Bittrex or Coinbase) or you’re going to be creating a cryptocurrency (like Ripple) then you probably should say yes. But if you’re just buying, holding, and selling cryptocurrency, you should be okay saying no.
Now this one is tricksey. Technically the owner of the LLC is something like “IRA Company Name Custodian FBO Your Name IRA Account XXXXXXX.” At first I tried opening an account with CapitalOne Spark Business because there’s no minimum balance, and they don’t charge your for the first 5 outgoing wires. (Who wants to be fee-ed to death?) But their online form fritzed out when I tried to enter the LLC owner. It also wanted a birthday for the owner who didn’t have a birthday, because the owner is an entity, not a person. When I called them the person I spoke to on the phone was about as helpful as the online form.
Next I tried Wells Fargo, and their online app let me complete it and choose that the owner was an entity, and that I was a “key personnel with executive control.” Then it gave me some forms I had to sign and turn into a local branch.
The next day I took the forms to a local branch, and… the form was malformed, and they couldn’t find my app in the computer. The bank rep called corporate, and turns out I had to re-apply through his system. When it came to the “owner” question, he said, “For our purposes, you’re the owner; I know it’s not technically correct, but you sign the checks, and the EIN flows through to your SSN.” (or something like that)
Now, sign the forms; give them copies of the LLC documents (same as in the step above); give them the endorsed check you requested above…
Congratulations. You are now the proud owner of a fully funded IRA LLC. Don’t forget to create an online account. You’ll need it in the next step.
Set up a Coinbase account. This part is a bit confusing. If you click on support and ask Coinbase about Business accounts, the only guidance that you can get is “open a Gdax account” for businesses and trading professionals. However, when you go to Gdax, it just has you “create a Coinbase account.” If you click on Contact Support, it says that what you’re asking for isn’t a support priority and won’t let you continue.
Update: I finally found where you tell Gdax that you’re a company. It’s in the Withdraw section when you ask them to increase your daily withdrawal limit.
While you’re waiting for your wire to go through, don’t forget to sign up for accounts at the exchanges you’re planning on trading on with your IRA’s e-mail address.
Be very careful NOT to engage in any prohibited transactions. If you’re audited (the IRS says that it’s targeting IRA/LLCs), your IRA could lose IRA status forever.
The IRA will need to pay an annual registration fee with the state you incorporated in, so save some money for that.
You’ll also need to reserve some money for the IRA account fees, and Bank account fees (or maintain the minimum balance to avoid the fees).
You’ll need to provide an annual valuation of your LLC to the custodian that is prepared by a qualified third party (i.e., NOT you or a direct relative).
Overall the process is not that hard, but if you don’t know what to expect or what the right words are, it’s easy to feel stupid and lost.
Dealing with Nick Spradlin was very easy and quick despite my not paying for the expedited service. I’m not sure if he works in all states, but I know he advertises in Florida and Texas. (If I had paid for the expedited service, I might have been able to catch this recent dip and pick up some Litecoin for $150 and Ether for $950.)
Okay, you’ve decided to take the big plunge and invest (or speculate) in the wild world of cryptocurrencies. The potential rewards are overwhelming but so are the choices. In this article, I’ll be covering the major strategies (as I see them) and what is involved. In part 2, I’ll be going over some specifics of how to implement some of the strategies below. Note: Mining is not included in this article as I touched on it in my Beginner’s Guide to Cryptocurrency.
The first question to answer is what is your motivation and what are your goals? Are you just looking to earn a little extra or are you trying to save up to put your kids through school? Your individual situation will influence which strategy might be best to take.
In case you’re not up on your internet lingo, FOMO stands for Fear of Missing Out. Although FOMO might have its place (for example motivating you to learn about this stuff in the first place), if you make your investment and speculations based on FOMO, then you’re going to sell low and buy high and lose your shirt. Sometimes it’s better to just hold and wait for another opportunity.
Is your goal to accumulate satoshis (1 millionth of a bitcoin) or dollars. Trying to do both at the same time may lead to compromises that result in neither. Satoshi gatherers usually have a longer term view thinking that eventually cryptocurrencies will become a viable (if not dominant) way of buying goods and services. Dollar accumulators want the value of their investment to be worth more dollars even if it costs them satoshi value in the short term. Decide on a goal up front.
This comes from a famous misspelled forum post from back in 2013 that reads in part, “I AM HODLING. I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e. BTC crashing WHY AM I HOLDING? I’LL TELL YOU WHY. It’s because I’m a bad trader and I KNOW I’M A BAD TRADER.”
The strategy is pretty simple. It’s basically Jeremy Siegel Stocks for the Long Run applied to cryptocurrencies. Choose a selection of crytpocurrencies that you think may have a future, and HODL them for all you’re worth through thick and thin. You probably want to hold some mainstream (Bitcoin, Litecoin, Dash, etc.) as well as some newer, cheaper, up-and-coming alt-coins.
This strategy probably the best one for people with limited time and tolerance for anxiety. Once you buy, don’t look at the price on a weekly, daily, hourly basis. Just check once a year. This strategy is also best for a longer time horizon.
This is similar to the HODL strategy except that whenever a coin doubles whatever you put into it, you withdraw half and put it into another potential up and coming alt-coin. As an example, let’s say you buy 100,000 PurplePill coin for the equivalent of $0.001 (total of $100). The price of PurplePill goes to $0.002, now your PurplePill is worth $200. Sell $100 of it and use it to buy another new alt-coin.
If the PurplePill becomes worthless, you still have $100 in the new alt-coin. If the price of PurplePill goes up to $0.1, then your initial $100 is now worth $5000.
But if you hadn’t sold, then it would be worth $10,000!!! This strategy sucks!!!
The FOMO is real. Yes, you halved your potential profit, but you also preserved your original capital, and own a new alt-coin that might do just as well.
This has a couple of benefits over the HODL.
Just like it sounds, this involves frequent trading in and out of various alt-coins. People who do this are usually skilled in the dark art of Technical Analysis. It doesn’t take a huge effort to learn how, but boy can you lose your shirt fast if you don’t know what you’re doing. You can combine this with Strategy 2 to provide a short term and long term combined strategy.
Dash was the first coin to implement masternodes. These are computers that hold a large number of coin (1000 in Dash’s case) and are used to verify and speed transactions. In return, masternodes receive “interest” in the form of new coins. As of this writing, a Dash masternode receives about 200 new Dash each year, representing a 20% annual return on the initial investment.
Sounds like an awesome deal right? Plus if the price of Dash rises, the value of both your masternode and its interest rises. Unfortunately, at the current price of Dash, a masternode will set you back a cool million dollars. If you had bought your masternode just 12 months earlier, it would only have cost you $12,000.
This is the closest to true value investing (IMO) because you get an income as well as a speculative assest (even if you’re being paid in said speculative asset).
So the key is to look for solid up and coming coins that have the potential to go up in value. Good luck.
As a more speculative play, you can look for brand new coins that often pay out more than a 1000% interest. These will pay back the original cost of the coins within 15-40 days. So if the price can hold out for one month, you’ll have your initial investment back plus a masternode in that coin. Keep it or cash out and repeat.
Do this strategy over and over with various new coins. After 1 year of this, you’ll have 6-10 masternodes providing an interest return in that many new coins. Now if just one of them doubles or quintuples in value…. well, you get the idea.
Personally this is my favorite strategy. It does take a little server administration know how to set up a masternode, but you can learn it or outsource it fairly easily.
NEVER NEVER NEVER put your coin in a wallet on the masternode. Never give anyone the private keys to your wallet. Your wallet should reside on your own computer, and the masternode just references the wallet. People have been scammed out of their coin by people they hired to set up their masternode. Don’t fall prey to it.
No matter which strategy you adopt, you need to be able to analyze a potential alt-coin investment. Here is a handy checklist that you can use to evaluate the worthiness of a potential investment/speculation.
It’s practically impossible to ignore Bitcoin and Cryptocurrency lately with the media touting as the largest bubble in the history of the world…even bigger than tulip mania!!! But finding hard facts can be difficult. When you look on Facebook, Youtube, and Google, it seems that 90% of the content is trying to sell you on some kind of get rich quick scheme.
So this little (okay probably not so little) article distills the basics right down to earth in a language that everybody here can easily understand.
At its core, Bitcoin is a distributed ledger system. Thousands of computers all over the world keep a copy of the ledger, which makes it extremely difficult to counterfeit. This distributed ledger system technology is known as the Blockchain. “Owning Bitcoin” is basically owning the ledger entry. In order to record new transactions into the ledger, computers have to solve very difficult math problems.; this is called mining.
As their reward miners get a small percentage of transactions. Addionally mining will occasionally result in a new Bitcoin being discovered. The math is set up in such as way that the problems become progressively harder so that there will be that there will only be 21 million bitcoin ever created/discovered. Early on, it was relatively easy to mine them, and individual miners could mine multiple bitcoin. Now the math is so complicated that most mining is done in “pools” with multiple miners sharing the resulting Bitcoin.
Luckily Bitcoin is fractional, which means that you can own as little as 0.00000001 Bitcoin. (Just like you can own one dollar, or 0.01 dollars (aka a penny).
Like all economic questions, the answer is both simple and complicated. I’ll keep this short and dedicate an entire article to it later. The simple answer is supply and demand. As seen above, there’s a limited supply. So where does the demand come from? Well, Bitcoin is useful for keeping track of who owns it, and it can’t be artificially inflated like a traditional government-issued fiat currency (dollars, Pesos, Cruzeiros). Bitcoin set out to be a better and more secure currency than traditional government-issued money.
If you think about your bank account and credit cards, dollars for the most part today are just computer entries of who owns them or who owes them. The problem is that nothing prevents the government or Federal Reserve from just creating additional electronic entries out of thin air. In fact, this is how the banks were bailed out in the 2008 Financial Crisis. Let’s hear it right from the head of Federal Reserve (at the time) Ben Bernanke:
The U.S. dollar has lost 95% of its purchasing power over the last hundred years due to money creation by the government, and it’s considered a bastion of stability compared to the Thai Baht, Mexican Peso, Argentine Peso, Brazsilan Cruzeiro…uh Cruzado…uh New Cruzeiro…uh…Real. You see the point. The demand isn’t just from Americans; the demand is international, partly as a hedge against inflation, and partly as a way to get your money across borders. Bitcoin can be sent anywhere in the world in a matter of minutes.
Yes and no. The spike in demand is creating interest that in turn fuels additional demand as speculation. But there are so few bitcoin in the world compared to the number of people who may want them, that it’s hard to say what will happen in the long term. My best guess is that Bitcoin has a long way to go up before it comes down. There will be dips and corrections along the way to be sure, but unless Bitcoin is hacked (unlikely given its nature and track record) or the development team does something really stupid, chances are good that it will remain a valuable commodity for a while. There are some issues with Bitcoin that may limit its ability to be used for every day transactions (see below), but I think that it will still be used for larger transactions and wealth transfers.
Ultimately, the “bubble” exposure is good for Bitcoin and other Cryptocurrencies as the news coverage exposes people to them (and impells me to write articles like this). The more people know about it and own it, the more likely people are to begin using them for transactions, which will turn stabilize the pricing and preventing a future crash.
Let’s sum up first. Bitcoins are ownership of ledger entries in a distributed blockchain. The process of discovering new ledger blocks and verifying new entries for existing blocks is called mining and based on solving complicated math problems. So…those really hard math problems? They’re based on codebreaking, aka Cyrptography.
Bitcoin was the first “currency” to use blockchain technology. There have been several others that are based directly off Bitcoin or developed their own similar (but different) approaches. Collectively these are call Cryptocurrency. Because it’s the oldest and most well-known, it’s become the de facto standard, and all the others are called alt-coins.
Some of the alt-coins are just competitors to Bitcoin that seek to eventually become the most used by addressing problems that bitcoin has. Others just hope for a piece of the action. And some are trying to do something completely different such as become a way to track real estate deeds or educational transcripts or which websites are most trusted.
Remember that miners get a fee for verifying transactions (new ledger entries). In Bitcoin, new entries are recorded every ten minutes. To be confirmed, you need at least two separate blocks to show your entry (to prevent double spending of the same Bitcoin). This means that it takes about 20 minutes to get confirmation of a transaction. That doesn’t really work for instant transactions like paying for a cup of coffee, but it’s a heck of a lot better than waiting three hours for a wire transfer or 3-5 days for an electronic funds transfer (EFT).
Furthermore, each block can only record so much information, which means that your transaction may not be recorded in the next block at all. To ensure faster processing, you can offer a larger mining fee. Alt-coins that want to be cheaper and faster have different ways of addressing these two big problems with Bitcoin.
Many people predict that as a result of these issues, eventually Bitcoin will become used as a store of larger wealth, while another alt-coin will be used more for daily transactions.
When a proposed change to Bitcoin or another Alt-coin is disputed, sometimes the coin will fork. This means that it becomes two separate coins with two separate block chains. As an example, recently there was a dispute over the way to solve some of the issues listed above. So some of the Bitcoin developers forked the Bitcoin project, and called their new coin Bitcoin Cash. When this type of fork happens, if you own some bitcoin, you end up owning your original Bitcoin and the new coin too, so don’t fear the fork.
There are essentially three (and a half) ways to obtain Bitcoin. (These will apply to pretty much all of the alt-coins to some degree).
The first is to mine it as described above. (The half is to mine another cryptocurrency and then exchange it for Bitcoin). I have a tutorial on how to get started mining the easy way, so if this interests you, then click here for the tutorial.
The second is to take Bitcoin (or other cryptocurrency) as payment for goods and services. This is actually remarkably easy. Bitcoin is probably best used for someone you know and trust, because of the speed of transaction issue. Another coin that is faster would probably be better for a one-off transaction like buying something off Craigslist. It’s as simple as having a QR code that the person paying scans, enters the amount, and presses send. Even easier than Venmo. Use Google to find local groups. For example, in West Palm Beach, there are number of Bitcon Meetups.
The third way to obtain Bitcoin is to buy it with dollars. The easiest way to do this is with Coinbase. Coinbase is criticized in the Cryptocurrency community (sometimes unfairly, see below), but it’s still the easiest on-ramp to Cryptocurrencies. You sign up for an account, and then you can buy Bitcoin, Litecoin, or Ethereum with either a credit card or electronic fund transfer from your bank. Once you own some coin, transfer it to your own wallet (see below).
The unfair complaints have to do with privacy as Coinbase complies with IRS regulations that govern financial institutions. That’s what allows them to take dollars in the first place.
Other complaints include that it’s relatively slow and the fees are higher than other services. This is somewhat true, but it’s still the easiest way to acquire some Bitcoin.
Finally, the Bitcoins held in Coinbase are not actually held by you. They are held by Coinbase on your behalf. So if something happens to Coinbase, it’s possible that someone could abscond with your bitcoin, but it’s certainly no less secure than Equifax or Target.
One last complaint is that their website “keeps breaking.” This is primarily due to the overwhelming increase in demand in recent days. They are working to try and resolve these issues as quickly as they can.
Bitcoin is “owned” by being recorded to a particular Bitcoin address (series of letters and numbers). A Bitcoin wallet generates an address (or multiple addresses) and calculates how much bitcoin is recorded to each address to generate a spendable balance. When you pay someone, your wallet authorizes the transaction.
The magic is contained in a pair of keys, called public and private keys. The private key verifies that the transaction is being generated by the rightful owner of the address. As such, you need to guard your keys. If someone has access to them, they have access to your bitcoin. If you lose them, then you lose your bitcoin!!!
Well, it’s certainly not idiot proof. But it’s not all that insecure as long as you’re careful. Your wallet will generate a seed, a code or series of words that can be used to regenerate the private key. For the love of God, protect this code. That way, if you lose your phone, or someone throws you in the pool, the bitcoin stored in your phone’s wallet won’t be lost.
One other thing to be aware of is that if you’re dealing with multiple currencies, don’t send the wrong currency to the wrong. For example, if you send litecoin to a bitcoin address, there’s a good chance that they’ll be lost, possibly forever.
Choose a secure wallet, such as an offline wallet to store the majority of your Bitcoin. Then transfer a little bit to an online wallet (whether your phone or computer) for walking around money. If you practice this protocol, if you do ever lose your online wallet or have your computer hacked, you might lose the small amount stored there, but you won’t lose your savings.
The most secure wallets are called hardware wallets. They are typically a USB device that runs the wallet software and authorizes transactions. Since the private key is stored in the device, when it’s unplugged there is no chance that anyone can electronically still your Bitcoin. Make sure you configure a passphrase for the hardware wallet to prevent someone who finds your hardware wallet after if fell out of your wallet from taking your bitcoin. Keep the seed separate from the. The Ledger Nano S seems to be the most popular hardware wallet at this time. The Trezor is never in stock and is a bit more expensive. The Keepkey is another alternative.
You don’t need a hardware wallet, so don’t let that stop you from getting started. You can also create a paper wallet for free.
Some wallets are called Multi-Wallets because they can handle multiple crytpocurrencies. Others are specific to a single type of coin. Before you buy a hardware wallet, make sure that it can handle the currencies you want to use.
Two popular software multi-wallets are Jaxx and Exodus. Jaxx can be used on your phone and computer. There are some security concerns with the way that it stores your private key, so don’t go doing stupid things like getting a virus, and see Wallet Practices above. One of the nice things about the Jaxx wallet is that it integrates Shapeshift, which is an exchange for Cryptocurrencies. So say, you have Litecoin in your wallet, but the person you’re buying from wants Dash. The Jaxx wallet can convert it for you via Shapeshift, and then send the Dash. Exodus also integrates with Shapeshift, but is not available for phone and tablets.
I’ve know about Bitcoin for at least 7 years. I kept thinking, you know, I should figure this stuff out and buy some…maybe $500. If I had done that back in 2010 or 2011, or 2012, I’d be a millionaire. If I had even done it in early 2017, my $500 would now be worth about $8000. It was the inertia and learning curve that did me in.
I don’t know what the future holds specifically, but I can tell you that blockchain technology is going to revolutionize the way we do business and make purchases. Chances are very good that Bitcoin will continue to rise in value along with some other alt-coins.
It’s not too late. There’s still a lot of up Bitcoin before there’s a down. But don’t be stupid. Start small. Learn how it works. Become familiar with the issues. Then you’ll be prepared for what comes.
Once you’ve done these things, now you’re ready to snatch the rock from my hand and go out into the world. In my next article I’ll lay out some investment and speculation strategies as well as share some resources for learning more.
In the wake of the recent run-up in Bitcoin, and then LiteCoin, and then Ethereum, you may be thinking, “Well I’d like to get involved in this, but I can’t afford that.” So then you learn that you can “mine” for cryptocurrencies, but it all seems ridiculously complicated.
Well, it turns out there’s a ridiculously easy way to get started mining.
Minergate is a mining pool, which means that when you join it, any computers that you use to mine with them get added to a group of other computers, and you each get a reward proportional to your computing power. They’re not necessarily the “best” mining pool, but they are the easiest to get started with, and done is better than best.
I’ve created a short video. You can be up in mining within about three minutes. Written Instructions are shown below the video. If you found this guide helpful, consider using my link to sign up for Minergate. I’ll get a small commission at no cost to you.
By default, Minergate will try to mine whatever coin it thinks was most profitable in the last hour and supposedly switches to keep you profitable. Some things to consider.
You can choose the number of cores to mine with. Most computer processors these days are “multi core” which means that the processor is made up of multiple processors.
There is a dropdown that allows you to choose the number of cores to use. The more cores, generally the faster you can mine, but also the more heat you generate and quicker you may wear out your processor.
Some people report that using one or two cores fewer than the maximum number sometimes results in a higher hash rate (indicator of mining progress), so you may want to experiment a bit.
Bitcoin and most of the alt-coins are mined more efficiently with graphics processors (GPU) than with the central computer processor (CPU). However, a few -coins, such as Monero (XMR) and Aeon were designed specifically to be mined with a CPU. This means that if you’re on a laptop (or cheap desktop), chances are good you should stick to Monero and Aeon. If you have a gaming computer, chances are good that you have a GPU and should use it to mine a different -coin, such as Zcash.
Don’t freak out. You don’t have to become a crypto-savant to do this. Just choose automatic mode, and Minergate, and you’ll be mining. But if you want to take things to the next level, you can learn more about the different types of crypto-currencies. At the time of this writing, the best bests are: 1) CPU mining…either Monero or Aeon. 2) GPU mining…Zcash.
Look in your Minergate dashboard on the website, and you’ll see something that looks like this:
Here’s a video explaining some of the more advanced options and how to get your money out.
That’s it for the moment. There’s more to learn though. It’s reported that the GUI miner is not as efficient as the command line (console) miner, so in a future post, I’ll walk you through setting up a console miner.
So you want to be strong like Dr Feigenbaum here?
Congratulations gentle reader. You have just taken the most important step of your life. You’ve admitted that you’re a pathetic weakling and want to get stronger. Admitting you have a problem is the first step to recovery.
But now you have another problem. You’re overwhelmed with information, most of it contradictory. What should you do? Who should you trust? How do you even learn to speak the language?
Ultimately, the kind of training you do should be somewhat determined by your goal. And yet, strength is a generalized adaptation, so on the other hand, when you’re first starting out your strength program is going to be fairly general. Wrap your head around that for a moment.
Okay. building a general base of strength will help in just about any endeavor that you do, whether it’s looking better, competing in strength sports, staying out of a nursing home (muscle loss is the number one cause of disability among the elderly), or performing better at a sport.
Generally speaking, strength is going to be built best with compound movements. These are movements that involve more than one joint. Working multiple joints at the same time provides a number of benefits.
As a novice you need a novice program. I mean, you can use an intermediate or advanced program, but you’re not going to get as much out of it. If you’ve ever driven a stick shift, you can start in 3rd gear, but it’s a lot easier and faster to start in 1st gear. So what makes a novice program?
As a novice, you can recover from stress of lifting weights within about 2 days, so you want work out about that often, but not more. You don’t get strong by lifting heavy weights. You get strong by recovering from lifting heavy weights.
As a novice, you can increase the weight on the bar every workout, so a novice program should take advantage of this by designing it in. It’s not complicated. Choose a weight. Lift it for the prescribed number of sets and reps. Next time, add 5 pounds and repeat. When you can’t go up 5 pounds, go up by 2.5 pounds.
It’s simple to be a novice. A novice program should be simple. Don’t complicate it.
Note: I no longer endorse the Starting Strength method. It’s fine as far as it goes, but I think the approach is a bit too dogmatic. Its founder likes to stress that in his opinion, it’s the most effective and efficient way to get strong (which is debatable). But fast and efficient is nearly as important as enjoying yourself. Don’t get me wrong. You can do much worse than Starting Strength. So if you don’t know what else to do, follow the advice in this article. While you’re doing that investigate some other workout plans.
I like the Starting Strength model and recommend it. But you need to understand it. It’s a novice program, and will only last you 6 weeks to 6 months. It’s not meant to be done forever. It’s designed to be simple and provide a foundation of strength.
At its most basic, it starts out with four lifts on a two day split routine that looks like this:
Week: Monday Wednesday Friday
1: 1 2 1
2: 2 1 2
So what weight should I start at?
Now, you add in power cleans in place of deadlifts on Workout 1.
It’ll take you several months to get to this point, so I’m not going to describe it. By this time, hopefully you’ve bought the Starting Strength book, maybe joined their forum, and read enough on their website to know what to do.
I’m going to provide several videos for each lift below. You don’t have to watch them all. Generally speaking, watch the first one. Try it yourself. Take a video of yourself and compare your form to it. If you want or need more detail, then watch the others.
These are the foundation of the program, and the most functional of all the movements. More than any other lift, this one will keep you out of a nursing home.
Starting Strength recommends and prefers what are commonly referred to as “low bar” squats. The videos below teach their method. You don’t have to use low bar if you don’t want to. High bar squats will work just fine.
For years Alan Thrall preached “whatever works for you squats,” but when he plateaued and started using the Starting Strength style squats, he started progressing again. Here he teaches what he learned.
Here, Alan Thrall’s Coach describes three common mistakes.
Here we have Starting Strength Founder, Mark Rippetoe teaching his squat method. This is a playlist.
Playlist of Mark Rippetoe teaching the Overhead Press
Alan Thrall explaining how to set up for the Press
Alan Thrall teaching the 5 steps to a good deadlift. Similar to his squat, Alan had stopped progressing until he changed his technique.
Common Deadlift Errors:
And Mark Rippetoe teaching the Deadlift.
Okay, at this point you should be done with your first workout. If you wait three minutes between sets and take one minute for each set, it should have taken you about half an hour. So now enjoy a little Bon Jovi before you learn the next lift for Workout 2.
Good question. Generally speaking you should be eating a fairly high protein diet. A good rule of thumb is 0.8-1 gram of protein per pound of bodyweight. If you’re very obese, you could go a bit lower. If you’re very thin, you might want to go a little higher.
You’re going to get the most out of Starting Strength if you’re in a caloric surplus. Building muscle is an anabolic process. Losing fat is a catabolic process. Your body doesn’t like to do both at the same time. (You can for a limited time if you’re starting out obese.)
When talking to skinny young men, the founder Mark Rippetoe’s advice is to eat 4500-5000 calories a day for the first month or two and don’t worry about getting fat. Once you’re strong, it will be easy to lose the extra weight. Personally, I prefer a much more moderate approach, with a small caloric surplus of about 250 – 350 calories per day. (You can estimate your maintenance as 15 x your bodweight in pounds. If you’re inactive, then use 14 x bodyweight.)
If you’re obese, then you’ll want to eat in a mild deficit at first, so maybe 12 x your bodyweight. If you’re very obese you could be more aggressive and eat 10 x bodyweight.
No matter which strategy you choose, understand that adequate nutrition plays a huge part in getting stronger, and reducing calories is going to reduce your strength. While you’re in the novice phase, don’t be too strict. Once you’ve gotten strong, then you can can reduce calories and get lean.
What about fat and carbs. You can go however you like here, however, higher in carbs, and moderate in fat tends to do better for most non-obese people.
What should I eat? The vast majority of your food should come from “whole” sources. If you don’t know what that means, then try Dr Jordan Feigenbaum’s advice and only eat foods that have one ingredient. I have a number of recipes on my website of foods that have helped me on my own fitness journey.
You should have some desserts or other treats that you enjoy every day. If you don’t, then you’re more likely to binge and go off diet altogether. My three secrets to not going overboard with treats are:
This will make you less likely to have “just a little more” or go back for seconds and thirds, and fourths.
For further reading, here’s a nice long article on nutrition by Dr. Jordan Feigenbaum.
Only if you eat in a large surplus. Now, the plan is to gain both muscle and fat during the initial novice phase, and then to lose the fat afterward. You’ll look a bit fluffy during this process, but it’s temporary.
If you’re worried about looking like this, that takes drugs. There is simply no way you’ll end up looking like this by accident!
Now, if you’re a woman, there are some extra things to be aware of.
This is a tough one. Most of the Youtube fitness channels are junk. Here are are few that I like that won’t lead you too far astray:
For the most part, no. Most of the personal trainers, especially the ones that work at commercial gyms (Planet Fitness, LA Fitness, 24 hour Fitness, etc.) are garbage. You’re lucky if their advice doesn’t actually harm you. It might be a good idea to get a coach, preferably someone who is familiar with and performs the basic compound lifts themselves. If you can’t find anyone local, you can get online coaching at both Starting Strength and Barbell Medicine.
I should also mention Stefani Glise: PBA’s own 2018 Outstanding graduate from the Business School is a personal trainer. I’ve known Stefani for several years. She’s the real deal.
And finally, if all else fails, you can post your questions and even videos of your form on the Starting Strength or Barbell Medicine forums and get answers for free.
The lifts are not all that terribly difficult, and you’re going to start with fairly light weights and slowly increase the weight over time, so don’t freak out. You’ve got plenty of time to fix your form and get better at it. If something is worth doing, it’s worth doing wrong. Because who’s naturally good at everything the first time?
Get out there and lift some weights.
Congratulations. You’ve decided to start lifting weights. But you’re not sure where to start, so you start searching the internet and youtube for guidance, and suddenly, you’re overwhelmed with terms that don’t seem to make any sense. You go to a gym and try to join in a conversation but people look at you weird because you’re using the words incorrectly.
This article should help clear up some of the confusion and help prevent some embarrassing moments while you transition from novice to expert.
Weightlifting technically always refers to Olympic Weightlifting. This is an officially recognized Olympic sport. It is very very specific. The two main components are the Snatch and Clean and Jerk. (Described later under Specific Exercises.) To avoid confusion, don’t say you’re weightlifting unless you’re doing olympic lifts. Sometimes abbreviated “oly” or “oly lifting”
Lifting weights on the other hand means any activity in which weights are being used.
Weight training is sometimes used interchangeably with lifting weights, although the term implies using the weights as part of a systematic plan to achieve a particular goal.
Powerlifting is a sport in which people compete in three different lifts. They do a single squat, bench press, and deadlift. You add the maximum weight for each lift together, and the highest total wins. It’s slightly more complicated, with weight classes, but that’s the general idea.
Strongman refers to a sport with a number very specific feats of strength including picking an Atlas stone (large round rock), giant tire flipping, and picking a log up off the ground and lifting it overhead. Strongman lifts are more awkward than Olympic lifts and Powerlifts.
Bodybuilding specifically refers to using weights for the purpose of winning bodybuilding competitions (or achieve a look that could). Bodybuilding is primarily concerned with size and shape of muscle. At the highest levels, bodybuilding depends on having the right genetics for symmetry and proportion. There are several different “levels” within bodybuilding. Traditional bodybuilding (think Arnold Schwarzenegger or Lou Ferrigno for us old people) is called Classic or Classic Physique. The newer class is “physique” where guys are typically smaller and wear board shorts instead of “posing shorts” (think Speedos).
Female bodybuilding has three levels, Physique (similar to men’s classic and is dominated by steroids), figure, and bikini. Bikini is the least muscled of the levels. There is also fitness which is kind of like figure but with some sort of athletic routine (usually gymnastic or dancing).
Aesthetics refers to training for looking good (which of course is subjective). The most popular male role model of aesthetics ever seems to be Brad Pitt’s character from Fight Club. Note that looking good with clothes on is not necessarily the same as looking good in clothes. Bigger typically looks better in clothes (for men anyway), while leaner typically looks better with no shirt.
Strength training refers to training to maximize strength. It could be for its own sake or for in the pursuit of a strength sport (Olympic Weightlifting, Strongman, Powerlifting, or other smaller specialty strength endeavors).
Split refers to the number of workouts in a cycle, with most cycles taking a week. Each unique workout is usually assigned a letter (A,B,C, etc.) So a 3 day split generally refers to working out 3 days a week. For example Workout A on Monday, Workout B on Wednesday, and Workout C on Friday. A 2 day split has 2 workouts that alternate, you might do Workout A on Monday, Workout B on Wednesday, and then Workout A again on Friday. The next week, you would start with Workout B and repeat the pattern. A five day split has five different workouts. You get the idea.
Other Common Splits: Bro Split refers to a 5 or 6 day split, where each body part has its own workout. PPL (push/pull/legs) refers to a three day split where one day is “push,” another day “pull”, and a third day “legs”.
Rep (repetition) refers to one complete movement of an exercise. So in a squat, squatting down and standing back up is one complete rep.
A set is a number of repetitions done together. So 5 reps done in a row would be considered one set of 5 reps.
3×5, 5×5, 3×10… are shorthand ways of describing set and reps. The first number is the number of sets. The second number is the number of reps in each set. So 3×5 means three sets of five reps each. 3×10 means three sets of 10 reps each.
Rep Max, Max Rep, RM all refer to a set where a person cannot do another set. So a set of five reps where the lifter can’t do a sixth rep is called a 5RM.
Intensity refers to the weight on the bar combined with the effort it takes to lift it. High intensity typically means heavier weight, and therefore lower rep sets. So a 3RM set would be more intense than a 5RM set. Intensity is often calculated as a percentage of a person’s 5RM or 1RM. Alternatively, intensity can be measured subjectively using a scale known as Rate of Perceived Exertion (RPE) (see below). One thing to be careful about is that intensity in the exercise physiology research literature does not refer to this definition, and instead refers to taking a set to failure. Under this definition, taking a light weight to failure at 25 reps is just as intense as taking a very heavy weight to failure in 3 reps. It’s a mixed up, muddled up, shook up world except for Lola!
Progression means increasing the weight over time. The rate of progression is limited by a person’s training age, which is not measured in time but by getting stronger. The terms Novice, Intermediate, and Advanced are generally used to describe training age.
Novices (or newbies) have the fastest progression because they’re starting from basically zero. Almost anything they do is going to make them stronger, which is why 12 week beginner’s programs never lack for testimonials. Some people like to use strength standards to gauge a person’s training age, but the best gauge is usually how often a person can increase the weight on the bar. If the answer is every workout, then the person is a novice.
Note that the novice stage can last anywhere from 6 weeks to 6 months. Not eating enough or sleeping enough or running too intense a training program, and being older can decrease the length of the novice phase. Alternatively using a poorly designed program can result in a person never exiting the novice stage. The vast majority of gym goers are probably novices no matter how long they’ve been training.
Intermediate lifters can no longer increase the weight on the bar every training session. Intermediate programs are usually designed to allow the lifter to make weekly progress, and as a result are more complicated. There is some controversy over when a person should switch to intermediate programming. Some people think a person should grind out their novice stage as long as possible. Others point to the workouts becoming boring and/or overly grueling and say, just switch the first time you stall in your progress. Before a person progresses to an intermediate program, they should ask “The First Three Questions.”
Advanced lifters can no longer progress each week, and now the time frame extends to a month (or longer) and the program becomes even more complicated.
Gains is slang for increasing performance in the gym. It generally refers to increasing the weight on the bar or increasing the number of reps with the same weight, but the term is quite nonspecific and can even refer to looking better.
Frequency can refer to either the number of workouts in a week or to the number of times a particular lift is executed, or to the number of times a particular muscle group is worked. Confusing right? Get used to disappointment.
Volume is another amorphous term that can be used to mean several different things. The definition I prefer is the total number of reps in a given time frame (workout session or week). So in a 3×5 workout, you would be doing 15 total reps for that lift. In a 5×5, you’d be doing 25 total reps in the workout for that lift. A competing (although inferior) definition of volume simply the number of sets. This treats a set of one rep the same a set of 10. A third definition of volume is the total number of reps times the weight lifted, although this is better called tonnage (see below).
Tonnage refers to the total weight lifted. So if you benched 225 lbs for 3×5, you lifted 3x5x225 = 3375 lbs for the workout.
Work sets are juxtaposed with warm up sets. A work set is a set heavy enough to induce a growth stimulus. Warm up sets on the other hand are lighter in weight and their purpose is to get the blood flowing to the muscle warming it up and allowing the movement pattern to be practiced. A proper warm up should not fatigue the muscle. It should prepare the muscle.
Effective reps refers to the idea that in a given set, some of the reps are harder than others. Imagine lifting a light weight for 30 reps. The first ten to 15 reps might be easy. Those reps are not “effective,” because the muscle is not having to struggle. The heavier the weight, the higher the percentage of reps that will be effective.
Periodization refers to the planned change in a training variable to promote progression. Intensity, volume, and frequency are the main variables that can be manipulated. The simplest periodization is called linear progression, where only intensity if varied–you add a small amount of weight to the bar every session. It’s not truly linear because the amount of weight added gets smaller over time. You might start out adding 10 pounds each session, and then after a few weeks only 5, and then eventually 2.5. So it’s more of a logarithmic progression, but I don’t foresee that catching on anytime soon.
Naturally linear periodization can’t go on forever of eventually everyone would be as strong as Superman. Eventually Other forms of periodization must be used if a trainee wants to continue to make progress, so frequency and volume may also be changed. Buzzwords you may hear include daily undulating, weekly undulating, and block periodization. Novices don’t need any fancy shmancy periodization although it might make their program more fun. More fun is always good.
Concentric contraction occurs when a muscle shortens. For example, lifting a weight overhead, pulling a weight off the floor, or standing up.
Eccentric contraction occurs when the muscle lengthens. For example, lowering a weight or sitting down. Many exercises have both a concentric and eccentric portion; for example, in a squat, you first squat down (eccentric) and then stand up (concentric). The eccentric portion of a movement is sometimes called the negative.
DOMS (Delayed Onset Muscle Soreness) refers to soreness that comes on within 12 to 48 hours of performing an exercise. DOMS is more associated with the eccentric portion of a lift. It is also associated with using a new movement pattern. This is why people are always sore on “muscle confusion” programs like P90X. You’re always doing something new so you’re always sore. DOMS is NOT associated with getting stronger.
Bro is short for brother and can use in almost any situation. It is often used in place of “dude.” For example, “There was this bro at the gym…” It can be used in place of “you” as in “Bro, try lifting this way.” It is often used in a slightly pejorative manner to refer to gym goers who may not be the most productive or adhere to outdated training opinions. These outdated opinions are derisively known as “Bro science” which gets passed from bro to bro in a telephone-like game until there is no semblance of actual science (or even common sense).
Swole is slang for swollen referring to a person’s muscles getting larger.
Natty refers to a natural, meaning someone who is not on performance enhancing drugs (PEDs). Someone who is secretly on PEDs or suspected of being on PEDs is often referred to as a fake natty. “Half natty lighting” refers to using lighting, shadows, and angles to make a person appear better than real life. It is sometimes used to imply that a person is a fake natty.
PEDs is short for performance enhancing drug.
Gear refers to any number of PEDs but usually includes testosterone.
Eat Clen and Tren Hard is a twisting of “eat clean and train hard” usually a cynical response to the question “How do I look like [insert name]?” that implies that the person in question is taking PEDs and to look like him, you probably need to take drugs too. See Clen and Tren below.
Clen is short for clenbuterol, a selective beta-2 agonist that enhances muscle contraction and mobilizes fatty acids aiding in weightloss. (It’s in the same drug class as albuterol so it can also help with asthma.) It was never approved in the U.S. for humans or animals raised for food; it is, however approved for use in horses as a bronchodilator..
Tren is short for trenbolone, the most potent testosterone analog that we currently have. (Potency refers to the amount of effect that a drug has per dose.)
Supp does not refer to a greeting. It is short for supplements. Supplements are generally anything that not is not a medication or drug. The line can be blurry. Many supplements are isolated chemicals such as creatine or L-carinitine. Others “natural” such as ma huang (not legal in the U.S.).
Creatine is the only supplement that has compelling human research to support its effectiveness. (That’s not to say nothing else works; but the evidence is not as strong.) The only version you should take is creatine monohydrate. Pretty much any brand will work. Take 5mg daily. You have to work out for it to work. Not everyone responds to it. As a side effect, it produces intramuscular water retention making muscles look fuller but also causing a small increase in weight (yes water weighs something, but don’t worry; it’s not fat).