Chain of Wealth

E39 – Crypto Special (Part 2 of 3) What does Bitcoin mean for the future?

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Dominic Florczak. He 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.

Welcome Dominic!

Round 2-

[2:36] Bitcoin has received lot of attention and it is definitely the biggest coin by market cap. Let’s chat about some of the other coins you can buy.

Firstly, why did other coins started appearing, and how do you know which coins are good to buy?
·       Don’t buy coins based on hype
·       Determine why you believe in the product, the same way you would invest in the stock exchange
·       Raiblocks has a good real world use as a comparison
·       Always diversify your portfolio
·       There are secrecy coins that a lot of people value as well

[6:51] OK so Blockchain is the underlying technology is most of these coins, I’ve heard of a new type of coin called Raiblocks, does this still use Blockchain or what makes it different?
·       Raiblocks use a lattice which is different to Blockchain which takes multiple verification steps.
·       People who are miners will get paid to verify transactions
·       The lattice that Raiblocks uses is a different technology which is complicated
·       Blockchain is an immutable ledger of events which has a strong value proposition

[12:0] I always tell people that diversifying is important, from what I understand if your portfolio you’ve managed to diversify your coins. Can you tell our listeners a bit about why they should diversify and give an example?
·       Getting an assortment of the following:
·       Bank backed currencies- e.g. ripple & stellar lumen
·       Traditional cryptocurrency- Bitcoin, Bitcoin Cash, Ethereum
·       Cryptotokens- Kucoin shares, CosCoin, B2Btoken
·       Token that gives you access to a platform- Vibe, FunFare, Kimcoin
·       Digital lending platforms- Etherlend
·       You could also put money into an ICO, but they’re just an idea (much higher risk)

[19:39] Do you think the days are coming where you will get paid in cryptocurrency?
·       Already happening, in Denmark (don’t quote me) half of your salary can get paid in Crypto

[25:46] When the next recession/global financial crisis does happen, do you think cryptocurrency will be adopted instead of gold?
·       Nothing stops people from carrying around their laptop with their tokens inside
·       It’s almost as physical as gold, albeit digital
·       It takes electricity, effort and hardware to make coins
·       It comes down to adoption

[29:14] Ok so let’s chat about what to do in a crash – I believe there is a coin called Tether that is linked to the USD? Should people rather move their money into tether instead of liquidating during a crash?
·       You don’t want to liquidate your portfolio, however there is a mass migration in China and a red envelope tradition where you give people money
·       Fear, uncertainty and doubt (FUD) caused people to start selling and a vicious downtrend


[30:59] Chain of Wealth– Head over to loads of great information to teach you everything about cryptocurrencies.

Join Cryptoschool, it’s free!

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Value Link Round

[32:8] Do you have a favorite quote you like to live by?
·       Paraphrased- George Carlin, Eat Feces- a trillion flies can’t be wrong

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Chain of Wealth

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The Chain of Wealth podcast is a biweekly podcast boasting over 500,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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