Dominic Florczak has a B.Pharm with distinction from the university of Witwatersrand and an MBA in business administration from Herriot watt university.
He’s is currently the managing director of a pharmaceutical company and is in charge of the firms corporate cryptocurrency portfolio. He’s an experienced trader dealing with both stocks and cryptocurrency.
[3:51] First off, let’s get down to a serious question – who is your favorite super hero and why?
[4:30] Ok, let’s dive into today’s topic- cryptocurrencies. Cryptos are a currency where there is loads of noise.
Firstly, what spired your interest in cryptos and why did you get involved.
· 3 years ago go involved with a company that used a crypto token as the main premise of the business
· Had to make a comparison of existing coins out there to compare
· Risk & reward factor definitely something to really consider
· Markets are much more mature now & understanding is much better than the earlier days
[10:2] Let’s jump into Bitcoin- December Bitcoin was almost $20,000 in December 2017. It’s been moving like crazy, what is your perspective?
· People speculating that Bitcoin is a bubble, the basic concepts of supply and demand will hold.
· Everyone has an opinion on Bitcoin and they assume they’re an expert, it all depends on adoption
· The lightning network could be a game changer, same with atomic swaps
· In around 2023 it will be almost impossible to mine a coin
· There is a cost to mine a coin, same as bring gold up- there’s a refining process
· The gold standard is no longer used, how are fiat currencies any different from cryptocurrencies
· What it crypto is adopted by bigger companies like Amazon or Apple?
· Transaction fees are the biggest barrier at the moment
[15:17] What will we do if it’s widely adopted and governments can no longer print money?
· Great documentary on Netflix on cryptocurrency and the social impacts
· Politicians can impact the value of goods and services which makes things unfair on some countries.
· Governments should maybe function differently from the central banks
· Imagine the impact of a country adopting a global currency
[20:49] What will we do if crypto starts getting adopted as a global currency?
· Many countries talking about making their own cryptocurrencies
· Nobody wants a centralized cryptocurrency, it defeats the purpose
· Concept of earning the same money in different jurisdictions
· Banks could save trillions of dollars in transaction fees using blockchain technology
[28:21] How do you buy cryptocurrency & what is the difference between an exchange and a wallet
· Exchanges are place where you can exchange currencies fiat & cryptocurrencies at sites like Coinbase which allow you to exchange your fiat currency for crypto
· A wallet is a digital wallet is like an offline wallet to store cryptocurrency
[30:59] Chain of Wealth– Head over to chainofwealth.com/crypto loads of great information to teach you everything about cryptocurrencies.
Join Cryptoschool, it’s free!
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Value Link Round
[31:23] Why do you think people fail at achieving their dreams?
· Sense of negativity
· Playing the victim
· You need to have a positive attitude and not blame your circumstances
Podcast: Joe Rogan