Blockchain technology provides a beneficial layer of openness and transparency that current centralized networks cannot, but some private data isn’t meant to be shared publicly. 

How many people want to use a network that shares their financial details and identifying information to everyone, for example?

That’s the issue that Secret Network aims to solve. By enabling programmable smart contracts that run on blockchain and compute within trusted execution environments, shielding the data from the nodes themselves, Secret Network promises the transparent benefits of blockchain with the kind of security and privacy that users demand from web services.

Here’s a look at how Secret Network works and what the community behind it hopes to achieve with the project.

Secret Network is a blockchain built specifically for data privacy. By supporting encrypted inputs, outputs, and smart contract states, Secret Network enables programmable smart contracts that keep user data safe. If coins like Monero and Zcash are the privacy-centric evolution of Bitcoin, Secret Network’s smart contracts are like an evolution of Ethereum’s own smart contracts, building upon that premise while enabling the secure transfer of private data.

Secret Network was born out of Enigma, a startup that developed the concept of a decentralized protocol for secret smart contracts. Enigma raised $45 million in a 2017 initial coin offering (ICO), but faced enforcement from the United States Securities and Exchange Commission in 2020 that forced a settlement with the SEC.

Ultimately, the community around Enigma decided to continue that vision as an independent, decentralized project, which is how the current version of Secret Network was born. A swap allowed holders of Enigma’s Ethereum-based ENG token to trade 1:1 for SCRT, the native coin of Secret Network used for governance and paying fees. Enigma remains involved as one of the key players in the community supporting development of Secret Network.

Secret Network is a layer-1 blockchain with its own consensus and on-chain governance, built atop the Cosmos /Tendermint framework. It relies on a network of distributed nodes that perform the computation of smart contracts built on Secret Network, but the nodes use a trusted execution environment (TEE)—like a black box—to do so away from prying eyes.

It’s similar to how a smartphone processor uses a TEE to handle sensitive data like fingerprints, but it’s a blockchain node instead. The network bills its smart contracts as “secret contracts,” as they’re designed to preserve the privacy of the data held within. The SCRT (“Secret”) coin must be staked by nodes to participate in the network, plus it is used to pay fees and transfer value.

There’s a lot to like about blockchains as far as being immutable and transparent, but that kind of openness limits the kind of data that can be safely handled by many blockchains—particularly top-secret data that people or companies wouldn’t want seen by just anyone. 

Secret Network aims to plug that hole by providing the layer of privacy and security while still keeping what people like about blockchain technology—the best of both worlds, in theory. While it’s not the only company attempting to fill that void, it’s a concept that could be key to driving the future of certain decentralized apps (dapps), particularly in the realm of decentralized finance (DeFi).

Secret Network is designed to empower decentralized applications that demand a level of privacy not found on many other blockchain networks. By using a trusted execution environment and keeping private data away from both the public and node operators, it can handle sensitive information that users and organizations might not otherwise be willing to share.

The network’s operators have proposed a wide number of potential use cases, including credit scoring and lending dapps that ensure privacy, machine learning capabilities that still retain privacy in the process, and improving the ability to safely share and monetize data. More widely, Secret Network could potentially be useful to any dapp that handles sensitive data.

In this blog: how you can receive $SEFI, recent @secret_swap growth and improvements, upcoming bridges (including #BSC and beyond), and more!$SCRThttps://t.co/GCxGf8T30B

— 𝕊ecret Network (@SecretNetwork) March 17, 2021

With the ENG-to-SCRT token swap concluding in January 2021, effectively closing the book on the old Enigma project, Secret Network is trying to build towards a future that embraces interoperability with other blockchains. A lack of cross-chain compatibility could limit Secret Network’s appeal and ultimately keep it from being as widespread or useful as the community developers intend it to be.

Secret Network is also making a big decentralized finance push with its Secret DeFi initiative, and launched a SecretSwap decentralized exchange in February 2021. According to the Secret Network FAQ , “part of our vision has always been bringing privacy to every blockchain,” and it calls out Cosmos inter-blockchain communication and interoperability as another potential initiative on the roadmap.

Beyond that, Secret Network appears focused on attracting more developers to build their dapps on the blockchain, thus demonstrating more use cases in the process. It’s not the only blockchain with privacy-focused smart contracts ( Oasis Network is another example) and there are other potential solutions to the dilemma of handling sensitive data on blockchain—such as secure multi-party computation. Whether Secret Network’s solution ultimately stands above others currently on the market or even on the horizon remains to be seen.

“To try to attack the bitcoin network, you would have to try to overpower the miners… even for a government entity, it would be incredibly daunting if not insurmountable.”

When you open your social platforms, turn on your TV, and listen to conversations with friends and leaders you admire…. The consistent topic of conversation is Bitcoin. You must have heard the words… Bitcoin, Ethereum, Crypto, Digital Currency, NFTs, and more. For the ones that know…they know. When you read people’s tweets, it seems like a foreign language to newbie listeners and admirers.

Elon Musk invested 1.6 Billion into Bitcoin, names like Mark Cuban, Kanye West, Paris Hilton, 50 Cent, Gwyneth Paltrow, and brands like Visa, Microsoft, AT&T, Mastercard, Twitch, and Overstock have all invested in cryptocurrencies. So what exactly is it? Is it something anyone who wishes to invest in could? How can we protect our assets? These are just a few eye-opening questions. Cory Klippsten, the CEO of Swan Bitcoin, and Steven Lubka will speak about and answer with Setorii Pond on this episode of OWC’s Leaders and GameChangers.

Cory Klippsten is the founder and CEO of SwanBitcoin.com. Swan is the best way to accumulate Bitcoin with automatic recurring and instant buys using your bank account or wires up to $10M. He also serves as an advisor to Unchained Capital, Bitcoin Venture Fund (TVP), and Riot Blockchain (NASDAQ: RIOT) and is a Bitcoiner Ventures partner. As an advisor, he has supported more than $250M of fundraising since 2016, and as an angel investor, has funded 20+ early-stage startups. Before startups, Klippsten worked for Google, McKinsey, Microsoft, and Morgan Stanley and earned an MBA in Finance and Entrepreneurship from the University of Chicago.

Steven Lubka is a Bitcoin consultant for HNWI, entrepreneurs, and companies that are seeking to invest in Bitcoin, add Bitcoin to their balance sheet or explore using Bitcoin in their business. He has worked alongside numerous investors, VC Funds, and startups as they have successfully made the journey towards a core Bitcoin allocation. Steven has offered you to book a free thirty-minute consultation with him at calendar.x.ai/bitcoin/consultation  Steven also manages a team of Bitcoin software developers who can enable your startup to build breakthrough products centered around the Bitcoin blockchain. You can also contact Steven at steven@siliconswamp.io to discuss any software projects you may have.

Steven Lubka: So the reason that I would say, new money only evolves because there’s a problem with the previous form of money, and I think this is important to understand, we have bitcoin today because there is an issue in our government currencies will probably call them Fiat currencies today, and you know government currency emerged as a response to gold paper currency remote emerged as a response because gold is hard to transact with it’s hard to move it’s hard to store bitcoin has emerged as a response to government currencies because they lose all of their value over time and are subject to centralization manipulation and risk bye-bye you know government entities, even if they’re trying their best in good faith… it still poses this risk.

Cory Klippsten: I think one place to start… is understanding the problem that it solves and that’s probably the place to start.

Cory Klippsten: In 1982 there was a paper in computer science about something called the Byzantine generals problem and basically the problem that was set out is it’s really difficult on a computer network to know that a message is sent from one part of the network to somewhere else on the network and know that the message got there completely intact and unaltered.

Cory Klippsten: And that nobody else has a copy of it if you think about that, if you could actually take something and send it over the Internet.

Cory Klippsten: and know that nobody else had a copy of it, and then it wasn’t changed, then you could move from just sending information or sending copies of information, like we do with email and actually be able to send value over the Internet, and so, for the next 36 years from 1982 until 2008 a lot of really smart people mostly cryptographers cranked away on this problem and, finally, somebody through just sort of like.

Cory Klippsten: An incredible bit of common tutorial creativity created this genius system that’s made up of four or five different elements that solves the Byzantine general’s problem.

Cory Klippsten: The next 12 years is just the world waking up to the fact that this problem was solved. 

Steven Lubka: Bitcoin’s sole existence is as a purely digital like distributed unit of energy or information and in order to do that Satoshi the creator of the bitcoin network had to invent digital scarcity. 

Steven Lubka: Because we are in the bitcoin network, we’re focused on we would call this consensus, this agreement between all participants were able to confirm that we’re all working on the same state of the network we’re all agreeing on the same transactions and bitcoin actually secures that through something called proof of work. 

Steven Lubka: If you’ve ever heard of bitcoin mining… bitcoin mining is run something called proof of work, and this is where the miners they basically compete to solve let’s just say calculations at this point and the winner publishes the next update to the network, it takes energy it takes a hardware commitment and because of that, because of that energy costs.

Steven Lubka: People are putting resources, they’re putting real value into securing the network and updating it and so this whole system of agreement between the nodes between the miners not only creates scarcity, but it creates a settlement system, it creates the whole magic of the bitcoin network.

Steven Lubka: Bitcoin doesn’t need to make money miners need to make money and miners do make money for something called the block reward, which is the issuance of either newly minted bitcoin now that stops at a certain point, at a certain point, no more bitcoin will be created, but they’re either rewarded through newly issued bitcoin or through transaction fees because there’s a small fee to transact on the network.

Steven Lubka: The miners are paid, and this is important because it secures the network it’s what ensures that you know, even if you’re a government, it is an astronomical task.

Steven Lubka: To try to attack the bitcoin network, you would have to try to overpower the miners even for a government entity, it would be incredibly daunting if not insurmountable. You would have to be more than 51% or even a little bit more of the total power, which means producing dedicated hardware manufacturing countless computer chips that you just can’t produce easily using hundreds of millions of dollars of electricity, a day it’s costly but that’s what gives it security, so the miners get paid… that’s a security feature.

Steven Lubka: Bitcoin doesn’t need to make money because bitcoin isn’t a corporation, it’s a network. It’s a distributed network and that’s freedom from the need to you know earn revenue is part of its core value its core value proposition.

Cory Klippsten: Bitcoin… the network… has never been hacked. 

Cory Klippsten: There’s a lot of good custodians out there that aren’t going to lose people’s bitcoin just because we’re 12 years and people have kind of figured it out. That said, you’d be missing out on the real innovation here, which is that with bitcoin you can be your own bank and so you know at a company like swan which I run.

Cory Klippsten: We want 100% of bitcoin to be taken off platform into self-custody so we’re always educating people on how to take self-custody, how to use your own wallet, how to sign up for multi-signature providers, and not just leave it with a custodian. 

Steven Lubka: If you think about all other financial assets outside of cash or a gold bar, you never actually really have direct control over at your bank account balance, you never actually control your stock certificates. Your bonds, those are always with brokerages and custodians’ bitcoins unique in many ways, and that it’s both digital and you’re able to take full custody of it. 

Cory Klippsten: You know, we went from having let’s call it God’s money in gold, which was you know good at storing value across time and terrible… sort of sending value across space, then we had government money which was good at sending value across space, which is you know Fiat money and currency whatever digital dollars but terrible about storing value across time… it loses value. And now we have bitcoin, the people’s money which is perfect at storing value across time and sending it across, empowering people. It’s an amazing time to be alive.

Steven Lubka: Bitcoin provides an alternative for people where you don’t have to be forced to choose between a melting balance of dollars in your bank account.

Cory Klippsten: You know bitcoin will be used as a unit of account where we’ll be able to price goods and services around the world and, most people will be able to price most goods and services around the world in bitcoin.

Cory Klippsten: Gold’s market CAP is about $12 trillion, and if you think of what I was talking about the the functions of money. Gold is not used as a medium of exchange or unit of account it’s only a store of value and it’s one of many competing stores of value. And you know it’s 12 trillion dollars in bitcoin is not only a likely future medium of exchange unit of account it’s also much better at doing gold’s job than gold it’s a much better store of value than gold is it can’t be confiscated like gold can. It’s not heavy like gold is, and it can be sent anywhere around the world, near instantly in near for free, unlike gold so it’s just better at doing that job and it’s scarce. Gold has inflation, because you can mine more of it, you know so the way I look at it and I’m not the only one… is really just that even just looking at that store value market, which is the $200 to $400 trillion number you’re looking at $12 trillion of gold – $90 trillion of money.

Steven Lubka: There have been 8000 crypto currencies that have been created since bitcoin. One way you can look at this is there have been 8000 attempts to compete with bitcoin, all of which have essentially failed in bitcoin terms. None of them have succeeded in replacing bitcoin and doing what bitcoins doing, and even in if you price them in how much bitcoin they’re worth they pretty much all.

Steven Lubka: For a new investor I think what is just important to look at is that bitcoin is a proven product, it’s a finished product, these other things are like betting on a startup or something like that… they’re different risk profiles.

Steven Lubka: You know institutions do not make bitcoin they are not what validates bitcoin, but they are important proof that. Of the of the value of bitcoin they are adopting it now, because the tools are there for them to do so, and you know there is a catalyst kind of going on with the current macro environment and it’s proof of the power and the value of what bitcoin brings to the table so they’re very important.

Steven Lubka: We’re going to see these integrations companies are going to plug into the bitcoin network. Visa is going to plug into the bitcoin network, MasterCard is going to plug into the bitcoin network and it’s going to be different. They’re going to have their centralized service that they’re doing on top of it and that’s fine right… it doesn’t replace you know the core layer by any stretch of the imagination, but they’re going to build on top of it and that’s going to be okay… it’s going to be inevitable.

Cory Klippsten: If you buy bitcoin and then you sell it within a year, then you’re going to be paying short term capital gains tax, and if you hold it for more than a year it’ll be long term capital gains tax. 

Steven Lubka: You can move bitcoin around as much as you want, there’s no tax burden there, but as soon as you use it to pay for something that’s you’re now liable for your gains or your loss.

Cory Klippsten: Read up on Investing Bitcoin – Yan Pritzker’s book. We give it away for free. That book was my personal favorite intro to bitcoin. It’s why I got to meet him and got to know him and brought him on as my co-founder. It was really good and you should definitely read that. It’s about two hours, and it will change your life, if you think that you are just looking at a crypto space and then you read that book, you’ll come out of that understanding that bitcoin is the innovation here and everything else is just pretending.

Cory Klippsten: I want to thank you Setorii for giving us the space, this was really great. It’s great to get to talk to you off of clubhouse and I look forward to seeing you soon, hopefully, one of these days.

Steven Lubka: This has been phenomenal. I really agree with Cory and you know even in my journey through this whole space, you come in, you discover bitcoin and there’s a period of exploration with all these projects.

Steven Lubka: If you’re interested, I do a free 30-minute consultation. We can get to know each other, evaluate what you’re looking to do, and you know I can get everything squared away for you. From how to purchase it, how to manage security, how to manage custody… any questions you might have.

Authored by Omid Malekan,

This post was written with significant contribution from Nir Kabessa, a true crypto punk if there ever was one.

The growing boom in non-fungible tokens - digital assets that are one of one, as opposed to cryptocurrencies that are one of many - was long overdue. Applying a technology that enables digital bearer instruments to things like art, music and collectibles makes a lot of sense, and is arguably even more intuitive than applying it to money. That’s why I opened my first blockchain book by talking about the music industry.

If you spend some time reading up on NFTs in traditional publications such as the New York Times and Rolling Stone, then what you’ll detect is a collective sigh of relief. The world is slowly realizing that public blockchain networks like Ethereum enables creators to climb out of the digital dungeon they’ve been trapped in for the past 20 years.

To understand their predicament, consider this: Music consumption has exploded in the digital era, with more people listening to more music than ever before.

Music revenues on the other hand have imploded. Despite the popularity of streaming, musicians are still making less money from selling music than they did decades ago. Selling tapes and CDs had its limitations — like forced reliance on record labels who controlled the means of production — but the scarcity of those items enabled a simple business model for creators.

Digitization changed all of that, in a bad way. It’s no coincidence that the peak in the chart below occurred in the same year as the launch of Napster. Lack of digital scarcity has forced musicians to surrender to the streaming model, even though the economics are broken for many artists, and there is now yet another middleman taking a cut.

source: statista.com

NFTs allow musicians to sell music directly to their fans. They also allow visual artists to sell digital originals. What that actually means is in the eye of the beholder. Depending on who you ask, a digital original is either the art work itself, a vague notion of originality that only the most diehard fans believe in, a cryptographic certificate of authenticity tied to an image in the decentralized cloud, or complete nonsense. Who believes which is often a function of age.

People from the generation that straddles the internet have a hard time accepting the idea that something that is only digital is worth owning. To them, possession is a physical phenomenon. Their bias is understandable, as they grew up with comic-book collections and baseball cards. Younger people have no such bias. If anything, they would rather be freed from the constraints of physical ownership altogether. They’ve already embraced digital payments over physical cash and value experiences over objects. NFTs represent both.

Younger people also grew up playing video games, and the gaming industry normalized the idea of the digital asset long ago. Many of the most profitable games make their money from selling in-game items for virtual characters — digital collectibles that can have little bearing on gameplay. There are also card-based games where users purchase digital packs to compete.

Non-gamers are often shocked to learn how much money is already being spent on in-game purchases, pseudo digital collectibles that don’t enjoy the protections of a blockchain. This segment now accounts for the fastest growing type of video game monetization.

Source: statista.com

Skeptics who can’t wrap their head around all of this are often trapped inside the wrong mental model. I discovered this first hand a few years ago while pitching an NFT idea to a group of visual artists. Tellingly, they kept asking me whether blockchain would “prevent people from making digital copies.” I had to explain that the cat was out of the bag on that front. There was no way to prevent people from downloading image files or taking screenshots. But blockchain enabled one of those people to prove they owned the original, like a famous oil painting of which there are countless prints.

This analogy only confused them further, because a poster is qualitatively different from an oil painting. Then a younger artist chimed in to ask whether the distinction was a feature or a bug. He said that as a creator, he loved it when fans shared his work on social media, and would not want some low quality version to go viral. What he wanted was a way to monetize the popularity. I told him that he was in luck, because now there’s a blockchain for that.

NFTs allow artists, writers, and musicians to both sell an original AND hope for it to be copied a gazillion times. They eliminate the distinction between a higher quality original and lower quality print in a manner that benefits artists, consumers, and collectors alike. We can’t say for certain whether da Vinci would have preferred for there to be one HD Mona Lisa in Paris and a million SD versions in people’s living rooms, but many artists prefer their art to be consumed at its best, everywhere.

Google trends search for “NFT” (blue) vs “stock market” (red)

But NFTs also enable a new kind of crypto bubble, one that could be as big and disastrous as the ICO one. We are already seeing parabolic price appreciation for some things, and the mania is spreading. Beeple’s collection going for an astonishing $69 million at Christie’s could very well be the spark.

Part of what defined the ICO bubble in 2017 was the end game when anything that was labelled an initial coin offering would surge in value for that reason alone. All markets require a certain amount of mass delusion and “greater fool theory” to function, but bubble markets have only those things going for them. There was a point towards the end of the ICO boom when the average project had more content on its website about the coin offering than it did about the project itself. That was a tell.

NFTs could be headed in that direction, particularly now that celebrities and brand name companies are getting involved. Given the links to pop culture, this particular crypto application gets more MSM coverage than almost any other, and that sort of attention only creates more fuel. But the higher things climb, the harder they fall. As was the case with the ICO boom, there is a tendency here to conflate two different kinds of scarcity.

The first is the scarcity of a token on a blockchain after it has been issued. Crypto natives understand this as double-spend protection, or the simple idea that the same bitcoin cannot be sent to two different people (unlike the same MP3, which can be sent to 2 million different people).

The second type of scarcity is that of origination. In the case of Bitcoin, issuance is controlled by a protocol programmed to slowly diminish supply over time.

ICOs and NFTs can’t offer the second type of scarcity, because anyone can issue a new coin or token whenever they want, and nothing brings more supply to the market than a price bubble. A musician selling music-related tokens could always flood the market with more digital merch, and Taco Bell can produce an infinite number of digital tacos. Here, physical collectibles have the upper hand, because there are resource limitations on excess production. In other words, Nike can only pump out so many Air Jordan’s at a time. Digital kicks on the other hand are practically free to produce. It would be one thing if there were contractual limitations involved, but tellingly most of the NFT deals I’m seeing have virtually none.

Part of the charm of blockchain technology is the manner in which it can eliminate friction from economic activity. But that’s a double-edged sword, because less friction also means more (and faster) bubbles. This is a feature on the way up (we are all going to be rich!) and a bug on the way down (someone needs to go to jail!). NFTs have the potential to become the mother of all bubbles, especially during a crypto bull market where lots of people have (digital) cash to burn.

All of that said, a potential NFT bubble — just like previous crypto ones — is good for the decentralized economy. For all the flack that the ICO bubble got after its collapse, it pulled in millions of new users to the crypto economy, forcing them to learn about things like private keys and tokens. It accelerated the development of much-needed infrastructure like smart contract code and wallets. It also established fundraising as the first viable application of the technology beyond Bitcoin.

Crypto skeptics still point to that bubble as some sort of a setback, but theirs is a historically ignorant argument. New technology is often associated with an investment mania, because manias accelerate adoption. This was true for both the railroad bubble 200 years ago and the more recent dot come one. Skeptics used to make fun of pets.com too. Now online pet supplies is one of the hottest corners of e-commerce.

Those of us who’ve been in crypto the entire time can draw a straight line from all that went wrong in the ICO boom in 2017 and everything that’s going right today. NFTs could eventually do the same thing for a host of blockchain applications, transforming the worlds of art, music, gaming, and collectibles. But they need to go through their own wild boom and bust cycle first.

If you are an artist, now is a good time to (finally) cash in. If you are a consumer, please be careful. And if you are a HODLer, then you should feel vindicated. Beyond native currencies, stablecoins and DeFi, digital collectibles represent yet another killer application for public networks.

Authored by Joakim Book via The American Institute for Economic Research,

All eyes on bitcoin, it seems, as the price hits new all-time-highs, its proponents celebrate, and the economists who have long pronounced it dead and useless scratch their head in confusion (any “bubble” pronouncements as of late?)

“The discomforting reality for the early idealists,” wrote Izabella Kaminska, a long-time critic of cryptocurrencies, before the price explosion in recent months, “is that 12 years on, the bitcoin ecosystem has more in common with the incumbent one it was hoping to displace than that original utopian vision.” 

It’s easy to discard an entire field of centuries-long academic inquiries, especially if you’ve never been exposed to it, or only investigated a caricature. Some humility is recommended since, as Denis Patrick O’Brien writes in his collection of scholarly articles The Development of Monetary Economics, “Monetary economics has attracted some of the very best people to have written about economic problems.” 

In contrast to Bitcoin’s money supply mechanism, set in stone since its origin, many of bitcoin’s rivals – “alt-coins” or “sh**coins” – want to set their own monetary policy, laid down arcane rules in fancy white papers that only the insiders have the discretion to change. This dispute over rules and discretion about who runs the printing press is about three centuries old if not more, and was thoroughly investigated by the likes of Adam Smith, Benjamin Franklin, Thomas Tooke, Horsley Palmer, Walter Bagehot, John Clapham and others. 

Some of the seemingly novel features of many cryptocurrency innovations are not so novel, and quickly run into precisely the problems that plagued past economies; these were promptly examined and argued over by monetary economists long since dead and forgotten. 

When Bitcoin was small and insignificant, the dollar-cost of sending value across the network was minuscule. For the first few years of the cryptocurrency’s existence, this was among the best reasons to use it: you could send any amount, to anyone in the world, much cheaper and much faster than the legacy banking system of the 2000s. That was roughly correct. Legacy systems were slow and expensive, and doing international banking only 15-20 years ago caused headaches to plenty more people than money launderers.

The Internet, effective competition, and the rise of fintechs changed all that – but the most vocal bitcoiners remained in the past that the legacy system had long left behind, thinking that their magnificent invention still trumped the system against which bitcoin was created. For most uses it doesn’t: unless you’re living under authoritarian regimes or are trying to do business in the legal grey (two very important, yet comparatively small, market segments), using bitcoin for its initial transactional purposes isn’t that great. 

Except that for anyone who looked, this was just old commercial banking systems reinvented, trust sneaking in through the back door. A commercial banking system (with or without a central bank) that freely issues notes and deposits redeemable in some outside currency was also a second layer on top of the main currency layer of the realm (which in our monetary past was often gold or silver). The second-layer solutions sketched right now are supposedly full-reserve and don’t have maturity mismatch, but so started early banking before they developed into the (safe!) fractional reserve banks that bitcoiners detest so much. 

Just like you must put trust in your commercial bank not to risk your deposits or excessively inflate the notes they issued, with bitcoin you must place faith in second-layer networks you join not to run off with your bitcoin or revert your transactions. Not your keys, not your… em, transactions.

Why would anybody in the past take paper money, the value of which could be inflated away and had counterparty risk on the bank that issued it, over “hard currency” like gold? Easy, noted Ray Perman in his superb financial history of Edinburgh: “The first paper notes were seen as holding their value better than coin because they could not be debased and clipping them did not affect their worth.” There’s no risk-free baseline; you pick your poison. And sometimes, to the fury of bitcoin maximalists, that poison isn’t the technical hurdles of bitcoin but the sweet insecurity of political governments and central banks and our well-established systems of international commercial banking. 

Exhibit B: Speed and Cost of Payment. Making a high-priority transfer on the Bitcoin network, i.e. having a great chance for your transaction to be included in the next few blocks, requires you to pay something like 30 cents during low-traffic times, and closer to $20 or $30 in high-traffic times. Many bitcoin wallets allow you to send transactions with “Low Priority” settings meaning that they will clear on the network perhaps a day or two later. This usually inches the price closer to that 30 cents than the 30 dollars I mentioned. 

But hang on, wasn’t the beauty of Bitcoin that transactions were cheap and fast compared to the banking system it supplants? It seems this brilliant piece of tech ran into precisely the trade-off between speed, cost, and finality with which our legacy systems have struggled for centuries. Surprise, surprise, the revolutionary bitcoin network went full circle. You can have efficient and thus cheap payments, fast payments, or secure payments – but not all three. When Satoshi Nakamoto programmed finality into the bitcoin protocol, users could not compromise on that dimension; instead, they were left with choosing between fast or cheap payments. Just like the regular banking system. 

In many places of our financial past, we used the shiny metal gold as base money. Moving it, especially in large shipments, was clunky and expensive. In the high seas, ships carrying it could founder and sink; in the woods of Europe lurked thieves. So far, that gold-bitcoin analogy should be clear and obvious. 

For all the revolutionary creed that surrounds the emerging monetary commodity that is bitcoin, it seems that its future more and more resembles the past it tried to escape. Happy times for us monetary nerds.

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I’ve been a professional investor since the 1980s, and I’ve never seen a better environment for gold than right now…

Every single metric I look at is arguing for higher gold prices – driven especially by the whole world embarking on the greatest round of money-printing we’ve ever seen. 

That trend was already in full swing before the pandemic hit. But it went absolutely ballistic last March, with an incredible $18 trillion of new money pumped into the global economy before the end of 2020.

And it’s continuing full force this year as well. 

As I write, we now have the latest U.S. stimulus package – worth another $1.9 trillion – starting to work its way through the system. 

The influx of all of this new paper money reduces the value of the dollars already in circulation. And we’ve already seen this happening. 

As I’ve told you before, this is precisely why the greenback lost 13% of its purchasing power against a basket of foreign currencies last year. 

And that dollar devaluation – which will continue – has real consequences.

It means your buying power is eroding at a rapid rate… It means staying in cash is a huge mistake… 

And it means people should be flocking to investments and assets that can protect their wealth against the ravages of inflation. 

For thousands of years, the default choice for protecting wealth was gold. When things looked spooky in the market, investors flocked to gold. 

Yet look at this chart of the widely followed SPDR Gold Shares ETF (GLD), which tracks the price of gold bullion…

As you can see, after a marginal rise, gold has fallen right back to about where it was when the pandemic hit the United States in March 2020.

So even though the United States spent more than $5.3 trillion on coronavirus relief in the last year… and our stimulus spending (more than we’ve seen from any other country on the planet) is worth a staggering 27% of our annual GDP… gold hasn’t done a thing.

This tells me three things: 

The yellow metal is no longer doing its job.

People are no longer turning to it as a store of value as they have done for millennia.

And gold is withering on the vine despite the most fertile conditions for growth I’ve ever seen. 

There’s only one reasonable explanation for what’s happening…

Gold has finally been replaced by something better. 

And that something is bitcoin. 

For proof, all you have to do is look at this chart of the cryptocurrency going back to the start of 2020…

That’s precisely what gold’s chart should look like based on the money-printing over the same period.

Now, if you’re a gold bug, it might be hard to accept that anything – let alone bitcoin – could replace gold.

After all, gold has thousands of years of history while bitcoin has only been around for a decade. But people also used horses to get around for thousands of years. Then, in less than a decade, cars rendered horses obsolete. 

As Scientific American explains it:

In 1907, there were 140,300 cars registered in the U.S. and a paltry 2,900 trucks. People and goods still travelled long distances on land by railroad, and short distances by foot or horse-drawn carriage… 

Ten years later in 1917, there had been a 33-fold increase in the number of cars registered, to almost 5 million, and a 134-fold increase in the number of commercial, agricultural and military vehicles, to almost 400,000. Horses were now an imperiled minority on the roads…

So it’s not hard to imagine that bitcoin is replacing gold in the very same way. When you break it down, you can see they function similarly and offer many of the same benefits. 

Bitcoin is equally scarce, durable, and private. But it’s more easily stored, transported, and exchanged than gold. 

So that makes gold the horse… And bitcoin the car.

And as more people come to terms with that idea, we should see bitcoin’s price continue soaring higher and higher.

We’ve already seen some of America’s oldest financial institutions align themselves to bitcoin. That includes stodgy names like the Bank of New York Mellon, which has been around for over 230 years. 

As I’ve written to you before, we know younger Americans will be inheriting $68 trillion from their parents and grandparents over the next 25 years.

According to studies, we also know this group overwhelmingly prefers digital assets to gold. One study from DeVere Group, an independent financial advisory, reported more than two-thirds of millennials said they prefer bitcoin over gold as a safe-haven asset. 

The shift is already playing out right before our eyes. 

I’ve liked gold for as long as I can remember. And as recently as a few months ago, I was telling readers to increase their holdings.

However, I’m not afraid to admit a mistake when the evidence is overwhelmingly against me.

I’d much rather tell you I was wrong and get you on the right side of the markets as quickly as possible.

This is one of those times.

I no longer expect gold to adequately protect your wealth against the money-printing happening right now.

I believe bitcoin and other cryptocurrencies are doing a far better job – and will continue to do so going forward.

More than that, I believe they will benefit from tremendous demand as the rest of the world wakes up to the same realization. 

Now, am I saying this means you should sell every piece of precious metal you own?

I think a very small allocation to gold still makes sense as “end of the world” protection – say, in the event of a complete power grid failure or something else equally catastrophic.

Under some largely unforeseeable event like that, a tiny stake in gold could end up skyrocketing overnight and keep you afloat. 

However, I believe it’s critical you have a much larger stake in bitcoin and maintain exposure to other cryptos.

If that means taking money out of gold, so be it.

Every January, we release our annual asset allocation framework for PBRG. Our 2021 model included an up to 10% allocation to precious metals and an up to 2% allocation to cryptos.

But as bitcoin continues to overtake gold, we’re adjusting our recommended weighting to up to 10% to bitcoin and up to 1% for gold. 

In short, I’ve been bullish on bitcoin and other cryptos for many years. My readers have already had the chance to make anywhere from 22,656% to 156,753%.

But at the time of my earliest recommendation, bitcoin still had many risks. So, we combated those risks by using small position sizes.

With the traditional financial system now embracing bitcoin as a serious asset, we can safely say bitcoin deserves a bigger weighting in the portfolio. My recommendation is to swap your gold allocation to bitcoin.

For example, if you have 10% of your assets in gold and just 1% in bitcoin, I’m recommending you reduce your gold allocation to 1%… and up your bitcoin allocation to 10%.

Don’t worry about the fact that bitcoin now appears “expensive” at around $59,000. In my opinion, we’ll see $500,000 bitcoin within five years. If I’m right, it means you’ll make a staggering compound annual return of 55% per year.

Can gold do that over the next five years? I think not.

Based on what we’re seeing play out at the moment, I’m now more bullish than ever on the entire crypto ecosystem. Because as I’ve told you plenty of times, as bitcoin goes… the whole crypto market goes. 

If appropriate for you, my recommendation is to increase your bitcoin exposure now. That is why I am raising the bitcoin buy-up-to price to $75,000. 

While we’ll see dips along the way, you can think of them as buying opportunities.

As people come to understand – as I have – bitcoin’s superiority, we’ll be ready for the surge of investors flooding into it… and taking bitcoin to heights that will overthrow gold.

Let the Game Come to You!

Teeka Tiwari Editor, Palm Beach Daily

P.S. When I first recommended bitcoin in 2016, people thought I was crazy. Its market cap was just $6 billion. But this year, bitcoin became the first crypto to top $1 trillion.

During this time, my subscribers had the chance to book gains as high as 16,377% – enough to turn $1,000 into $164,770.

As I said above, at about $59,000 each, bitcoin can still 10x or 20x your money from here. And over time, I think we’ll see it do just that.

Now, that’s a huge move for the big boys and institutions worth millions or billions of dollars. But for the little guy who wants a shot at changing his life, even a 20x winner isn’t enough to significantly move the needle on your net worth.

But what nobody sees… what the media isn’t reporting… and what no member of the financial elite wants you to find out is this: Behind the scenes, the smart money is now going all-in on another coin.

I believe this coin will take the entire crypto ecosystem to the next level… pulling up smaller coins 25x and even 50x higher from here.

That’s why on Wednesday, March 31, at 8 p.m. ET, I’m holding my next big event: Crypto’s Next Trillion-Dollar Coin.

And just for attending this event, I’ll tell you – for free – the name and ticker symbol of Crypto’s Next Trillion-Dollar Coin. (As you might already know, my free picks have been sensational – with average peak gains of 883%.)

So click here to reserve your free seat for Crypto’s Next Trillion-Dollar Coin. You want to make sure you make it.

Blockchain technology has taken the business world by storm, the interest has kept rising and has hit new heights, as more and more industries are looking at how they could benefit from this technology. The workings of blockchain and the solutions that it presents are very complex, but the base principles and the vision can be understood by anyone – blockchain is a network to securely store and exchange different kinds of information, it’s not controlled by anyone, but by users themselves.

Therese Johansson, one of the founders of Libonomy blockchain, highlights that the focal point is to first understand who we are communicating with and what is their background before jumping into the explanation: “The same way as 25 years ago we didn’t know what the internet was, many people right now have no understanding about blockchain. In this confusion we need to make sure that we communicate in the right way, which starts with understanding who we are communicating with – a college professor, an IT guru, or just a regular person with no former insight in networks or decentralized technology. All of them demand a unique explanation based on their experience.

If we’re explaining blockchain to someone who has never heard about it, it’s best to keep it simple – blockchain is a medium that facilitates a direct communication between people across the world without needing any middlemen. Then we can move forward – the network is formed by users themselves, each device connected to the network has a copy of all the information in the network’s database, and they all participate in ensuring that the information is correct. There is a unique architecture for this database, it is split in sections known as blocks, new sections are periodically added to the database with a timestamp and a tag to the previous section forming a chain. This feature makes it impossible to alter data once it’s saved on a blockchain. This is known as immutability.

These are the basic principles of blockchain technology, in case your conversation partner is well aware of them, dive deeper and discuss consensus algorithms, blockchain’s architecture, interoperability and other, more complex topics.”

From a finance experiment to a multi-billion dollar industry, decentralized technology is surely surging in the 3rd decade of the 21st century. According to statista.com data, in 2020 worldwide spendings on blockchain solutions exceeded 4 billion USD. This is more than double in two years, as the spendings in 2018 were 1.5 billion USD. And it is estimated to reach 15.9 billion USD by 2023.

Therese Johansson, a pioneer of modern blockchain technology, talks about the impact that blockchain development has had and the major issues that there are at the moment: “Even though the majority of blockchain industry right now is focused in the finance sector, we are talking to many companies that are looking to take advantage of the benefits that blockchain technology presents fast, transparent network with lower costs, increased security and accountability.

In last year’s survey, almost half of European business decision-makers predicted blockchain to add to their current business model, and another third of them expected blockchain to entirely replace their current model. There is no doubt blockchain will play a significant role both in the public and private sectors in the upcoming years. However, if we are looking at blockchain technology right now, we can quickly come to the conclusion that there are a lot of unsolved problems with the majority of blockchains.

Libonomy was created on the foundations of all former blockchains taking the best and eliminating the worst characteristics. If you have some knowledge of blockchains you’ll know that Bitcoin is the most popular one, but it’s very slow, costly and requires a lot of energy to be wasted. Ethereum, the second most popular blockchain, shares similar problems. And there are many other blockchains that differ from one to another, but all pose a set of drawbacks. We took a different approach to the problem, we didn’t rush into development, but first made sure to complete a lengthy research process where we learned from the mistakes of other projects. Libonomy is the first blockchain that is up to modern standards – it’s much faster than competitors, has more versatility and has no security issues. Libonomy is one universal solution that can be used by any private or public project.”

3 Ways COVID-19 Will Change the Workplace Forever

Investment in Bitcoin Futures: The Future of Crypto Trading

2020 was a defining year for workplaces globally. At a time when production was halted and countless workplaces around the world were forced to put down tools and head home for an indefinite period, a pronounced shift happened in the way that we approached work globally. With a record low number of COVID-19 cases now being recorded in a number of countries in the southern hemisphere, many countries are now looking at a full-scale return to work over the coming months.

But with so much changing over the last twelve months, just how much are things going to change as we head back to work in 2021. Well, if the latest independent study from Cambridge is anything to go by, the changes will be stark and noticeable across almost every industry. A startling 76% of respondents working in office environments believe that work from home should now be a full time option for all employees. So, with changing expectations and a new global environment, what can employers do to motivate workers to get out of their sweatpants and back into the office? We’ve put together a list of three useful tips for employers looking to encourage workers to return to the office in the first half of 2021.

If 2020 taught us one thing, it’s that personal sanitisation and hygiene standards have changed beyond recognition. In 2021, employers must provide workers with hand sanitiser, soap, personal hygiene products, and a clean and safe space to work in. It is a non-negotiable for all workers to be greeted with a clean and safe space upon their return to work. The skyrocketing sales of Hand Sanitiser in Perth, an environment where so many are returning to work full time, is a reflection of just how seriously employers are taking their responsibility.

Gone are the days when employees could be expected to slave away at their desks for hours on end. Workers are more mobile than ever, and the office space that you create must reflect those changes. To make the return to work as comfortable and seamless as possible, employers need to ensure that they are providing a comforting and inviting place for workers to spend 40+ hours each week.

Small touches such as comfortable furniture, open spaces to relax and recreational spaces go a long way to creating spaces that employees want to spend time. A 2020 study found that more than 89% of office workers felt more comfortable and productive working from home than they do from the office. As such, employers need to take the hint and provide spaces that foster comfort, creativity, and productivity for all employees.

2021 is set to be a year of change. Employers have a greater responsibility than ever to provide spaces that are safe, comfortable and productive for their employees.

In this article, we are going to cover:

Bitcoin’s price rise is one for the history books – in 2010, you could buy 1 BTC for less than $0.10 USD. A decade later, the price of BTC was marching towards $50,000 USD. 

Imagine if you had spent only $1 USD to buy Bitcoin in 2010 – that dollar would have turned into over $500,000 USD and climbing. 

Now, imagine if you had been able to buy Bitcoin using 100x leverage – that dollar would have turned into $50,000,000 USD. This is the power of futures trading. 

Bitcoin’s story is still just getting started, and there is still plenty of time for you to get in and profit. When the Bitcoin blockchain went live in 2009, there were no exchanges to purchase cryptocurrency from. If you wanted to buy Bitcoin, you had to find an OTC broker in an online forum, or mine them yourself. Back then, it was still possible to mine Bitcoin using your home computer.

In 2010, the first spot Bitcoin exchanges started trading – “Bitcoin Market” launched in March, and the infamous “Mt.Gox” opened its digital doors in July. The spot market refers to any trade where settlement happens instantly – like on the Stock Market, or selling gold for cash at your local jewelry store.

In the crypto world, the spot market includes:

The futures market refers to any transaction in which the exchange of goods happens at some point in the future. In contrast, the spot market refers to any transaction in which the exchange happens immediately.

Futures trading is considered as a derivative. Derivatives are financial instruments that get their price from another asset. For example, a Bitcoin futures contract derives its price by using the price of Bitcoin on the spot market. 

When trading futures, it is not necessary to purchase the full amount of the contract up front. Instead, only a small percent of the total value of the contract has to be paid – this is called the margin. Since futures contracts settle in the future, the full balance is due at time of settlement. 

To understand futures better, let’s look at an example of an individual Bitcoin miner who uses the futures market to protect himself from volatile price swings and lock-in profit on the mined and to be mined bitcoins. The miner is running a business and has expenses – the mining rigs cost money to upgrade, run, and maintain. By utilizing a futures contract on the mined bitcoins, the miner can lock in a guaranteed price, and protect himself from volatility. 

Active traders, as well as institutional investors, often find that they prefer to work in the futures market. Futures markets are very liquid, making it very easy to enter and exit trading positions. For example, more volume is traded on Bitcoin futures exchanges compared to Bitcoin spot exchanges – billions of dollars more.

Futures trading aso provides more trading opportunities compared to the spot market. For example, being able to trade on margin allows traders to gain more exposure to the market. Many crypto futures exchanges allow for leverage up to 100x, meaning that for every $1 of margin the trader has $100 of exposure. 

Let’s expand on the previous example of the individual Bitcoin miner. This time, imagine a Bitcoin mining company that has warehouses full of mining rigs, full-time employees, and lots of electricity bills and maintenance costs. 

This company can use the futures market to hedge against price volatility, and capitalize on price swings to further increase their profits. By using leverage, the mining firm only has to put up a portion of the total value of the contract. This allows the firm to employ trading strategies to maximize their profit – shorting BTC at market tops and going long on market bottoms. 

While trading on margin, traders can get more exposure to the market for their capital. Crypto trading platforms typically offer leverage ranging from 1x-100x. On the Drixx trading platform, traders have the option to use leverage up to 100x. In addition to leverage, traders can stake some of their funds with Drixx, and earn a 10% APY in the process. Due to leverage, traders can still gain more market exposure, even after staking funds with Drixx. 

Let’s take a look at how this would work in practice. Imagine you have $1,000 USDT in your trading account. With 25x leverage, your market exposure becomes $25,000 USDT. If you were to put half of your balance towards staking with Drixx, you would be left with $500 USDT worth of market exposure. When you factor in only 25x leverage, that $500 USDT becomes $12,500 USDT of market exposure. At 100x leverage, the $500 USDT becomes $50,000 USDT of market exposure. 

To summarize, on Drixx you can:

The futures market in the traditional economy was initially created because of price volatility. Merchants and farmers needed a way to hedge against volatile price swings by keeping their costs fixed. This practice drew in investors, speculators, and traders. Today, the futures market is an integral part of the financial system. 

The cryptocurrency ecosystem is young and growing fast. The introduction of futures trading allows the market to mature – more liquidity is poured into the crypto ecosystem, and institutional investors have an onramp they are familiar with to start trading these financial products. 

More liquidity in the market leads to more efficient price discovery, which is a very important aspect of a healthy market. The crypto ecosystem is young, and still experiences a significant amount of volatility. For a healthy crypto economy to emerge, a reputable source for accurate pricing needs to be available, with minimal deviation across market prices. 

When markets are volatile, the depth of the order book plays a key role in determining how far the price will rise or fall. When a spot exchange has a shallow order book, volatile price swings will be more dramatic compared to more liquid exchanges. 

During times of volatility, the price across spot exchanges for cryptocurrency can vary. To minimize the difference in price, futures exchanges use an index price. The index price is an exchange weighted average of selected spot exchanges. By using multiple exchanges to form the index price, futures exchanges are protected from relying on one spot exchange having volatility that isn’t seen across other exchanges.

These index prices are then used by all types of crypto service providers to reflect the real time price of Bitcoin and other cryptocurrencies. With accurate data, a positive feedback loop is formed among market participants, helping to drive the crypto economy forward. 

Drixx is a new, next-generation trading platform, with a powerful peer-to-peer trading engine that can process thousands of trades per second. Getting started trading crypto futures with Drixx only takes a few minutes – sign up for an account, start trading and generate yield immediately. 

In the traditional financial markets, institutional investors make up the majority of futures trading volume. As technology advances, retail investors are getting in on the game. Drixx provides the tools you need to be profitable and the platform to make it happen.

To earn more revenue and authority, you have to plan advanced strategies for a successful b2b matchmaking business. Your business should rely on the goal to create maximum connectivity, networking, and collaboration options among companies or individuals. Keeping the above point in consideration, here are some smart choices to be successful in virtual, hybrid, or physical b2b matchmaking businesses.

Determine a micro-niche for your business and focus on what connections you want to work on. For example, you must operate in a specific business industry to build authority and credibility. Some business industries are automotive, IT, health, entertainment, energy, science, etc. It will be relatively easy to find competition and success strategies in one specific business industry rather than finding for all niches.

Similarly, you should define what directions you want to offer in the b2b matchmaking business. For example, you can offer connections between

You can also make a hybrid model (using multiple strategies) over time to get more market shares.

In the European market, a lot of b2b matchmaking businesses are offering services in different business categories. Aciety, Widerpool, AladdinB2B, UpWork, Fiverr, and Valuer are some examples of successful b2b and b2c matchmaking companies. You can get an idea about your business by analyzing their working model.

Also, always keeping an eye on your competitor’s services will help you to get innovative ideas to beat them in the market.

A b2b matchmaking software will help to organize the events and engage the right audience.  Your b2b matchmaking software or tool should comprise the best features to stand out from the crowd. You should define functionality features of a b2b matchmaking software considering these factors;

The cost of a bb2 matchmaking business will depend on several factors. For example, you need to check these parameters to determine your budget;

After making effective strategies, you will be able to develop a successful b2b matchmaking software.

Once you launch it, the next step is to market it as much as possible. Again you will need to make effective strategies for its marketing. These may include

Here are some recommended tips that you must consider;

Sending personalized messages is an effective way to get people re-visit your platform. For example, you can send an email to the event host about the newly registered participants. You can set countdowns till the start of the event and send reminders to participants.

Or you can send emails about the new updates or features of your platform. Similarly, you can send reminders to the inactive persons, who got registered previously for the event.

You can schedule telephonic marketing campaigns for active or VIP members to update them about your matchmaking services. This will help you to find the right people for your platform. 

You can also offer more exclusive services to the sponsors or brand ambassadors of your services.

Don’t make the registration form too lengthy for the start of registration, as these may annoy individuals. If you want to collect more information, you can collect that at a later point.  

Also, minimize spam and misuses of the platform by allowing only registered persons to join the event.

Try to incorporate all steps in one platform to increase user experience. For example, registration form, CRM, event planning, event marketing, sales process in b2b, mobile app, and reporting all should be available simultaneously on the website.

Also, avoid the requirement of multiple passwords to use these services. The endpoint is to make a user-friendly and easy-to-use platform as much as you can.

B2b virtual matchmaking sessions are in-demand after the covid-19 pandemic. Introduce virtual meeting tools that automatically show time zones, options to add new people to the meeting, and schedules of meetings. 

Another most important feature is to allow users to record all virtual sessions. In this way, companies or individuals can use the session across other channels later. 

Allow options to create Q&A, polls, quizzes, questionnaires, or chats to increase engagement among the audience. Also, include a moderator to show the relevant content only.

Introduce form for feedback, or user ratings. Track these records and make necessary updates or improvements in the software.   

Mobile apps are more convenient for some participants and these should be satisfactory for them.  Make sure these apps are optimized for program operation and push notifications. 

Also, add other best features, such as chat options, meeting management, and live questions. Ensure the compatibility of mobile apps to use in Android and iOS.

Ensure all the details or data of companies or individuals are secured and confidential. It should be a trusted b2b matchmaking platform that complies with national and international government laws.

The global stock market recorded a solid gain in the first quarter of 2021. The markets were finished in 2020 with a big bang having delivered one of the fastest recoveries in the history after the sell-off in March 2020.  The US stock indices, Dow Jones and S&P 500 climbed to fresh all-time highs in March driven by various stimulus measures and the quick rollout of covid-19 vaccines. While the Nasdaq100 shy to break new heights after it reached a record closing high on February 12th as the investors shift their focus to economic-recovery sensitive stocks and away from growth stocks.

The first quarter has been a profitable year for stocks in the Dow Jones Index. The Index increased by more than 3500 points. On March 18th, the Dow surged above the major 33,000 resistance level for the first time in history, after the Federal Reserve said it expects to keep interest rates unchanged through 2023.

Several factors are behind the strong rally in global stocks. The quick rollout of covid-19 vaccines appeared to be the primary driver of gains in the quarter. The US stimulus bill was passed by Congress and signed into law by President Biden, providing a $1.9 trillion boost to the economy. EU countries initiated another step toward financial integration with the approval of the EUR 1.8 trillion budget for 2021 to 2027, which also includes a EUR 750 billion coronavirus recovery fund. Markets also responded positively to the Democrats taking control of the Senate. Recently, US indices retreated from the record highs on concerns about the coronavirus pandemic in Europe.

Which are the 4 main downside risks for investors in Q2? Rising covid-19 cases remain a top concern for markets, with total global infections exceeding 123 million. Especially in Europe, worsening infection rates are raising worries of a “third wave”. Any attempt to reform the US tax system has a tremendous impact on the performance of the stock market. With increased government spending, we will probably see an increase in inflation. Another risk for equity markets are rising bond yields. The 10-year Treasury yield jumped 11 basis points above 1.75%, reaching its highest level since January 2020.

Syam KP,financial analyst of Gulf Brokers

Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.

Custom poly mailer bags are basically the elastic-like envelopes that are used for packaging. These are amazing bags that the customers use for their comfort and convenience. These are the bags that are made of 100% polyethylene material that makes them tear-resistant, durable, and lightweight. These amazing custom poly mailer bags are good for shipping apparel and non-fragile goods. The bags come with an easy-open tear tab and a self-seal adhesive strip to make it easier for the customers. Such bags are considered the best for e-commerce store owners who want to give away beautiful packages rather than those plastic bags or bulky boxes.

Custom poly mailer bags are bags that can be easily used for soft goods like clothes or stationery, books, and other things. These can also be used for shipping products that are not too fragile. Many businesses use custom poly mailer bags because these are recyclable and are made from eco-friendly materials. These are made from the polyethylene material that is identified under code 4 and the logo is also printed on the bags. Most of the local communities and recycling centers and accept code 4 as a very safe form of plastic.

In case you’re ready to ship your products through custom poly mailer bags, you might have questions about the shipping process and how much does it cost to ship your products in these custom bags. Most shipping organizations consider custom poly mailer bags as large envelopes and most of them depend on the dimensions of the same.

Most business owners are confused about the weight of custom poly mailer bags. They usually weigh depending on how much big the stuff is put into them. These are available in different sizes at different shops. So, you can buy them depending on your comfort and convenience.

If you believe in creativity, you’ll definitely want to make your custom poly mailer bags stand out from the rest. It’s simple as ABC because instead of sourcing out the plain poly mailer bags, you can easily add your own design and name it as custom poly mailer bags for your business promotion and other things. These bags generally support small business owners, e-commerce websites, and online shops who are ready to promote their businesses with creativity and passion. Custom packaging is trending and you can add these bags as a part of your brand to promote and comfort the customers.

To briefly conclude, you can buy custom poly mailer bags online at affordable rates. These are the best marketing tools for your business and with them, you’ll realize that there’s no limit to creativity, artwork, and passion. Whether it’s top-notch photography, company logo, artistic reproduction, or anything else, these custom poly mailer bags are definitely going to help you out.

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Loved, hated, admired – Bitcoin has not ceased to capture our attention. Fear of missing out, or FOMO as we prefer to call it – is hitting hard the people who missed the train to the Bitcoin land are eagerly waiting for the next one. Or maybe expecting a new top cryptocurrency that’ll dethrone it.

The lesser-known players aren’t less in number in the crypto world, nor are they going to sit on the sidelines as Bitcoin continues to reign. Take Ethereum, for example. Trading at close to $100 in March 2020, it crossed $2000 just a year later.  Now it’s not a cakewalk to choose from over 8,000+ altcoins – i.e. any cryptocurrency that isn’t Bitcoin, so we have for you a specially curated list.

Ethereum is an open-source, blockchain-based, decentralized software utilized by Ether – its platform token. It facilitates smart contracts and Distributed Applications (DApps) to be assembled and operated without any outer impact. One of the large projects around Ethereum is Microsoft’s coalition with ConsenSys, the founding Ethereum team. 

Ethereum asserts that it can be used to “codify, decentralize, secure, and trade just about anything.” 

In other words, Ethereum is essentially a programming language (Turing complete) running on a blockchain to assist developers in the manufacture and circulate distributed applications. Ether is used extensively for two purposes: being traded as a digital currency exchange or inside Ethereum to run applications and monetize work.

Enduring a loss of over $50 million worth of DAO-raised funds in 2016, Ethereum split into two blockchains viz. Ethereum, and Ethereum Classic. Ethereum swats Bitcoin in the time taken to obtain (about 14 or 15 seconds to bitcoin’s near-uniform 10 minutes) along with additional units in circulation compared to Bitcoin. With Ethereum 2.0 coming, it’s a top cryptocurrency for sure.

Stats as of 25 March 2021

Market cap: $186,249,675,091.92

Circulating supply: 115,193,590 ETH

Performance in 2021: +123%

Another top cryptocurrency, Chainlink is a tokenized oracle network delivering price and events data. The token incentivizes partakers to submit and use this data, compiled from on-chain and real-world sources. Chainlink does not employ its blockchain and can operate on assorted blockchains simultaneously.

Formulated by Sergey Nazarov and Steve Ellis in 2017, Chainlink attempts to solve the “oracle problem,” i.e. the capacity to get the off-chain data needed to operate several blockchain-based smart contracts. 

LINK, the cryptocurrency native to Chainlink, is used to pay node operators. The node providers with a large amount of LINK can be rewarded with larger contracts, while failing to deliver accurate information leads to the token deduction. 

LINK allows tokens to be received and processed by contracts within a single transaction. Following the 2017 $32 million LINK ICO with a total supply of 1 billion LINK tokens, 32 percent of LINK tokens were sent to node operators to incentivize the ecosystem, and 30 percent stayed within Chainlink for development (35 percent were sold in the public token sale). Chainlink’s partnerships are immense and broad, making it a top cryptocurrency in many eyes.

Market cap: $10,581,523,669.92

Circulating supply: 414,509,556 LINK

Performance in 2021: +119%

VeChain is a blockchain platform manufactured to strengthen supply chain management and business methods. Its goal is to simplify these processes and knowledge flow for complex supply chains through distributed ledger technology (DLT).

The Vechain platform includes two distinct tokens: VeChain Token (VET) and VeChainThor Energy (VTHO).  Transactions on decentralized applications occurring on VeChain’s blockchain use VET.

VeChain intends to evolve into a major platform for initial coin offerings (ICOs) and administer transactions between the Internet of Things (IoT) connected devices. 

The VeChain platform alleges to give a 360-degree perspective of necessary information correlated to a product and its business processes—such as storage, transportation, and supply—to legal stakeholders and establish bigger market transparency.

Market cap: $5,265,687,658.44

Circulating supply: 64,315,576,989 VET

Performance in 2021: +336%

Cosmos is a network of blockchain networks, popularly known as the “Internet of Blockchains.” It has the objective to entitle separate blockchains to communicate with each other seamlessly. By encouraging any blockchain to communicate, share data, and transact with anyone, Cosmos has taken the market up a notch.

A top cryptocurrency both in terms of features and market cap, Cosmos incorporates a next-generation technology stack that arms developers to generate complicated blockchains within the Cosmos ecosystem in a week! Leaving behind the 2nd-generation blockchains that would take weeks for the same, Cosmos celebrates a growing Dapp community.

Market cap: $3,747,454,894.82

Circulating supply: 212,003,141 ATOM

Performance in 2021: 244.5%

Algorand Inc. invented the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for the next era of financial products. The Algorand protocol is the brainchild of Turing Award-winning cryptographer Silvio Micali. 

A technology company devoted to eliminating friction from the financial exchange, Algorand Inc. is powering DeFi advancement by facilitating the innovation and trade of value, designing new financial tools and services, bringing assets on-chain, and contributing responsible privacy models. It’s why it figures frequently in several top cryptocurrency lists.

Market cap: $2,762,728,285.11

Circulating supply: 2,601,739,818 ALGO

Performance in 2021: +221%

Arthur Breitman jotted down the Tezos white paper, he composed his works under the pen name of L. M. Goodman. He asserted that one of Bitcoin’s massive failings was the absence of a governance procedure that asked for assistance from the community employing the network — along with the fact that new tokens couldn’t be handed out through this blockchain.

He and his wife Kathleen established a startup called Dynamic Ledger Solutions which was charged with writing the code to underpin the Tezos protocol. This company was thereafter bought by the Tezos Foundation to secure that it acquired all of the intellectual estate rights relating to the network.

With Tezos, participants can get involved with the network’s administration through “baking,” where they stake 8,000 XTZ. This establishes a monetary stimulus to behave honestly.

Bankers are then assigned voting on recommended alterations to the blockchain’s code in a four-step protocol taking nearly 23 days. 

Tezos is also unusual because of its use by high-profile enterprises. 

In September 2020, it was declared that the French banking giant Societe Generale planned to use this blockchain for experimenting with a central bank digital currency.

A token sale for Tezos was held back in July 2017 — and during this ICO, a total of 65,681 BTC and 361,122 ETH were raised. At the time, this was worth $232 million, ensuring its place as one of the enormous initial coin offerings ever held.

While 80% of this initial supply went to investors, 20% was split equally between the Tezos Foundation and Dynamic Ledger Solutions.

Tezos uses a proof-of-stake consensus mechanism. Anyone can become a validator and contribute to the smooth running of the network by making a security deposit. 

Market cap: $3,096,643,327.23

Circulating supply: 764,290,232 XTZ

Performance in 2021: +101%

Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications. 

Evolved through academic research and steered by a team of skilled scientists, engineers, venture creators, and leaders in economic services, Zilliqa deals with constraints in scalability and security, encouraging real-world usability across numerous industries, including finance, digital advertising, and gaming. 

In 2019, Zilliqa became the first public blockchain platform created on sharded architecture, with smart contracts written in the platform’s secure-by-design programming language, Scilla. 

For additional information, visit zilliqa.com. 

Market cap: $1,782,628,312.22

Circulating supply: 11,090,579,599 ZIL

Performance in 2021: +98.73%

Reserve Rights is a dual-token stablecoin platform, launched in May 2019 after a profitable initial exchange offering (IEO) on the Huobi Prime platform. Nevin Freeman and Matt Elder co-founded Reserve Rights. 

The Reserve Rights’ dual token setup includes a stablecoin known as the Reserve stablecoin (RSV) and the Reserve Rights token (RSR),  used to keep the RSV stable at its $1.00 price target.

The Reserve Rights (RSR) token is volatile and helps maintain the stability of RSV. It can also be used to vote on governance proposals.

Unlike other stablecoins backed mainly by U.S. dollars (USD) held in reserve in a bank account controlled by the stablecoin issuer or a trusted custodian, Reserve stablecoins are supported by a basket of cryptocurrencies managed by smart contracts.

This basket originally comprises Ethereum stablecoin assets, including USD Coin (USDC), True USD (TUSD), and Paxos (PAX). 

The funds produced by selling RSR tokens are used to restore the RSV collateral pool. In contrast, when RSV is valued at above $1, the extra collateral is used to buy and burn RSR from the secondary market.

Arbitrageurs can profit from this means when RSV is valued at above $1.00 by buying RSV at $1.00 from the Reserve smart contract using RSR and then peddling it at the existing market price to earn the difference as profit. 

This option is only accessible to RSR holders and is currently one of the main drivers for holding RSR tokens.

Market cap: $970,230,168.23

Circulating supply: 13,159,999,000 RSR

Performance in 2021: +315%

The Nervos Network is a blockchain application for widespread applications. It is here to decipher the problem of interoperability in the blockchain world. Their proof-of-work Nervos Common Knowledge Base (CKB) lets developers create multi-chain apps guilelessly. They strive for users to be able to disseminate assets from one network to another hassle-free. 

Market cap: $497,891,639.99

Circulating supply: 24,401,763,172 CKB

Performance in 2021: +496%

Founded in 2017 and headquartered in San Francisco, California, Origin is a protocol for building a sharing economy marketplace utilizing the Ethereum blockchain and IPFS. 

It empowers developers and businesses to construct decentralized marketplaces on the blockchain. Its protocol makes it simple to build and organize listings for fractional usage of properties and services.

Origin enables buyers and sellers to discover each other, browse listings, make bookings, leave ratings and reviews, etc.

Market cap: $224,540,026.39

Circulating supply: 265,989,961 OGN

Performance in 2021: +619.76%

Do check out our other curated lists as well:

Top 10 NFT Crypto Projects

Top 10 Low Cap Altcoins

Top 5 Hidden Gems Crypto

The second part of the list of top altcoins to buy on Kucoin will be released soon. Join our discord, and telegram for quality altcoins signals based on technical analysis and fundamental research.

Disclaimer:

Altcoins listed in this article are based on the author’s research. The author is not holding any of these top altcoins. Always do your own research before investing in any cryptocurrency.

Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology. Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

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Jefferson:  Live from BTC Managers world headquarters. This is one confirmation with Jeff one Dave. I’m Jeff and Dave is actually ill today.

So today in the news Bitcoin is hovering around $55,000, after reaching an all-time high most recently, and it seems like Bitcoin is still going to continue to rise as Joe Biden administration has announced a $1.9 trillion stimulus package. That’s a whole lot of money printing, which seems like it’s only going to drive the price up. In other news, Elon Musk is open to accept 420 million those coin for infinity music track, it seems like cryptocurrency is going to expand beyond the world of just trading, fiat currencies and things like that, he’s going to expand into the world of NFT items or digital items such as music and artwork. So, this is on the heels of a $68 million sale of the very first NFT item to be ever created.

Finally, we have Signal is now allowing crypto donations so that you can support this free software project called, “Signal” free messaging project during nonprofit organization. And so as such, they can use the giving block platform that allows any person to donate using cryptocurrency and then receive a tax deduction. So, Signal is now gaining a lot of popularity worldwide, for private messaging between people. So, our guest today is Guilherme with Indacoin. And welcome to the show how you doing today?

Guilherme: Hi, Jefferson, thank you so much for inviting me for your podcast today. I’m doing very well. How about yourself?

Jefferson:  Going well, doing well.

There’s a lot of exciting news that’s going on out there. What do you think of everything that’s going on today?

Guilherme: Well, as usual, I will say that it’s a regular day in the crypto markets. There are always different things going on. So as you mentioned, the NF Ts and Elon Musk and so on. I think the news are very exciting. And especially regarding the Bitcoin price, we have seen a small correction from the weekend when it was around $61,000. And now it’s trading around $55,000. So, I think this could be an interesting point where it could start growing again.

Jefferson:  Very good. Very good.

What I’m thinking is that Bitcoin is likely as far as the price, the likelihood is that the price is going to continue to rise. On the other hand, I’m seeing within a tea, digital goods, all of that I think we might expand beyond the realm of just price concern going into the realm of doing something more with crypto. Do you see that as part of the wider crypto adoption?

Guilherme: Yes, I definitely see that with the current state of the NFT market. So recently, in the past few weeks and months, we see that brands and even famous artists and celebrities are starting to release their own NF Ts. And I think that’s really pushing adoption. So for instance, people that have no knowledge or whatsoever of cryptocurrency, but they are already following those big influencers and celebrities, they will actually get access and start exploring this new technology through them. So, I think it’s also positive overall for the Bitcoin price and in general for the crypto market that this new NFT boom is taking place. So, I have no idea where is it going but I mean, we can already see some NFT is being sold for millions of dollars. And it’s just unbelievable. You Even people are selling their tweets for hundreds of thousands of dollars. And it’s unbelievable right now, the state of the market.

Jefferson:  Well, it’s interesting, because until now, the entirety of the world if you will, was only conducted within a physical realm if you wanted to own something you had to get a piece of paper, primarily, to prove ownership. And I think with NF Ts, this proves that something more than a piece of paper, which is not necessarily eco friendly, can prove ownership, right.

Guilherme: Exactly.

It’s a total different way of owning assets, art in this case, but I believe that it’s still a new market. There are so many things that actually can be useful within the NF Ts, which haven’t been explored yet. For instance, when you want to purchase say, tickets for cinema or for concerts, this could be solved in form of NFTs. And I was listening to other podcasts. And people are even saying that, E-Books could be NFTs. So, in fact there are so many different ways that they can be used, but right now, it’s just archived. So, people are just buying really random stuff. I’ve seen pictures that have no value, it’s just even not an artist who created it. But they just pay a lot of money for that. And I think it doesn’t make a lot of sense right now.

For example, that recent project, #Masks, they are now selling some of those masks for really high prices. And in fact, there is nothing special about it. It’s just like crypto kitties, that in the long run, I don’t think it’s sustainable. Of course, only if you have those very rare pieces. But I think there will be more projects coming that will actually start exploring more interesting utilities for any of these.

Jefferson:  Well, that’s the thing. I think there’s a lot of proof, if you will, that crypto can be more than just a means of exchange from fiat to some random cryptocurrencies such as Bitcoin or Ethereum, and so on, right. I think now people can realize that there’s an actual utility to crypto with NFTs simply being the first widely adopted utility.

So, what other utilities do you see coming for cryptocurrencies?

Guilherme: Right now, for example in daily life, I would say that in most countries, it’s pretty difficult to use cryptocurrencies, of course, it depends where you are based. But as you know, many companies like Binance and others are releasing crypto cards. And I think once it’s completely available for the whole world’s population. I think that will be massive, because you will not need to actually be connected to your wallet. You don’t need to be online, you don’t need to have battery on your phone, you could just pay with these physical cards, and it will be used on your crypto account. So, I guess you can decide which tokens you want to use to purchase goods and services. And that I think will be the major utility. So, I believe for freelancers and people who work remotely and for foreign companies and so on. This will be amazing because the banking system doesn’t really work for international transfers, it can take a lot of time. The commissions are insane up to maybe 15%-20% for a regular bank transfer. And if it’s for higher amounts, I would say that it’s even there is risk that this transaction will be blocked. So, if all those people who work remotely can receive funds in crypto and then just use crypto for their daily purchases, I definitely think that will be the major utility. It will be amazing if everyone has that opportunity.

Jefferson:  I agree. I know, I do remember the days where an international transfer could take as long as a month, which never made sense to me. Now, today, no matter of minutes, anybody anywhere can receive payments, but see there cryptocurrencies have been primarily competing with the likes of Apple Pay or PayPal. Where people can receive money, Granted, it’s fiat money, but money instantly. And people are not able to easily see the flaws of fiat currencies, where their money is actually being stolen from them every day through inflation. On the other hand, with NF Ts I think, its path and other utility things like health care, things like almost any industry where we’re relying on paper as a means of documentation, access, control, prove, things like that. Whereas rich cryptocurrency proof is absolutely. If it happens, and you have the key, there is nobody else that could possibly deny that you have the ownership of something, right.

Guilherme: Yes, definitely.

Jefferson:  So, things like music rights on the blockchain. I know the whole thing about music, and the fines and everything get ridiculous. But music rights, there have been whole lawsuits fought over that, right.

Guilherme: Yes.

Jefferson:  So, I think it’d be interesting to see what happens over the next year as adoption continues. So, turn into that, do you think adoption will continue to rise over the next year, or do you think it’ll be fairly flat?

Guilherme: Well, I think for sure, it will continue to rise, that I’ve no doubts. But it’s possible that for instance, if we see a huge correction in the markets, for example, 80% correction or 60% that might create a lot of fear. And people will start selling and start again saying that this is a scam. And they’ll the same stories, like we’ve seen before in 2017, for example.

Of course, I believe the market is more mature right now. And the projects are much more solid, the regulations are also stronger than before, not everybody can just set up a company and start working just like that. So, I see also with this new decentralized applications that I mean, it really opened the markets because before, people were just investing in shady, ICOs, which didn’t really have much actual progress or development, most of them were just pure ideas. So, buying those coins were just pure speculation. But nowadays, you can just go to some DeFi platform. And for example, let’s say you just have USD or USDT or any other stable coins, you can even just earn interest on those stable coins in some platforms, even up to 30%, 40%. Whereas in your bank accounts, in some countries, you have even negative interest rates. So, I think for those people who are just holding their savings, and I don’t know maybe in some countries maximum they might earn 2% or 3% on their savings accounts and that money could actually still be in crypto. And it could be used in stable coin if they don’t want to take any risk. And they could be earning much higher return. So, I think most people haven’t realized that there are such possibilities in DeFi. And I think it’s still really the beginning. Because even we see like, all those lending protocols, that allows you for example, to stake your Bitcoin and then to borrow USD and then reinvest your USD. It gives you possibilities that if you wanted, for example to take a loan, from the bank, even if it’s not that big, it could take a lot of time, you’ll have to sign a lot of papers, and it will be a thing, it will take also lots of energy from people to do this process. And it’s not even for sure that they will receive.

But now with DeFi, you can just take a loan in, maybe even in seconds, and then just reinvest that money, then pay back. And I mean, it’s a new world completely. And when people realize what they can do with it, I think then there will be a huge adoption at that moment.

Jefferson:  Yes, I’d agree with you.

I think there’s a lot of things coming down the pike, if you will, that will continue to think drive people towards crypto. Because, it just simply is technologically superior over fiat. There are so many things about it that can capture more details about a transaction and provide more proof of ownership and things like that.

Jefferson:  And plus, the biggest thing is, nobody can take it from you.

Jefferson:  And I can’t tell you how many times it’s been so frustrating that here we in the US, we have a law that allows the police or any law enforcement to just simply walk up and take anything and everything that you own, without any easy legal recourse. It’s really affected a lot of people negatively. And it’s extremely frustrating.

There are many banks that went bankrupt. I know some in Europe, and many people had even their life savings in those banks. And right now, most of them were not able to retrieve their funds, because they went bankrupt, or they just had to go through very costly legal procedures with lawyers, and this really kills people’s lives, you worked all your life, you trust at the bank with your money, and then it’s gone, and you don’t know what to do. Because, in fact you never own that money. When you sign the agreement with the bank to open an account, you actually give them the rights to own your money. So in those cases they actually, in some countries, they do have the right not to refund anything at all.

Jefferson:  Well, what do you think about these exchanges are kind of similar to a bank. But, today they so far, seem to be performing well, you can think of for example, Gemini Coinbase. Indacoin is sort of in a similar spot, although you don’t hold the button but you do exchange it. Do you think government at some point might collectively tried to get together and do some kind of action?

Guilherme: Well, I do agree on the point that exchanges can be compared to banks, because in the end they are a centralized entity, private company, and they do own your keys. So, they have actually access to your wallet and if they are hacked, which we have seen several times. It is indeed possible that you will lose your funds. So in the end, we still need exchanges for example, like Indacoin that will allow you to convert your fiat into crypto. But for instance, on Indacoin although we do have our own wallet, we allow users to also just send their coins to any other wallet. So, they don’t necessarily need to hold their funds on Indacoin, but they can just send to their meta mask, or even to their offline wallet, like Ledger, or Treasurer or any other wallet. So, we just allow users to convert their traditional money to the new money.

Jefferson:  Yes, that’s the thing.

I personally, have a Ledger Nano X and I previously have refuted on this show, as how easy it is to use and to operate, Ledger Live is an amazing piece of software.

Going forward, do you see decentralized exchanges such as Yoona coin and other, do you see them continuing to grow and influence and so forth or do you think there’s a role for the centralized exchanges such as Gemini and Coinbase to play?

Guilherme: Yes, I think decentralized exchanges will definitely continue to grow. I mean, you can look at uni swap, which exists for I believe, more than two years. And until last year, most people didn’t even know about it. And it has become huge. I mean, right now, I believe uni-token is top 20 in terms of market capitalization. It even surpassed chainlink. And in a very short period of time, since they launched the token, it’s been maybe around six months, or maybe even less than that. So it’s crazy how the decentralized exchanges are growing, not only on the Ethereum chain, but now you see that, for example, on Binance chain, Pancake Swap, and many other decentralized projects and exchanges are growing, their volumes are getting higher and higher. Uni-swap, even they surpassed the daily volume of Coinbase several times already. So I think the biggest advantage is that you own your keys. So you don’t need to trust an exchange to do simple swaps. And you have the option to provide liquidity. For example, when uni-swap launched their liquidity pools, you could earn crazy APIs, even for very common pairs like Ethereum, USDT, you could earn at some point even up to 300% 500% API. Whilst if you if you were in the centralized exchange, you will either earn nothing, or just earn very little, just by holding your coins there.

So, I think it gives people freedom ability to earn higher interest by just holding their coins. And [unintelligible 00:23:40], you don’t need to pass KYC. And ultimately, it’s scalable, more scalable, than just even holding your coins in some offline wallets, because they are just sitting there. But you you can actually earn interest by just holding those coins in decentralized applications.

Jefferson:  Yes, it’s a fascinating, fascinating world.

What previously had been only available to the super rich is now available to all of us. And it’s been a fascinating change to light. But again, we can’t offer investment advice on this show. As always go to a trusted advisor, or better learn for yourself. There’s a lot of tools and technology and books and online courses and so forth that will provide you with the education necessary to understand how to utilize all these different technologies to further secure, your money and at the end of the day, it is your money, not the bank’s money. And so it should be up to you to decide what to do with it.

Guilherme: Of course.

Jefferson:  I’ve always wondered, I remember reading even in the 1980s default thing about hedge funds and some of them would make hundreds of percent. And meanwhile at banks and those days in the 1980s, you’re lucky to get a percent or two as peanuts, and you watch your money trend over your eyes. So it’s almost a crime, but they’re doing, it is a crime what they’re doing with fiat currencies.

So alright, do you have any final thoughts on what’s going on with cryptocurrencies adoption and ease of use and everything?

Jefferson:  Well, I think many people for example, I have many friends that never heard, never utilized crypto before. And I see that now everybody suddenly wants to learn more about it. So, I can see adoption, or in my daily life, I see there is more adoption, people are interested, of course, the main reason why they are interested in because the price has been rising very quickly. And I mean, that’s the only thing that actually kind of upsets me, that’s the newbies that want to enter the markets, they just think on the short term, right. They just want to make quick profits, they think that it’s going to grow much more. So, what happens is the usual debts, they buy the top, and then of course, the price will go down, and then they will sell the bottom, and they will lose money, and then they will lose their interest and faith in cryptocurrency. So that’s the most common mistake. I think even many people who are now experiencing crypto, most likely they made that mistake in the beginning, it’s very common. So I think, to drive more adoption, as you mentioned before, there should be more education.

So, as I see some countries in the US, and I believe, if I’m not mistaken in China’s, or some other countries, they are starting to implement some cryptocurrency courses in their high schools, and even in primary schools. So, this is a new technology that we see that it works, and it drives adoption. So, people need to be well informed about it, because there is also lots of scams out there. And, you need to know how to identify them, which are reliable sources. And, in general of course, one should make it some research. But this research also sometimes might be hard, because there is so much information out there. So many exchanges, and it’s hard. When you start it’s a complete new worlds, there is so many things going on, and it can even be terrifying. Not everyone is a trader, not everyone understands the graphs. And that’s why I think this new DeFi hype really simplifies the process. Because, if you look at uni-swap or other indexes, the interface is super simple, you can just swap one token to the other, you don’t need to place a limit order or a spot order, you just choose the coin you want and you just buy it. And with fiat on ramps such as Indacoins, we really facilitate the process of buying sewing basically less than one hour. Users can purchase their first crypto with their Visa or MasterCard. So, this is also our main goal, to drive adoption and to drive adoption the first step is to convert your fiat to crypto. So, I think the future is bright in crypto. I think it’s getting better.

This better than the bull run in 2017. And for sure, more sustainable. Of course, it’s even possible. There might not even be a big correction like there was before. Since the institutions are also now big players in this markets and in few words, I really want to thank you for inviting me for your podcast.

It was really fun and interesting to discuss these topics with you. And for all the people out there who want to learn more about crypto. I suggest just watching some videos on YouTube getting familiar with this and don’t rush into anything. So, if you see the price is rising, don’t worry. It will eventually also fall. And there maybe better opportunities. So, there is no needs to panic. One can wait and you know, once you feel comfortable and ready, you can go for it.

Jefferson:  Yes, FOMO is definitely not a good thing fear of missing out, I would encourage anybody to really take a look at what’s going on never invest more than you can afford to lose. But that said, there is no harm in buying something using cryptocurrency or selling something using cryptocurrency. And there’s plenty of ways of doing both and Indacoin had a great tool that you can use on your website to buy and eventually get into cryptocurrency in some way. Perhaps that next contractor, you can ask if they accept cryptocurrency and pay them that way. That’s no loss to you. It’s the same amount of money.

Jefferson:  So, lots of ways of getting involved that allow you to experience versatility, cryptocurrency.

So, thanks again for being on the show. I hope to talk to you again in about six months or so just to check in and see how things are going Guilherme.

And as always, you can like us to follow our show page and stay in touch. This has been another production of One Confirmation with Jeff and Dave. Dave is out, and I’m Jeff.

Thanks for having us.

Paul Ford In fact, this podcast, if you were billing for it, it would cost about $1200 an hour, it’s an expensive podcast. [Rich laughs] You’re welcome.

Rich Ziade It’s not very expensive, Paul, but go ahead. [Tim laughs]

Tim Meaney You divide that $1200 however you want, listener. [music fades in, plays alone for 15 seconds, ramps down]

PF I’m Paul Ford, co-founder of Postlight.

RZ And I’m Rich Ziade, the other, the less famous co-founder of Postlight.

PF That’s not what it’s about today. Let me be the internet for a minute. “Hey Rich!”

RZ Yes! Internet?

PF “You wanna buy something?” 

RZ Sure. 

PF “You want to read something?” 

RZ Sure!

PF “Look it up, go get it.” Now let me get, let me get you up to 2021. “Ethereum! Ethereum! Ethereum! Bitcoin! Bitcoin! Bitcoin! $58,000. Bitcoin! Bitcoin! Bitcoin! Bitcoooiiin!” Okay, that’s the internet now. You know who else is like that? 

RZ Who?

PF Our friend Tim Meaney. [Tim laughs]

RZ Tim Meaney is the only three timer on the podcast. And I have a feeling this won’t be the last one because Tim Meaney is going to be mining rare metals in two years. And we’ll have him back on explaining why that’s what we should be buying. [Paul laughs]

PF You get to have your friends on. Tim, come on in, come on in, how you doing?

TM Speaking of rare metals, do I get a watch for my third appearance or something like a plaque? Maybe one of those cool little glass—

PF You get a Casio calculator? 

TM Ah, I just bought one. 

RZ For those that don’t know, Tim is an old colleague and old friend. I’ve known him for many, many years, thinks on our wavelength and a lot of ways about technology. 

PF And well, let’s be, Tim is enthusiastic about change in the world of technology. He gets really into it. And he’s he’s usually pretty ahead of the curve.

RZ He also shares our fascination with culture and how it intersects with technology. Right? So, so it’s a couple of weeks ago, and usually I’ll get an image on chat of him, like holding up a glass of whiskey, which is like, Oh, hey, Tim, which doesn’t mean much more than enjoying life. Then he said, “so are you in?” and I said in what? And then he threw out a couple of acronyms. And then he said DeFi to me, and then he said, “Okay, you’re behind, but this is gonna resonate for you.” So Tim, let me set it up this way. I’m gonna set it up with where I understand things to be because I frankly have not paid attention to this part of the world. I understand blockchain, I understand the integrity behind it and how it sort of self enforces would in a very nice way I don’t know under also understand the blockchain can be used in many many ways. One way is a sort of virtual currency like Bitcoin but can be used for anything, right, to store contracts to store files to score deeds on properties, store, I should say. And I watched Bitcoin go bananas. And then I watched Bitcoin kind of take a dive. I’m talking three, four years ago. And lately I’ve been hearing about how Bitcoin is more real than it’s ever been, and then it’s worth a lot more than it’s ever been. And then you’ve got those articles about, you know, the journalists who was supposed to research Bitcoin, he bought a dollars worth like 20 years ago, or whatever it is, and sold it off, and now would have been a millionaire. So I have my views, but I’m gonna I’m gonna sit on my views for a second here. So catch us up, we know that Bitcoin is the real deal.

PF Oh, and we should also—quick ethical disclosure. Tim’s a client, Tim is one of the, he’s a stakeholder and one of our clients said. SageSure. So we should just say that out loud, so that people know. 

TM Thank you.

PF Alright, so Tim, what the hell is DeFi? What are you talking about?

TM Alright. So there’s a lot going on here. Let me first throw it back to you, Rich. You started a company in 2005?

RZ Correct. 

TM What was going on in 2005? And why did you feel the need to start a company? Give just a little narrative about what happened on the web prior to that. And then what was going on in 2005? I promise I’ll relate it back to where we are today with crypto.

RZ In 2005, I was living down in Georgia, in Atlanta doing some work, some consulting work for Georgia Tech Research Institute. And, I was a refugee of the .com boom, I was part of a company. It’s actually how I met Tim Meaney. Way back in the in the late 90s. I just been in love with the web and the standards around the web. I’ve been reading a lot about the web and its impact and its influence and whatnot. And then this sort of weird undercurrent kicked in and it started with Dave Winer wrote a post I wrote a post about XML RPC. And it was a probably 180 words and I understood all of it and I saw like, literally a door opened up in my brain that the Web is going to evolve from a publishing platform to effectively an operating system, right, essentially and then Tim O’Reilly comes out with the Web 2.0 essay. And you’re starting to see stuff like what used to be called Ajax with very dynamic experience. I was like, okay, this is crazy. So this at this time, I’m in Georgia in an apartment, I quit my job, literally quit my job, came to New York and said, rest, this is 2005 that Rest and XML and simple interfaces are going to power the world one day. And I started a company with Tim Meaney, people don’t know this, probably it’s all come full circle. But that was the, that was the the thought shift. Right?

TM Okay. So many analogies with where we are right now 2021 crypto. The boom, everybody flooding in and ’99 all kinds of capital flying around. Everybody thinks they’re going to get rich, it busts, but people stick around. And the people who stick around, start building in the case of ’99, those are browser companies, standards bodies. And a couple of years later, all of a sudden that starts to bear fruit, and it creates another cycle. The 2017 crypto boom, brought a lot of money, a lot of eyes and it got really weird and crazy. All of a sudden, every celebrity had an ICO. ICOs themselves were bizarre and weird, was like, let’s just create a coin out of every possible asset. And turns out that wasn’t a great idea. But what stuck around in 2018, and 19 and 20 is starting to bear fruit. And what stuck around was protocols and standards and innovation happening. DeFi is a decent analogy to remember that moment in Google Maps. What was that 2008? The first time somebody linked you to the new relaunched Google Maps on the web. And it was like, whoa, this is possible on the on the web, this sort of dynamic behavior? People don’t realize that if you weren’t a web person back then, how awesome a moment that was. It was because you can see you can see with your own eyes, what was interesting about what was going on on the web, and everybody thought, Oh, I can internalize this and make this mine. What’s happening now with DeFi or NFT’s, have you heard of the NFT boom? Non-fungible tokens?

PF Get us all the way in there, man, assume we know nothing.

TM So crypto and more specifically, blockchain have found two use cases that are bearing fruit that are working and that are interesting, and it’s art. And its finance. Kind of weird and strange. If you think back to the web in the 2003 to 2005 era, it was like commerce and music and communication. The use case so far with blockchain is art, which is NF T’s, which is basically an artist making digital art and selling it on the Ethereum network. And it’s one of a kind. It’s immutable, because it’s on a blockchain. And I can own it, like a baseball card. I can own that art, it’s mine. The blockchain insists that it’s mine. It can never change. I can sell it. Now we can transact. So art in NFTs, total booming economy, 10s of millions of dollars, one just sold for $660,000 last week, a piece of digital.

PF Alright, what sold?

TM It was a super rare, they’re sold kind of like baseball cards, where they’re like packs, and then they get mined. And the most rare one kind of emerges. And the most rare one just transacted for like $660,000 in this one little subculture of NFT’s. So that’s all happening on the blockchain. And the other thing that’s happening on the blockchain is DeFi. DeFi is basically why do we need central authority to transact finance? Why do we need Wall Street?

PF I want to break you for one sec. I want us to ask that the fundamental question but Tim, how deep are you into this?

TM My interest level is very high. I happen to invest in it. But I think that’s the least interesting thing going on with crypto is buying it as an asset. It’s the least interesting.

PF I feel like you still, your house is still, there’s like a mortgage from the bank. We just need to know, you’re okay? [Rich laughs]

TM I’m okay. Okay.

PF You got kids going to college, you got kid, I get a little worried. I get a little worried.

TM I’m gonna make a prediction. Six weeks from now, you guys are going to be as deep in this rabbit hole as I am. Because it’s so matches your aesthetic about how you think about technology and culture. It’s shocking that you’re not there yet, but we’ll get there.

PF So we’re talking about Ethereum of a lot now, right? So different currency. We’re talking about smart contracts, what the hell is a smart contract? 

TM Alright, so Bitcoin is a singularly amazing innovation, right? It’s the idea that you don’t need a bank to send a financial asset to somebody. That is a staggeringly interesting idea that got launched on the world in 2009. And really hasn’t changed since. And we don’t know who had the idea. And it’s going pretty strong considering it just hit $58,000 for a fake internet money coin. So that concept that was birthed onto the world—

RZ Just to jump in here for a second. It’s still, you just said you said earlier, you know the idea that you can use this currency to transact, but you really can’t. If I want to buy a house with my Bitcoin money, I still have to sell my Bitcoin to someone else who wants to buy some Bitcoin, turn it into actual fiat currency and then go buy my house, I can’t go buy a house with Bitcoin, we’re not there.

TM It’s such a liquid market that that’s almost a moot point, you can immediately sub second turn your money into USD and buy a house with it. So, but you’re right, right now, the use case of Bitcoin hasn’t proven out yet to be, we’re going to transact as a currency, it’s more of a store of value. 

RZ It’s more of a rare mineral. It’s a rare mineral.

TM It’s like gold, it’s literally gold. Except if you’re trying to escape a country with your assets, it’s much easier to hide Bitcoin than gold, right? It’s literally a store of value. It’s inflation proof. It can’t get devalued over time, because there’s only 21 million of them, period. However, there’s a kid back in the, you know, the 2013 era who’s like playing around with Bitcoin and blockchain and thinking, why does this just have to be about currency? Why can’t it do anything? Why can’t I write an application on this idea of peer to peer decentralized networks? And that’s what Ethereum is. It says, alright, I’m going to take the underpinnings of the blockchain technology, Bitcoin, but I’m going to let anyone do anything on it. Just like the open web was back in 2004. Do whatever you want. There’s no gatekeepers. There’s nobody to tell you you can or can’t do it. That’s the aesthetic of Ethereum do it. You can do whatever you want.

RZ Is Ethereum another currency, like, can I look up its value today?

TM So Ethereum is a network. It’s powered by a currency called ETH, which is what makes the system run, it provides the incentives to put your computer into the network and participate. Remember, the whole SETI thing people would like connect their computers to search for? 

PF And look for aliens?

TM They look for aliens.

PF Using your home computer. 

TM So the payoff there was you felt like you were helping Earth humans find aliens. The payoff of Bitcoin is that you’ll mine transactions to get rewarded with Bitcoin, the payoff in Ethereum is your transact in order and validate transactions in order to earn eth. And eth is now a $2,000 asset.

RZ ETH is an asset itself, right? 

TM Correct. 

RZ Alright. Now, you mentioned the term DeFi, explain that. D-E-F-I, what is that? 

TM So decentralized finance. So it’s the idea that take a bank, I want to go get a loan. So I go to a bank and a bank is a centralized authority, right? What if I want to get a loan in a manner that’s decentralized, peer to peer? What if I did? That would be hard to do. But protocols have been created that sit on top of Ethereum, once called Aave, which provides a pooling mechanism for people to put their collateral in, their digital currency, and people to borrow against it and earn interest, all happening on the Ethereum network, all powered by ETH. And all just happening in a trustless environment. I don’t even need to know who you are, okay. And I can earn interest against the loan, or I could provide capital to other people to borrow.

RZ So let me say this back to you. So I’m understanding it. I’ve got $1,000 worth of Ethereum, I want to borrow against that $1,000.

TM Or maybe you want to earn interest by staking it into the network and earn 7% interest.

RZ Okay, so you could put it in the network. So Tim shows up. He’s like, I want to borrow $50,000, you could actually collect all the fractions of that 50k for many people to give you the loan, and then they would earn interest on lending you the money.

TM Yep, that’s exactly right. All happening without your local or local bank and $5 billion have been transacted in that way, like over the last couple months.

RZ Alright, so this is fascinating. There seems to be less friction in this environment. So things are actually happening. So help me here. Okay? I open and this is total coincidence, I opened Twitter this morning. And there’s this cat animation, Paul, of a rainbow flying out of its ass through space. And it’s called Nyan Cat. I don’t even know how to pronounce it. 

PF Nyan Cat.

RZ The original creator of Nyan Cat posted his original GIF. Essentially, he’s essentially certifying that this is the original and he put it on a site called foundation.am where people are selling digital art and you buy that digital art. I don’t know what the currency is they’re using the by though?

TM There’s a few different networks that transact NFTs, I bet it’s Ethereum. Let’s say it’s aetherium or ETH. It’s ETH in this case.

RZ So ETH currency, you can buy the one sole official representation of Nyan Cat on this network, it goes up starts at about $15,000 – $20,000 I guess of equivalent ETH.

TM Yep. 

RZ And now it has crossed $500,000 to purchase this piece of digital art, which means a marketplace took hold, it was like an auction. Sounds like what foundation is it’s an auction site for digital art. And this thing skyrockets, there’s nothing to put on my wall. And that’s not the point. 

TM We’ll get there in a minute. 

RZ Yeah, so there’s nothing to really do. All I have is a certificate. And well, it’s some virtual certificate of some kind. That tells me that tells the world that you don’t own it, I do. I’ve got it. Rich Ziade owns that cat, I’m having trouble wrapping my head around the idea that I’m going to be able to resell this thing for $2 million in three years. In fact, I would even put forward that the purchase is fiction, because the money that it was used to purchase it is itself fiction. So the $500,000 is itself based on it, which is a bubble, right? Like that’s how bubbles take hold, right? Because bubbles are essentially an ad hoc pact of trust that a network of people is making, such that the value is elevated, because as soon as that that trust is punctured, a collapse occurs, which has happened since the beginning of time, right, in economies around the world, and the thing about bubbles is this as they get bigger, the skin, the layer that holds the bubble together gets thinner, and when you puncture it, it pops. Now I’m not saying this is a bubble, but what I’m saying is this is a bubble.

TM Okay, so it probably is a bubble, may or may not be. You just said something really interesting. You said the ETH and the art are fictions. Guess what else is a fiction?

RZ What?

TM Everything. 

PF “Fiat currency!” “Social reality!” Oh, come on!

TM No, no, give, give me a second. A Michael Jordan rookie card that just sold for X million dollars. What’s that? It’s a piece of cardboard with a little bit of paint splattered on it in a perceptible format that looks like Michael Jordan, that just sold for $2 million. Is that more real, because it’s on cardboard? The art has value because someone perceived it to have value, just like the Michael Jordan rookie card did. Now as for “can I put it on my wall one day?” Of course, you’re going to be able to put it on your wall one day. But that’s less important than you owning something that has value present to your fellow humans, your friends. You have your friends over in 2038 and your Nyan Cat v1 is projected onto your wall. You don’t think that’s cool? That’s not as cool as having a piece of Van Gogh in you know, 1930 sitting in your parlor? It’s just as fictional and just as real at the same time.

PF Yeah. Okay. Alright. So that part of the economy where non-fungible art assets make sense and can appreciate value like, okay, fine. It’s the same kind of nonsense as that other part of the economy that we like to make fun of around the art market. But yeah, it’s real. Absolutely. People are going to, you know, maybe there’s a crash and Nyan Cat is worth $2. But it’s not worth negative $2. It’s not worth zero, it’s worth something, people are gonna think it’s worth something, that’ll happen for a while. But I’m just sort of like, alright, yeah, but you know, I buy groceries. Just like, you want to get a good sandwich. Like, when are we gonna get there, man, like, everybody talks about I’m going to be grumpy for a minute, every DAP, every distributed app, every DeFi app. It’s just more financialization, like, I look at smart contracts, and it’s just banking. Like, it’s just like, okay, so everybody’s, you know, when do you tell me that this is, here is what the web, let me do it, let me put things online. And then it let me buy books, and then let me buy furniture, and then let me get shoes, and then easily send the shoes back. Those are really good things for me. Overall, they might not be good for the economy or the world at a macro level, but boy, are they great sometimes. But here’s, here’s what I’m getting at, right, which is just like, I’m now in year 3 or 4 of “don’t worry, the decentralized apps are going to be really exciting and motivating. And they’re gonna be really interesting, and you’re gonna see them.” What I see, again, and again, is marketplace apps. I see charts like these are tools that let you do things with Ethereum, and the thing that you can do with the Ethereum is transact and you can monitor the transactions.” And I’m like, but I don’t want to do that, I want to get my shoes. 

TM I think this is a really fair criticism. And I’m actually not here to defend or advocate DeFi or NFTs. I don’t buy any NFTs personally, I don’t participate in DeFi. I think they’re use cases that show an example of what can happen on a protocol like this. And the protocol is interesting to me. And the thinking behind the protocol is really compelling to me. Who cares about the art? Who cares about Aave? I don’t collateralize my loans. I actually think it’s kind of weird, to be on the grumpy side for a minute. I listened to a bunch of crypto podcasts and it’s kind of weird that like finance is the thing that gets everybody jazzed up, like collateralized loans is like the super hot cool thing. It’s like, can’t we find a more interesting use case, to your point, but it is what it is. It’s a real use case that’s happening.

PF VCs love to create markets, they don’t actually want to create new value, they create a new kind of middleman. This is like flawless because you literally upload the code to GitHub and it runs, people start running it in their binding rigs. And now you’ve you’ve created a marketplace without actually having to actually create a marketplace or buyer sellers like those show up as well. Yeah, it is absolute catnip to the like, the ultimate Silicon Valley ethos. 

TM The interesting thing for me is, boy, what a crazy idea. First of all, what a crazy idea Bitcoin was. It’s up there among the craziest ideas, seriously, when you really think about it.

PF Well, I always I think it’s a joke that went out of control, right? Like, it was just like, “We’ll show the central bankers what to think!” It was just like, ha, this will never work. And then it worked. 

TM How prescient the thinking was that went into it. Think of other apps that launched in 2009. How many times have they been revised since then? Every week since 2009. This thing hasn’t been revised in its thinking, once. It’s astounding.

PF It’s essentially a computer virus that went completely out of control carried by a human minds.

TM It also understood the human mind, you know, the whole thing about halving? Do you know what that is? Every four years, the reward structure for Bitcoin mining, which is the thing that powers the network gets halved, it gets chopped by 50%. Right? So the reward structure decreases over time, however, the value goes up, right? So the idea and what naturally happens after having is the price goes up? And what happens to humans when prices go up? They go crazy. They start having FOMO and they start doing what’s happened over the last three months with Bitcoin, which is like Tesla, you know, putting 1.5 billion down.

PF Yeah, I mean, it’s a relatively small subset of humans that are getting into this.

TM Oh, there’s, I’ve been on, I’ve been to two friends houses in the last two weeks, I’ve never had a conversation about technology with and both people one of them said, out of nowhere, turned to me and said, “Tim, I’m sure you know something about crypto, how can you help me invest?” And the other person said, “I want to set up some crypto assets for my son, can you help me?” But wait one last thing about the halving, real quick. The oppression aspect of the having he built that in there because he knew what would happen that the marketing of Bitcoin would be the having prices going up is what markets Bitcoin. He called that out. Yeah, by the way, I’m saying he only because he in the white paper uses the word he, it could be they, it could be she, we have no idea who it is. The fact of think that forward and have it play out the way like, how do you, what product launch has ever done anything similar to that?

RZ Here’s, I think your observation about having an about creating this perceived bump in value all of a sudden is a really valid one. Do you know what Bitcoin and crypto makes me think of? Q. QAnon, and I’ll tell you why. I think when humans need to affiliate, fundamentally, they need to connect with others with like values. 

TM And they want to believe.

RZ And they want to believe but not only do they want to believe Tim, when they fall into that cohort. And they have a shared belief, they defended furiously, because they’re on the same team, right. And when they defend something so furiously, they control the value of that information as far as they’re concerned. And what I see in the crypto world, the investment they’ve made, is not in raw materials, I used to have this belief, this can’t be real, because it’s not based on raw material. Because ultimately, if you peel back the dollar all the way to its roots, it’s oil and wood and and and natural gas. And the raw material for crypto is the same raw material that fuels conspiracy theories. And that raw material is affinity to one another, and that we are willing to crash and burn together to defend that value system. And I think that’s what is at play here.

PF And I think it’s really easy for people to be like, well, there is no gold standard in America. But ultimately, the dollar is referendum but the economic growth into the United States. And you can have all kinds of opinions about that. But there’s been some real growth in the last 50 years, really, it’s not fooling ’round. Yeah, that dollar. The dollar is a big part of that. And so then I get to crypto and it does feel that way. It’s like as kind of pseudo gold. That’s like because the world is made out of lies. This at least will be true.

RZ Well, not only is it true, there is an absolute, I’m utterly fascinated if you sit down with someone who’s all in on Q, and they’re impenetrable. They’re absolutely impenetrable. Like people I’ve seen I saw a report yesterday that was on 60 Minutes. Guys a psychologist knows how to peel back anything, lost his mom. He’s like, I can’t talk to her. I can’t communicate with her and he’s utterly broken. He’s sad and broken because he can’t get through. He’s like my mom is utterly lucid, smart woman. It’s that she has found a marketplace, she has found a social economy that she has latched onto that is more powerful than her son. And that is what this is to me.

TM So let me try to thread a little needle for you, Rich. I think you might totally be right with what you said about Q and I think that might be right for the people defending it as a currency and as a store of wealth who want to get rich. My angle on coming on here and and texting you not last Friday. I’ve been texting you prodding you about this for like six months. Is the underlying technology and the aesthetic of there are no gatekeepers who can tell me what I can do is what the web was before there became a lot of gatekeepers.

RZ It’s a great analogy. 

TM That is what I think is interesting. And there will be versions of things that emerge on this style of thinking that I think are going to be incredibly powerful that hopefully aren’t about collateralized loans, or Nyan Cat GIFs.

RZ Yeah, real value.

PF Alright. Alright. To that end, I want to propose an exercise Okay, you’ve got three extremely Senior Product people on this podcast. Okay, go I put a link in to DAPP, DAPP.com/daps. Okay, let’s all go there on our web browsers. So what is a DAP? Tim, you tell me what a DAP is. 

TM DAP is a program that runs decentralized. It doesn’t run on AWS a server, it runs on the blockchain. It runs on everybody’s computer on the network.

PF Blockchains. They’re the new operating system for how work will be done in the future. They’re decentralized. Very cool. Oh, good. Here’s a listing of all the decentralized apps that I can run. As product people. Either one of you going first. What do you make of this giant list of things?

RZ William Shatner?

PF There is okay. Explain. Because I saw it too.

RZ I think he put out like a lot of still photos of himself as original, like certified digital assets, and started selling them or something. I don’t know what I’m looking at here. I’ll be honest, they all have clever names. And the logos are interesting. And I could see I could tell which ones went to a branding firm and which ones didn’t. But I don’t know what I don’t know what this is.

PF So this is the entry point though, right? So like, well, we talked about this being the operating system, because I’m going to tell, I’m going to talk a little out of school, I’ve probably had 8, maybe 10 blockchain oriented companies come to postflight and saying, Hey, we want you to help us with our app and our platform, very smart people very thoughtful. They’re getting their branding done, and they’re well funded and ready to go. And then they make a little joke, they’re like, yeah, yeah, we’re gonna we’re gonna pay you in fiat. And I go, that’s good, because that’s what we accept. And every single one of them screwed, in the clinch, it’s over, every single time. It’s like meeting after meeting. And I’m like, Okay, these these guys mean it. They’re serious. They really want to get this work done. And our close rate is quite good. Our blockchain close rate is zero. I cannot. And I no longer believe that the problem is Postlight, I think that they think they want product work. But then they kind of get to this messy place, and it doesn’t really work. Anyway, there’s one exception. We did great work for Filecoin through a third party. And I really did like what we did for them, it was about uploading assets into the Filecoin network. 

RZ But that was like a grant that they had or something.

PF It was a small project.

TM Looking at this list back to your product question, and as a product thinker, the first thing that comes to my mind, by the way, also, as someone who came on here to say, this is interesting and worth your mind space is why? Why does this need to exist on a distributed decentralized network? Why? It probably doesn’t. But there are some things that do. Look at BitTorrent compared to Netflix or Bitcoin compared to gold. Surely among all these crazy things going on, there’s a lot of just people chasing a cash out or a dream. 

PF First of all, like gambling makes sense, a gambling product on a decentralized financial network makes perfect sense to me. Whether it’s ethical or not, is up in the air. Different people are gonna have really strong views either way. But there’s no doubt in my mind that that is a sensible application of this overall structure, right? Games, I can see too, probably connected.

RZ Games! We love games. I do think the acceleration that’s happened here is because of the pandemic, to some extent, just as the acceleration of Q of people being isolated and alone and needing to connect happened during the pandemic, but we don’t have to use technology to realize the power of human affinity to one another. Just go look at Liverpool fans. Go look at what it means to wear certain colors and sing a song in the stands at a Liverpool game. And how meaningful that is, for it is their existence. There are documentaries out there about towns in the UK, who don’t have, like this is how they connect, how they connect to each other. It is absolutely necessary for them.

PF Well you know, it’s funny. It’s one of the one of the best reviewed apps here is Socios.com, which is the official fan engagement platform for FC Barcelona, Juventus, Paris, etc. Here’s, let me I can bring this home, I can bring this home. We’re talking about product, right? When you really what happens is this world keeps trying to say, look at all these exciting products, these DAPs, we got it, we got it, we got I don’t know where to install them. I don’t know what they are. They’re actually all either apps, it’s the only thing we really have going here as a protocol, is a protocol that’s working, just like HTTP is a protocol. So I think what Meaney is at here. I think where Tim is—

RZ I think that’s kind of Tim’s point. That’s Tim’s point, which is this is an open protocol to do interesting things as humans.

TM Without a gatekeeper.

PF If you think about the early web, the early web was like, yeah, it’s like, oh, my god, check this out. It’s a lot of little animated hamsters dancing, while the hamster song plays in the background, right? Everybody’s like, “Oh, my God, this is the best thing I’ve ever seen!” right? And then from out of that, now, you got Facebook, and you don’t have democracy anymore. So things are great things work out real good with this stuff. What you’ve got is HTTP. But what’s happened is they’ve skipped all the steps in between, right? So now what remains to be seen? Because I mean, look, I’ve been looking at smart contract software for a long time, it’s hard fail to know what the hell to do. I’d rather just go ahead and put stuff in the database and cross my fingers that I would, you know, try to get an Ethereum, smart contract, right? what you’ve got is a protocol, you’ve got HTTP. And then you’ve got a world that has decided that they’re going to bootstrap, everything to happen with the web is going to happen here. But it’s going to happen without all the intervening steps. And I think what is going to happen, I believe this I do believe this is real, is that all the intervening steps will get done, and some good people and a lot of bad people will make an unbelievable amount of money. There’ll be a couple boom bust cycles, and then it’ll kind of be part of normal life, except when we realize it’s been used to do something terrible, like destroy voting rights, share pornography, you know, or whatever, then it’ll be a huge, a huge discussion again, and again, and again and again. But it feels like yeah, okay. 

RZ That’s the classic story of humans creating a thing they didn’t know where it was gonna take them. And then it goes and takes them there. And next thing, you know, we’re in outer space. We don’t know why, right?

PF What’s interesting about this is that the financialization is built in. And I actually think this is a pathology in our culture that we have to financial is everything because we don’t know how to take care of ourselves. But like, regardless, this one is, this one is like, okay, the web was great, but it didn’t know how to financialized absolutely every single human interaction. So they had to build a analytics platform, and Facebook and Google showed up and they sold ads, we’re gonna do this. But we’re going to build the financialization so that artists can sell their stuff directly, right, and they’ll get all the money or a little tiny bit will be taken off the top, but they’ll get all the money, they’ll get to hold on to it, and then other people be able to resell it, and ownership will be absolutely irrevocable. The world doesn’t work that way. I don’t think it’s exciting. I actually don’t think the world is incredibly super motivated to work that way. I think artists would love to not just get reamed by Spotify every single day of their lives, like, right, like, I think there’s just like, “Okay, can I get a break?” Like, I think people are coming to this going, can I get a break? Or can I get in on the next new thing. But I really do think like, the protocol, Tim’s argument, that this is a protocol is really, really meaningful, because the protocol did blow up the world with the web. But the attempt to consistently jump in, you know what this reminds me of? Remember, like, IBM shows up and they’re like, okay, we’re gonna put the web services languages in here. It’s gonna be like SOAP and stuff. And it all looked like all the old object relational modeling tools that they’d been using before. They just tried to jam whatever had made them a billion dollars before.

RZ It failed! Vistal and SOAP. And I remember I was reading, I read the spec in 2000. And I was like, Oh, I guess that’s the end of the web.

PF I gotta tell you what, I don’t think any of the blockchain people have the stomach to do too much real product work. I think Coinbase does, Gemini, like I think some of the big trading platforms do. 

RZ The truth is SOAP comes out. Microsoft, Microsoft gets behind it, IBM gets behind it. It’s so cumbersome and ugly and bloated. And it’s based on like, this weird offshoot of like corba. And it didn’t go anywhere.

PF Well, it’s XML, just like one of the worst technologies to throw together.

RZ Let me make a case for how it can come together. So failed on the first go, right? But then XML, simple XML through the verbs that power the web shows up, and then it’s got more steam. And then XML is like, Oh, this thing is too busy. How about JSON and it just kept going from there. So Can this be productize? Can this get to a better place? It may be able to. I will say I do like the anti, the centralization poison pill that seems to be built into this because centralization is business in the ass again and again and again, right over and over. It starts right with this glorious story, but it’s kind Straight listing or self destruct before it gets too centralized. I’ve seen people route around that though, right? Like you could argue driving cabs is not centralized. But if you build the experiences around the transactions, you are effectively putting a layer of centralization around it, right? Uber doesn’t control everything, but it controls the interface, the human interface to those cars. So you could argue it’s still decentralized, but it’s not anymore because you got to pay their toll booth, right?

TM Coinbase. Coinbase is an example.

RZ Coinbase is an example. And as a commercial entity, it’s going to be motivated to do what it does. Tim, I’m disappointed because I thought you were going to be a juicy target. I thought you were going to be crazy town. And all in, but you’re as expected. You know, Tim is observing this world. And there are some interesting things happening. But I want to pose a question to you attempt to close this out. If your boss came to you and said, Tim, we’ve hit some bumps. But I got to tell you eight years ago, we bought a lot of crypto, and I’m not going to pay you your $100 a month, but instead I’m going to pay you $200 a month and in Bitcoin for the next year. Are you cool with that?

TM Absolutely. It’s a liquid market. 

PF Yeah, I don’t see that as big risk.

TM If I was going to be paid in some weird art that I couldn’t transact…Bitcoin is just immediately transactable, so yeah.

RZ Okay, I’m going to pay you in Bitcoin futures at 3x value, meaning you have to, they’re locked. 

PF So what’s the, what’s the time period?

RZ Three years.

TM Yeah, three years. It’s the probability of it being higher than today. That’s actually an interesting question. Is Bitcoin higher today?

PF If it’s 3x, who cares? Right. You’re gonna be okay. Here’s the thing I will say, like Ethereum, a lot of conversation. I got 1935 DAPs here listed on DAPP.com and that is not a lot of DAPs.

RZ Hold on, you’re saying DAP, people aren’t going to go to DAP, because they’re driving in their cars. What is DAP? It looks like a list of things, Street Fighter is on there. I don’t know why.

PF It’s an application of the protocol. It’s not really an app you can download, right? Like it is. 

RZ No, but what is it?

TM It’s an app that executes on the Ethereum network and does something.

PF It’s a protocol user, but they call it apps because they want to pretend that this is a real ecosystem. But half the links take you to websites where you can do things and invest, use your codes, and half of them are apps that are somehow connected to it using Ethereum.

TM In the case of Street Fighter, it was a huge NFT launch that just happened with all the Street Fighter art being sold. And they probably raised a staggering amount of money. If you googled what they actually raised, I betcha it’s a big number,

RZ Would you buy a digital art?

TM I’m not into the NFT thing. I’m not into it. I’m interested in learning about it. And I’m interested in the fact that artists are kind of flocking to it. And it is providing a mechanism for artists to make some money right now. I think culturally, there’s a lot of interesting things going on there. And it’s not unlike baseball cards to me, the idea that people collect something, and think it will have future value, which is adjacent to art, I think there’s a lot of raw ingredients that are interesting. But I’m not I haven’t gone down that rabbit hole yet where I’m buying like v1 GIF of, you know.

PF Here’s where we’re at, we got to either nail down the use cases and say it’s for this not this, or everybody needs to stop talking about this being the operating system, because I’m looking through DAPs, I’m gonna say something real stupid to people in the blockchain world, but not stupid to people who aren’t. There’s no word processor. There’s no PowerPoint, like you talk to me about the things I do in an operating system. And I think it’s like these are the things that do to really into blockchains do.

TM Well, let’s get let’s get back to what a blockchain is, right? It’s a decentralized record that’s shared and immutable and permanent. So a word processor in that concept. I’m not sure maybe somebody will make it make sense. Maybe a book in that concept makes sense more than a word processor.

PF If you look, my friends, and I’ve funded them, and I love them at the Brickhouse. It’s an experimental experimental publishing network have published into Ethereum, they’re trying to create, because as a direct response to Peter Teal coming after Gawker, they’re trying to figure out ways to keep permanence on blockchains. Now I get it. And I actually, I really liked that idea.

TM So there you go. So that’s a application of the idea of a shared immutable record that PayPal can’t swoop in, or Peter teal can swoop in and and, and erase it.

RZ So storage of asset. I think this is less about software, like we don’t need the Ethereum to run the word processor. The artifacts, the assets, the art, there is value.

PF The financialization runs ahead of the product decision. So you got this like platform I think that’s really useful. And then everybody financialized is it to death and then they’re like, but check it out with these DAPs it’s like he never did the work. Let’s be clear. This what pisses me off about  the whole thing.

TM The use case. 

PF They got to the billions of dollars in the trillions of dollars or whatever it wherever it is today, right? I’m sure it’ll be worth even more by the time this podcast comes out. But he never did the work in the middle where like you actually need to make a product that people want to use. They’re just like, oh, there’s so much potential.

RZ That’s the Wild West, right? That’s the .com era like we always get ahead of our skis, when it’s a new thing, we always get real stupid. Next thing, you know, Street Fighter shows up. Here’s the case, I think could be very useful, right? Like, the fact that my credit report is stored on I think three agencies is insane. It’s vulnerable. It’s kind of bananas, that my reputation as a buyer, and as someone that may seek credit is stored in three private companies. Each of them have to get checked when I go buy a car, whatever I need to do. Absolutely ridiculous. So is there opportunity there when people pay good money for a credible representation of my credit that’s impenetrable? Absolutely. Like that’s, that’s when I start my ears perked up. But I think right now, I think to Tim’s point, I think people are like literally feeling their way through this and seeing where value lies. And I think people are connecting.

PF I know, it just sucks to me. I love animation. And I like to see what people get up to when they get up to things in a decentralized way. It just feels like we’re having the bubble before we even shipped the first problem.

TM That replays ’99, though, right?

PF No, you’re right. That is and I have said this a lot. The people who were left after everybody went home, sat around, and they literally went each other’s apartments and are like how do we build a better, and they did. And so you know, it’s the easiest thing to me is like, Wow, look at this. Look at that they failed. But No, we didn’t. There was we got a lot done. They were good. API’s are stuff we use every day there is that cohort did change the world. So yes, I believe it, it’s just friends, you got a lot of product work ahead of you. And it’s not just going to be smart contracts. It’s a lot like no one knows how to install this thing. And if you’re in the bubble, you can’t believe how dumb everybody’s being by not jumping up. But most people are just going like, wow, it’s a number that goes up and down. You got to have more product than that, you have to have a product is bigger than the number going up and down. unless you’re an index fund.

TM All really good and fair criticism of what’s going on. My last point is we focused on gatekeepers like PayPal, and like Apple not letting me get my app on. There are other gatekeepers in the world, like your communist government, or some future versions of Earth where the gatekeepers, when you want to do something and your ability to do it over all the computers connected to each other provides you the ability to do that, there is dormant latent value there. But we’re not talking about here that could become really powerful in the future. You live in Venezuela.

RZ This is a great point, I think is Lebanon is having a conversation about this right now. Speaking of which, where the currency has disintegrated effectively through corruption and external powers exerting their own interests over Lebanon’s. And there’s a lot of conversation about it, because they can’t get their money out of their out of the bank. Right. So that broke down.

TM There’s an angle and blockchain again, put the currency to decide which is they cannot stop it. Whoever they is, they cannot stop it. That is a powerful idea.

RZ Or manipulate it, even.

TM They can’t manipulate it and stop it. That is interesting and powerful.

RZ That is interesting. This is a great discussion.

TM So I’m hiring for my new blockchain startup. If you want to join me. No, I’m just kidding. I am hiring at SageSure. Super fast growing awesome, innovative insure tech. So you can always ping me for that, but I’m not hiring for aforementioned. 

RZ Give us an email address.

PF Yeah! How do people reach you?

TM Just hit me up on Twitter, if you’re interested in design, front end engineering, the integration of financial services, in this case insurance with technology. We’re doing some interesting things on some interesting technologies. Hit me up on Twitter, @TimothyMeaney. I’m also at SageSure, Tim.Meaney@SageSure.com and we are definitely hiring pretty aggressively.

PF You might think to yourself insurance technology. I don’t know if that’s the next step in my career. But they’re doing really, really complicated work in the real economy, making genuinely interesting products to help people buy insurance.

TM And we specialize in markets that are distressed where people are struggling to get insurance, usually because of some kind of peril, wildfire, earthquake, hurricane. So there’s definitely some interesting things we’re doing.

RZ A voucher here for the culture and the kind of people that work there. We’ve been working with them from the beginning of Postlight. It’s a great group of people. So we’ll include Tim’s info in the podcast details. Great discussion, Tim. I’m going to—

PF Are you going to buy any? 

RZ You know, for all I know, dude, like, you know, you have these portfolios, which are essentially just like funds, inside of funds. I might already own one. 5% expose.

TM If you own Tesla. You already do.

PF I love going into the socially responsible index fund and just breaking that down. [Rich & Tim laugh]

RZ You have so little control over what’s going on.

PF Exactly.

RZ Tim, thank you. Thank you for opening our eyes here. Fascinating discussion.

TM I can bring it all together. Instead of getting a rare metal watch or a glass little thing from my third appearance, I think you should create some NFT’s and send me one into my Ethereum wallet.

PF Okay. Alright. Alright.

TM Someone else who knows how to do that. I assure you.

RZ I don’t think we can promote ourselves on this episode. I think we just say visit Postlight.com.

PF No, we’re good. Visit SageSure! A Postlight client. That’s right. Yeah, yeah. If anybody needs us, you know where to get us.

RZ We’re also hiring, not to compete with SageSuge. You might be at different points in your life.

PF Or you can come work at Postlight and work for SageSure. You can win either way. Either way. Great time to get in touch. If you’re an engineer, designer or product manager, we would love to hear from you. We’re building a good, friendly, very, very quickly growing diverse team of folks who like this work. So get in touch to tell your friends.

RZ Tim, thank you.

PF Let’s get back to work.

RZ Alright. Have a good week, everyone. 

TM Thanks, guys.

PF Bye! [music ramps up, plays alone for 3 seconds, ends]

Evan Karnoupakis has a brain the size of a planet.

We’ve been friends since high school. After both going to business school for our MBAs – Evan went to Wharton, I went to Babson – we went our separate ways. Evan became an educator, I became an entrepreneur, but we kept in touch at the occasional Nerdy Game Night.

If you read my previous book, Blockchain for Everyone, you know about the “Fellowship of the Coin,” the group of four Tolkien-loving friends who get together for board games and geeky discussion. Evan was one of the four, the “swarthy Greek dwarf” who amazed us with his continually-expanding blockchain knowledge.

So the mythology of our new book – the story behind Blockchain Success Stories – actually begins in the previous book. The first book tells of my risking and losing my company on this new technology called blockchain, and the second book tells how to build blockchain companies successfully.

It seems fitting that Evan – a character in the first book – becomes the co-author of the second. And Evan really is like his character: he’s one of the smartest people I know, with an incredible ability to memorize facts and details, to hoover up vast research studies and instantly recall key points.

But it was a meeting at South by Southwest in 2019 that set this book in motion. Here’s the story behind Blockchain Success Stories.

It was a cold morning in March when I met with Michelle. We were sitting in a sleek hotel lobby next to a glass fireplace, with a barista whipping up lattes nearby. All around us were attendees of Austin’s famous South by Southwest festival, the annual event that brings together creative types from all over the country – along with plenty of record labels, movie studios, and book publishers looking to hire.

Michelle was an Acquisitions Editor for O’Reilly Media, which means she’s the person who makes new books happen. O’Reilly is, of course, well-known for their excellent series of technology guides, which are the industry standard for programmers and developers:

I was at SXSW promoting Blockchain for Everyone, and Michelle was scouting for a new book about blockchain, something more targeted to the business leader.

“You know what would be interesting?” I asked her. “A book of blockchain case studies.”

“Say more,” said Michelle.

“All these blockchain books are so technical,” I continued. “They’re all theory, no practice. I would love a book that just walks through how people are building real blockchain businesses. We could interview leaders from most successful blockchain projects around the world, get their stories, and pull out blockchain best practices.”

I’m a professional simplifier, so I’m simplifying this conversation. The original idea was a lot rougher. Michelle really helped refine the idea behind the book, then shepherd the proposal through the process.

The reason that professionally-published books are generally better than self-published books is because you have this team of incredible experts who have seen thousands of books. They know what makes a good book.

Most of these people get very little credit, maybe a page in the Acknowledgments, but they really spin a writer’s words into gold. It starts with the editor who decides to go ahead with the book.

You’ve heard of angel investors; Michelle was our angel acquisitions editor.

I had never written a book with a co-author before, but Evan had been contributing to Bitcoin Market Journal, and I thought of him immediately. This book would require a lot of research, and I wanted it to be first to market, so we’d have to move quickly. (In the publishing world, a year is fast.)

“Let’s make this a book of blockchain success stories,” I pitched him. “Not just how blockchain works, but how blockchain works in real life.”

“Like case studies,” he offered.

“Case studies! Exactly!” In business school, many classes are taught using the “case study” method. Case studies are typically 10- to 20-page stories about a real-world business problem, seen through the eyes of a company executive or founder. Maybe you’re Tim Cook taking over Apple from Steve Jobs, or maybe you’re the New York Times deciding whether to launch a new digital project.

Case studies are fun to read, because they’re real-world problems—just like real life. Typically they include a lot of data, such as balance sheets and income statements, much of it irrelevant to the story—just like real life. At the end of the story, they leave you hanging, and you’re challenged to figure out the company’s next step—just like real life.

This is why the case study method remains so popular in business schools: because it’s just like real life. You’ve got a messy problem with no clear solution. Best of all, there is no “right answer.” Most professors assign the reading beforehand, then you come to class and present your solution. The only important thing is that you back up your solution with a credible argument on what you would do next.

“Blockchain case studies would be a really useful contribution to this industry,” Evan went on. “We need to see how people are actually building these projects in real life.”

“Each chapter could cover a different use case for blockchain,” I continued. “Digital currencies, collectibles, supply chain…”

“We interview the founders and tell their stories,” Evan offered. “We’re building the stories around this new industry.”

And so it was decided. The gold standard for case studies is Harvard Business School, and we wanted to do case studies with that same level of rigor and quality. At the same time, we wanted them to be fun to read, not a stuffy textbook.

We wanted this book to become the new industry standard: the Bible of business blockchain.

Once O’Reilly accepted our proposal, it was incredible how quickly everything came together. We wrote the first section – What is Blockchain? – to introduce people who are new to the subject. Then we created ten story-driven case studies from leading projects like Binance, Circle, Cardano, Everledger, and CryptoKitties.

Along the way, we had the support and help of the incredible O’Reilly team, especially our outstanding editor Amelia, who helped us polish each story into a shining gem, the entire book into a masterpiece.

If my previous book was a book about failure and redemption, this is a book about success. We’ve come full circle, from trying to explain blockchain to ourselves, to explaining it to the world. We’ve gone from watching the story from the outside, to sharing the inside story.

We’re so excited for you to read it. As it just hit #1 on the Amazon New Releases list for Digital Currencies, we hope you’ll pick up a copy (or two) for the holidays. Click here to buy our new book.

John Hargrave is the co-author o f Blockchain Success Stories: Case Studies from the Leading Edge of Business.