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.
[2:37] Ok let’s chat about mining today. Loads of people have made a ton of money when they started mining bitcoin. So firstly, what is mining and secondly is it still a thing that people still making money off it?
· Mining is getting paid to verify transactions
· Kind of like a jury that works to audit the blockchain
· Every time it happens you get paid
· In terms of profitability, there are loads of calculators available, it’s profitable, that’s why people do it
· New tech called Burst maps the free space on you hard drive & it’s eco friendly
· There is a big difference between mining and minting, in minting you put down your own coins as proof of stake so you won’t do false verifications
[8:8] With the increased computing power and complexity of the transactions that are being verified, what happens if there are not enough miners verifying transactions?
· If that happens to Bitcoin they will need to change to a proof of stake system
· There should be such mass adoption that your wallet should automatically do it, but at this point the tech is not developed right now
[9:21] So mining is verifying transactions, what about Raiblocks, from what I understand there is no need to verify transactions? How does Raiblocks differ?
· The transaction is being verified but it’s happening very quickly
· Tech is new and difficult to explain
· The lattice structure allows the transaction to verify much faster
[14:55] What would be some of the next steps someone could take to start investing in crypto? What coins do you currently hold?
· Stellar Lumen
· Kucoin Shares
· Etc. J
[18:16] Cryptocurrencies- the word crypto means encrypted and secure. Let’s chat about security of cryptocurrency, what would you recommend?
· Plan to hold in the long run, it’s a much better return
· Buy an external wallet, make sure it’s not second hand
· You can back it up and be very safe
· Don’t be lazy and leave it on the exchange
· 2FA, Google Authenticator etc.
[22:19] Chain of Wealth– Head over to chainofwealth.com/crypto loads of great information to teach you everything about cryptocurrencies.
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Value Link Round
[23:43] How much return have you seen from trading crypto?
· On the corporate portfolio over 800% in less than 1 year.
[25:31] Do you have any other parting piece of advice for our listeners?
· Do you research
· Don’t jump on the hype bandwagon
· Don’t gamble