It may feel like I’m geeking out about crypto currency. I’m not. In fact, out still feels a little…out there to me. However, I’ve decided that it’s no longer some bullshit futuristic dream that exists in the Matrix. Basically, I’ve been waiting and watching to see who was giving crypto value. By this what I mean is are countries, banks and other entities building or creating infrastructure that supports crypto? The answer is increasing “yes”. Because of this I will continue to add content to my platform with the focus of educating my audience on the use of crypto and how it works because I want to increase educated accessibility to this new asset class. Also, I don’t want to hear of people going broke because they didn’t understand the risk they were taking by investing in crypto. Gabby Hui Chief Communications officer at Merkle Science is my guest in this episode. She drops a lot of knowledge and a lot more context around some of the many questions that I have about crypto. Listen on!
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Show Notes
- Bitcoin Decoded episode with Jesse Cramer.
- Gabby Hui-Head of Communications at Merkle Science (Block chain and crypto) finance and block chain
- She started in New York and is now in Singapore.
- Gabby makes the point that she has to really understand and buy into the idea of crypto in order to communicate about it.
- When you first started with crypto…were you familiar with it or investing in it?
- I love Gabby’s candor about her introduction into crypto and her mentorship at “Waxman” created by Robert Waxman
- She read a lot of white papers about the different tokens out there. Using a highlighter and pen it helped her understand the concepts.
- Skepticism was a great way to lead her education into crypto
- I ask what are some of the biggest objections that people are bringing up towards crypto?
- People don’t understand what gives crypto “value”
- The big fluctuations and volatility frighten and unnerve people
- Not understanding the fundamentals
- Lack of long-term historical trends for this asset class
- Crypto has only been around for 12 years so long-term patterns are being created
- Traditional investors are purchasing as a way to hedge against inflation on fiat currency
- Bitcoin supply is limited because it’s in the code.
- What does Merkle Science actually do?
- Focusing on Blockchain analytics and fraud investigations. Basically, preventing illegal activities. Their work sounds so cool. Basically, transaction monitoring and due diligence reports.
- I wonder if Merkle Science also recovers funds as well? *Colonial Pipeline issue*
- Crypto currencies on public blockchains are traceable. But, new wallets can be created to move monies.
- Wallets aren’t always tied to someone’s identity
- Crypto transfers are fairly instantaneous
- Tension between the spirit of the currency and what governments want to have happen.
- Regulations are the guardrails specific to avoiding money laundering
- Traditional abuse of financial systems in the past is impacting regulations being created for this new asset class
- We talk about creating legitimacy within crypto.
- El Salvador saying “yes” to Bitcoin as a mode of trade
- What is the trajectory for crypto?
- Different currencies do different things.
- Some are created for transfer of funds
- Etherium allows people to build apps on top of it
- Different types of crypto will be created for different things
- Crypto tokens have to achieve “scale”
- New ways to pay and payment innovation-How do we educate people about using it while managing the risk? Purchasing fractional shares of Bitcoin in order to see how it works.
- Credit Cards
- Apple Pay
- Crypto
- I’m curious about is there a movement managing the carbon footprint of mining crypto
- Some places using renewable energy is better than using coal depending on the location. Coin share research paper.
- Cristian Stohl-Technical University of Munich (energy and crypto paper)
- What are some of the insights that Merkle Science have begun to see as organizations and countries begin to adapt to crypto.
- Crypto as a way to mitigate issues with unstable local currencies
- Weaning off of US dollar dependency and autonomy
- Crypto currencies that are independent from specific countries
- Building new financial infrastructures
- We talk about access to crypto for the regular person
- Internet + Cell phones
- What would you like listeners to know about the opportunities and risks of being an early adaptor to crypto.
- Earlier you adopt potential for higher long-term returns
- Spend time understanding the risk
- Learn about the team and the technology behind the crypto.
- Tech risks and vulnerabilities in the code
- White hat hackers to test out vulnerabilities. You can find these tests online
- Rug-Pulls-Running away with someone’s money.
- There’s always an opportunity for risk
- Be conservative with your initial investment.
- I thank Gabby for doing such a great job explaining crypto!
- Read the Bitcoin White Paper
Resources
- Bitcoin Decoded with Jesse Cramer from The Best Interest
- Sign up for Coinbase
- Gabby Hui-LinkedIn
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