will be posting additional articles on the “cryptoculture” FB page
advice from the Cryptocourt
I have had the honor and privilege of being recognized as an obsessive researcher and as such have been bestowed the title of ‘Cryptoqueen’ by those I am investing and advising regarding cryptocurrencies / digital currencies . I am sharing a portion of my knowledge here because I believe the opportunity afforded us in this time is unparalleled -we can remake the broken financial system with responsible fintech that is in alignment with deeper humanitarian values ! I am very jazzed about the whole field and welcome conversations, comments, and recommended resources.
I am not an expert, nor does the following constitute financial advice. I highly encourage you to do personal research and report back !
investing in cryptocurrency :
I started out buying through coinbase which I recommended because I thought they insured coins in case of a security breach or hack (amazingly valuable protection!) but just read a detailed article linked below that the scope of their insurance is very limited. I am doing more research and likely investing in a hardware wallet and may switch to another exchange with lower fees in light of this new information.
For short term trades I recommend the exchange Kraken – their fees are much less than Coinbase. I am also looking into the Bittrex exchange platform for short term trading. bittrex.com
is a scam in my opinion
If you are looking for an overview of the past / current financial systems which helps put the novel and revolutionary nature of digital currencies in perspective I highly recommend the book ‘The Age of Cryptocurrency’
(I’m testing out Amazon’s Associate program so if you use the these links I get a comission – thanks for supporting the creation of organized knowledge!)
If you’re more of a visual learner I enjoyed the ‘Banking on Bitcoin’ documentary (available on Netflix)
coindesk is good for up to the minute news.
Etherium or Bitcoin?
The feeling / sense I get when I consider the two coins that have the largest market cap is that Bitcoin is the ‘first mover’ and so has the name recognition and initial inertia going for it. Bitcoin feels like investing in gold – Bitcoin the type of currency that right now, you purchase and hold onto as the infrastructure and programming is not designed for fast trades or daily use (high fees make it unwieldy to use it to buy coffee or small cost items for example). In its current programming iteration it is not designed to handle the large volume of transactions that credit card companies routinely manage for example. I imagine this is likely to change in the future, but for now the infrastructure does not support this volume of exchange or speed.
Etherium has a lot more flexibility for and the capability for others to build technologies that mesh with Etherium such as decentralized Apps (dApps) and smart contracts. Etherium ability to utilize several programming languages and openness to developers interfacing with their ledger through smart contracts and dApps contributes to both its flexibility and vulnerability (as evidenced by ‘the Dao’ smart contract ‘legal’ hack / swindle). I am behind Ethereum in the long game as the range of application and nimble nature of the technology allows for diversified use.
Altcoins with potential
Monero for complete anonymity
Philosophy of digital currencies / intricacies
“The implications for the foundational logic of our economic systems are quite thrilling: cryptocurrencies represent nothing less than an opportunity to redesign money. This is critically important because fiat money systems have one design flaw that could ultimately prove fatal. Just about every dollar, yen, or euro in existence is created by commercial banks with accompanying debt that must be returned with interest. It is rented out to the population temporarily, until it is destroyed when people pay back their debts with interest. This system leads to both localand international wealth inequality, but it has remained in place for centuries because it honors capitalism’s prime directive: prioritize the production of more capital above all other things. Unfortunately, it is also a driver of climate change and ecological collapse, since the endless reproduction of capital as we do it now inevitably causes depletion of natural resources (we are now overshooting the earth’s capacity for renewal by a catastrophic 64% annually). With such a negative system seemingly locked into place as the planet careens towards one disaster after another, there has never been a better opportunity to create a new system of money based on universal basic income. And since these currencies can be designed with today’s existential challenges in mind, we can do things like strongly incentivize local trading and disincentivize exploitation of distant workers and ecosystems. This in turn has the potential to undercut the logic of cheap, mass-production techniques currently at the heart of our throwaway culture.”
why terminology is important :
“Things got confusing when Wall Street banks got interested in distributed ledgers.
They used the phrase “blockchain without bitcoin,” which misleadingly suggested that blockchains were not only important but more important than cryptocurrencies – even though, without the latter, it was impossible to have the groundbreaking permissionless, fully censorship-resistant, record of transactions that bitcoin introduced.
This new usage had a purpose, of course. It allowed the newcomers in suits to strip the technology of its most disruptive characteristic – the fact that no one could control it – and impose their own control over it. It was a subtle but powerful act of appropriation.” Michael J. Casey
James Altucher advocates a system of Investing in pickaxes and shovels – rather than being a miner in the gold rush, being a supplier of the tools necessary to mine.
in the cue to personally review (not vetted) :
personal reading list : mastering bitcoin
going to read more deeply :
paper wallet info