Tag: dash digital cash

Bitcoin over 9000: Lock in profits! – Episode 184

The Story: Why to sell cryptocurrency when the price is exploding

Bitcoin is over $9000 USD and people are going bananas. In cryptocurrency discussion groups, there are rumours that mass adoption is finally taking hold, that everyone’s grandma is buying BTC, or even that the dollar is crashing against Bitcoin. Meanwhile, using cryptocurrency remains more difficult than programming a VCR, and addresses continue to look like computer errors. Mainstream interest has piqued, but as long as the user experience remains poor, mass adoption is unlikely.

Nevertheless, people in the community are going crazy over the rise in price. It’s tempting to believe it will go up forever, a mistake many have made in markets and paid dearly for it. The longer the mania over the price continues, the more likely a correction – but nobody can say exactly when, how, or how much.

As many have made small (or large) fortunes in this market, and people are so hyped, that’s a sign that now is the time to be prudent, and to consider how much of your net worth you really want to have sitting in volatile space age Internet nerd money. Times like these can be good to put some money into more stable assets, such as cash, or perhaps precious metals. Selling small amounts at a time means you can be adaptive to changing market conditions – remaining open to selling more if the price keeps going up, and having the chance to buy if the price slips.

Life is about risk management. You can’t make the perfect move, but you can be flexible enough to prepare for different scenarios, and you certainly can be humble enough to see the possibility of different scenarios. Nobody knows how high Bitcoin or other cryptos will go, and nobody knows when it will crash. Accounting for the lack of knowledge is the beginning of wisdom.

Disclaimer: Nothing in this article or video is intended to be financial advice. I don’t want to tell you what to do with your money and I don’t know what you should do with your money.

The Eps:

Bitcoin, Dash and digital currency for beginners – Episode 181

Infiltrators: Bitcoin Paranoid – Episode 162

Dash vs Bitcoin: which will achieve mass adoption first? – Episode 154

The Cash:

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The Episode:

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Bitcoin vs Dash – Bitcoin mental blocks: SegWit & UX

A lot of people left comments on my videos saying “If SegWit comes in…” “Just you wait and see if Segregated Witness comes in…” What they don’t get is, that’s a huge “if”. The problem isn’t just that there are unconfirmed transactions now… the problem is, we have no idea how or when the solutions will be implemented. That is the real problem, and Bitcoin maximalists have a huge blind spot for that. It seems to be because they’re only thinking about Bitcoin in terms of the technology, not in terms of the human factors – the governance, the politics. It’s as if they say “Well the technology exists so it’s all going to be fine.” And when you ask “How is that tech going to be implemented?” they say “the technology exists so it’s all going to be fine.”

You also see this flavour of thinking when it comes to user experience. They say “I don’t care about having to copy and paste a Bitcoin address” Or they bring up QR codes. It’s true, QR codes give an improved user experience compared to long confusing strings of characters that make up Bitcoin addresses. However, QR codes pose their own problems. I’ve often been on the web looking at a QR code thinking, what am I supposed to do – point my phone at my monitor? That just seems weird. If people had to scan a QR code to get to Google or Facebook, the web probably wouldn’t be as popular as it is today.

If you want a service to get popular, you have to extend your empathy, imagine yourself in the shoes of a complete noob and try to feel what they would in that situation. If you get caught up thinking “I’m comfortable with this (so I’m sure everyone else will be too),” you’re confining your tech to be used by an elite few.

 

Dash digital cash vs Bitcoin: Which will achieve mass adoption first? – Episode 154

The Story: Bitcoin & Dash – User experience and governance in cryptocurrency

Bitcoin is an amazing technology that captured the imaginations of many people. Various individuals were stunned at the idea that mathematical algorithms could form the basis of our money, rather than central bankers and corrupt politicians, as is normally the way today. People were seduced by the idea of sending value around the world in a matter of minutes, a currency uncontrolled and uncontrollable by authority, and sending micropayments to websites to read their articles – instead of having to tolerate clickbait content beholden to advertisers. Bitcoin has delivered on some of those promises, however, it’s 8 years on and it still seems to be far from mainstream adoption.

If we take a step back from the hype and the dream of Bitcoin – still alive in the minds of many of us – we can see that Bitcoin has a few key problems. The main problem is, it’s too hard to use. People have to use long addresses which look like computer errors, to know the right transaction fee to send their cash or risk their transaction being at the back of a queue of 80,000, they have to generate new addresses for security, make paper wallets or buy a Trezor if they really want to be secure – and if they lose their wallet, or get hacked, they might just lose their life’s savings. Does that sound like a currency which is ready for mass adoption?

Now, I don’t know any digital currency which is ready for mass adoption – but I do know one which might be close. Dash “Digital Cash” is a currency which started in 2014, and the team is actively working on the problem of user experience, devising a system where people can log-in from any computer with a username and password, send currency using something like looks like a name, have their money secured while still retaining control, and not worry about losing their retirement fund just because they misplaced their private keys. Even now, Dash has the functionality of instant payments, and of private payments.

In this short episode, Kurt presents the case of why Dash might reach mass adoption before Bitcoin. Join me in another paradigm-shattering, central-banker-unseating, digital revolution episode of … The Paradise Paradox!

The Links:

Bitcoin vs Dash – which is the currency of the future?

Why aren’t we seeing greater adoption of cryptocurrency?

Bitcoin’s bubble vs Dash’s killer app

Dash.org

The Cash:

If you enjoy our posts, please have a look at The Paradise Paradox’s page on Steemit where you can join, earn money, and upvote our posts to help support the show! You can also find a lot of additional content which is not posted on this site, with Kurt’s posts on Steemit and Aaron’s posts on Steemit.

We really appreciate all of your contributions! Every cent and satoshi we receive lets us know that we’re doing something worthwhile, that you are entertained by our program, and that you’re starting to question what you know more and more. Please be generous. Donate to The Paradise Paradox. Or buy some stuff on Amazon using this link. Or buy some of our great T-shirts here.

The Episode:

To download the audio, right click and press “save as”.

Remember to subscribe on iTunes or subscribe on Pocket Casts.

If you enjoyed the episode, don’t keep it a secret! Feel free to share it on Twitter, Tumblr, Facebook, Reddit, or your office bathroom wall.