Sketchy Ideas

Sketchy Ideas Episode 70: Crypto For Common Folk Part 2

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:30  Intro

  • Topic: Crypto For Common Folk part 2

    • 4:00 Sponsors

    • Cream City Marketing
      • www.creamcitymarketing.com
      • Spearity

        • www.Spearity.com

        8:00 Recap of last week and Intro to Mining

        • crypto=decentralized currency
          • Combats inflation
          • Access to build wealth
          • Not controlled by people
          • It is “incorruptible”
          • How to get crypto?
            • 1. You can buy some → it is a tradable asset
            • 2. Sell Stuff → good for small business owners. Can sell goods and services for crypto

              • 12:00 How to get crypto Cont….

              • Buying crypto is like any other monetary exchange
                • 3. Mining

                  • 16: What is Mining?

                  • Mining:
                    • Think about how a credit card gets processed (electronically)
                      • Goes from the store to a central exchange who talks to the bank
                      • Central exchange gets a process fee, bank gets % interest
                      • Central exchange runs data service
                        • All owned by one central exchange
                        • What mining does is takes the central exchange model and multiplies it from a single model to a model for every single person.
                        • *Gif of drawing 17:31*

                          • 20:00 Central Entities

                          • We can buy that equipment the central exchange which is called mining
                            • Blockchain runs this central entity and makes it run smooth
                            • No hacking
                            • Mining comes down to the fact that it can be
                            • “Rather than one entity owning a thousand servers, you have a thousand people owning a single server” -B 20:54
                              • Benefits:
                                • No central bank
                                • Eliminated real bank
                                • Eliminated people in institutions managing
                                • These transactions are less than 1%
                                  • They used to give 3 1/2% to the central exchange and then to the bank
                                  • So as a business owner you want the 1%

                                    • 24: 00 Next Steps after Blockchain

                                    • Wallets → like apple pay
                                    • Store (went from cash, check, credit card, now bitcoin)
                                    • Everyone is wanting to collect that 3 ½% and the bank is realizing they aren’t getting that anymore

                                      • 28:Innovation

                                      • Whole bunch of businesses and some have success and swallow up other businesses
                                        • Same idea now there is a BIG BANK
                                        • The BIG BANK owns the little box in the store
                                        • Mining is one of these innovations
                                        • Since these servers are spread out it is decentralized
                                          • Stores rates don’t go up
                                          • Don’t have to charge more

                                            • 32:00 Fed Reserve

                                            • Fed is in charge of money
                                            • Diff. from federal government
                                            • Federal reserve is not in charge of US government
                                            • Money is not evil or good, it is just a tool -B
                                              • Depends on how you use it
                                              • And who is using it

                                                • 36:Wrap-Up

                                                • Send questions to [email protected]
                                                • More crypto next episode

                                                  • Full Show Notes Here

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