3:00 Intro to Crypto

• Think about your level of financial literacy now
• Crypto and the reasons
  • Before credit card everything was based on cash that flows through banks
  • We have needed to find out how to make money move faster
  • EX: Credit card swipers
• We are seeing more advancement now with crypto
• Crypto and blockchain are not the same thing

6:06 Crypto built on blockchain

• Blockchain has been around but not able to scale
  • It was created to make sure that data was safe in computers
  • Think about it in terms of a virus on a computer
• If you get hacked, you probably have a cloud backup
• Became cheaper and more efficient to run this way
• Double spending: send a check here and there, etc.

9:00 Fraudulent

• Centralization like sending to a bank was an improvement but it is slow
  • We want money to run quickly = crypto
  • Used to be days of turn around because of paper and mail
• Speed of money and protection against fraud are the two specific things crypto is solving for

12: 00 Dollar Bill Example

• Dollar bills used to be backed by gold and silver now its backed by government
  • We still perceive it as value
  • Because it is backed by government
• Currency constantly changes
  • All it is a tradable asset
  • Agreed upon
• People are saying crypto is liquid gold
  • Bitcoin has a limited finite amount
  • so it has a static value face

15:00 Gold vs bitcoin

• Only 21 million will be mined
• We don’t know how much gold can be mined
• It is important for people to understand because this is a global currency
• Blockchain eliminates the possibility to hack the entire database
  • A block is a set of data
  • It is then sealed and another block of data is linked into it
  • Hence the chain link of blocks
  • Every block has an encryption in open and close
• “You’re telling me block chain is a chain of blocks” -M 17:30 Gif

18:00 Redundancy

• We have copied that blockchain amongst hundreds of computers over the world
• Single cloud-computing
  • In order to hack blockchain
  • You need to hack the whole network all at once
• Also safer against inflation and nobody telling you the value of your money

21:10 socio economic standpoint

• Country run by dictator
  • They can decide whether your money is worth any value
• We are doing this from the internet handphone so you can build wealth outside of their country’s banking system
• You can now use this to send money instead of using Western Union

24:00 Exchange rate

• All relative value based on governmental currency
• Everything on the world is based on the petro dollar
  • Petrodollars are U.S. dollars paid to an oil-exporting country for the sale of the commodity
  • Backed more with oil then gold

27: 00 Crypto is not going away

• Fastest technology in human history
• Everyone wants more control of their money
• Seeing impacts of this everywhere

Full Show Notes Here