Fake news is something I want everyone around me to know about. I’m in the media industry so I know this stuff to be true because we are part of the attention economy. Here are some quick, entertaining pieces of media which describe what’s going on.
I don’t believe in massive conspiracies. To me, the market economy for attention is the primary cause of the Fake News.
For example, I know it’s easy to make a website that earns consistent monthly cashflow from web traffic via Google Adsense. So in order to make a good amount of money on the side, one only needs to generate web-traffic. To get web-traffic, one powerful option is to write controversial things with no real basis in reality.
That’s why the media today works the way it does. It’s not a shadowy thing, it’s clear and obvious. Here’s how it works:
How Fake News Works
Trust Me I’m Lying came out years ago, but Ryan’s thesis has only been supported by reality in the last few years.
If you’re unfamiliar with Ryan Holiday, he is a young, astute marketer who grew up in the modern media. His list of successful clients speaks for it’s self. From my experience, the media landscape that Ryan talks about is exactly how I see it.
Fake News is Difficult to Differentiate
Whenever we read anything on the internet, we must be conscious of the nature of why that media is there. NPR did a great job telling the story of The Fake News King:
Do you have any resources to share regarding the digital media in 2017?
Please feel free to share links and thoughts in the comment section below.
Here’s a TLDR list. The longer version can be found below.
Peaceful, professional transition of power
The voting process was easy and the ballots were balanced
Excellent open data provided quickly by a portfolio of media sources:
Fox News | CNN | Google | New York Times
Referendum to decriminalize Marijuana in my home state passed! Less people in prison, less government involvement in an individuals choices (which don’t effect others) and the state government is likely to see a tax revenue injection that will surprise us all
Peaceful, Professional Transition of Power
I’ve been in foreign countries and seen ugly elections. One time specifically, I was advised to stay home and not leave the house for the day. It was a violent day where people were hurt, bombs were thrown and arrests were made.
President Obama invited President-elect Trump to the White House. They will work together on details and soon enough, President Obama will have his life back. He can continue to lead afterwards in harmony with the new national leadership.
I would have preferred to see Hillary Clinton win. At the same time, I recognize that the majority of US citizens feel passionately that what she represents, is not the best for the country. That’s how we play the game. The representational democracy picked him and I believe in that process more than anything else.
‘Many forms of Government have been tried, and will be tried in this world of sin and woe. No one pretends that democracy is perfect or all-wise. Indeed it has been said that democracy is the worst form of Government except for all those other forms that have been tried from time to time.…’
– Winston S Churchill, 11 November 1947
Easy Voting Process with Quality Ballots
Voting was easy. Registering took a few minutes online. At the University of Nevada, there wasn’t even a line to stand in when I voted early.
The Nevada Sample Ballot
The sample ballot that arrived was a quick 15 minute read and told the story of the addendum opportunities and the candidates. It did so from both perspectives and had research based arguments. If it was longer, it would have been burdensome to read. If it were shorter, I feel it would have been to incomplete to give a full picture of the questions.
Excellent Open Data and Election Coverage
I watched the election on Fox News, CNN, Google, Twitter and more. Though some were better than others, they all told a very similar story.
Hat tip to CNN. They had the best design and technology on their side.
The New York Times was the first to give Mr. Trump a 95% + likelihood of winning from what I saw.
Overall, there was a lot of excellence happening all over the media. We in the United States enjoy excellent election coverage.
Decriminalizing Marijuana in Nevada
So proud of the referendum outcome for question #2 in Nevada. I prefer beer, but knowing that the pot smokers will soon be free of the fear of imprisonment is PHENOMENAL!
What happened to Colorado may happen to Nevada! What does this mean for the state?
I didn’t think Trump had any chance of winning and I didn’t want him to. This goes to show that I didn’t have any idea what was going on. My perception last night was that we were sitting down to watch her take the election, but I got it 100% wrong.
If you flew to Panama with a lot of debt, a little cash, no experience and nothing but a plan to make money online, would you still play it cool?
A common theme of this podcast is to explore transition. No one gives permission to do this stuff. It takes a leap of faith to make it happen. I love to ask how the most successful people made it happen.
My guest today is Chris Hughes (@whosChrisHughes). We met at KoHub one night. I dive into that story in the podcast.
Lots of people say that building a business is like jumping off a cliff and building an airplane before you hit the ground. For Chris, that plane was a Duck Dynasty Facebook fan page. Duck Dynasty caught him before he hit the dirt. He’s still flying. It’s a crazy story.
“Do the stuff you’re supposed too, before you do the stuff you want too.” – Chris Hughes
The banks are out to get us. I’m seeking ways to fight back. International money transfers are one of the banks little secrets. TransferWise says they can save us. So I tried them. Here is a TransferWise review.
In Australia, the banks just offer free money transfers. That’s right. It’s free in Australia with bank apps on your phone. Apps like Cash and Venmo are making it easier in America. Transferwise is the only place doing it internationally right now that I know of.
We’re moving money to Australia this month. We’re going to be testing TransferWise.com to see if we can save ourselves some fees.
TransferWise came across my desk a long time ago in a paid advertisement on Facebook. I clicked through, but didn’t need to move money at the time. After bookmarking the page, I was excited for the opportunity when I would need to move a good amount of money internationally.
November 20th, 2015
Today was that day I found a need to move money from the USA to Australia.
The Transferwise steps were easy to follow. They have a pretty good UI on the surface, but it wasn’t perfect…
I noticed some strange glitches in their software. At one point, it seemed as if I saw someone else’s screen before it flashed back to my screen. Very strange and disconcerting when you’re moving large amounts of money. This happened a few times. It’s a glitchy user experience.
My International Money Transfer Situation
By the way, I’m moving about $4,300 USD from a CapitalOne account to a Commonwealth Bank account. To clarify, thats a United States savings account to an Australian checking account.
I was able to generate a code on the CapitalOne online banking login and use that code to authorize the transfer with the TransferWise.
To my dismay, I learned that the transfer will take 1-5 business days from CapitalOne to TransferWise. Also, my Australian bank will also require 2-3 business days for the money to clear in that account. So 3-8 days in total to move some digits across a line.
Ahhh the wonders of the modern financial system.
Anyways, I clicked transfer and the deal is in action.
As I go back to the site to check the status of the transfer, they have this cryptic page that doesn’t tell me information about fees. I’m unsure of the fee schedule. I can ascertain the conversion rate because they tell me the amount I’m transferring in USD and what we will receive in AUD:
$4,300 USD/$5,923 AUD = Which equals a rate of .725 AUD/USD
.72 AUD/USD is the mid-market rate as reported by Google
So it looks great.
I’m in it now. I’ll wait 1-5 business days for CapitalOne to release the money to TransferWise. Then I’ll wait for however long it takes for the money to move through TransferWise to CommonWealth bank. Finally, I’ll wait 2-3 business days for CommonWealth to clear the funds on their end.
November 24th, 2015
Four days have passed.
The transfer has come through. It all cleared. Here is a screen shot of what I’m seeing via the dashboard of the Transferwise website:
Transferwise (as per the screenshot above) tells me that the transfer was completed for $5,923.79 AUD.
The amount shown in Commonwealth bank is $5,923.79 AUD.
The deal went through. They transferred what they said they would! Huzzah!
Deconstructing the International Money Transfer via TransferWise
This is the actual rate we experienced transferring from CapitalOne in the United States to the Commonwealth Bank in Australia:
$4,300 USD / $5,923.79 AUD = $.72588 USD/AUD
The mid-market exchange rate from Yahoo Finance saw a low of $0.7187 AUD/USD and a high of $0.7216 AUD/USD the day of the transfer. Here is a screenshot:
So depending on the time of transfer, that $4,300 USD would have exchanged at a low of $5,983.03 AUD to a high of $5,958.98 AUD.
Here is a table describing the actual mid-market rate vs. realized exchange rate from the transfer:
The Day’s Price Point
Mid-market rate at $4.3k USD
Realized from Transfer
Amount Unaccounted for in Transfer
When Market was Low
When Market was High
So the real cost of the money transfer was between $40-64 AUD (or $28-46 USD).
Free. Nope. Better than the banks? Good question.
November 24th, 2015 (Later that Night)
I received a receipt clearing some stuff up. This was my mistake. I get way too much Email and this was buried in the fray.
Here is a screenshot of it:
My guess is that the banks would offer a less attractive rate and also tag on a boatload of fees.
Transferwise did work. The ordering process was easier than going into the bank and talking to a teller. I will use it again next time I transfer money internationally.
Finally, they gave me a coupon code. If you want to use it, you could wire your first 3,000 GBP (roughly $4,500 USD) for free. If I had this code when I made the transfer, I would have actually realized the mid-market rate.
Here is the coupon code. Sure, this is an affiliate deal. You get your first transfer free if you use this link. Also, I get some money… I think. Or maybe just some free transfers. Either way, if you use this link, we both win. I did not write this article just to send you to TransferWise. I would have written ill of them if they sucked. Then I wouldn’t have put any links to send people to their service.
I wrote this article because I think international business needs to be cheaper, faster and more modern. Have a great time traveling dingo lover.
Updated November 20th, 2015 – Gold Coast, Australia
Tim Ferriss and Pat Flynn had a great talk about the podcasting industry on Pat’s podcast. Inspiration:
“If you do a handful of things right, even if your slow and plodding and letharic about it; you will beat almost everyone. It’s amazing…
For those who can get into dense stuff, pick up the annual letters of Warren Buffett to Berkshire Hathaway share holders. That is going to be worth more to you than any MBA program on the planet… I think.” – Tim Ferriss on Smart Passive Income podcast
What’s your internet based business looking like? Have you started it? If not what’s holding you back? If you have, please link it up. It will get you back link and perhaps there will be another member of the community who could use your stuff.