117: Winning and Losing Millions in Crypto Confidential

“I could hardly form the words. My mouth wasn’t working. My heart hammered in my ears and pins and needles burned my hands and feet. I squeezed my fists as hard as I could to get them to stop hurting as I stumbled into my office and fumbled through my laptop password, pulling up the message that had thrown me out of bed: 

“Nat, someone found a way to hack us. It sounds bad. All of our funds might be at risk.”

This was the absolute worst-case scenario. The one I’d pushed to the back of my mind. The one I pretended was impossible so I could sleep at night. I’d always accepted the risk that I could lose all of my money. But if I lost a hundred million dollars of other people’s money…”

Welcome back to another episode of Made You Think! Today’s episode is extra special as we talk all things Crypto Confidential, a brand-new book by our very own co-host, Nathaniel Eliason. Join us as Nat shares the behind-the-scenes journey of writing and launching his book. Whether you're a seasoned crypto enthusiast or just curious, this episode offers a fascinating glimpse into the world of crypto through Nat’s insightful storytelling. 

We cover a wide range of topics including:

• Nat's journey of writing Crypto Confidential
• Differences in promoting fiction vs. nonfiction
• How Nat learned from other successful book marketers
• Challenges of book promotion and strategy
• The creative process behind book cover design

And much more. Please enjoy, and make sure to follow Nat, Neil, and Adil on Twitter and share your thoughts on the episode.

Links from the Episode:

Mentioned in the Show:

• Crypto Confidential early release in Toronto (1:56) 
• Brandon Sanderson signing 5,000 copies in 3 hours (8:37)
• Brandon Sanderson advice and lectures (8:56)
• 10 Things I Learned Losing 10 Million Dollars (18:30)
• Olympus (50:55)
• Outside the System: Crypto Confidential with Nat Eliason (58:55)

Books Mentioned:

• Crypto Confidential
• The Founders (22:24)
• Zero to One (23:23) (Nat's Book Notes)
• Red Rising (25:08)
• Atomic Habits (26:49) (Nat's Book Notes)
• The Three-Body Problem (28:33) (Book Episode) (Nat’s Book Notes)
• The 4-Hour Body (36:11)
• The 4-Hour Workweek (36:26) (Nat's Book Notes)
• Trust Me, I’m Lying (38:48)
• The Obstacle Is the Way (40:40)
• Ego is the Enemy (41:00) (Nat's Book Notes)
• Deep Work (41:40) (Nat's Book Notes)
• Elantris (42:32)
• Endurance (43:58)
• Empire of the Summer Moon (44:09)
• Kitchen Confidential (59:00)

People Mentioned:

• Brandon Sanderson (8:37)
• Jimmy Soni (22:21)
• Peter Thiel (23:43) 
• James Clear (26:50)
• Eric Jorgensen (32:04)
• Paul Millerd (32:17)
• Tim Ferriss (36:03)
• Ryan Holiday (38:32)
• Cal Newport (41:39)
• Cormac McCarthy (43:47)

Show Topics:

(0:00) In today’s episode, we delve into Nat’s upcoming book, Crypto Confidential, set to release on July 9th. Get your copy here! Nat discusses the book, the preparations for its launch, and the surprise of finding an early-released copy in a Toronto bookstore.

(4:01) We explore the process of how bookstores order books, what it takes to keep them on the shelves, and the criteria for returning unsold copies.

(7:40) Signed copies of books, and how authors get creative in distributing their signature across a wide number of publishings. 

(12:52) Nat shares how he balanced promoting Crypto Confidential to his existing audience while also attracting new readers. He reveals his strategy of getting pre-ordered copies into readers’ hands early to generate online testimonials by the release date, despite disagreement from his publishers.

(19:38) We talk about how the promotion strategy may change after the book release. At what point do you take your foot off the gas?

(24:16) The effectiveness of word-of-mouth marketing and why it’s such a powerful strategy. We compare the promotion of fiction and nonfiction books, noting that fiction is often less promoted by authors and more by publishers. How does promotional work differ between these genres?

(27:33) Nat talks a bit about his upcoming science-fiction book, HUSK, and how he would change his promotion strategy the next time around.

(31:10) How can authors maintain momentum and sustain genuine interest in the book? The difference between organic enthusiasm surrounding the book vs. prompted posts.

(36:00) Insights from successful book marketers and the strategies that contributed to their success. Spoiler: It’s NOT about bombarding your email list.

(38:29) The importance of incorporating valuable content into your books. Regardless of the niche, avoid creating “popcorn” books that lack substance.

(43:44) Being committed for the long haul as an author, and how it can often take years and multiple books to see your success.

(45:50) We dive deeper into the book and explore Nat’s motivation behind writing it. Plus, Nat emphasizes the importance of portraying both the lows and highs to engage readers emotionally throughout the narrative.

(50:31) What was something that Nat had to cut from the final version of the book? He shares more about his experience with Olympus and how easy it is for people to get carried away while trading. 

(55:06) The story of Crypto Confidential began in early 2021 as Nat started to get more into crypto. He eventually found his writing sweet spot by focusing more on narration and less on detailed explanations, with the intermediary chapters providing essential, but non-critical, background information.

(1:01:08) The cover of Crypto Confidential. What guidance was given in order to come up with the final cover of the book?

(1:04:42) Nathaniel Eliason vs. Nat Eliason 

(1:07:17) That wraps up this episode! If you’d like to order a copy of Crypto Confidential, you can do so here! Make sure to leave a review and let us know your thoughts on the new book. This is a great read for anyone regardless of if you’re into the crypto world or not. Stay tuned for our next episode covering Endurance by Alfred Lansing.

If you enjoyed this episode, let us know by leaving a review on iTunes and tell a friend. As always, let us know if you have any book recommendations! You can say hi to us on Twitter @TheRealNeilS, @adilmajid, @nateliason and share your thoughts on this episode.

You can now support Made You Think using the Value-for-Value feature of Podcasting 2.0. This means you can directly tip the co-hosts in BTC with minimal transaction fees. To get started, simply download a podcast app (like Fountain or Breez) that supports Value-for-Value and send some BTC to your in-app wallet. You can then use that to support shows who have opted-in, including Made You Think! We’ll be going with this direct support model moving forward, rather than ads.

Thanks for listening. See you next time!