“Crypto is one of those rare situations where you want to risk more than you’re generally comfortable with.” - Dan Fleyshman (click to tweet)
To understand cryptocurrency means understanding all aspects related to it.
So when someone asks you what the blockchain is, you should have as thorough of an answer as which coins to invest in. How you obtain this thorough education is through continued self-education.
That is why on today’s episode of The Tai Lopez Bitcoin Crypto Mentor Mastermind, we are reviewing this week’s highlights. From Amith Nirgunarthy taking us through the powerhouse EOS to Frank Bernstein predicting the future of Bitcoin, today’s insights span across many different domains of cryptocurrency. In this comprehensive education you will be able to take your investing strategy to new heights. Tune in to start now!
Don’t forget! You can also listen to The Tai Lopez Show on Spotify! Click “Follow” and let me know what you think!
“I would put my Bitcoin on someone creating something better than Bitcoin someday.” - Franky Bernstein (click to tweet)
Points to Keep In Mind
- 90% of startups fail because they run out of money
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- This is not the case with cryptocurrency
- It’s okay to gamble more than you’re comfortable with with cryptocurrency investments
- Don’t take out loans to invest in crypto
- The smartest people can argue the opposing opinion better than their own
- Ethereum was created because it was very complicated to build decentralized applications on top of Bitcoin
- The majority of ICOs (initial coin offerings) are being built on top of Ethereum
- The fundamental problem of Bitcoin is you can only make 7 transactions per second
- Dash is an anonymity-based coin, has a very active code and community
- In India, developers are flocking to Eos for the code efficiency
- There are less politics in Eos than Ethereum
- Quantum computing is the realest threat against cryptocurrency
- Proof-of-stake is where you stake your coins in the validation in the network
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- This is essentially putting your money where your mouth is
- Read The Byzantine Generals’ Problem to understanding the need for mining (how people are incentivized to behave in an ethical/similar way)
- Blockchain is a distributed database that records all transactions that occur across a network
- What the Internet still lacks is the ability to seamlessly transact value
- The trust-network on a blockchain makes it so you don’t need to rely on third parties