Learn and Get points:
Week 1 - Money basics
Lesson 1 - What is Money?
- What is monAnswer:r:** A medium of exchange
- Coins were better than commodity money becauAnswer:r:** They were easy to carry and count
- Why have people started exploring cryptocurrencies and new forms of monAnswer:r:** Modern money isn’t backed by anything
Lesson 2 - Backed Money vs. Fiat Money
- Paper money before the 1900s had stable purchasing power becauAnswer:r:** It was backed by gold.
- Modern fiat money has value becauAnswer:r:** The law makes it a legal tender
- What is the average lifespan of fiat currenAnswer:r:** 30 years
Lesson 3 - Money Printing and Inflation
- Money printing leads Answer:r:** Money losing value
- Savings don’t work as well as you’d like to becauAnswer:r:** Inflation makes money lose value
- How much value has the US dollar lost in 50 yeaAnswer:r:** 85
Learn and Get points:
Week 1 - Money basics
Lesson 1 - What is Money?
- What is mon
Answer: A medium of exchange
- Coins were better than commodity money becau
Answer: They were easy to carry and count
- Why have people started exploring cryptocurrencies and new forms of mon
Answer: Modern money isn’t backed by anything
Lesson 2 - Backed Money vs. Fiat Money
- Paper money before the 1900s had stable purchasing power becauAnswer:r:** It was backed by gold.
- Modern fiat money has value becauAnswer:r:** The law makes it a legal tender
- What is the average lifespan of fiat currenAnswer:r:** 30 years
Lesson 3 - Money Printing and Inflation
- Money printing leads Answer:r:** Money losing value
- Savings don’t work as well as you’d like to becauAnswer:r:** Inflation makes money lose value
- How much value has the US dollar lost in 50 yeaAnswer:r:** 85
Learn and Get points:
Lesson 4 - Electronic Money and Payment Systems
- What percentage of the world's money exists as physical cash?
Answer: 8
- Do banks hold clients' money in cash?
Answer: No. They only store a reserve — 10-20% of deposits in cash
- Why do banks fail?
Answer: They don't have enough real cash
- Money in which form can you truly own?
Answer: Cash
Lesson 5 - Limitations of Traditional Banking
- How much do banks make by charging fees?
Answer: Over $34 billion a year
- What is the “bounce fee”?
Answer: It’s the fee for failed payment
- Why 1.4 billion people are unbanked?
Answer: They can’t afford banks’ service fees
- Where do most unbanked people live?
Answer: African
Lesson 6 - Trading & Why Most Traders Lose Money
- How many traders actually make a profit each year?
Answer: 1.6
- Why do most new traders fail?
Answer: They don’t have knowledge and rely on luck
- Do most traders lose money in all markets?
Answer: Yes. Most traders lose money no matter which market they trade
- What is the percentage of novices who will quit trading in the first year?
Answer: 80
Lesson 7 - Online Betting and Forex
- What is the vig?
Answer: The percentage fee
- How much do casinos earn in a year?
Answer: Over $60 billion
- Is it possible to make a living by betting and gambling?
Answer: It’s impossible to win consistently because of the vig
- What is the most unfair gambling activity?
Answer: Binary options
- The vig of 7% means that a player betting $100 can have a payout of …
Answer: 93
Week 2: Crypto Basis
Lesson 1: What is Decentralization?
Answers:
1. (A system where one central actor can control the whole system.)
2. (A robust and highly reliable system without a central entity.)
3. (Their accounts were frozen by government order.)
Lesson 2 - How Blockchain Works
- What is blockchain? (A special kind of database)
- Do Bitcoin transactions ever get deleted? (No, Bitcoin blockchain stores all transactions and never deletes them)
- How are blockchains protected from missing and corrupted data? (Each node stores its own copy of the blockchain)
Lesson 3 - Cryptography basics
- Why are cryptocurrencies called so? (They use cryptography to maintain security)
- What is used to sign a cryptocurrency transaction? (A private key)
- Why do blockchain networks store all old transactions? (To verify users’ balance)
Lesson 4 - Real-World Applications of Blockchain
- What was Bitcoin's original purpose?(A peer-to-peer system for transferring digital assets)
- Blockchains are useful in every industry that needs…(Accurate record tracking and automated value transfer)
- What benefit blockchain networks CAN NOT bring?(Consistent energy generation)
Lesson 5 - The Birth of Cryptocurrency
- What is the common problem for all money?(There’s a counterfeit problem.)
- When did researchers start experimenting with the digital money concept?(In the 1980s.)
- When was Bitcoin introduced?(2008)
- What does Bitcoin use instead of a single centralized authority.( Permissionless decentralized network of nodes.)
- What consensus mechanism does Bitcoin use?(Proof of work)
Lesson 6 - Cryptocurrency vs Traditional Banking
- How is Bitcoin superior to fiat money?(It doesn’t need intermediaries to work.)
- How does Bitcoin protect users’ funds on addresses?(With cryptography.)
- What do banks call Bitcoin?(A threat to financial stability.)
Lesson 7 - Comparing Bitcoin, Ethereum, and Altcoins
- Which blockchain network brought smart contracts?(Ethereum.)
- What technology powers tokens, DeFi, and any blockchain apps?(Smart contracts.)
- Why are there so many blockchains?(Developers invent something better and new.)
- Pick the Ethereum logo( You know this one right?)
- Mem coins ...?(Are driven by hype and speculation, lacking intrinsic value.)
Week 3: Safety in Crypto
Lesson 1 - What are Wallets and Their Types
Q: What do crypto wallets actually store?
A: Private keys.
Q: Where do non-custodial wallets store private keys?
A: On the device where the wallet is installed.
Q: What kind of wallet is Metamask?
A: Non-custodial wallet.
Q: How many millions of users do Ledger wallets have?
A: 6.
Lesson 2 - Setting Up Your Wallet
Q: How are non-custodial wallets better than custodial ones?
A: Non-custodial wallets let users control their keys and funds.
Q: Why is it important to install wallets from the official websites?
A: To prevent installing fake apps.
Q: What does the seed phrase contain?
A: A private key.
Q: How many millions of USD were stolen due to poor private key management in 2023?
A: 560
Week 3: Safety in Crypto
Lesson 3 - Wallets and Private Keys
Q: What does it mean to backup a crypto wallet recovery phrase?
A: To copy it to a safe place.
Q: What is the best place to store a wallet backup?
A: A notepad, a USB stick, or any other offline physical storage.
Q: Who can you trust with your recovery phrase or private key?
A: No one.
Q: What does a recovery phrase look like?
A: A phrase of 12 words.
Week 3: Safety in Crypto
Lesson 5 - Protecting Your Digital Identity
Q: Why it’s important to keep crypto holdings a secret?
A: There’s a chance thieves will use this information to rob you.
Q: What does cryptos’ pseudo-anonymity mean?
A: One can’t identify the wallet’s owner identity without additional hints.
Q: Why it’s not wise to share your phone number and other contacts online?
A: You’ll be targeted by scammers.
Q: How many millions of USD has the most famous SIM swapping gang stolen?
A: 400
Week 3: Safety in Crypto
Lesson 6 - Understanding Scams in Crypto - Part 1
Q: What is a Ponzi scheme?
A: A scam that pays returns to older investors using the money from new investors.
Q: What is a rug-pull?
A: A project that ends with founders stealing all invested money, rugging investors.
Q: How do scams lure crypto newcomers into investing money?
A: They promise way higher returns than others exploiting greed.
Q: How many billions were lost by the investors of OneCoin, the biggest crypto scam in history?
A: 4
Lesson 7 - Understanding Scams in Crypto - Part 2
Q: What is phishing in crypto?
A: Luring people into fake apps to steal their crypto.
Q: How do romance scams trick people into sending crypto assets?
A: By building fake virtual relationships and asking for funds.
Q: What are crypto drainers?
A: Malicious smart contracts which drain the wallet once it is connected.
Q: The OpenSea phishing hack happened in …
A: 2022
Y Nation Lesson Answers
Week 4. Lesson 1 - Types of Exchanges in Cryptocurrency
Q: What is one of centralized exchanges' downsides?
A: Funds security
Q: What is a key feature of decentralized exchanges?
A: DEX use smart contracts
Q: What was the centralized exchange incident that caused $8 billion in losses?
A: FTX exchange
Q: How many million people use centralized exchanges?
A: 500
Week 4. Today’s Lesson 2 - Centralized Exchanges (CeFi): Operation and Basics
Q1: What is KYC?
A: A client identification procedure
Q2: Where do CEXs store users' deposits?
A: In cold wallets
Q3: How do crypto withdrawal security measures work?
A: They delay withdrawal or ask for additional confirmation to proceed
Q4: What image is related to KYC?
A: Driver's license picture
Week 4. Today’s Lesson 3 - Risks of Centralized Exchanges
Q1: What is the main risk associated with centralized crypto exchanges?
A: They control users’ crypto and can mismanage it, leading to losses
Q2: What was the cause of QuadrigaCX losing $190 million of users’ funds?
A: CEO died and took all keys and passwords with him
Q3: Why have FTX users lost their funds?
A: FTX used their funds for risky trades and lost them
Q4: How much BTC was stolen from the Mt. Gox exchange in 2014?
A: 850000
Week 4. Today’s Lesson 4 — Decentralized Exchanges (DEXs)
Q1: How are DEXs better than CEXs?
A: They don’t require depositing funds and trusting them
Q2: DEXs infrastructure and operations are based on…
A: Liquidity pools
Q3: Decentralized exchanges enable users…
A: To provide liquidity and share trading fees
Q4: How much billions of USD does Uniswap have in its liquidity pools?
A: 4.7
Week 4. Today’s Lesson 5 — On-Ramps and Off-Ramps
Q1: What is the benefit of buying crypto on CEX?
A: Users can buy crypto directly to their accounts to start trading.
Q2: What is the benefit of using fiat on-ramp platforms?
A: They are often integrated with wallets and apps.
Q3: How do P2P platforms work?
A: They are like bulletin boards, where users publish proposals to buy or sell crypto for fiat.
Q4: What was the total transaction volume on the Binance P2P market in 2020, in billions of USD?
A: 7
Week 4. Today’s Lesson 5 — On-Ramps and Off-Ramps
Q1: What is the benefit of buying crypto on CEX?
A: Users can buy crypto directly to their accounts to start trading.
Q2: What is the benefit of using fiat on-ramp platforms?
A: They are often integrated with wallets and apps.
Q3: How do P2P platforms work?
A: They are like bulletin boards, where users publish proposals to buy or sell crypto for fiat.
Q4: What was the total transaction volume on the Binance P2P market in 2020, in billions of USD?
A: 7
Week 4. Today’s Lesson 6 — Stablecoins Explained
Q1: What are stablecoins?
A: Tokens that maintain a stable price and are pegged to some real-world assets.
Q2: How do centralized stablecoins are backed?
A: They are backed with fiat money at a one-on-one rate.
Q3: How do decentralized stablecoins are backed?
A: They are overcollaterized with crypto.
Q4: What coin is a stablecoin?
A: Tether(USDT) picture
Week 4. Today’s Lesson 7 — Trading on Exchanges
Q1: What does high volatility mean?
A: Prices change very fast and are unpredictable.
Q2: Why is investing in new crypto projects risky?
A: There are a lot of memecoins in the space that have no value and might rug investors.
Q3: What are the trading hours on most crypto exchanges?
A: 24/7 without any pauses
Q4: How many million USD was lost due to crypto rug pulls in 2023?
A:130
Week 5. Today’s Lesson 1 — What is DeFi?
Q1: What are smart contracts?
A: Self-executing agreements on blockchain.
Q2: How users can earn a share of a DeFi service’s fees?
A: Provide liquidity to it.
Q3: What does “transparency” mean in DeFi?
A: The code and operation history is transparent so anyone can study them.
Q4: When did Ethereum introduce smart contracts?
A: 2015
Week 5. Today’s Lesson 2 — DeFi Platforms
Q1: What kind of DeFi service helps to secure blockchain networks?
A: Staking.
Q2: Where users can lend and borrow cryptocurrencies?
A: On decentralized lending markets
Q3: Which DeFi services let users trade tokens with each other?
A: Decentralized exchanges.
Q4: What was the cumulative trading volume in billions of USD on Uniswap DEX till the end of 2024?
A: 2
Week 5. Today’s Lesson 3 — DeFi Passive Income
Q1:How to earn passive income with DeFi protocols?
A: Provide liquidity and earn a share of rewards or fees.
Q2: Which types of DeFi protocols offering passive income have the highest liquidity?
A: Liquid staking.
Q3: What system do most DeFi protocols use to automate liquidity allocation to counterparties?
A: Pooling system.
Q4: Pick the transaction for staking LP tokens in a farm.
A: 1 (picture)
Week 5. Today’s Lesson 4 — DeFi Active Income: Farming and Airdrops
Q1: What tokens represent a share in a liquidity pool on DEX?
A: Liquidity provider token or LP.
Q2: How are lending protocols useful in yield farming?
A: They enable borrowing funds to leverage positions in DeFi and earn more.
Q3: Which airdrop was a disappointment with $3 reward on average?
A: Hamster Kombat.
Q4: How much did UNI Uniswap airdrop participants receive each?
A: 400
Week 5. Today’s Lesson 5 — Understanding Points Better
Q1: What are the points that some crypto projects give to their users?
A: A part of a scoring system.
Q2: Points earned in crypto projects can be exchanged for
A: Tokens after the project’s Token Generation Event or additional benefits.
Q3: How much did Arbitrum and StarkNet airdrop participants earn on average?
A: Over $1,000.
Q4: What was the minimum amount in USD earned by StarkNet point collectors?
A: 1350
Week 5. Today’s Lesson 6 — Governance and DAOs
Q1: What does the DAO term mean?
A: Decentralized Autonomous Organization
Q2: DAO funds its initiatives using its …
A: Treasury
Q3:Who can make proposals in DAO?
A: Any members with tokens of that DAO
Q4: How much value in billions DAOs were managing in 2023?
A: 25
Week 5. Today’s Lesson 7 — NFTs
Q1: The term NFT means
A: Non-Fungible Token
Q2: NFTs may have future utility in…
A: Real-world asset tokenization
Q3: Which one is the famous NFT collection?
A: CryptoPunks
Q4: How many millions of USD was the most expensive NFT sold for?
A: 91
Week 5. Today’s Lesson 7 — NFTs
Q1: The term NFT means
A: Non-Fungible Token
Q2: NFTs may have future utility in…
A: Real-world asset tokenization
Q3: Which one is the famous NFT collection?
A: CryptoPunks
Q4: How many millions of USD was the most expensive NFT sold for?
A: 91
Week 6. Today’s Lesson 1 — Data Ownership in Web2
Q1: Why Google, YouTube, and other apps collect user data?
A: To sell it to advertisers.
Q2: How collecting and reselling user data is called?
A: Data brokerage.
Q3: What benefit regarding data is present in Web3?
A: Data ownership.
Q4: How many ads an average person sees in a day?
A: 4000
Week 6. Today’s Lesson 2 — Privacy Concerns and Data Sharing
Q1: Is the Incognito mode in Google Chrome web browser really private?
A: No, it still allows Google to collect browsing data.
Q2: How hackers can use leaked private data such as a person’s name and address?
A: They will use social engineering to steal their funds.
Q3: Which company has confirmed the data leak of its employees' private information?
A: Amazon
Q4: How many Instagram accounts are getting hacked monthly according to researchers?
A: 36000
Week 6. Today’s Lesson 3— Data Breaches and Centralized Storage Risks
Q1: What telecom giant was hacked, affecting 73 million customers?
A: AT&T
Q2: Why do such data breaches affect millions of people?
A: Because it is caused by centralization.
Q3: What is the worst outcome of data breaches?
A: Users’ payment data leaked.
Q4: How many millions of users were affected in the Ticketmaster breach, one of the biggest data breaches in history?
A: 560
Week 6. Today’s Lesson 4 — Blockchain and Decentralized Identity
Q1: What is the problem with centralized entities that store private data?
A: Centralisation implies a single-point of failure, meaning that a data
Q2: What is Self-Sovereign Identity?
A: A concept of users owning their private data.
Q3: How can Zero-Knowledge Proofs be used with SSI?
A: To prove something about the SSI user without revealing the data.
Q4: How much billion will the SSI industry be worth by 2031 as predicted by researchers?
A: 120
🎓Week 6. Today’s Lesson 5 — Data Storage on Blockchain
Q1: What advantage does decentralization bring to blockchain networks?
A: There is no central entity everything relies on.
Q2: What projects have already developed blockchain storage solutions?
A: Filecoin and Storj.
Q3: What country stores its state documents on a blockchain?
A: India
Q4: Which data storage structure looks decentralized?
A: 1
🎓Week 6. Today’s Lesson 6 — Monetizing Personal Data in Web3
Q1: Who’s profiting from collecting users’ private data?
A: Data collection companies.
Q2: How does Brave browser provide rewards for its users?
A: It gives them tokens for viewing privacy-respecting ads.
Q3: Some blockchain-based data marketplaces enable users to sell …
A: Anonymized private data.
Q4: How much billion USD is the data industry worth?
A: 300
🎓Week 6. Today’s Lesson 6 — Monetizing Personal Data in Web3
Q1: Why grow your Humanity Score?
A: With a Humanity Score big enough you’ll unlock airdrops and other benefits from Y’s partners.
Q2: How to grow your humanity score in Y Passport?
A: By verifying your social accounts, and Web3 on-chain activity.
Q3: Will you get Y points for the verifications?
A: Yes.
Q4: How can you download Y passport?
A: Using Y bot.
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