Blockchain for Everyone with Sir John Hargrave

DragonwolftechTV

Blockchain for Everyone with Sir John Hargrave

In this episode, I chat with Sir John Hargrave. Publisher, investor, comedian, and author of the bestselling book Blockchain For Everyone. You can purchase Blockchain For Everyone at www.blockchainforeveryone.com

Sir John can be found on Twitter at @sirjohnhargrave

For more information please visit Bitcoin Market Journal at bitcoinmarketjournal.com and Media Shower can be found at mediashower.com

Accointing – The Crypto Portfolio Tracking & Tax Solution

DragonwolftechTV

Accointing – The Crypto Portfolio Tracking & Tax Solution

To skip ahead to the Accointing demo, please go to the 12-minute mark of the video.

In this episode, I chat with Alex Lidenmeyer, Co-Founder of Accointing.com. Accointing is a portfolio management and tax tool for cryptocurrencies. With Accointing you can track, manage your crypto portfolio and create tax reports for tax season.

For more information on Accointing:

Accointing.com


Twitter: @accointing


Accointing’s mobile app is available on both the Apple App Store and Google Play Store

Exploring LunarCrush.com The best site for Crypto Analysis in 2019

DragonwolftechTV

In this episode I chat with Jon Farjo, Founder and Chief Product Officer for LunarCrush.com. Jon gives a guided tour of the Lunar Crush platform and shows us the various features available to investors and traders who can use the platform for a broader view of the cryptocurrency space and can then make better decisions on when to and how to trade. LunarCrush.com delivers community insights to crypto investors, funds and exchanges. Through research applications and APIs, get real-time insights that help make informed crypto investment decisions.

HODLing Won’t Grow An Economy

Content Portfolio

Bitcoin and cryptocurrency seem to be at a use case crossroad: Payments vs. Investments. Bitcoin was intended to be used as peer-to-peer electronic cash, as stated in the Bitcoin white paper.

The crypto space has longed for the adoption of cryptocurrency as payment that at Starbucks or McDonald’s.

In a recent earnings call, ICE head Jeffrey Sprecher said transactions are essential to bitcoin becoming a long-term store of value.

“We don’t think that that whole space will be relevant and grow unless there are real use cases, and we do … think that a use case is going to be the digital transfer of value through payments.”

HODL, the popular term meaning to hold your crypto and not sell, has become a mantra in the space. But, how do you grow an economy if no one is spending their money?

A quick look at 99Bitcoins.com will show a list of retailers that accept Bitcoin, and more sites are opening up to altcoins, but if we are not frequenting these sites, what incentive do they have to continue accepting crypto?

Bakkt is developing an app that will allow consumers to buy goods and services with Bitcoin, including Starbucks. Moon (paywithmoon.com) created an extension that helps Amazon.com users use Bitcoin as payment on that site.

So, it’s up to the user whether they will use their crypto to purchase or if they will use it as an investment…or maybe both.

In crypto, no one tells you how to use your crypto. But if the space hopes to grow, we may need to stop holding on for dear life (HODL) and circulate the currency.

Did the U.S. Government Burst the Bitcoin Bubble of 2017?

Content Portfolio

At a recent conference, Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), detailed how the U.S. Government orchestrated the Bitcoin crash of 2017/2018 in an interview with Coindesk.

“We saw a bubble building, and we thought the best way to address it was to allow the market to interact with it.”

Bitcoin in 2017 had risen to a historic high of nearly $20,000.00 per Bitcoin. According to CoinMarketCap.com, on December 17th, 2017, the price of Bitcoin rose to $19,140.00.80; the next day, Bitcoin futures went live. 

In a report by the Federal Reserve Bank of San Francisco. The rise and subsequent fall in the price of Bitcoin were directly related to Bitcoin Futures:

Giancarlo went on to say: “Coming out of the 2008 financial crisis, the legit criticism of regulators was along the lines of: Where were they during the expansion of the real estate mortgage bubble, and why didn’t they take steps to pop that bubble when they could have?”

Today October 23rd, 2019, as Bitcoin faces continued struggles and sits around $7477.75, time will tell how Bitcoin Futures, BAKKT, and the continued hearing surrounding Facebook’s Libra will affect the price of Bitcoin.

Poloniex Closing to U.S. Customers

Content Portfolio, Industry News

On October 18, 2019, Poloniex announced spinning off from Circle into a new company, Polo Digital Assets, Ltd. Poloniex would be backed by a “major” Asian investment group. While the announcement said that this investment group would focus on global crypto traders, those traders do not include U.S. based traders.

Beginning October 18, 2019, U.S. based users will no longer be able to create and setup an account on Poloniex. Then, as of November 1, 2019, trades will no longer be possible, the message advised U.S. users to not deposit funds to Poloniex accounts. Funds will be available for withdrawal through Circle until mid-December, according to the announcement.

Some have speculated Justin Sun, Tron Foundation founder and CEO of BitTorrent was looking to buy Poloniex. This was soon put to rest when in a tweet Justin Sun responded:

I’m not buying anything. Just invest some and help out my friends. Actually I have a huge bag of $BNB, $HT, $OKB etc and bet on all exchanges that support $TRX & $BTT.

8:27 PM · Oct 18, 2019·Twitter for iPhone

Poloniex, founded in 2014, was purchased by Circle in 2018 for $400 million USD.
The Poloniex announcement also includes a Q&A section which you can read here

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What are Stablecoins & Counter-Party Risk?

Content Portfolio, DragonwolftechTV

 

So-called “Stablecoins” have emerged in the Cryptocurrency space; while mass adoption has been a dream of HODLers and Traders alike, the volatility of Cryptocurrency has always been a barrier to that adoption. Stablecoins are intended to deal with that volatility by having the Cryptocurrency backed by a fiat currency, in the case of USDT and TUSD, that currency being the United States Dollar (USD).

The Wikipedia entry for Stablecoin defines this type of Cryptocurrency as Any cryptocurrency pegged to a stable asset, such as gold or fiat currencies.

Why would an investor want to invest in a Stablecoin? Currently, Crypto is in a bear market and with prices down, the promise of a currency that will not the see fluctuations that currencies like Bitcoin, Ethereum, Litecoin experience are an enticing prospect.

I recently received an invite to have a look at hbus.com an exchange that includes traditional Cryptocurrency pairs (BTC, ETH) and Stablecoin pairs (USDT, TUSD). Seems like a legitimate platform, but I wanted to see if any wallets outside of the exchange supported TUSD. I checked Exodus.io’s wallet Exodus Eden and found a listing for TUSD. What drew my attention was there was a note under the listing about Counterparty Risk.

So what is Counterparty Risk and how does it relate to Stablecoins?

According to Investopedia.com, Counter Party Risk is defined:

Counterparty risk is the risk to each party of a contract that the counterparty will not live up to its contractual obligations. Counterparty risk is a risk to both parties and should be considered when evaluating a contract.

Read more: Counterparty Risk

Other Stablecoins that could be said to have this Counterparty risk is the Petro of Venezuela which is pegged to the New Bolivar and the country’s supply of oil.

The Exodus support page notes: Digital assets that are tied to real-world commodities or Government-issued fiat currencies are good examples of assets that carry counterparty risk. These assets are dependent upon a company holding enough of a given currency or commodity to “back” the digital currency in circulation. The risk inherent to such a model is that the company issuing the digital asset may not actually own or control the real-world asset to back the digital counterpart.

So the question that investors will need to ask themselves is are Stablecoins any better than a credit card? Is the reward of a moon shot worth the risk of having currency tied so close to the fiat world. Considering the whole point of Cryptocurrency is not to be involved with fiat, does it make sense for investors to bother with Stablecoins but we may have to deal at some point with Stablecoins if mass adoptions is ever likely to happen. Stay Tuned.

How to get started with Cryptocurrency

Content Portfolio

So you’ve decided to invest in Cryptocurrency but don’t know how or where to begin, follow these steps to make joining the Cryptocurrency movement as smooth and possible.

1. You are going to need an account on one of the Cryptocurrency Exchanges: Coinbase, Bitstamp, Gemini, Kracken are some of the most popular. It takes anywhere from a few hours to a few days for the verification process. Some exchanges, like Coinbase will let you sign up through their app but the verification time can take just as long. Using a bank card tends to be faster than adding a bank account, also keep in mind that some banks frown on sending money into an exchange and may block transactions, search online for reviews and see what issues others who use your bank may have had.

2. You will need a wallet: Unless you plan to day trade or jump in and out of the market, you are going to need a place to store your currency once your purchase it, it is advised to not keep your currency on the exchanges, putting it in a wallet whether online or off will keep your money safe and accessible to you even if the exchanges go down. Exodus, Jaxx, Loaf, Bread and Toast to name a few are popular online wallets that can be downloaded to your desktop or phone. When you set up your wallet, you will be given a security protocal, it will either be a twelve word recovery, a two factor authenication (maybe both) or a pin number. It is extremely important that you write down or print out the twelve word recovery and keep it in a safe place as this could be the difference between a happy experience in crypto or a miserable one. Do not lose this list.

3. Once you have your exchange account and your wallet, now comes the fun part…buying your currency. Don’t let the price of these different currencies frighten you. While one Bitcoin cost (at the time of this writing) over $17,000.00 per coin, you can buy a portion of the coin. By entering the amount you want to purchase, for example $20.00 worth of Bitcoin, you can buy the equivalent amount of Bitcoin or the currency of your choice.

Side Note: Please keep in mind that buying and selling cryptocurrency will incur fees. Coinbase for example, while easy to use is notorious for having high fees. Also, some wallets like Exodus will have fees for transfering out of your wallet so the choice of wallet is important if you want to minimize fees.

4. You will be responsible for making sure the current send/receive codes are used, it would be a good idea to copy and paste the code instead of typing it out, also copying/paste protects you in cases where the code changes from one use of the wallet to the next. Because there are no many wallets out there, there is no way to fully explain how to use them, you will have to do your own research.

Side Note: Unlike traditional investing, cryptocurrency is the wild west of investing, with few exceptions there is no government oversight as we are dealing in decentralized currency that are volatile and trades on a 24/7 clock. You will be responsible for your own research, your own trading habits and you own investment ideas. Getting into the cryptospace is exciting and you can be easily lead into scams and schemes, before investing do a quick Google search to see what others have to say and stay away from get rich quick schemes. Some are more apparent than others.

A last word of caution: Only invest what you are willing to lose.

Helpful Links:

Exchanges:

Coinbase

Bitstamp

Gemini

Kracken

Wallets

Exodus Wallet

Jaxx Wallet