Crypto in Plain English - by cryptohunt.it - Transcripts

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Every day, we explore the world of crypto and blockchain in one minute and in plain English.

00:02:13

Crypto in Plain English - by cryptohunt.it What is a whitepaper? - Crypto in Plain English - Episode 259 - by cryptohunt.it What is a whitepaper? - Crypto in Plain...
What is a whitepaper?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. My name is Christian Byza, Co-Founder of Cryptohunt.it and I am your host of this daily show.

Let’s say you want to learn more about a new crypto currency that was recently in the news.

Quickly, all signs will point towards a so-called whitepaper. The official site will link to it from the very top, and people will tell you to read it.

And then you realize: This whitepaper is confusing, and full of jargon, code, algorithms, and math.

So… what is going on here?

A whitepaper is meant to be a scientific, detailed document explaining in great detail how something complex works.

When Bitcoin came out in 2008, there was just that one whitepaper to explain what it does. But back then, the audience was a different one too: Cryptographers, mathematicians, computer scientists. For them, it made sense to have that level of technical detail.

But why is it that, even today, everyone still points to whitepapers that you and us can’t possibly understand? Part of this is tradition, and part of it is to give the impression of credibility. Because how, after all, could something possibly be bad if it’s got a document full of impressive formulas?

Well, it still can, and those rarely help. In fact, many bad projects hide behind complicated whitepapers.

Next time, give us a try a Cryptohunt instead - where we’ve gone through the trouble of looking at many projects already and break it down the best we can with an independent, critical perspective - just like in this podcast!

You’ll find us at www.cryptohunt.it.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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00:02:13

Crypto in Plain English - by cryptohunt.it What exactly is a middleman and why does everybody hate them? - Crypto in Plain English - Episode 258 - by cryptohunt.it What exactly is a middleman and why does...
What exactly is a middleman and why does everybody hate them?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. My name is Christian Byza, Co-Founder of Cryptohunt.it and I am your host of this daily show.

You’ll often hear that crypto cuts out the middleman, and somehow that is better. But what does that actually mean? Let’s take a quick look at what this means and why this sentiment is so prevalent in the crypto space.

In centralized systems, large players - such as banks and governments - naturally aggregate power. They sit between the interacting parties. That’s what we call a middleman.

To make things more efficient, these middlemen bundle transactions and services under one company or administration. And this often works really well: For example, well-designed laws can protect consumers from bad investment decisions. Or an efficient fraud detection algorithm can save you from the worst when your credit card gets stolen.

But it can go the other way: Governments can decide to act in a way that it harms you. In 2008, during the financial crisis, governments printed money and caused inflation. Or companies can simply decide to take your data and sell it to the highest bidder, like Facebook did.

Decentralization is essentially about cutting out the middlemen to avoid concentration of power. The distrust in these institutions led Satoshi Nakamoto to invent Bitcoin for example. And we can see how that is a tempting world view with everything that is going on.

But always ask yourself: How bad are these middlemen really? And what real value do they provide? We’ll let you be the judge, but the truth is probably somewhere in the middle!

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

--- Send in a voice message: https://anchor.fm/cryptohunt/message

00:02:13

Crypto in Plain English - by cryptohunt.it What is TradFi? - Crypto in Plain English - Episode 257 - by cryptohunt.it What is TradFi? - Crypto in Plain Englis...
What is TradFi?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. My name is Christian Byza, Co-Founder of Cryptohunt.it and I am your host of this daily show.

If you hear enough crypto talk, eventually someone will mention “TradFi”, often looking down on it as something yucky.

So… What is TradFi? Well, another one of those terms crypto people made more complicated than it has to be. It stands for “Traditional Finance” and simply refers to existing mainstream financial system: Banks, Central Banks, Governments - all the things you’ve lived with your entire life.

Why give it a new name then? Because it feeds the “us vs. them” narrative. Traditional Finance is evil, crypto is coming to your rescue.

If you ask us – and you know we are not shy to give you a more balanced view – that’s really the wrong way to look at it. The financial system we grew up in works for a majority of people. Sure - it has shortcomings, especially those disproportionately impact the financially less fortunate. But we will not take crypto mainstream, if we don’t all work together.

So, here’s to TradFi just being Fi and all of us getting along to solve problems together!

Oh, and one more thing: You might not know but we release new fun courses about all things crypto, web3 and defi on cryprohunt every week. Last weekends course about DAOs is my favorite one so far. If you always really wanted to understand what a DAO is - we got you covered now. Just go to www.cryprohunt.it, sign up and do the latest course - it’s all for free.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

--- Send in a voice message: https://anchor.fm/cryptohunt/message

00:02:04

Crypto in Plain English - by cryptohunt.it What is the meaning of “fungible”? - Crypto in Plain English - Episode 256 - by cryptohunt.it What is the meaning of “fungible”? - Cry...
Are YOU a crypto normie? If so, welcome! CLICK HERE to start (or continue) learning about everything crypto! What is the meaning of “fungible”?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. My name is Christian Byza, Co-Founder of Cryptohunt.it and I am your host of this daily show.

You’ve heard the term before NFT: Non fungible token. And just when you thought that crypto people couldn’t make even more simple concepts sound complicated, here we are…

So: What does fungible actually mean, and how does it fit into this context?

Being fungible just means that something is exchangeable for an identical item of the same utility. For example, if a recipe calls for two lemons, and you have a bunch laying around, either two of them can be used in it - doesn’t really matter which.

Another very common example of something completely fungible is a dollar bill. There are billions of those in circulation, and even though they are technically all different items, even with an individual serial number, they are completely exchangeable in practice because all have the same utility: Whether you pay for your ice cream with one or the other doesn’t matter.

You probably saw this transition coming: But crypto currencies are also fungible. One Bitcoin is completely exchangeable for the other.

Which leads us to NFTs… Why are they “non” fungible? Well, because each represents something unique. Out of the 10,000 existing Cyberpunks for example, each is unique, and has a unique value.

We don’t know what’s up with crypto people hiding behind complicated jargon - but let them just feel smart about it. You, meanwhile, can have a good laugh about it knowing that it’s really dead simple afterall.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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00:01:51

Crypto in Plain English - by cryptohunt.it What is a "pump and dump"? - Crypto in Plain English - Episode 255 - by cryptohunt.it What is a "pump and dump"? - Crypto in P...
Are YOU a crypto normie? If so, welcome! CLICK HERE to start (or continue) learning about everything crypto! What is a "pump and dump"?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. My name is Christian Byza, Co-Founder of Cryptohunt.it and I am your host of this daily show.

A "pump and dump" is a type of common crypto scam that preys on people who fall for big promises.

Here's how it works: Someone, or most often a coordinated group of scammers, create or pick a coin they want to make money off.

They all buy in very, very early, and often very few people own most of the coin.

Then the real work starts: They craft sometimes incredibly genius campaigns to convince others to buy in after them. It's not unusual for them to make wild and false claims, promise guaranteed returns, and even enlist or pay celebrities to promote the coin.

As more people buy in, the price goes up. Everyone feels great about it, telling their friends, and more buyers push it even higher.

Once the price hits a certain amount though, the scammers dump their entire holdings of that coin. Within a short period of time, the price collapses. The money essentially just changed hands - from the investors to the scammers.

So, keep an eye out for those. The signs are often obvious: Glitzy marketing sites, big social promotions, etc. When it sounds too good to be true, and there isn't anything obviously useful behind it, it probably is a scam.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

--- Send in a voice message: https://anchor.fm/cryptohunt/message

00:01:40

Crypto in Plain English - by cryptohunt.it What is a "bag holder" in the crypto scene? - Episode 254 - by cryptohunt.it What is a "bag holder" in the crypto sce...
Are YOU a crypto normie? If so, welcome! CLICK HERE to start (or continue) learning about everything crypto! What is a "bag holder" in the crypto scene?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. My name is Christian Byza, Co-Founder of Cryptohunt.it and I am your host of this daily show.

Last week we spent every day on the Etherium Merge - if you did not listen to it - I think you should - we tried to make the best explanation out there! Now, back to explaining some jargon since we did not do this for a while!

A "bag holder", is someone figuratively "holding the bag" when investments go down. It's someone who didn't get out of the market in time and is now stuck with an investment that is worth much less.

Like many crypto insider terms, this one is also one to talk down to people who had the wrong market timing. You'll see it thrown around on social media all the time.

Think of that what you want, but one thing is sure: Investing in crypto is very risky. Markets are volatile and it's easy to lose money. Timing things perfectly is probably just a matter of sheer luck, regardless of what some people claim in hindsight.

So, next time you think about that shiny Lambo you see some crypto influencer drive on TikTok: There are just as many bag holders out there who just don't talk about it. It's a zero-sum game.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

--- Send in a voice message: https://anchor.fm/cryptohunt/message