S3 E42 Back to Blockchain

Episode discussion topics

• Today we nerd out and share the latest information we've been following in the growing world of blockchains and the so-called web 3.0 built upon them.
  
• We review what makes up Decentralized Finance (DeFi). Essentially imagine all of the forms of finance that consumers and businesses use on a regular basis today, only with higher returns and no regulation... yet. Literally a digital wild west gold rush that's only available online.
• What it could mean that centralized finance (NYSE in this case) is offering crypto futures starting with Bitcoin. We can imagine Ethereum (MVP promises to pronounce this correctly in the future) will be next in somewhat short order. Perhaps a more solid price floor could be established based on traditional exchange investor dollars. However, that would require some kind of faith because what we know of crypto prices is volatility.
• What on Earth is the metaverse? Massive multiplayer online universes - think World of Warcraft, Destiny, SecondLife - with decentralized ownership and governance and possibly a lot more. Pretty much the opposite of anything that may come from the likes of Meta, a company formerly known as Facebook.
  
• Non-Fungible Tokens (NFTs) are verifiably unique, one-of-a-kind, addresses on a blockchain. These addresses cannot be duplicated within a blockchain. The address can contain a key for many things, like digital art, contracts like property deeds, music, and other file types including programs. The blockchain can be setup to handle all the transactions for change in ownership of these unique addresses and the collection and dissemination of royalties to the creators on every re-sale.
• Decentralized Autonomous Organizations (DAOs) are an embodiment of the beloved decentralized nature of this new blockchain internet of things. These organizations are typically made up of a group of members that is determined based on ownership of crypto coins or tokens. DAOs can be formed for many reasons, some yet to be known, but so far they are mostly responsible for governing change to blockchains over time including financing and implementing upgrades. This includes voting as a community on enhancements, changes to protocols or rules, adding new features, etc.
• Here's a Coindesk article about legislation passed in Wyoming, effective July 2021, that recognizes and provides for registering a DAO as an LLC.
• Calls to Action:
  
  • The best way for many of us to learn is by doing the thing. So if you're thinking about playing with crypto, only spend money you do not need when scratching this itch. Treat it like an unregulated casino. As such, your somewhat least risky move may be to investigate reputable exchanges that service customers in your country.
    
    • As such, your somewhat least risky move may be to investigate reputable exchanges that service customers in your country. Most exchanges has a specific service for the United States due to increased regulatory requirements. Popular platforms include Coinbase, Kraken, Binance.us, Gemini, others.
      
    • However, you won't necessarily control your blockchain keys when going through an exchange. If you want to buy and hold and keep it secure, check out other hot and cold wallets for storing your own crypto keys. Here's a short article from Blockchains101.com.
      
  • Do your research. Some cryptos are born as scams and some become scams over time. Only you can prevent losing your money, so keep your research and your positions fresh.
  • Time will tell, but there is a real possibility that some of these cryptocurrencies will prove to be good hedges against inflation, wars, and other geopolitical happenings that impact national currencies. Web 3.0 may prove to be massively more valuable than our current version too.

Your hosts: Michael V. Piscitelli and Raymond Wong Jr.

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