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
