Understanding Crypto (Phonic Media)
Explore every episode of Understanding Crypto
| Pub. Date | Title | Duration | |
|---|---|---|---|
| 19 Jun 2022 | Are Crashing Crypto Prices Sending Retails Investors Running For The Hills? | 00:36:16 | |
In this episode of Understanding Crypto James Burtt and Paul Abercrombie discuss the most recent developments in the world of cryptocurrency. Celsius, a crypto-based financial institution, is on the verge of filing for bankruptcy, adding to the market's turbulence. Paul laments this development while contemplating on the technology's original purpose. He says, "This technology should only be used if it improves or provides a better option than what is now available." Celsius and several DeFi organisations, on the other hand, are supposed to provide a viable alternative to the centralised banking system, but are essentially banks camouflaged as cryptocurrency exchanges.
Centralisation in Disguise The cryptocurrency market is incredibly volatile; this is aided by mass liquidation of digital assets by scared investors. “This is a full-on crypto crisis of epic proportions!” Paul laments. Though the decline began with Luna, it has continued and was recently exacerbated by the collapse of Celsius, a cryptocurrency-based financial institution that provides crypto-based loans. The current crash, according to Paul, is the result of two compounded losses experienced by the company with Stakehound, and a hacking issue with the Badger DAO. All accounts have since been frozen, a marker of centralised operation which goes against the tenets of Web3 decentralisation. James states that institutions such as Celsius publicly promote decentralisation by utilising web3 tools to gain access to a different layer of transparency. "The way these organisations are potentially structured,” says Paul, “and the backers of those organisations, the VC backers are most likely financial institutions." Celsius, purportedly created to rebel against mainstream banking systems, approaches a huge centralised bank for assistance, which Paul finds is the ultimate irony. He also warns current investors who are hoping for a payout package that it may not be forthcoming. [Listen from 1:14]
The Crash of Celsius Though the DeFi institution's ideology and structure is admirable, James points out that real banks provide a level of security that DeFi institutions cannot surpass. Paul argues that, while Celsius did implement safety guidelines, it was their promise of high returns to investors that may have been the real cause of the current crisis. He wonders whether suitable systems were in place to produce the high yields projected. Due to a lack of restrictions in Web3, these institutions continue to deceive investors. While banks are obligated to present tangible documents in order to issue loans, the crypto market's absence of regulations makes this impossible. Presently, Celsius has frozen accounts without declaring bankruptcy and investors remain powerless without regulations protecting their interests. “If you can't access an asset, it's not an asset,” says James. [Listen from 11:08]
Web3 Loyalty After the slump, only the loyalists have remained devoted to crypto, and their enthusiasm has not waned in the least. However, considering the potential of blockchain technology, Paul and James are mystified as to why these challenges persist. Paul emphasises that DeFi, blockchain and crypto are conceptually different, but they may overlap. He maintains that Celsius' problem is specific to DeFi institutions; this doesn’t negate the fact that blockchain technology is the true Web3 breakthrough. Paul compares blockchain technology to a web2 version of Windows 10, to highlight the intersection between blockchain technology and DeFi institutions. “[In a] decentralised network the computer can run in perpetuity …whereas in a centralised network somebody can stop the system from running,” he explains. Celsius accomplished this by disguising a centralised system as a decentralised one. "DeFi is just one solution that is created on the blockchain, so when people say that crypto is dead, this is wrong, because Defi is only one program that sits on the blockchain," he argues. James uses the developments around their creator coins as an example of how they, too, have been influenced by market instability. He claims that despite the present atmosphere, their coins have maintained their initial value due to the community's dedication. [Listen from: 21:14]
The Way Forward Because their community has linked technologies, Paul believes they have been impacted by the crisis. He hopes that by implementing technologies in the future, they will be able to protect their community against future repercussions. Paul believes that token gating, which offers members voting access and utility, would be beneficial to their community. They've been using Rally to issue these creator coins for their business, and he adds that if this bridge is burned down, it will have a direct impact on their community. He does admit, though, that risks are unavoidable. In spite of the perceived stagnancy of the market, there are new developments within the space. [Listen from: 28:51]
Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 29 Jun 2022 | What Is The Metaverse? | 00:31:12 | |
In this episode of Understanding Crypto James Burtt and Paul Abercrombie discuss the misconceptions, possibilities and present utility of the metaverse. Paul defines it as a subsection of Web3 and shows its current use in gaming applications such as Roblox, Fortnite and Minecraft. The metaverse has limitless potential, but Paul thinks its major drawback is the lack of inter-portability between platforms. If this is fixed, he thinks, the technology might become mainstream. Both Paul and James admit that both Gen Z and Gen Alpha generations have become naturalised citizens of the metaverse leaving millennials behind the curve.
The Metaverse According to James, the word metaverse has been used interchangeably with Web3 and blockchain. He emphasises that the metaverse is neither Web3 nor Blockchain, but rather a part of it. James compares the earth to a blockchain and the metaverse to a collection of isolated continents. Despite popular belief, Paul says, the metaverse is not a new concept and is already a significant aspect of the lives of Gen Z and Gen Alpha. “We’ve got two generations Gen Z and Gen Alpha that have grown up natively hanging out in the metaverse. They're talking to their friends, meeting their friends and having birthday parties within these games.” They freely purchase and spend digital currency on digital and real-world products. Paul laments that millennials are lagging behind and expects that it will eventually become mainstream commerce. As such they encourage business owners to be aware of their marketing strategies. While social media platforms are the marketing space for millennials, Gen Z and Gen Alpha use metaverse platforms like Roblox, Minecraft and Fortnite in the millions every day. [Listen from 2:03]
The Present Reality Metaverse users frequently spend their cryptocurrency to purchase digital goods like skins and other accessories. Paul and James believe that the metaverse will house various digital offices and other innovations within the next ten years. “If you look at the way that trends are going, those generations are already living every single day at some point in the metaverse.” In the Decentraland metaverse, for example, users have bought land, while real-world brands have launched products in virtual shopping malls that can be delivered in the real world. They both agree that the Metaverse has boundless potential, but Paul believes its one flaw is the lack of platform inter-portability. He believes that if this is corrected, the technology would become mainstream. James, on the other hand, believes that some millennials might be opposed to efforts to mainstream. Older generations had reservations about online shopping a decade ago, Paul responds; he doesn’t think that their objections will ultimately halt the metaverse’s progress. [Listen from: 10:41]
The Metaverse is Here Paul discusses his concerns with buying digital property. “I'm not a firm believer of buying land in the metaverse, because I think it's too early and nobody knows what these platforms are.” He does, however, understand why huge companies have decided to purchase commercial property in the metaverse in anticipation of rising consumption. Facebook chose to change its name and build a whole metaverse platform in an attempt to attract the younger consumer. This is a blatant sign of current trends, Paul argues. “This is here already,” he remarks, “it's not coming, it's here already. It's just our generation of people are not using it.” James and Paul admit that their early reservations about the metaverse put them behind the curve, but their own investigations have revealed the technology's promise. They intend to continue demystifying the Web3 industry as they continue to make use of blockchain technology, as seen in their Clubhouse creator coin and ongoing NFT project. [Listen from 23:49 ]
Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 30 Mar 2022 | Crypto Asset owerships | 00:29:54 | |
In this episode of Understanding Crypto, James Burtt and Paul Abercrombie talk about how cryptocurrency is fueling the decentralised economy in the new world. Crypto is an attractive alternative to traditional investments because it is decentralised. James and Paul discuss one way crypto can protect your wealth; they also share real-life examples of what is happening all over the world as cryptocurrency continues to expand and become more accessible to people from all walks of life. How Did We Get Here? “What a world we live in!” Paul exclaims. “People are having their boats taken off of them, their planes stopped on airfields, their assets frozen and their houses taken off of them.” These government sanctions could be for the right reasons, but may equally be for wrong ones, both hosts point out. The current issue of Russian oligarchs’ assets being frozen, seems to suggest that democratic governments are resorting to ‘backdoor’ tactics to fight dictatorial leaders. The Canadian government also froze hundreds of protestors’ assets “because it didn't line up with what they perceive to be the right thing to do.” These sanctions appear hypocritical and have serious moral and legal implications. “It was acceptable for [Russian oligarchs] to bring their money into the country to buy the asset,” Paul comments. Millions of pounds were put into the economy by their trade. How can the government now look askance at these same people? Is there proof that they’re directly connected to Putin, or is it all just propaganda? How did we reach the point where we seize people’s assets because we don’t agree with how their wealth was generated in the past, or because they have links to someone we disagree with? Paul and James applaud Prime Minister Boris Johnson’s response that sanctions against individuals would only be put in place when evidence proves that they should be. [Listen from 2:00] Beautiful, Decentralised Crypto Current events are opening up an interesting debate about decentralisation and crypto in general, Paul says. Nations states have tried to ban their citizens from using crypto in the past through regulations and legislation. However, he continues, “You can't actually ban an individual from transacting with crypto because it's a decentralised asset. That’s the beauty of it… It's very hard in a practical term to actually ban a user from using crypto because the argument is… that crypto could be used to circumvent the sanctions, that it could be used to move value around the world.” Some people are calling for banning Russian crypto transactions. The only way that can happen is to limit their access to exchanges, but there’s no way to stop private peer-to-peer transactions. In any case, Paul and James argue, this goes against the very principle of a global decentralised network: it’s not really decentralised if someone can switch off another person’s access. “It doesn’t sit right with me to say that a nation state should be banned from transferring crypto assets,” Paul remarks. [Listen from 15:25] Is This a Democracy or Not? The Canadian government recently froze the assets of hundreds of their own citizens. The reason these Canadian citizens were seen as threats? They were truckers protesting COVID regulations. Their protest action effectively halted Canada’s supply chain, and this infuriated the government. Prime Minister Trudeau’s response was to invoke the Emergency Act for the first time in history. This gave the government and law enforcement sweeping powers to go after these citizens’ finances. Paul points out the painful irony: “So basically we live in a democratic world until they don’t want us to… If we can't stop you on a legal basis with cops on the streets, we will take your assets.” [Listen from 19:22] Protecting Your Crypto Assets It’s no wonder more and more people are seeing cryptocurrency as a safe and viable way to store and protect their wealth, James and Paul argue. Storing your crypto in a hardware wallet is the safest course of action because no one can take it away from you unless they steal your hard drive. You can take that hard drive anywhere in the world and have access to your crypto assets. “It's theoretically impossible for them [governments] to prevent or freeze or take crypto digital assets away from somebody if they're stored and looked after in the right way,” Paul comments. Two things worry the hosts, however:
Crypto and Bitcoin have made significant strides, and there’s still a long way to go towards mainstream adoption. False narratives and repressive sanctions would hurt us all in the long run. [Listen from 22:15] Key Takeaways:
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 24 Apr 2022 | What is a Decentralised Autonomous Organisation aka DAO | 00:32:51 | |
James Burtt and Paul Abercrombie are peeling back the curtain on DAOs in this week’s episode of Understanding Crypto. They explain what DAOs are, how they work, as well as the pros and cons. You can also learn how to add a DAO to your business if it’s right for you. What’s a DAO and how does it work? A DAO - Decentralised Autonomous Organisation - is “an organisation represented by rules encoded as a computer program that is transparent, controlled by the organisation members and not influenced by a central government,” says Wikipedia. It’s a similar idea to a traditional co-op or social club, Paul explains, where community members get together to achieve a shared goal. There’s no hierarchy or centralised leadership in a DAO, as it’s a member-owned society designed to be a safe space for people to collaborate while remaining anonymous. It’s also a safe space for people to commit funds to, as the business entity exists within a smart contract on the blockchain. Members are given rights to the business through governance tokens or NFTs. Usually, the more tokens you own, the more voting rights you have. [Listen from 00:46] A DAO can have its own crypto wallet and address, which makes it very much like a bank account. This forgoes the lengthy bureaucratic process of opening a traditional bank account, Paul tells listeners. “The DAO can be responsible for a wallet address which is the treasury, and whatever the collective cause is, people can contribute their funds. So whether that's buying the tokens and the money from the sale of those tokens or the cryptocurrency from the sale of those tokens that's generated, goes into the shared treasury or the shared wallet and then the community can vote on how that money is spent or used,” he comments. As such, a DAO facilitates a community’s ability to fund their project quickly and effectively. Recently people created a DAO to purchase a copy of the US constitution. They were able to raise $20 million in a fortnight. Another famous example of a DAO is Friends with Benefits. People are coming together from all over the world, pooling their assets to deliver on a greater promise, through DAOs. [Listen from 7:28] Tearing down barriers Many crypto projects and businesses have some DAO elements built into them. For example, a group of software engineers from around the world may work together, but would be unable to open a bank account to receive payment because they cannot prove beneficial ownership. A DAO tears down these cross border payment barriers, as payment can be made in crypto to the DAO wallet. [Listen from 12:32] A normal business hierarchy is like a pyramid, where the leader makes decisions that filter down through the business. A DAO has a flat structure by contrast. “You have a flat level of hierarchy where no one person is in charge; the collective vote is in charge, the collective vote of the community decides on the direction,” Paul remarks. “When a vote goes over a certain level it triggers the decision [based on the rules and structure put into the smart contract].” [Listen from 13:57] Pros and cons of DAOs “Not every business can operate as a DAO,” Paul advises. In a traditional business the founders would expect to be financially rewarded for building the business. There’s no clear way to do this in a DAO as it by nature is decentralised and no one person has sole governance. The money raised from token sales is locked in a liquidity pool and the community votes on how it can be used. If the smart contract is not set up in the right way, you can find that you have little control over the organisation’s direction, even though you founded the DAO and put in hours of work to make it successful. [Listen from 15:40] On the other hand, Paul points out, charities and not for profit organisations can adopt the DAO structure with few issues. In fact, using a DAO would help them circumvent lots of bureaucracy and mobilise quickly. “Blockchain has removed a lot of friction and the concept of the DAO and the structure of how they work, I think will be a big one for 2022, and you'll see more of these popping up,” Paul predicts. [Listen from 19:08] Paul mentions several key points to consider about DAOs including:
[Listen from 20:58] Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram Episode 4: Layers of Blockchain Wikipedia: Decentralised Autonomous Organisation | |||
| 06 Jul 2022 | The Unbelievable Opportunity That Communities and IP Rights Holders Have In The Web 3.0 World with Zebu Co-Founder Harry Horsfall | 00:53:09 | |
In this episode of Understanding Crypto we are joined by Harry Horsfall, Co-Founder of specialist Web 3.0 agency Zebu.
Harry is someone who has been involved in various crypto projects for the last 10 years - and as he shares in this episode, a decade in crypto is like a lifetime elsewhere!
CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject
In this show, he shares how he started in traditional marketing before finding his love and passion for the world of the Defi economy and all the opportunities it presents. He talks about the launch of his agency - which stands at 50 people strong in just a year - and how it was a natural progression from the consultancy that he was already doing as crypto brands needed massive levels of support on taking theoretical ideas and converting them into real-world activations.
Harry also talks about his excitement around the launch of their 2nd live in-person event, Zebu Live and exclusively announces Steven Bartlett as one of their top headline speakers.
In the show you will learn:
Connect with Harry on TWITTER
Find more details about ZEBU LIVE
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life.
In this show, your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more.
Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible.
CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject | |||
| 06 Apr 2022 | Our First Experience Of Being Crypto-Hacked | 00:27:29 | |
Paul Abercrombie and James Burtt can’t decide if scammers stealing your crypto is more painful than losing it yourself. They’ve had both happen - within days of each other! - and now are sharing the £500 lessons they learned so you don’t make the same mistakes. This episode of Understanding Crypto will teach you how to recognise and avoid common scams and how to protect your digital assets. How to Get Scammed Paul and James recently minted their own social token on the Polygon network and are in the process of building out corresponding assets including a Discord server. They chose Polygon, an Ethereum side chain, for its faster processing and lower gas fees. Paul says he needed to make some adjustments to the project on Polygon, and this usually requires you to connect your wallet. Since he was using a new computer, the Polygon wallet URL wasn’t saved in his browsing history so he searched Google to find the web address. “Without looking and paying too much due diligence,” he relates ruefully, “ I just clicked on the first link that came up on Google and the page popped up and it looked exactly like Polygon.” He connected his wallet and saw an error message which he dismissed as inconsequential. I’ll just check it again tomorrow, he told himself. The next morning he logged in and realised that all the ETH in his wallet was gone! £150 worth! Further investigation revealed that his crypto was moved to another wallet. He also realised where he went wrong: the ‘Polygon’ site he connected his wallet to was fake. “The actual web address for Polygon’s wallet is wallet.polygon.technology. …The one that I had clicked on - which turns out was actually a Google ad that had popped up at the top of Google - …was wallet but instead of two Ls it was W-A-I-L-E-T…” [Listen from 2:29] How to Scam Yourself Realising that they had been scammed sent Paul into risk management mode. He kept thinking about the million social tokens sitting in the wallet and how to protect them. The best recourse, he thought, was to move them to a new, clean wallet. They also had about £350 worth of wrapped Ethereum on the Polygon network that he wanted to secure. He created a new account in MetaMask and sent the crypto there. Then, to protect himself - or so he thought - he deleted the original MetaMask Chrome extension and reinstalled it. He entered his seed phrase to get into the original account, but the new account had disappeared! Instead of creating a sub-account, he had created an entirely new main account, which needs its own seed phrase to access. Since he didn’t have that seed phrase, he can never access that new account and neither can anyone else. “So basically I then scammed myself by sending the remaining £350 of value that we had sitting there … from the account - where it was probably perfectly safe - to a new account that I've created, which we haven't got the passcode for,” Paul tells listeners wryly. [Listen from 9:52] £500 Lessons Paul and James know that some of you may enter into the world of crypto because of this podcast, so they feel duty-bound to educate you about the pitfalls and scams you can fall prey to if you’re not careful (and even if you are!). Here’s what they want you to learn from their painful experience:
[Listen from 13:25] Decentralisation has its Downsides This podcast has extolled the benefits of decentralisation for good reason. Like everything else, however, decentralisation has its downsides. That there’s no helpline to call when you have crypto issues is a big one, Paul and James agree. Throughout history there have been cycles where centralisation and decentralisation have been favoured, but the ideal scenario is most likely a balance of the two. Paul says he is all for decentralisation, but wallet providers need to be better onboarding to help their clients protect their digital assets. [Listen from 20:37] Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 14 Aug 2022 | How NFTs Combat Counterfeiting | 00:20:06 | |
In this episode of Understanding Crypto with James Burtt and Paul Abercrombie, they discuss NFT use cases to prevent counterfeiting and protect commercial supply chains. Both James and Paul agree that corporate NFTs are the business model of the future. James contends that the current system, with all of its inefficiencies, continues to benefit the corporate world. However, Paul maintains that blockchain technology can help with a number of time-consuming processes.
NFTs to the rescue!! Counterfeiting is a major product-based infringement which can be remedied by blockchain technology. There are many NFT use cases that can ensure that business supply chains are not compromised. Paul reminds listeners, "NFTs are not just about speculative profit, it's about solving a real-world problem using the functions of a smart contract." Presently, some companies are pioneering this real-world functionality by using NFTs to track and verify the authenticity of the parts before assembly. Paul adds, "You will find a world where your normal financial environment will contain not just your bank account but your crypto assets and your digital assets in one place." [Listen from 3:05] These NFTs, referred to as corporate NFTs in the business world, are intended to replace the continuous paper trail that historically accompanied corporate financial transactions. James says that he agrees with this move because "It's probably five or six different handover points and everyone is using a different system. When you think about it, they’re actually relying on trust." However, there are frequent violations of trust in the high-stress fields of motor, aviation, and marine sports that make supply chain management very challenging. As a result, the use of counterfeit parts is widespread. They both argue that this can be changed. However, the majority of people generally view NFTs as investments, even though they have several real-world applications that could help the industry. [Listen from 8:45] If business owners are able to use NFTs in innovative ways, James believes that they can shift the language surrounding the technology. On the other hand, Paul presents an opposing view that explores the resistance to the technology because the current system continues to be profitable for the corporate world. Using the construction industry as an example, he explains that many time-consuming practices can be solved with blockchain technology, but the old system pervades. Both Paul and James agree that corporate NFTs are the future. "With non-sexy use cases of NFTs, you're not going to make a million quid by buying one of them, but it actually solves problems." [Listen from 16:48]
Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 16 Mar 2022 | What Is A Digital Wallet? | 00:34:27 | |
In this episode of Understanding Crypto, you will learn how to set up a crypto wallet. Essentially, your digital wallet is much like your real-world wallet, it is a place to store and protect assets. In the web 3.0 world it also acts as your digital ID. As Paul and James discuss in this episode, having a store of digital assets has its own benefits and challenges, including the much debated issues with security and protection. Decentralised finance (or DeFi as the cool kids are calling it!) removes the need - and reliance - of centralised banking institutions but, that being the case, there’s also no calling up somebody else when it goes wrong, your digital assets - and their protection - will be your own responsibility. There’s so much to learn about the various types of wallets and in this episode, we will help you understand everything you need to know about crypto wallets. In the show you will learn:
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. | |||
| 03 Aug 2022 | How To Go From Zero To Hero in Crypto with Jeff J Hunter | 00:40:31 | |
In this episode of Understanding Crypto James Burtt and Paul Abercrombie interview the author of Zero to Hero Crypto Guide, Jeff J. Hunter. Jeff is well recognized for his branding company Branded Media that uses remote workers from his virtual assistant agency VA Staffer. He has made numerous advancements in the field of gamification while promoting its significance in the world of cryptocurrency. In this episode he discusses the potential for his marketing firm and the growth of the gaming industry in Web3.
Dedicated to Gaming Jeff maintains that gaming has always been an essential part of his life, considering that he was raised in a military household that frequently moved. “You know gaming has always been a kind of absolute in my life,” Jeff confesses. His dedication to the craft saw his evolution from being a volunteer at a computer shop, to becoming an IT guy throughout the district education system, and finally becoming an IT project manager at a Fortune 500 corporation. He began creating virtual teams from this point on. According to Jeff, he acquired this skill "before it was cool," and it has grown and changed over the course of his career. His passion for gaming has led to numerous opportunities in top gaming companies such as E-Sports, League of Legends, and DOTA. He reflects on his journey, stating that, “I've always been an early adopter and sometimes that is really painful when you're too early. In crypto it's really hard to be too early.” He claimed that one of the main issues with being an early adopter is that you enter too early and most times exit too early. [Listen from 4:06 ]
VA Staffer James praises Jeff's amazing marketing strategy for the business, and questions him about his decision to found VA Staffer. James comments, “The biggest shift in that business comes when you change the value proposition… looking at it from the business benefit of increase of revenue not a decrease in salary costs.” Jeff explains that the introduction of Covid19 and the global financial crisis have made remote teams a necessity for organizations. In order to support both his branding firm and his crypto gaming team, he needed to employ the recruiting skills he learned through his staffing agency. He also attributes his eventual entry into the cryptosphere to the connections he has made through the VA Staffer agency, which led to his eventual participation in Axie Infinity, a NFT online game. He was immediately intrigued by the game’s play to earn model and saw its potential. He remarks, “I started thinking about how much that could impact the world, by having us invest in these things and to have other people play these video games and do a profit share.” [Listen from 15:11 ]
A Guide to the Cryptosphere Jeff said that he had been quite dubious of cryptocurrencies since he had not yet grasped the idea of utility. However, he gained practical expertise in blockchain technology thanks to his involvement with Axie Infinity. He reveals that the wait involved in converting money from fiat to cryptocurrency, and vice versa, was the hardest adjustment for him. From his own experiences, which he used to write the book, he thinks that the best way to learn about cryptocurrency is to use it. He wrote the book with the intention of bringing the complex learning curve connected to the cryptocurrencies down to an eighth-grade level. James concurs; “The learning curve is steep but the market is even faster! Which is why anyone who's running around as crypto experts can't be, because it changed two seconds ago,” he argues. [Listen from 23:57 ]
Future and Present Projects Jeff thinks the recent cryptocurrency crash has exposed many excellent developers who are dedicated to the Web3 industry. He is enthusiastic about the possibilities available to his brand agency, the expansion of the gaming market, and the chance to renew relationships with former allies in the cryptocurrency sector. He has a particular interest in two projects: OpenBlocks.io, an NFT-based game featuring collectible cards, and RunBlocks, a move-to-earn application. Although gaming remains his passion, he is enthusiastic about advancements in the DeFi world and is particularly interested in Avalanche and Avax. "I'm borrowing money and using leverage to buy Avalanche and Ethereum now while they're cheap." [Listen from 35:03]
Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 19 Apr 2022 | What Is Crypto Mining | 00:18:32 | |
Understanding Crypto is now an international iTunes top-rated Investing podcast! James Burtt and Paul Abercrombie explore and define mining in this week’s show. They break down the process, the challenges, and the new trends. You will understand why mining Bitcoin is so difficult as well as the pros and cons of proof of stake. Defining Mining Mining is the process used by Bitcoin and several other cryptocurrencies to generate new coins and to verify new transactions, James explains. “It involves vast, decentralized networks of computers around the world that verify and secure blockchains – the virtual ledgers that document cryptocurrency transactions. In return for contributing their processing power, computers on the network are rewarded with new coins,” he cites. “It’s a virtuous circle: the miners maintain and secure the blockchain, the blockchain awards the coins, the coins provide an incentive for the miners to maintain the blockchain.” He briefly lists the three main ways of obtaining Bitcoin and other cryptocurrencies, and describes how to virtually mine Bitcoin. [Listen from 1:50] How Do You Mine? Previously, the necessities for mining were basic; practically anyone with a decent home computer could participate. However, you now need specialized computers to successfully mine Bitcoin, as the blockchain has grown to the point where the computational power required to maintain it has drastically increased. “Bitcoin was designed to work as a decentralized currency… that was not connected to a major financial institution, Federal reserve, or bank in any way,” Paul shares. In order for it to work, computer power was necessary; if a sole server was set up to operate Bitcoin, it would betray the ethos of its design. Bitcoin’s code was written and downloaded on computers, which worked in the background to form the networks that verified the transactions. People would volunteer their computer power onto the Bitcoin network, and their computers would race to solve the complex calculation which made up the block; the winner would be rewarded with Bitcoin in return. [Listen from 2:31] The Downsides The cost to compete with specialized companies to mine Bitcoin is almost impossible to match, Paul claims. Most miners are now using GPU machines, which are plugged into the internet connection and operate on other cryptocurrency networks or blockchains. These machines receive the rewards in the native currency of that blockchain. The smart thing to do would be to swap that currency out for alternative crypto assets like Bitcoin or Ethereum, he adds. Mining Bitcoin also uses huge amounts of electricity, which is something to be considered. Large data centers used as mining centers are popping up, consuming huge volumes of electricity and other resources. Due to this concern, there has been a new trend called proof of stake, where you effectively lock your crypto assets into the network and then that provides the consensus mechanism. This new method is not without its pros and cons, which Paul describes. [Listen from 7:00] Proof of Stake Ethereum has launched a completely new blockchain, according to Paul. The original Ethereum is Ethereum Classic, and Ethereum 2 works on proof of stake. This has been talked about since 2016, which goes to show how long this shift to proof of stake will take, if it’s taken roughly 6 years for a currency as large as Etheruem to switch. Paul assures miners that while there is a concern that proof of stake will kill mining Ethereum, other currencies still exist. Additionally, the development of decentralized file storage allows your files to live on the blockchain. This frees you from being beholden to Big Tech, he affirms, and reduces costs. [Listen from 12:30] Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 01 Jun 2022 | Decentralisation vs Centralisation | 00:28:52 | |
In this episode of Understanding Crypto, Paul Abercrombie and James Burtt discuss the hidden side of decentralisation and its implications for real-world business owners. Paul predicts that Decentralised Finance (DeFi) organisations will evolve, transforming the typical Web3 business model into a hybridised institution with both decentralised and centralised mechanisms. They reveal an increasing trend among Web3 enterprises to create and use Decentralised Autonomous Organisations (DAOs) as a way to circumvent security constraints imposed by organisations such as the Securities and Exchange Commission (SEC). Paul questions the prevailing decentralised business model, focusing on Web3 firms' hidden money streams and business strategies.
Progressive Decentralisation Paul and James discuss the emergence of the decentralised web and how DeFi institutions are leading the way forward. The banking system's resistance to financial centralisation, according to Paul, is the driving force behind the development of Web3. "Blockchain exists as a result of people's attitudes regarding the banking industry and the necessity to try to build another store of value or a means of transferring wealth without utilising the bank," he comments. Bitcoin was the most successful attempt at financial decentralisation, bringing a degree of transparency to centralised money that had never been seen before. It's no wonder, then, that decentralised Blockchain technology provides the highest level of security, Paul and James point out. Decentralisation, on the other hand, brings a sluggish, fee-laden system. They both believe that the majority of DeFi institutions will evolve in a coordinated manner, with most Web3 institutions becoming centralised organisations with some decentralised governance. They feel that this will lead crypto down the path that it was meant to avoid in the first place. [Listen from 2:31]
Decentralisation through DAOs Since DAOs are not owned by a single person, they are exempt from SEC or FCA requirements. As a result, Blockchain companies employing DAO mechanisms can continue to function outside of security regulations. Paul expresses his misgivings about this; he also mentions how convenient it is for huge crypto corporations to operate outside of governmental boundaries. Both Paul and James agree that the DAO mechanisms do not fit their Winner’s Club community since they have founding, executive, and voting teams. James examines the difficulties associated with the hierarchical flat management style while unmasking the hidden centralised procedures within some DAOs. "Yes, it's decentralised to some extent," he says, "but I guess there's still top level control of what's going through to that decision-making process." [Listen from 8:51]
Examining the Gaps Paul raises concerns about the existing decentralised business model, which reflects the hidden revenue streams of Web3 and open source companies. He points out that one large social media platform's transparent subscription business model offered on Web 2.0 was rejected by the public, forcing the platform to transition into a data silo. This enables them to strategically use customers' data as a sort of remuneration for their service; "If you're not paying for the service, you're the service," he reminds listeners. The business security provided by the platform's partnership with centralised financial institutions in the actual world overshadows users' differing perspectives on this issue. "What's the business model that we're not seeing?" he asks, implying that there are revenue streams that aren't apparent. He contrasts the exploitative practices of Web 2.0 with the current decentralised Web3 approach. Blockchain technology's free and open source nature makes it even more difficult for business owners and other app developers in the area to make money. To demonstrate this argument, Paul lists the free tools employed in the Winner’s Club platform's development while also raising questions surrounding the strategies these creators use to garner compensation for their work. James agrees, and expresses concern about the potential for future monetization of these tools and the resulting influence on the Web3 initiative. [Listen from 13:32]
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 22 May 2022 | Understanding Crypto Tax | 00:25:37 | |
In this episode of Understanding Crypto, Paul Abercrombie and James Burtt discuss crypto taxation methods around the world. Paul and James believe that this topic is relevant for the re-education of investors and potential investors amidst the fragile market. They highlight various strategies implemented by governments globally in an attempt to either incentivise or censor crypto use. James observes that though “crypto by its very nature is decentralized, every country is treating it very differently." Crypto-friendly countries are listed alongside countries with restrictive taxation practices. Crypto-Friendly Countries James rates the top ten crypto friendly countries or tax havens; these include Germany, Belarus, Portugal, Singapore, and El Salvador. "You won't pay any tax if you're a crypto investor and you're earning an income from crypto related activities,” he says of these crypto-friendly countries. “You will not pay a penny in tax if you live in one of these countries." As expected, tax removal is a powerful incentive to stimulate blockchain innovation and expertise on a geopolitical level. On the other hand, countries such as France, the Netherlands, and Japan have the most restrictive taxation practices. [Listen from: 3:49] Taxable Income Types Paul lists the major crypto-based taxable income types recognized by most countries. These are, he says, "Number one: getting paid in crypto; number two: mining crypto; number three: staking crypto; and number four: earning interest on crypto." James adds that cryptocurrency could be taxed in both the digital space and within the tangible fiat market. When you stake crypto on the Anchor platform, for example, you get staking rewards. “Although it's not classed as interest and it's not paid as interest, it's viewed as a type of income," he points out. As such, it becomes taxable. Taxation can also happen after the liquidation process. "The moment you liquefy those assets and bring them back into pounds and exit the crypto market, bringing fiat currency back into your UK bank account, you'll be paying tax," Paul tells listeners. In the UK, tax laws continue to evolve, as seen with HM Revenue and Customs' announcement that crypto would be treated as any other form of equity, and investors can offset crypto losses against future gains. This announcement is a glimmer of hope for crypto investors who are struggling in the aftermath of the crash. [Listen from: 8:54] Tax Havens Crypto taxation is viewed differently across the globe as sovereign countries employ a variety of strategies from restrictive to lenient. According to James and Paul, Germany ranks near the top of the list of crypto-friendly countries. Germany recognises cryptocurrencies as private money and not as capital assets. Consequently, crypto held for 12 months can be liquidated tax free. Staking is also encouraged through tax free incentives, but only after a 10 year hold. Similarly, Belarus has tax exemptions for both corporate and individual crypto-based investments until 2023. James says that in countries such as the Cayman Islands, El Salvador, and Portugal, you don't pay any tax. In some of these countries, crypto is not even considered an investment income, so crypto trading is also tax free. [Listen from: 14:00] Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 20 Jul 2022 | How ZK-Rollups Could Speed Up Transactions and Mainstream Adoption | 00:15:56 | |
In this episode of Understanding Crypto, Paul Abercrombie demystifies Zero Knowledge Rollups or ZK Rollups, a layer 2 scalability solution which promises to improve the speed and cost of transactions. Paul says the function of the ZK Rollups is similar to a solicitor who confirms the specifics of a purchase without letting both sides see all of the information.
The Problem Paul says that the two major challenges facing the crypto industry are scalability and inter-portability. Currently most large scale investments in the crypto market are based on addressing one or both of these challenges. In a typical crypto transaction all parties and nodes have to agree on the terms and conditions, known as proof of work. Additionally, gas fees make the process expensive: “You are paying to use the Ethereum network and out of gas fees, miners get paid their fee for carrying out that transaction,” Paul remarks. He believes that these operations are time consuming, expensive and ultimately reduce the system's efficiency. [Listen from 2:09 ]
The Solution Zero Knowledge Rollups or ZK Rollups, one of the possible scalability solutions, helps to expedite the process by accepting only specific information from the contract, effectively reducing the time required for the transaction. ZK Rollups functions like a solicitor who confirms the specifics of a purchase without letting both sides see all of the information, Paul says. Currently, each node retains a copy of every transaction that occurs in the Ethereum blockchain. Paul comments, “That's exactly what scalability solutions are trying to solve with ZK Rollups, a way of storing that information off chain but providing enough information so both parties can agree.” The Merkle tree cryptographic structure, which is used to store data and enable knowledge transfer between participants, makes this possible. He suggests that listeners look for blockchains that are actively tackling the issue of scalability through solutions like ZK Rollups when looking for new investments. [Listen from: 6:50]
Key Takeaways:
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| 05 Jun 2022 | What is a POAP (Proof of Attendance Protocol) | 00:19:07 | |
Welcome to episode 21 of Understanding Crypto, the podcast where James Burtt and Paul Abercrombie demystify the world of Web 3.0 and cryptocurrency, as well as what it means for you and your business. In this episode James and Paul define and describe proof of attendance protocols (POAPs), and how they are changing the game in the crypto world.
What is a POAP? A POAP is basically an NFT, Paul claims. “Creating an NFT is difficult,” he says, “you’ve got to have a degree in a foreign language to be able to work it out.” In addition, it requires lots of boxes - such as time and money - to be ticked off to create an NFT that isn’t even guaranteed to be successful. POAP is a big step towards making NFTs more accessible. Paul goes on to talk about how POAPs are reducing the transaction costs of creating NFTs. “It removes one barrier to entry… to some extent, but effectively allows you to, within a few clicks, upload an image and create an NFT as a badge, which is a collectible of you attending an event.” These collectibles would have real world uses, and where you would have had to jump through hoops to make them before, POAPs are changing the game. [Listen from 1:57]
POAP Platform It’s a strong marketing strategy for people to have your details, or own your NFT, because they now have a direct connection to you. You would then be able to AirDrop stuff in their wallets that has future value, and communicate with them in a way that you create additional value. The POAP platform is making even this easier, however, by erasing the need for creating a wallet - you can just give out a QR code in an event that people can scan, which takes them to the POAP ecosystem. Paul and James discuss the way POAP is paving a painless and uncomplicated path to bringing more people into crypto, and its various uses. [Listen from 5:26]
Paul describes how the POAP app works. Guests would receive the QR code that would download the POAP mobile app and give them a unique NFT they can claim and mint right there - furthermore, they would also be given gate access for that NFT. “A lot of gating systems are now recognizing POAPs, so this is essential,” Paul suggests. Secondary marketplaces are also doing this, so you can list your POAP there as well. [Listen from 9:22]
Waves of Change POAP is a clever development, and though it won’t make you millions as an NFT launch would, it galvanizes certain elements of a community and unlocks that “next level of something” for certain people to take the step into the Web 3.0 world. “It further validates our point,” James adds, “that a lot of the big waves of change you're going to see are going to come from [a] hybrid [of Web 2.0 and Web 3.0].” It uses the blockchain at its simplest form so that it gives people a taste of what they’re getting into. [Listen from 14:05]
Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 15 Sep 2022 | Educating Your Audience with Ashton Barger | 00:42:36 | |
In this episode of Understanding Crypto, James Burtt sits down with Zebu Digital's founder, Ashton Barger. Ashton has worked in the web3 industry for most of his career. He is currently focused on establishing innovative methods to assist brands and web-based businesses in developing IRL (in real life) activations, and bridging the gap between real-life activations and digital projects.
Making the Transition to web3 Ashton’s interest in bitcoin technology piqued in 2017 while he was a university student. He was particularly interested in alternative applications of blockchain technology outside of bitcoin and cryptocurrencies, specifically use cases for supply chains for larger businesses as well as private and public blockchain applications. After graduating from university, he worked briefly at a marketing agency then left to get into blockchain full time. [Listen from 1:23]
James comments, "What you've been able to do is take this web3 digital world and make sure that it interlinks and intertwines with the real world." Ashton responds that real-world applications for web3 brands are important for reaching a larger cross section of consumers. It’s about making it easy for them to use and understand. He and James agree that new users need the right education, so that they would not be compelled to use Web 2.0-based solutions if more effective web3 technologies are available. Ashton encourages the companies he partners with to educate consumers about the transition from physical to digital through relatable examples. He thinks that the best course of action for organizations is to develop methods to reward their current real-world communities. "You've got to reward that community in a way that they actually want to be rewarded or that actually gives them genuine value," he says. [Listen from 8:12]
NFTs Done the Right Way: Zebu Live In the Moonbird project, NFTs are merely a gateway to investment within the larger project. James believes the program has great promise as well as a practical, cutting-edge plan. He credits the project owner for the project’s prospective success. Entrepreneurs who have expertise in launching real-world firms usually produce fruitful web3 projects, he posits. Ashton agrees: “I think what you'll start to see in web3 spaces, is that the ones that are going to stay around are the ones that know how to run a business, know how to keep revenue,” he tells James.
He also supports a new start-up called Dancing SeaHorse, which is the title sponsor for his company's major annual event, Zebu Live which is a gathering of savvy brand builders and innovators. This group has been assisting businesses and developing experience in the music industry. Additionally, they have developed web3 spaces to bring music into the environment. They are now constructing a location on Hollywood Boulevard where NFT holders will have exclusive access. Community, functionality, and ownership are defining features of the web3 space and typically indicate a successful project, James remarks; he believes the project has potential. He and Ashton talk about the schedule for this year's Zebu Live conference. He is excited to chat with Steven Bartlett in particular. Additionally, he is eager to share his future plans for the area. Several keynote speakers' discussions will also share their vision for the web3 sector. James believes that the conference offers attendees a fantastic opportunity to interact with web3 technologists in the real world. [Listen from 19:25]
The Way Forward Ashton's business, ZEBU, is eager to expand their Zebu Live model and host various conferences in addition to their regular gatherings. They've already started making preparations for Zebu Live 2023. He is optimistic about the future and believes that they have just begun to explore the sector's full potential.
Key Takeaways:
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 10 Aug 2022 | Growing The Web 3.0 Ecosystem With Crypto Tech Women Founder Gianina Skarlett | 00:42:04 | |
In this episode of Understanding Crypto, James Burtt chats with Gianina Skarlett, founder of Crypto Tech Women. She shares her journey from humble beginnings to the CEO of a successful tech company. They discuss her recent success with the Crypto Tech Women NFT initiative, which was minted in February 2022 and was fully sold out in less than 24 hours. They also chat about the methods she used to pique and sustain enthusiasm for the project.
The Journey Gianina describes herself as a software engineer from Venezuela with a background in management. Although she always had a deep enthusiasm for coding, educational opportunities along that career path were limited in her native country. She eventually relocated to California and took part in Cryptozombie.io, a basic coding course specialising in Solidity contract coding. Successfully completing the training led her to a career in technology. Yet the more she coded and worked within the web3 space, the more she understood the value of representation. “Representation matters. That's why I'm here. So many other women who are part of the web3 space put themselves out there every day. Because if there's no representation how will others know that it's possible or doable or achievable?” [Listen from 2:34]
Gianina's desire to start an NFT project was first supported and encouraged by her friends, and this inspired the development of Gigi Codes, which then evolved into Crypto Tech Women. She outlines the complex procedures involved in starting the project, including the development of websites and social media platforms. Through her research she learned about generative art and used this technology to make the 8,888 NFTs for the platform that sold out in 24 hours. This success only came after developing a community and a social media presence. Her ultimate goal, which is to fill the web3 space with knowledgeable users, builders, and creators, has remained constant throughout. James says that, as an investor in the program, he is consistently astounded by the quality and frequency of programs and events. [Listen from: 11:38]
Marketing Strategies and More James asks about the marketing strategy she employed that enabled her NFTs to sell out in a few hours. Gianina emphasises that it was mostly dedication and in-depth research. She explains that she was only able to develop an NFT project that was well embraced by a community because she invested time in understanding her audience and assuring that they were genuinely engaged. "You cannot start talking into a void. You have to start finding channels that are willing to listen or start hosting other people." Although her first public speaking engagements were nerve-wracking, she quickly saw the value of the opportunity. "I want to empower the women in web3 and I want to bring them on. They are definitely a minority who are left behind." On social media, she searched for other women who shared her interests and focused her attention on building connections—a tactic that quickly became essential to her success. James concurs, pointing out that one of the best things about web3 is that the community tries to be inclusive because real-world identities are typically meaningless. He tells Gianina, "The reason you’ve been so successful in such a short period of time is because you were a willing novice, while there are so many people posturing themselves as ‘experts’.” [Listen from 21:39]
What makes a successful NFTs launch? There are significant factors, in Gianina's opinion, that might determine a project's success or failure. As an investor and creator, she views validating social media platforms as an essential research activity. She advises that developers should not view the number of followers a project has as a true indication of community engagement. She points out, "We didn’t even have more than 10,000 and we were sold out. We did have a very engaged community…” Before minting the NFTs, she thinks creators should spend some time cultivating a community that cares about the project; this is vital to guarantee that the product sells out. Successful NFT launches can usually be predicted by an active, real-world community on social media or on a Discord server. [Listen from 29:42].
The Way Forward Gianina is eager to devote the majority of her time to expanding the CTW project. She wants to add other broad fields of study to the present educational platform, which currently focuses on web3. Her goal is to establish a single information hub that would cater to those who have a keen interest in learning more. Investors can already access past, present, and upcoming Masterclasses in addition to several bootcamps and events through the Crypto Tech Woman NFT. She is adamant, nevertheless, that education is her main objective. “I really love my mission and I'm really passionate about education. It's something that I've always said can unlock life opportunities for anyone out there.” [Listen from 35:25]
Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram
Gianina Skarlett on LinkedIn | |||
| 08 Mar 2022 | Understanding Crypto | 00:01:22 | |
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus via specific episodes of the podcast Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. | |||
| 11 May 2022 | Proof of Work, Proof of Stake | 00:32:25 | |
Understanding Crypto is an international sensation! People around the world are tuning in to learn about the new and exciting world of crypto and web3. In this episode, James Burtt and Paul Abercrombie explain proof of work and proof of stake, the differences between them, and what they mean for your business. Consensus Mechanisms “Proof of work and proof of stake are both consensus mechanisms,” Paul tells listeners, “so effectively various parts of the network agreeing to something and then validating or verifying that something has actually happened and then compensating the person that's done all of that work for doing the work.” Proof of work, what Bitcoin and most cryptocurrencies run on, is the original consensus mechanism and arguably the more secure. Distributed nodes around the world make up the network, so to hack Bitcoin, you’d need to control 51% of the computing power of the network. This is effectively impossible. [Listen from 3:13] Proof of Work Proof of work is mining. Nodes compete against each other to complete calculations on the blockchain to mint that block in exchange for block rewards, which is given in the blockchain native currency. Consensus comes in when nodes submit their calculations to the rest of the network and the network agrees. Every node stores a copy of the distributed ledger (blockchain), so once the transaction is verified by the network, it is recorded on the blockchain. This is immutable proof that the transaction happened. “When a transaction happens on the blockchain it's been encrypted, …and there's calculations going on to make sure that that is actually taking place or that that transaction is secure and it's being encrypted in the way that it should do, which is the crypto part of cryptocurrency,” Paul says. It has to be encrypted to keep the digital trust; and the other nodes need to witness and verify that it actually happened. [Listen from 4:21] Lottery and Limitations “Mining Bitcoin is a bit like a lottery ticket,” Paul remarks. A new block is minted on the blockchain every 10 minutes, so the more mining power you have, the better your chances of winning the opportunity to mint blocks and earn block rewards. It used to be fairly easy to mine Bitcoin using only your PC and Bitcoin software. Nowadays, the barrier to entry is higher. “Now you have these wholesale aircraft hangars that are full of GPU mining machines mainly mining Bitcoin,” Paul says. The main arguments against mining and proof of work are security and that it’s not friendly to the environment. The need for speed means there is some tradeoff with security, but overall proof of work is secure because it is decentralised. However, the argument that mining is environmentally unfriendly has merit, since it uses lots of electricity which contributes to carbon emissions. In the Far East, electricity is cheap but is generated using coal; many mining operations have moved away from these areas to places like Texas where electricity is still cheap but generated in a cleaner fashion. “It still requires an immense amount of power for a large-scale mining operation,” Paul points out. [Listen from 11:02] Proof of Stake Proof of stake is an alternative consensus mechanism that combats the limitations of proof of work. It requires distributed nodes and software similar to proof of work, but it uses a validator instead of a mining machine. A validator is like a referee, Paul says; he or she checks to verify that a transaction happened. There’s a higher barrier to entry in proof of stake, as the network needs less nodes so they want people who are trustworthy. In order to get your validator licence, you need to stake a significant amount of the blockchain’s native currency. Not many people can afford to do this. You can use any device as a data validator: all you need to do is download the software and link it to your wallet with the required amount of crypto. You’ll be paid interest or yield on your part of the staking pool. If you contravene the terms - for example, if you don’t provide the computer power you said you would - your stake can be slashed or taken away from you. [Listen from 16:39] Final Thoughts Bitcoin became successful because it was the first digital currency to use a consensus mechanism and reward people for providing their computing power. Some people became millionaires by mining Bitcoin. The environmental concerns however, led to newer cryptos adopting a proof of stake consensus mechanism. This is not without its own limitations: you can lose your stake if you don’t act as agreed. Also, the argument can be made that proof of stake is less secure even though it is more environmentally friendly. James and Paul’s mining farm will be doing both proof of work and proof of stake. [Listen from 23:50] Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 28 Nov 2022 | WTF Is Going On With FTX? | 00:38:18 | |
In this episode of Understanding Crypto, Paul and James tug the thread of the FTX saga, which is fast-becoming stranger than fiction! THIS EPISODE IS SPONSORED BY CRYPTO FOX MINERS CLUB
** Nothing in this show should be considered financial advice - all content is for entertainment purposes only. The opinions of the individuals featured on this show do not reflect the opinions, views or thoughts of the company ** | |||
| 18 May 2022 | The Crypto Crash | 00:39:20 | |
In this episode of Understanding Crypto, Paul Abercrombie and James Burtt explore the intricacies of the UST/Luna crypto crash, highlighting the geopolitical and crypto-specific influences. They provide a systematic breakdown of the events leading up to UST devaluation and the subsequent death spiral. They explain why investors have started to sell off their crypto assets and why there is more anti-stablecoin sentiment and calls for regulation in the crypto market. Geopolitical Influences Paul gives a brief overview of the digital landscape before the crash, explaining the functions of the US Terra stable coin and its 25% devaluation. He highlights the major global geopolitical issues. "We are in a massive Covid hangover," Paul says while exploring the ways in which China’s zero-free policy has messed up global supply chains, subsequently increasing prices internationally. This, coupled with the World Bank’s decision to initiate economic stimulus measures in an attempt to rejuvenate the economy, has led to inflation. The current dip is a result of anti-inflationary measures which are rooted in the ideology that the only remedy to curb inflation is to raise interest rates. The Federal Reserve’s decision to increase the base rate by 0.5% was as predictable as investors' decision to "liquefy... sell... get rid of UST," Paul says. This, coupled with media forecasts of an impending recession, is making investors nervous, causing them to sell their crypto assets. [Listen from 4:09] Luna and UST In an attempt to demystify the crash, James provides a systematic breakdown of the events leading to the UST devaluation. He begins by exploring the relationship between Luna, a burn mint token which is the native currency of Terra and UST. The function of the burn mint token is to replace the traditional dollar in the digital marketplace. He points out that a token is generated as the mechanism for creating and liquidating crypto assets. As such, it becomes the governance token or major currency of a specific blockchain. "So it's a bit like our own creator coin that we have,” James points out. “Rally is the burn mint token of our Winner's Club token…In order to buy our currency, you've got to buy Rally. " Likewise, in Terra, cash is first exchanged for Luna burn mint tokens, which are in turn exchanged for USTs and vice versa. So when UST loses its peg, they create more Luna, similar to "printing money and inflation in the real world". [Listen from: 9:35] Anchor Both James and Paul agree that one of the major causes of the crash was the Luna Foundation Guard’s (LFG) decision to decrease Anchor’s (Terra’s high interest savings account) interest rate from 20% to 4%. This singular act caused the liquidation of over 2 billion USTs within two days. Consequently, "the liquidity pools are going to run out," Paul highlights, "which just kept the price tumbling out of control, both the prices of UST and Luna, because the same effect was happening everywhere." LFG’s injection of $1.5 billion worth of Bitcoin to provide liquidity in Luna and UST to prop up the market was a temporary fix but shortly after that came "the death spiral". The compounded effects of these decisions have caused "investors to start looking at crypto assets generally and starting to spark a sort of sell off across all digital assets, just because of market uncertainty." [Listen from 14:07] The unstable "stablecoin" The current crypto crash has strengthened the anti-stablecoin sentiment. Paul explores these concerns, stating that the UST "stable coin is controlled by a central entity which is the Luna Foundation Guard, not a decentralized organization". He questions, "Who's in charge of the liquidity?" Who provides the reserves? Is it backed by the dollar really? Is there a pool of dollar reserves? " Paul predicts that, "The result of this is going to be regulation big time in stablecoins and across other digital assets regulation around retail investors." Interestingly, though Web3's main tenet is decentralization, the current crash is a good argument for some measure of regulation, especially after the rapid rate of capitulation. As crypto asset owners, James and Paul both discuss the ways in which the crash has affected The Winners Club (TWC) coin on Rally. They tell listeners, “You just have to ride out, stay calm, keep calm and carry on". Current and potential investors should understand that crypto is here for the long term, despite frequent fluctuations in the market. [Listen from 23:50] Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 03 Jul 2022 | What Your Crypto Wallet Will Do In The Future | 00:21:52 | |
In this episode of Understanding Crypto James Burtt and Paul Abercrombie predict the future of digital wallets. “A lot of futurists are saying it's going to become like your user name and password; that's what your wallet is going to become,” says James. They talk about the future development of NFTs and why digital wallets may become the primary method of digital identification. Paul thinks that the digital wallet has the potential to give people back control over their own data.
The Gateway The digital wallet is the entry point to the world of web3, Paul says. It’s similar to your email and password in Web 2.0. People aren’t responding to or being influenced by emails as much as before, so Web 2.0 marketers are looking for more effective ways to communicate with their customers. Furthermore, data silos continue to commercialise users’ information. Web3 technology has the potential to remedy these problems. A digital wallet gives you the power to determine what the 3rd party user is privy to, giving you back ownership of your data.
The fact that blockchain technology powers digital wallets also means that the technology has a lot of potential. “NFTs can be used for proof of education, proof of jobs, for your CV, your medical records, your driving license - which will live on a blockchain and will connect to a digital wallet.” They also discuss the possibilities for the employment market to target pre-qualified candidates for job opportunities. James anticipates potential privacy violations, but he believes that they will be fixed in the near future. Digital wallets will become a personalized data silo that allows the owner to link and authorize third-party services. To ease the transition, Paul thinks that potential users should be educated about the possibilities. [Listen from 2:27]
Potential Applications Paul thinks that blockchain technology can transform the loyalty card model. Attached to an NFT, it can become a loyalty ID and stored in a digital wallet. If present inter-portability problems are resolved, the loyalty ID can become compatible with multiple companies across platforms. He also foresees the possibility of connecting data files to a digital wallet. This will allow doctors to view a client's medical history and decide how to treat them based on their most recent purchases. There’s also great potential in the education sector. “All it takes is for the education system to say, ‘From now on every single GCSE certificate that's issued on your child's education record is going to live on an NFT’,” says Paul. Digital wallets are the next logical step in technological progression and the change is happening swiftly.
Data inter-portability remains the major roadblock to be resolved. Paul comments, “Blockchains have trouble speaking to each other; there's no inter-portability between a Polygon network and Solana. It's like two people speaking different languages.” James and Paul acknowledge that, despite this drawback, if these forecasts come to pass, it will be a powerful tool for business owners. “You can set the criteria to segregate your own audience based on behavior of people's wallets or based on different criteria.” They challenge listeners to try out the digital wallet because it is the way of the future. [Listen from 12:41]
Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 08 May 2022 | Generative Art | 00:39:05 | |
Why would anyone pay good money for a picture of an ape or a lion? In this episode of Understanding Crypto, James Burtt and Paul Abercrombie make sense of generative art. They break down NFTs, why there’s so much hype around them, and how they can be a viable business decision. Two Main Markets Two types of people buy NFTs. The smaller “real-world” market are people who belong to a community such as the one James and Paul lead. These community members buy NFTs for the utility attached to them. The wider market consists of people who buy NFTs because of generative art. “There’s a whole raft of people that are out there that will invest because it’s a new generative art project,” Paul says. They take a speculative approach to buying NFTs: they buy projects on OpenSea that interest them, betting that the value would increase and they would profit on resale. Paul and James acknowledge that they would be missing out on a whole market if they ignore this large segment of the NFT market when they launch their own NFT project. [Listen from 2:25] Layers, Traits and Rarity What gives generative art NFTs its value? James points out that many of these projects are making huge sums of money. “There's nothing backing it or underpinning the value other than the piece of art,” he says. Rarity is built into generative art projects through layers and traits. “So you can't argue that to some extent if the project’s right and the hype is created around the project and you know it's a notable project in the right way, that the rarity is going to add to the value of certain NFTs,” Paul comments. He explains how layers and traits work together in generative art. A graphic designer would draw the character - most commonly an animal - as a layer, and the background as a separate layer. Traits such as skin color, clothes and accessories would be built on top and randomly overlaid onto the character and background. The smart contract generates the art based on a rarity table. “Now based on a rarity table, which is a calculation which is how many traits you have and how many NFTs or pieces of art you want at the other end, that will determine how many traits you need to do. And the more traits that you create, the more rare that each individual NFT becomes,” Paul explains. Each NFT has metadata attached to it, and prospective buyers can look up the rarity score on OpenSea or Rarible.com. The rarity is trackable and tradeable as it’s recorded on the blockchain. “There's a whole group of people that are just trading NFTs based on that information, and then using it like old school collector cards,” Paul remarks. [Listen from 5:47] Real-World Use Case While Paul and James are building an NFT project for a specific audience with a particular set of utility, their strategy is to make the art interesting and beautiful to attract the “digital art punters”. When people buy and display the NFTs as their profile pictures, “that just adds to the community feel and the community vibe; it gives everybody a sense of ownership,” Paul says. It all adds up to more value for everyone, he points out. He describes the process of creating their NFT project, from graphic design to minting. James remarks, “You've got a real-world use case for massive value and utility within the NFT.” They are creating a mine farm, and the NFT is an easy way to give their community a stake in the project. “So I've got the community of people that we want to lead into the world of crypto,” Paul says, “we've got a basement full of space - that because we know about crypto mining and proof of work, proof of stake and can see the value that that generates - the two worlds can get put together.” Buying an NFT allows anyone to “be part of the community about learning all things crypto, and benefit from the crypto assets that are generated by the mining farm or the crypto farm that is set up with the proceeds of the NFT sale,” James adds. [Listen from 14:51] Built to Last “What the NFT does,” Paul says, “it just unifies a community… [Community members] all have a common interest and common cause united around that particular NFT.” People would want to stay and grow with the community as they’re being rewarded in crypto assets generated by the mining farm. “That underpins the value of the community and provides longevity of the community,” he continues. “There's a real business with 200,000 square foot of real estate with 53 tenants with close to just high six-figure income turnover a year in terms of rental income from the property company that's here. So that crypto farm is not going to go anywhere - it's not disappearing, it’s here for the next 25 years if the equipment lasts - so that community is going to be underpinned by that, which means the community is going to survive and stay there and thrive.” [Listen from 26:51] Part 2 Paul and James debate how rarity is calculated in generative art projects and promise listeners that they’ll come back and explain in a follow-up episode. [Listen from 30:16] Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 05 Sep 2022 | The Phases of The Ethereum Merge | 00:14:37 | |
In this episode of Understanding Crypto Paul talks through the technical details of the upcoming Ethereum merge.
The Ethereum network will finally be moving from proof of work to proof of stake, this move having initially been announced in 2016. There are two major issues with Ethereum, energy usage and scalability, and this merge will impact these two issues differently. The merge is happening in two stages, the Bellatrix phase and the Paris phase, and Paul breaks down what will happen during these phases.
In the show you will learn:
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life.
In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more.
Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible.
CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject | |||
| 09 Mar 2022 | Welcome To Understanding Crypto | 00:05:02 | |
Welcome to this 'Pilot' episode of Understanding Crypto where we highlight what is coming up in future episodes of this brand new audio show. This is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus via specific episodes of the podcast Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. | |||
| 29 May 2022 | How The 'Crash' Has Effected Market Sentiment | 00:28:47 | |
Welcome to episode 19 of Understanding Crypto, the podcast where James Burtt and Paul Abercrombie demystify the world of Web 3.0 and cryptocurrency, as well as what it means for you and your business. In this episode James and Paul go over the current market sentiment according to mainstream media, and juxtapose it with what's actually going on in the cryptocurrency world. A Decrease in Net Worth The current sentiment across mass media when it comes to Bitcoin and cryptocurrency is that investors are losing their savings and that Bitcoin doesn't have the potential to last. James and Paul offer an alternative view. "If you've benefited from the upside [of investing in crypto] and those assets have gone up in value, … and they're now down, I can almost guarantee - unless somebody has spent £100,000 in crypto investments in the past four or five months - that they're pretty much probably where they were at the start," they tell listeners. There is a difference between holding all your money in crypto assets, and investing a portion of your net worth into crypto. In the event the market value falls, the outcome and effects of these two decisions will be different. [Listen from 3:28] 55% Increase While the mainstream media pushes the idea that interest in crypto has decreased due to recent negative news of market crashes, currently in the crypto world, individuals are asking what's next. "It's 55% up on the previous month, and the graph also shows that combined traffic for new and returning users has passed 160,000 people, which is another all-time high," James says. What's happened in the crypto world has not in any way deterred users from wanting to carry on with what they're doing, but in fact has emboldened and spurred them on. When it comes to crypto, you have to know more about what's going on beneath the surface than simply what is being pushed within mainstream media. [Listen from 11:10.] Regulation Within Decentralization Paul asks, "In a world where there is decentralization in its truest form, how can one state dictate the rules and regulations around crypto?" There are two sides to this answer. First there is regulation to prevent retail investors from getting involved in sophisticated investment schemes, which could result in the loss of savings and assets. An individual would have to be classed and qualified as a sophisticated investor, that is someone with a high net worth. [Listen from 16:40] "What crypto gave us the ability to do was to have somebody that wouldn't be classed as that sophisticated investor to invest a small amount of money and benefit from huge gains over a short period of time," Paul says. Sophisticated investors would view these current crashes as merely blips along the way, and short term issues. He adds that crypto itself cannot be regulated, only the activities around it. You can regulate people's entry and exit points into crypto and crypto-related business, but you can't regulate crypto itself. [Listen from 18:04] Regulation and Stablecoins The concern individuals have within the crypto world when it comes to regulation is that the big financial institutions around the world that don't want decentralization may accelerate regulations. They may advocate for more rigorous rules that may hinder the crypto industry. [Listen from 21:53] James and Paul talk about stablecoins and point out that if you're going to class your coin as a stablecoin, you have to prove that it is an asset, and do so as if you were operating in a normal financial market. In terms of regulation, the quicker regulation comes, the quicker crypto can become mainstream. This is because it will quicker answer the questions larger investors, such as hedge funds, have that keeps them on the fence about investing in crypto. [Listen from 23:02] James itemizes the five questions a prospective investor must ask themselves before they invest in cryptocurrency. These are:
Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 15 May 2022 | Building Community with Web 3.0 | 00:29:49 | |
Episode 15 - Building Community with Web 3.0 In this episode of Understanding Crypto, Paul Abercrombie and James Burtt announce the successful launch of their creator coin on the Rally network, which allows members of their Winner's Club to become stakeholders in the community. They explain that the creator coin is essentially a membership pass that allows users to own a piece of the community. When you buy these coins you become “raving super fans” because you now own a digital asset which is linked to the value of the community, and which can appreciate as the community’s value increases. Building The Winner’s Club Reflecting on their own experiences, Paul and James highlight the highs and lows associated with community building and continuity. They reminisce on the initial days of Winner’s Club, when they created the social audio platform without really knowing what they were doing. 18 months later the platform, which targets small business owners and entrepreneurs, boasts an accumulated membership of 42,000. One of their major concerns was the pressure that comes with ownership and "having to make the decisions about the direction of the community based on what we think the community wants, based on what they tell us," James says. The introduction of the creator coin alleviates this pressure as they "can now put it to the community to help to govern and have governance over it, because they can now buy in and they can buy their seat at the table effectively." [Listen from 6:36] Web3 Tools: Fostering Greater Ownership One word [that] describes Web3 is community," Paul says. A major goal of Web3 tools is to unlock potential value within communities across the web. By comparing a traditional business to that of their growing digital community, Paul highlights the major flaws in their initial administrative structure, exposing the ways in which emotional investment could not translate to operational authority. In the Web 2.0 world, community means that you’re part of a target audience to be sold to. Conversely in web3, you own part of the community. “With this it's a genuine community, because there's nothing to sell anybody because they've already bought into the community,” James points out. True participation and ownership could finally occur through the layering of Decentralized Autonomous Organizations (DAO) over digitized communities. "You can unlock the membership to that DAO with the creator coin. So now you can say okay, you can participate in the community at one level … you have to hold x amount of creator coins and that unlocks your voting rights within the DAO," Paul remarks. They explain the benefits listeners could access when they buy into the Winners Club community, including access to the Discord server and premium mobile app, and exclusive content. [Listen from 9:27] Innovative Strategies for Community-based Membership Programs Using digital assets such as NFTs and creator coins to galvanize users around membership is a good strategy, Paul and James agree. Another important strategy is community events, and they have run several successful ones. Creators should ensure that their events are tied to a specific purpose associated with the growth of the community. Their purpose was to grow their brand, James tells listeners, “which is tangible, actionable, usable content for small business owners and entrepreneurs." Paul adds, "The definition of community should be about giving people a voice … allowing people to represent themselves in the way they want to represent themselves." They explain how using NFTs as tickets grows the community both from a community and marketing perspective. Build your community before launching an NFT, they advise listeners. The work they put in to build the Winners Club illustrates this principle, and is why they can now launch with confidence. Both James and Paul believe that their goal of creating "... an ecosystem that actually gives real value, gets real value and becomes really valuable as a result of it" is well on its way to materialization. [Listen from 17:57] Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 09 Mar 2022 | What Is An NFT? | 00:32:04 | |
In this episode of the podcast Paul and James breakdown what is an NFT. You might well have been hearing a lot of news and excitement around the likes of Cryptopunks and The Bored Ape Yacht club, but there is a LOT more to the world of NFTs (and the smart contracts that given these digital assets actual value) than you might expect if you think you're just buying an expensive jpeg! READ THE VERGE ARTICLE MENTIONED IN THIS EPISODE Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus via specific episodes of the podcast Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. | |||
| 21 Aug 2022 | Gamifying NFT distribution with SparkWorld founder Jolly Horsfall | 00:33:54 | |
On this week's episode of Understanding Crypto, Jolyon Layard Horsfall, the CEO and CFO of Sparkworld, chats with James Burtt. Jolyon discusses the development and sustainability of Fair Predictions Launches (PFL), a gamification suite that assures that users receive equal opportunities to purchase NFTs. They also discuss using staking and the white list to ensure quality participation through price and effort discrimination.
SparkWorld Jolyon describes Sparkworld as "a full-service launch pad and marketplace aggregator focused on innovation, community, and engagement." The company's primary goal is to raise money for NFT initiatives through crowdsourcing. James commends the company's contribution to equality within an NFT-focused community. Jolyon laments that in current Web3 launches, "Bots are coming in and scooping up all of the initial distribution of the NFTs. Then they're getting sold or manipulated on the secondary market, and that's bad for the project."
James talks about Sparkworld's development and usage of Fair Prediction Launching (FPL), a gamification process, which is essentially a suite of tools that guarantees that customers are given the same opportunities to purchase NFTs. The Fair Prediction Launch (FPL) ensures equity and transparency because all predictions are stored and shared on the blockchain. “If you use a prediction event, you might predict the price of Bitcoin in three days, the closest 500 predictions get on the white list. We're being transparent and it's a fair process." [Listen from 2:53]
Changing Direction Jolyon is a trained accountant and as early as 2013, recognized the viability of the cryptocurrency market. He left his accounting practice to concentrate on the web3 industry. "I saw some of these projects that were being made and I thought I could write a white paper and token economy better. Not because I was good, but because some were really bad." He ultimately chose to focus his time and energy on designing tools to enhance the NFT community. The creation of FPLs by StackWorld offers members a more inclusive option where incentives are based on participation, with the size of the investment determining the return. [Listen from 8:51]
Avalanche Jolyon and his team at Sparkworld selected Avalanche, an open-sourced decentralized blockchain platform, to host their blockchain. He explains that this platform provides a more energy-efficient option that is also EVM compatible, enabling the use of MetaMask. Avalanche also won their approval because it addresses the three key problems of scalability, decentralization, and security, as well as its superior potential for implementing novel approaches to achieving these solutions. For Jolyon, his company would become a dominant player in the Avalanche ecosystem, a reward for their early adoption. He and James discuss using the white list, a method that many NFT communities are using to pre-select their communities. They agree that it can ensure the success of any NFT project. [Listen from 19:04]
The Way Forward The Hydro Whales Mining Club, which reflect the real principles of the decentralized web, have held Jolyon’s interest. It's very transparent, he says! Additionally, he is impressed by the creators' participation in the Discord server and their work on upgradeable NFTs, which he views as a promising prospect. [Listen from 29:48]
Key Takeaways:
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 18 Sep 2022 | How To Enter Web 3 with Flight Story CEO Oliver Yonchev | 00:48:08 | |
In this episode of Understanding Crypto James & Paul speak to Oliver Yonchev, CEO of Flight Story.
Flight Story offers innovative communication services for the finance industry, emerging technologies, and disruptive brands. Flight Story puts the people, processes, and technology within your company’s walls, whilst offering direct access to Flight Story’s world-leading global creative and public relations firm - ultimately providing more effective and sustainable solutions.
This episode Oliver, James and Paul discuss Oliver’s previous career as Managing Director of Social Chain, a world leading social media and e-commerce group. They also speak about the process of building Flight Story and the issues they plan to solve for brands who want to get into crypto & Web 3.
In the show you will learn:
For more information about this episode head to: https://www.flightstory.com/
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life.
In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more.
Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible.
CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject | |||
| 01 May 2022 | Rug Pull | 00:19:06 | |
In this episode of Understanding Crypto you will learn about rug pull. A rug pull is a type of crypto scam that occurs when a team pumps their project’s token before disappearing with the funds, leaving their investors with a valueless asset. You will hear how to spot a rug pull in cryptocurrency and why it happens. You will also hear how to avoid a rug pull. The people behind these rug pulls are untraceable so it’s really vital to learn how to avoid rug pulls. There are a few things that you can do to spot a rug pull or a red flag and you will hear those in this episode. In the show you will learn:
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. | |||
| 26 May 2022 | How To Use Crypto In Your Business Right Now | 00:26:59 | |
In this episode of Understanding Crypto, Paul Abercrombie and James Burtt discuss practical techniques for incorporating web3 tools, tactics and platforms into real-world businesses. They discuss various ways this can be done; one of the most significant ways is understanding your target market's relationship with cryptocurrency. James comments, “Just think of crypto as a new digital toolbox… [Business owners should find] those tools that would fit your requirement and solve those problems that fit the needs or the wants and desires of your ideal customer base.”
Bringing Cryptocurrencies into the Mainstream The drive by luxury firms to incorporate cryptocurrencies as a payment option heralds the mainstream inclusion of digital currency. This, according to Paul, is a progressive move that might offer a lesson to business owners interested in crypto. He feels that business owners should have a deep grasp of their target demographic's preferred payment methods. "You have to understand your customers," Paul remarks, "because if you look at the brands that are doing this, their customers are well versed, well educated, mainly, and perhaps have cryptocurrency holdings." Both James and Paul believe that crypto can help business owners expand their customer base. [Listen from:1:11]
Business Models Although luxury brands have the consumer power to make the switch to cryptocurrency payments, the average business owner may not be able to do so because of their clientele. Both James and Paul, however, recommend smaller-scaled solutions that may be incorporated into a typical company model. Paul demonstrates why NFTs and digital assets should be at the heart of membership business models. Creator coins and social tokens can also be used as rewards in community-based frameworks. They both agree that in the actual world, most companies are behind the curve because most of their knowledge comes from conventional media. Nonetheless, James feels that accepting cryptocurrency payments is a start in the right direction. Paul believes that the current gap can be closed through the implementation of crypto payment platforms such as Coinbase, Moonpay and Bitpay, which convert virtual cash to fiat currency. In the middle of the crypto revolution, every business needs a well-balanced mix of digital and real-world mechanisms to flourish. [Listen from 4:46]
Innovative Applications Through inventive applications, Web3 has the ability to tackle real-world issues. For anyone interested in working in and through the Web3 domain, James sees consultancy as a lucrative path. He feels that the increased interest in cryptocurrency by luxury brands exposes a void for experienced players to fill. Paul on the other hand feels that identifying Web3 solutions for current challenges might be a critical first step toward innovations in the crypto space. “I see crypto or blockchain as solving the world's biggest problems if the right people get hold of it and develop a solution or platform to solve those problems,” he says. He believes that company owners in the physical and digital worlds should come up with new ways to employ the existing Web3 tools to solve problems in both arenas. He recommends NFTs as a platform for learning and investment, as well as the use of blockchain technology to revolutionise the construction industry. “Biometric machines on site that could talk to the Blockchain that would prove that person was there. It would be on the digital ledger so that payments are quicker,” Paul says. Innovation would be expensive, but he believes funding could be sourced through DOAs, communities, and other Web3 platforms. [Listen from: 7:09]
Key Takeaways:
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. | |||
| 10 Jul 2022 | What Does Boris Johnson's Resignation Mean For Crypto? | 00:16:06 | |
On this episode of Understanding Crypto, James Burtt and Paul Abercrombie explore how the crypto space is currently impacted by Prime Minister Boris Johnson’s resignation. Paul expresses the market's concerns following the resignation of one of cryptocurrency's fiercest advocates, Rishi Sunak. Despite this uncertainty Paul is still hopeful that the newly elected leader of the Conservative party will be pro-crypto and spearhead the campaign for crypto-inclusive policies.
Crypto in Limbo Crypto enthusiasts are uncertain about the future of the market after a series of high-profile resignations including that of the Prime Minister Boris Johnson.The UK government has appointed a replacement for one of the first resignations, Chancellor of the Exchequer Rishi Sunak, a champion for the UK crypto industry. Through a series of workshops, Sunak’s FCA-led effort, Crypto Sprint, aimed to expedite drafting regulations geared at fostering innovation in the crypto industry. [Listen from 1:29]
Presently, the UK crypto industry is at a standstill until a new leader and cabinet of the Conservative Party are chosen. "That's worrying in this crypto space because there were so many initiatives that were getting traction," says Paul. The next leader may elect a chancellor not supportive of cryptocurrencies, as was the case with earlier cabinets formed under the same party. “So in the short term it is a worry and a concern for the UK crypto industry because now we're left in limbo as to what's going on in the long term” laments Paul. Yet there still remains the possibility that Rishi Sunak can be chosen as the future Prime Minister of the United Kingdom. If this occurs all cryptocurrency-related initiatives would be continued and accelerated, solidifying crypto as a mainstream currency. [Listen from: 5:22]
Crypto supporters are cautious and fearful that Rishi Sunak's pledge to turn the UK into a hub of cryptocurrency would not be realized. These supporters include many owners of crypto-related businesses who were depending on the FCA to push regulations. Notably, since the Prime Minister's resignation, this issue has not only affected cryptocurrencies but has also caused fiat market fluctuations. Paul hopes that the new cabinet would mirror the efforts of some countries where politicians have continued to use their power to normalize cryptocurrencies within the mainstream market. “So you're seeing countries around the world making big steps and shifts in the political landscape to accommodate crypto and blockchain technology,” he remarks. Paul concludes that the true effects of the Prime minister’s resignation would be revealed in time. [Listen from:8:55 ]
Key Takeaway
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 31 Aug 2022 | The Ethereum Merge from POW to POS | 00:19:46 | |
In this episode of Understanding Crypto, James Burtt and Paul Abercrombie describe Ethereum’s preparation to transition to proof of stake. According to Paul, the switch might be advantageous for Ethereum because it would speed up transactions and increase energy efficiency. However, they also think that the changeover would eventually affect the security of the network. They discuss whether the mining sector is prepared to make the required adjustments to ensure its continued existence following the transition.
What is P.O.W. and P.O.S.? Paul and James explain the differences between proof of work (POW) and proof of stake (POS) as well as the implications of this transition. Proof of work is the foundation for blockchain construction. James explains that it is simply a duplicate of the ledger, which uses a lot of processing power. Alternatively, proof of stake, which forms the basis of several other blockchains, replaces the nodes with validators who verify any existing transactions. This procedure necessitates a more hands-on approach and rewards or penalizes the performance of the validators on the network. [Listen from 2:30]
The Compromise: Speed or Security? Ethereum, a cryptocurrency that was initially designed with proof of work in mind, is currently transitioning to proof of stake. Both James and Paul concur that this decision has many advantages and limitations. “So in this trifecta you've got decentralization, speed, and security. If you bring something more centralized, you can speed up the performance of a blockchain, but then you compromise security," comments Paul. Although switching to proof of stake on Ethereum will ultimately increase transaction speed and energy efficiency, security will be significantly jeopardized. "It's using 90% less energy, but actually some of that security could be questioned. Nobody really knows how that's gonna play out, when that merge happens, whether the following day will be the biggest hack." [Listen from 6:41 ]
According to James and Paul, the entire main network will be affected by the change, and as a result, many people are currently calling for the establishment of an Ethereum proof-of-work fork, which is merely a blockchain with a cloned source code. Paul makes broad projections while James asks about the current market volatility. “So every time there's been a good announcement, it shoots up. If it fails on account of a technical issue on the first day of the merger, the price will fall." They debate how this modification would impact the mining industry, which has made significant investments in GPU mining equipment. According to Paul, creating a hybrid crypto mine that adheres to both validator and mining principles could prove beneficial. However, they note that many miners don’t believe Ethereum’s shift to proof of stake will happen, despite the network publishing a proposed date for the shift. [Listen from 11:19 ]
Key Takeaways:
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 27 Jul 2022 | SEC Rule That Cryptocurrencies ARE Securities | 00:28:47 | |
This week on Understanding Crypto with Paul Abercrombie and James Burtt they discuss the Securities and Exchange Commission (SEC) allegations of insider trading in the world of crypto and its subsequent reclassification of nine cryptocurrencies as securities. Though the Howey test has traditionally measured investment viability, Paul believes that the FCA task force laid the groundwork for future SEC regulation of digital assets. He predicts additional sanctions from the organization.
SEC Announcement The Securities and Exchange Commission (SEC) announced nine cryptocurrency securities in response to insider trading charges. Paul explains that in order for a cryptocurrency to fall within the category of a security it has to be a financial asset with monetary value. He claims that it is now common for developers to sell tokens—which are intended to be a digital representation of shares—without really delivering the promised rewards. Although the SEC often disapproves of this approach, it frequently goes unnoticed because cryptocurrency currently operates outside the regulatory framework.
The Howey test was developed to ensure investment viability by ensuring that assets fit into the following criteria:
“This whole regulation, the SEC, the Howey test, almost sets the trends in crypto over the last couple of years,” Paul remarks. Interestingly, crypto creators have developed procedures to protect them from the bureaucracy associated with this class of investments in order to lower the likelihood that their digital assets would be classified as securities. However, the ongoing court dispute has shed light on these evasive tactics. [Listen from 1:35]
Commonalities Insider trading is now illegal in the cryptocurrency industry as a result of the SEC’s retroactive classification of nine cryptocurrencies as securities. Paul explains, “The person who’s told his mate or his brother that this token is going to be launched, get involved because it's a good project, is actually insider trading because it's a security.” However, he believes the SEC's odds of winning this legal battle against the defendant is low, given that the investment was not a security at the time the offense was committed.
A detailed examination of the websites of the re-classified crypto projects revealed commonalities, including the frequent use of terms such as community, DeFi institutions and escrow. “So a lot of what's come out of crypto is a circumvention of the Howey test through language. They're not calling profit profit, they're calling profit rewards,” observes Paul. As the SEC looks into other semantic loopholes that many Web3 creators have used to circumvent the stringent rules and processes, he predicts additional sanctions. Paul believes that the Financial Conduct Authority (FCA) task force, which began before Boris Johnson's retirement, laid the groundwork for future SEC regulation of digital assets. He continues, “What will come out of this is a change to the SEC's approach of how they view certain assets because [crypto] is here to stay now.” James' major concern is this: “If the S.E.C. can pin this onto nine cryptocurrencies, then how many of those projects that are existing out there right now sit in that gray area?” [Listen from 12:44]
Key Takeaways
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| 16 Jun 2022 | 16 Use Cases For NFT's In The Real-World | 00:35:05 | |
In this episode of Understanding Crypto, James Burtt and Paul Abercrombie discuss 16 real-world possibilities for NFTs. They look at a wide range of existing and potential uses, from fashion to decentralized financing to healthcare and education. "I think people see NFTs as a digital version of the Mona Lisa," James says, "but it's swiftly becoming the receipt you receive from Tesco's."
Fashion and Finance The incorporation of NFTs into the fashion industry and DeFi organizations is an evolving practice in the real world. Many fashion brands such as Adidas, Balenciaga and Nike have released NFTs, creating a new trend in the fashion industry. Gucci has allowed customers to own their products in both the real world and the metaverse. Only Ralph Lauren's virtual presence in Roblox since 2021 rivals this achievement. The foresight to incorporate digital ownership into brand identification pays off in terms of revenue growth. Paul remarks, “90% of the new generation's wealth will be stored in digital assets, in NFTs.”
However, it appears that liquidating digitized assets is the preferred method for these users to obtain real-world funding. Though a few DeFi companies are already lending against NFTs, Paul and James predict that the tokenization of larger real-world assets will become a trend. According to James, “If you default on the payment, automatically without anybody getting involved, that digital asset is transferred to the lending platform.” Debt collection becomes easier and more efficient in this approach. "You could live in a world where a combination of NFTs and physical assets could work to underpin asset value," they both agree. [Listen from: 3:08]
Social Media and Entertainment Paul feels that NFTs can be useful in a variety of social media and entertainment applications. Concert or event tickets, he argues, have the potential to become collectible NFTs and he sees the possibility for automated payment systems for workers. This eliminates the need for a middleman, allowing for more efficient revenue distribution. “Whenever a ticket is sold automatically [there is] - because of the smart contract - the distribution of revenue from that ticket,” Paul says.
Another concept is digital identity where identity documents like passports and driver's licenses, are replaced with QR codes linked to NFTs. This technology has the potential to reduce inefficiency in government offices while also revolutionizing the public sector.
In the social media space, NFTs can also be used to track influence and authenticate identity throughout various social media platforms. Presently, content creators are forced to spread their influence over multiple platforms. “[Influencers] could leverage that profile together, and you had an NFT and the algorithms can give you a score and say that's your influence and therefore we're going to pay you this rate of advertising,” he remarks. The intention is to provide accurate and specific information on every influencer who might want to approach a brand.
Creating music around NFTs is another important application. While this is not a new notion, offering fans digitized incentive ownership through NFTs can drive communal involvement to new heights. “I think the way in which we buy music, the way we interact with music and the way royalties are distributed is going to change over the next 3-5 years,” Paul and James argue. Smart settlements can also be used to automate royalty payments and equalization across the board. [Listen from 11:10]
Endless Possibilities for NFTs NFTs can be utilized in the healthcare sector to facilitate the transmission of medical files between geographical locations through blockchain technology. Paul also discusses further possibilities for blockchain-based supply chain management, which is currently being used by major corporations. He believes that NFTs, in the form of a blockchain-based delivery note, can be provided to clients as proof of digital trust. James says “I think people are seeing NFTs as a digital version of the Mona Lisa; however, it's very quickly becoming the receipt you get out of Tesco's ”. Paul agrees and explains that NFTs could also be used to store your educational records as well as your digital CV. “ It would speed up the hiring process and transform all of that stuff,” says James.
Another intriguing potential is the use of NFTs as membership cards for physical and digital clubs, which would provide gatekeeping capabilities to clubs and creators in secondary markets. Paul also envisions an NFT-based loyalty program with transportable digitized assets linked to a point system that can be redeemed or exchanged between platforms. "Because there are so many different types of smart contracts and blockchains," Paul continues, "it's difficult to be portable across all of them." Despite this limitation, he predicts NFT technologies will have a promising future. Paul feels that the establishment of NFTs product warranties has potential, and that they should be used as proof of purchase, minted on the blockchain and stored in your digital wallet. They both agree that technology breakthroughs are required for some of these concepts to be realized. [Listen from 22:34]
Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 12 Apr 2022 | Understanding Coins and Tokens | 00:28:17 | |
Understanding Crypto is now an international iTunes top-rated Investing podcast! James Burtt and Paul Abercrombie are giving listeners a simple primer on crypto coins and tokens in this week’s show. They describe Bitcoin, altcoins and stablecoins and explain how exchanges work. You will understand why the crypto market is volatile and learn tips on how to protect your crypto investment. Altcoins You can listen to episode x for a detailed exploration of Bitcoin. Altcoin means alternative to Bitcoin and there are about 4000 altcoins in existence. “The reason they're called cryptocurrencies is because there's cryptography which encrypts them and makes them work in the background,” Paul explains. However, with the exception of Bitcoin, altcoins are not truly currency. Instead, they represent innovative Blockchain projects. “Each one of them … was originally a fundraising exercise or way of people sharing governance or sharing rewards or sharing an interest in a new piece of innovation or technology,” Paul continues. “There are many projects … and the way that they would represent themselves is with a cryptocurrency that they create themselves…” Some altcoins such as Ethereum have been very successful, and many others are not. You can go to an exchange and trade altcoins, similar to the stock market. Similarly, investing in altcoins comes with the same caveats as investing in the stock market. [Listen from 2:31] Exchanges and Liquidity Pools There must be demand and supply for a market to exist. Exchanges make trading possible, simple and immediate by holding liquidity pools. When you want to buy or sell your crypto, an exchange provides instant settlement since the funds already exist in the liquidity pool. Altcoin prices fluctuate quickly because of this. If you create an altcoin and want to list it on an exchange, you must decide which crypto to pair it with. Investors would then stake their assets into the liquidity pool to back your altcoin so it holds its value. Paul explains the mathematical process which dictates how crypto prices increase and decrease based on trading activity. “In many cases there's not a huge market cap on some of these coins so it doesn't take a lot to move that coin in either direction, which is why you see lots of volatility” he remarks. He dispels the common misconception that volatility is because the crypto market is unstable. “It's volatile because of mathematics, because of the way the liquidity pools work,” he emphasizes. If a major holder decides to sell their coins it would affect the price in the same way a major shareholder selling their shares in a company would affect the share price. [Listen from 6:15] Stablecoins Stablecoins are an iteration of altcoins cleverly designed to overcome the issue of volatility. Paul gives an example of how volatility affects the value of assets. If you sold your house as a token, that transaction must occur in the Web 3.0 Blockchain world with a cryptocurrency, which risks you being caught out by the volatility if you do it at the wrong time. This may cause your assets to massively depreciate because of a conversion. “A stable coin is designed to be tethered against an actual physical asset,” he adds. USDC, or US Digital Currency, is tethered against the US dollar; this means that one USDC roughly equals $1 US. Its volatility is also decreased because the US dollar fluctuates less in currency value. “[USDC] can be [tethered to] other assets as well.” Paul describes how stablecoins are linked to a much larger pool of assets, and how they are used to store value for various purposes. [Listen from 11:28] Function of an Altcoin Paul breaks down the three ways altcoins are used. Mining based altcoins are cryptocurrencies that are mined as a reward for donating your computing power as a service; security tokens are linked to a particular business and are the equivalent of stocks and shares; and utility tokens grant their holder utility, in the form of access to information, events, or a network. All 4000 altcoins typically serve one or two of these functions. “Ethereum is a mining based token; people can earn Ethereum by putting their technology to work on the Ethereum network, but just because you have Ethereum doesn’t mean you have any security or ownership of the Ethereum project,” Paul advises. James and Paul explore why the NFT market has gotten as popular as it is. [Listen from 20:47] Creating Your Own Currency Minting an NFT is easier than creating your own currency, and then underpinning and holding that value. The concept of tokenomics is an integral part of creating your own currency, and it involves investing a certain amount of coins over time so they are released over time, which stops the value from crashing. “Effectively, you have to create a structure, and all the good coins have done this,” Paul says. “They’ve created a structure so that nobody can do a ‘rug pull’ and effectively take all the value back out of the liquidity pool before disappearing into the sunset.” [Listen from 25:45] Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 26 Oct 2022 | What is Crypto Fox Miners Club? | 00:40:44 | |
In this episode of Understanding Crypto you will learn about the NFT project being built by Paul, Crypto Fox Miners Club. A project powered by 10,000 NFTs that will make a real return by powering an open and equitable internet.
Paul explains how his NFT project works and his plans to use it to build a crypto mining rig. The project gives you ownership of a percentage of a crypto mining rig and is going to be managed using key features of Web 3.0 such as Smart Contracts, NFTs and blockchain.
Check out Crypto Fox Miners Club here: https://www.cfmc.io/
In the show you will learn:
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life.
In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more.
Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible.
CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject | |||
| 08 Jun 2022 | What Is Stagflation And What Impact Will It Have On Crypto | 00:21:54 | |
In this episode of Understanding Crypto, James Burtt and Paul Abercrombie demystify the macroeconomic phenomenon of stagflation. It is caused by the convergence of high unemployment, inflation and a recession. They examine the cyclical nature of stagflation and point out parallels between the economic crisis of 1979 and today. They concentrate on the real-world consequences for cryptocurrency owners and entrepreneurs, and encourage listeners to learn more. The Perfect Storm Stagflation is "a perfect storm of fiscal activity or fiscal unraveling that occurs at the same moment," Paul says. He notes that high unemployment, negative economic growth, and inflation must all be present for stagflation to occur. The more governments attempt to address one of these issues, the worse the situation becomes. Though national policies are typically designed to prevent one of the three contributors from occurring, this restriction usually has a domino effect on the other two, causing stagflation. “Whilst governments and central banks try to combat inflation by raising interest rates for instance, it has a negative effect,” Paul explains. “It further creates a recession or creates more unemployment in certain areas.” He believes this is currently happening and it’s affecting the crypto market, leading the market to remain stagnant for the next year. The key distinction between inflation and stagflation is that inflation refers to a loss in buying power and stagnation refers to an economic contraction. In essence, Paul claims, there is no stagflation without inflation because both occur at the same time. The real-world implications of stagflation for both business owners and consumers include higher utility, mortgage, and gas expenses. [Listen from: 1:54] Stagflation and Crypto This is a new experience for the world of cryptocurrency and can produce negative or minimum growth. If governments choose to raise taxes to combat inflation, people may be forced to liquidate digital assets in order to cover real-world expenses. James clarifies that the 0.5% increase in federal taxes in the United States was one of the key drivers of the Crypto Crash, and any further increases could be disastrous. Paul shows the cyclical nature of this economic phenomenon: the Conservative government increased taxes by 17% in 1979 to battle inflation; current initiatives are following the same tactic. Nonetheless, Paul believes that “crypto itself is robust enough to take a crash and stay as it is.“ [Listen from: 11:09] Cyclical Stagflation Both periods - 1979 and today - witness the major variables that encourage stagflation, such as a global energy crisis and a war. Since employment is not at historic lows, the debate over whether we are in stagflation continues. At this juncture, there are both advantages and disadvantages for entrepreneurs, Paul and James point out. They can apply tactics in their companies to enhance income from this vantage point, but during a recession, firms may suffer as a result of the lack of consistent income. This, along with rising energy prices, which would have an impact on business expenses, might be disastrous for the modern entrepreneur. The proactive reaction to the current situation, on the other hand, that the Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram Key Takeaways
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| 24 Aug 2022 | How To Get Verified On Twitter Using Your NFT | 00:16:24 | |
In this episode of Understanding Crypto, James tells you how you can get verified on Twitter using your NFT.
Getting verified on Twitter in the traditional way can be a huge pain for even the most famous of people. With Twitter Blue, the latest update from the app, you can connect your Crypto Wallet to link your NFT to your profile.
James walks you through the process step by step, as well as explaining the benefits of this new update for undoxxed founders in NFT projects.
In the show you will learn:
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life.
In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more.
Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible.
CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject | |||
| 09 Mar 2022 | What Is Blockchain? | 00:32:03 | |
In this episode of the podcast Paul and James breakdown what is blockchain. Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus via specific episodes of the podcast Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. | |||
| 31 Jul 2022 | 8 Pillars of Successful NFT Projects | 00:44:13 | |
In this episode of Understanding Crypto Paul Abercrombie and James Burtt present eight points to consider when choosing and participating in an NFT project. Paul says that these 8 pillars are relevant if you're looking to invest in a project, as well as when you’re launching your own NFT.
The eight core pillars of a successful NFT project are:
Key Takeaway
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| 17 Aug 2022 | Essential Tools You Need As A Creator In Web 3.0 | 00:31:24 | |
In this episode of Understanding Crypto you will learn about the different tools you can use to explore and learn more about the world of crypto and Web 3.0. The world of Web 3.0 can be hard to get into without knowing the best tools to use to explore it and keep safe care of your crypto and NFT assets. Paul talks about the best marketplaces for buying and selling your NFTs, like Opensea. He explains why Coinbase is his preferred exchange site and why using Metamask to access your crypto wallet is helpful. Those who want to know how much they will be taxed on their crypto are shown why Koinly.io is the best place to go, and how the explorer sites Etherscan, Solscan and Blockchain Explorer serve their purpose. The newsletter TheBlock.co also gets spoken about, as well as Steven Barlett’s Thirdweb, and Rally.io. Understanding Crypto is not affiliated with any of the apps, sites and projects spoken about in today’s podcast. In the show you will learn:
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life.
In this show, your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more.
Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world real-time businesses and brands as possible. CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject | |||
| 17 Jul 2022 | What Award-Winning Entrepreneur Spencer Lodge Has Learned From Some Of The Biggest Names in Web 3.0 | 00:46:04 | |
Welcome to episode 33 of Understanding Crypto, the podcast where James Burtt and Paul Abercrombie demystify the world of Web 3.0 and cryptocurrency, as well as what it means for you and your business. In this episode James and Paul are talking with guest Spencer Lodge about what money is, the importance of crypto education and how society should move forward regarding crypto.
Seek Out Your Learning It’s important to reach the people who don't understand crypto. Give them a way to understand and learn without confusing them. "The moment you confuse anybody, they're disengaged and you've lost them…and that's not healthy because this is the future of money," Spencer says. He stresses that inflation and excessive printing of money devalues it; this is a concept that the average person doesn't quite grasp. He adds that thinking your money is safe because it's in the bank is naïve, because your money's value is going down while it’s just sitting there. [Listen from 4:54]
People have to start doing more professional research into money and its history, especially as money evolves. "We have to start embracing the future and the more we resist it, the more we alienate ourselves; and other people that embrace it will take more advantage of it and benefit further from it than you," Spencer remarks. [Listen from 10:13]
A Change in Activity Spencer talks about the importance of investing regularly, but not in large amounts especially in the beginning of a cryptocurrency. In the early stages of a currency, it’s volatile, he says. Investing gradually in increments is a smart move in order to not lose out on your investment. Women who are in the process of a divorce should get an attorney that understands digital assets to discover if their spouses are hiding finances from them. [Listen from 11:51]
Cryptocurrency was created as an alternative to the centralised money system, but the skepticism that followed has created a sentiment that it is not for everyone. Inflation is now hitting everyone in the pocket noticeably and so people have to start caring, and taking back control into their hands, James, Paul and Spencer agree. [Listen from 18:23]
Regulation in The Future Regulation will impact the crypto world and while decentralisation purists balk at that, experts stress that this is how crypto will become mainstream. Spencer remarks that individuals who decide policy and laws surrounding crypto, should listen to the leaders in the crypto space. "When there's governance, then that can remove the banditos that are in [the crypto] space," he says. [Listen from 20:36]
Learning and Understanding Spencer says you must have Gary V’s mindset to learning and understanding cryptocurrency: be committed to learning and developing the skills you need to excel in this field. You should also surround yourself with people who are already excelling in crypto and ask them questions - you’ll witness them brainstorming, and learn more. [Listen from 28:02]
You also have to understand that crypto is a very volatile space and you can't blindly throw your money in investments and expect your money to grow. Invest slowly by buying a bit every month, as that's the best strategy you can have with any volatile asset. [Listen from 38:10]
Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 13 Jul 2022 | How To Make Sure An NFT Is Legit! | 00:23:53 | |
This week on Understanding Crypto, Paul Abercromie and James Burtt talk about identifying legitimate NFT investment opportunities.They advise prospective buyers to take the NFT's utility into account as well as the digital community in which it was created. James and Paul observe that current NFT projects continue to adopt Web2's business MO under the guise of Web3 decentralization. They advise consumers to exercise caution when making future investments in NFT projects.
Factors Affecting NFT Legitimacy Although many NFT ventures may seem to have successful launches, Paul argues that the only way to determine a project's profitability is through secondary sales. However, due to the usefulness of the NFT, buyers may occasionally decide to keep their purchase. In these situations, since the smart contract's initial contract address is minted on the blockchain, validity can be verified. The first contract address would not be minted on the blockchain if a false NFT was launched. Consequently, they suggest that potential buyers should consider the NFT's utility as well as the community where it was created before making any purchases. [Listen from 2:36]
Usability Usability, which is the primary benefit users gain from purchasing an NFT, should be the major factor for any digital purchase, according to Paul. He contrasts the marketing techniques used by Web 2 content producers with those in web3, who frequently make dubious promises in an effort to entice unsuspecting clients. “Now in web3 we've gone so far backward you can write a sentence about what you might give to somebody in the future and that's supposed to be attractive,” he comments. He cautions listeners that buzzwords like community, metaverse, and Discord servers are intentionally used to entice customers to purchase their NFTs. “There are people who actually believe if I put metaverse in my sentence on my page, it's like an automatic path to gold.” [Listen from 6:35]
Web3 Community Both Paul and James note that under the pretense of web3 decentralization, recent NFT ventures have adopted Web2's business MO. Only the owners benefit in the conventional Web2 business model; however, the decentralized approach of web3 ensures that everyone benefits equally. “This is the equivalent of becoming a stakeholder. So they go from being a customer or client to a stakeholder with vested interest in the overall brand or business,” Paul remarks. They warn that you should not trust a business if it makes money off investments in exchange for access to future web3 spaces.”The balance is shifted to one side; only the seesaw is to the owner of that project, not to the community as a whole.” On the other hand, NFTs developed by businesses like Moonbirds have made sure that all members benefit and that as the company grows, so does the community. [Listen from: 9:44]
Roadmap Investors should consider whether these NFTs are actually beneficial or have utility in the real world, James and Paul suggest. “If it was launched as a traditional business and you had to buy a membership card, who would buy it?” James encourages owners to question the importance or usability of the NFT before they create and launch them.They ask that prospective buyers inquire about the following issues.
“So I think you have to be very realistic when doing assessments and spending your hard earned cash on NFT projects. You've just got to be sure, that utility is there,” says Paul. [Listen from 17:08]
Key Takeaway
James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 22 Jun 2022 | Refresh: What Is Blockchain, What Is an NFT and How To Set Up A Crypto Wallet | 00:32:15 | |
In this episode of Understanding Crypto we are going back to basics and breaking down some foundation points around blockchain, NFTs and setting up a crypto wallet.
For this episode we have taken clips from previous shows to refresh your knowledge, go back over some of the essentials and look at the very starting core components of what you need to know in the weird and wonderful world of web 3.0!
Listen back to the full episodes mentioned in today’s show
EPISODE 1 - What Is Blockchain
EPISODE 2 - What Is An NFT
EPISODE 3 - How To Set Up A Cryptocurrency Wallet
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life.
In this show, your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more.
Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world real-time businesses and brands as possible. | |||
| 12 Sep 2022 | What Is The Crypto / Web 3.0 Fear And Greed Index | 00:31:06 | |
In this episode of Understanding Crypto Paul and James break down some of the basic concepts around the Fear and Greed Index.
The mainstream version of the index is used to look at market sentiment across the S&P but a variant has been created specifically for the crypto market.
Data points are collated and valued in order to visualize meaningful progress in sentiment change of the crypto market. Crypto indexes were initially aimed at bitcoin only but a lot of data now looks at the whole de-fi monetary market including alt coins and large projects.
In the show you will learn:
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life.
In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more.
Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible.
CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject | |||
| 27 Apr 2022 | Our Journey | 00:34:46 | |
Episode 10 - Our Journey Welcome to episode 10 of Understanding Crypto, the podcast where James Burtt and Paul Abercrombie demystify the world of Web 3.0 and cryptocurrency, as well as what it means for you and your business. In this episode James and Paul explain where they are at in their crypto journey and the lessons they learned along the way. You will learn what community really means in Web 3.0, as well as how your mission informs what Web 3.0 tools you need. An Accidental Discovery Paul tells listeners, “We started this podcast because we ended up accidentally going into the world of Web 3.0…” They have a large community on Clubhouse - “Europe’s biggest community of entrepreneurs on any social audio platform, and we've also got access to some of the best guests who could add value to that community,” Paul remarks. They kept asking their audience what they wanted to learn more about, what would be helpful in their businesses. The overwhelming response was that the community wanted more access to the content, so they could replay at their convenience. Crypto and Web 3.0 were also hot topics in the community. Soon it became clearer to James and Paul that crypto was “the new revolution” and that they could use Web 3.0 tools to deliver what their audience needed. “As a business owner,” James says, “you have got to …at least educate yourself on what's coming down the line… We've now got a very well thought out and planned out roadmap of what we're going to do next.” [Listen from 2:12] Community in Web 3.0 Community in Web 3.0 is all about ownership. It’s about breaking down the big data silos created in Web 2.0 that make us the product, Paul comments. Content creators and business owners in Web 2.0 build ‘communities’ of their buyers - really just stores of buyer data - so that they can sell to them again and again. “To crack the nut of Web 3.0 and blockchain, the biggest learning curve I had was really, truly grasping the concept of what community truly means in the crypto world… and what it basically means is people having a shared interest and common or shared ownership,” Paul tells listeners. NFTs, DAOs, DeFi and other tools don’t make sense until you pair them with community. They all fit together holistically to make up the Web 3.0 world. [Listen from 6:00] Unlearning and Relearning This podcast - just like business and life - is an odyssey in unlearning and relearning, James and Paul agree. As they go further in their crypto journey, they have revised some previously held concepts as they see more pieces of the puzzle. Paul describes unlearning and relearning like this: “You can sometimes then go back over and look at the same information with fresh eyes, because you've got a deeper understanding of how a particular part of it works, and like you say, you have to unlearn and relearn simultaneously. And the unlearning is just as important as the new learning…” [Listen from 12:12] One important lesson Paul and James learned was that not all businesses should be a blockchain. While blockchain can potentially innovate and improve many industries, it won’t change every industry. The key thing is your mission, Paul advises. He comments, “Instead of building a business to be in Web 3.0, let's look at the actual mission of what we want to try and do, and how can the tools that we have available help us achieve that.” He describes how their business uses blockchain and Web 3.0 tools to deliver their mission. “We're in normal business using blockchain technology to advance and evolve and disrupt the way that things would usually be done,” he points out. Bridging these two worlds together future-proofs your business. [Listen from 14:03] Community Ownership Many community members view their emotional investment into the community as ownership. The persons who created the community also believe that they own it because of the time, effort and financial investment they put in. Both views are valid, and both members and founders believe that they should have a say in how the community grows and what direction it takes. Tokenizing part of a business can give community members a voice. Paul says, “People buy a token; a token equals a vote on the decisions, and that gives them an element of ownership… and it allows people to benefit from the upside should the value of the community grow.” They reiterate that your mission and goals should determine what Web 3.0 tools you use, and how you use them. What’s good for one business or use case may not necessarily suit another. For example, not every business who mints NFTs needs to add rarity to their tokens, as rarity does not help them deliver their mission. For some businesses, NFTs and governance tokens are used to raise capital to fund their roadmap, while giving community members ownership in the business just as if they were buying stocks and shares. [Listen from 20:42] James and Paul minted their own tokens to fund their roadmap “of delivering the world's best tangible, actual usable content for small business owners.” “We want to transform and revolutionize the way business education is delivered,” James adds. They are strategically embracing appropriate Web 3.0 tools to make it happen. What’s your Why, they ask listeners. [Listen from 30:38] Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 13 Jun 2022 | Overusing the Term Web3 | 00:22:17 | |
In this episode of Understanding Crypto, Paul Abercrombie and James Burtt correct their initial oversimplification of the term Web3, by defining its six major components. James defines Web3 as the start of the internet's third era, which blends the decentralized ethos of the first era with the expanded modern functionality of the second era. They agree that the establishment of the blockchain, which powers major Web3 tools, is the real innovation. “If blockchain hadn't taken the turn that it's taken and and come to the fore, you wouldn't have Decentralized Autonomous Organizations. You wouldn't have DeFi or NFTs” says Paul. He recommends that entrepreneurs should employ blockchain-based technologies to solve business problems. Righting the Wrongs: Defining Web3 James and Paul argue that the term Web3 has been oversimplified. "[Everything] gets bundled into the name web3, crypto, or metaverse," Paul laments. He identifies six important components of Web3: crypto, NFTS, Decentralized Financing (DeFi), Decentralized Autonomous Organizations (DAOs), blockchain, and the metaverse. Each component has its own audiences, capacities, and outputs, yet is still usually placed under the umbrella term of Web3. James attempts to demonstrate the differences between them; he cites physicist Garvin Wood's definition of Web3 as a decentralized version of the internet. He states that the major similarity is that cryptocurrencies, DeFi and NFTs are all made possible by blockchain. James comments, “Web 1.0 made you a consumer, Web 2.0 made you a consumer creator/ producer…Web3 gives people property rights, essentially the ability to own a piece of the internet”. [Listen from 1:00] Powered by Blockchain Paul explains that Web 2.0's internet enables all of its advancements such as social media platforms. Similarly, blockchain is the unifying Web3 technology that enables all of these breakthroughs. The metaverse, characterized as a 3D reality, is an important blockchain-powered technology that has crossed the real-digital divide by providing real-world applications for governmental and entrepreneurial systems. Both James and Paul believe that blockchain is the genuine innovation. The creation of blockchain-based solutions for and by users helps make Web3. "You wouldn't have Decentralized Autonomous Organizations if blockchain hadn't taken the turn it has and come to the fore," Paul explains. "There would be no DeFi or NFTs." [Listen from 9:56] Real World Application New technology such as Web3 attracts early adopters, many of whom may not be aware of the technology’s true capabilities. "Early adopters may receive great rewards, but there is also a huge risk of being an early adopter," James warns. Paul agrees, remarking on the minimal number of Web3 developers who actually utilize blockchain on a monthly basis. Paul feels that tools such as cryptocurrencies and DAOs should be used to solve problems rather than to simply follow a trend. To illustrate this point he deconstructs the practical application of Web3 tools in his own company and showcases the solutions he's discovered for specific business oriented problems. He shows how their Winners’ Club community uses Web3 tools such as a DAO to manage governance. They have also released an NFT to generate funds, and a creator coin cryptocurrency which allows them to create their own monetary policy. “There's lots of ways that a business could use blockchain but that doesn't mean you need to become a blockchain,” says Paul. Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 26 Jun 2022 | What's Happening In Crypto Mining | 00:32:24 | |
In this episode of Understanding Crypto James Burtt and Paul Abercrombie discuss the effects of the crypto crash on crypto mining. Since many investors choose to exchange their riskier cryptocurrencies like Bitcoin and Ethereum for safer government bonds, the price of cryptocurrencies has fallen. Paul outlines the pros and cons of this. They both agree that despite the current market collapse, Blockchain technology, which is independent of hardware, has the capacity for innovation unmatched by any other technology.
Bitcoin Mining In light of the economic unrest, high risk claims are being liquidated in favor of more secure and low risk ones. Several governments across the world have decided to offer bonds; as a result, many riskier equities were sold off in favour of fixed-rate, safer government bonds. This liquidation is one of the factors contributing to the recent decline in cryptocurrency values, which, predictably, has had an impact on mining.
Paul talks about Bitcoin mining strategies, which are controlled by multiple computers that raise the level of difficulty based on the number of computers on the network. “It's almost an algorithmic way of creating supply and demand,” James adds. Paul argues that Bitcoin mining has decreased significantly this year, but global economic unrest has preceded these declines. He believes that the ideal time for investors to become involved in mining is now. “This is an asset that touched $65,000. It's now down but it's $16,000, just over $20,000, again… so it is on sale,” says James. [Listen from 2:29]
Ethereum’s Dilemma Ethereum uses a consensus mechanism, specifically proof of work, or a GPU mining machine which is essentially a super computer. Coupled with low prices, Ethereum's intentions to move from its current proof-of-work system to a proof-of-stake mechanism, can be troublesome for the currency. Paul describes the proof of stake system as “one computer with a piece of software on it which just checks that the transactions happen. It’s like a ledger, basically it reduces the amount of computing power needed to make it work.” Fewer computers result in a direct decrease in carbon emissions, Paul continues, which makes this switch more alluring to some investors. Other Ethereum-based side businesses have already made the switch and are now enjoying some level of popularity. While there are certain advantages, the expected market's glut might be disastrous for the current GPU miners causing the currency to fall further. “It's even harder to make it work when you're already set up in a different mechanism in a different way,” Paul points out. However, this still offers the Winners Club community a chance to engage in cryptocurrency farming. The installation of Ethereum evaluator nodes is part of their strategy to become Ethereum's referee evaluator. [Listen from 13:43]
Rapid Developments Paul says, “There's lots of micro parts of the crypto space that's all having a little bit of an input into what's going on in this broader crypto market.” He and James talk about just how much Web3 is connected and how the crisis made this connectivity more apparent. Given the current state of the economy, Paul believes that long-term investors will continue to prosper because cryptocurrency will survive in the long run. James agrees but warns that investors must exercise caution because of the rapid changes within the cryptocurrency sector. “For people who want to invest for stability this ain't the game to be playing. But for those who want potentially big returns for sure big risks, it's a very exciting time,” he argues. Paul attributes this dynamism to blockchain technology, which is not dependent on any type of hardware, as opposed to other types of technology. Paul says, “Technology hardware has limited the progression of tech over the past 10 years…Whereas blockchain will move so much faster, so much more exponentially, because it would just simply require people to write code.” With the development of appropriate codes on the blockchain, all of the challenges the market is experiencing can be fixed. Paul and James, who are both fascinated by this volatility, agree that it is the driving force behind much of Web3’s development. [Listen from 21: 39]
Key Takeaways:
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 07 Aug 2022 | Why has Minecraft banned NFTs? | 00:19:17 | |
In this week's episode of Understanding Crypto, Paul Abercrombie and James Burtt discuss Minecraft’s and Microsoft’s decision to reject adding NFTs to their platforms. In an official statement, the company explained that "NFTs take the focus away from playing the game and encourage profiteering, which we think is inconsistent with the long term joy and success of our players." Both Paul and James think that the statement is just one company's decision, not the death of NFTs as stated by the media.
Rejection or Reinvention? The integration of NFTs into Minecraft and Microsoft's platforms has been rejected. According to the official statement by the company, "NFTs take the focus away from playing the game and encourage profiteering, which we think is inconsistent with the long-term joy and success of our players." Paul responds to this claim by highlighting Minecraft’s current practice, which encourages users to participate in comparable consumer behaviours, specifically the acquisition and use of digital assets. "They're just not calling it an NFT because it doesn't live on a smart contract or on a blockchain. However, they are selling you digital assets already and people are buying them." As such, Microsoft's choice to reject NFTs, according to Paul, is merely a ruse. [Listen from 2:40] Paul believes that the present debacle has also highlighted Web3’s preoccupation with blockchain semantics. He states, "The ownership of a digital asset is here and it's just gonna be here forever," so holding on to the term NFT may create unnecessary categorizations. Paul thinks that Microsoft is essentially indicating that it dislikes the specific brand and not the technology itself. Essentially, they both believe that the company will build its own brand because it has everything it needs to develop and implement the technology on the blockchain. "In Minecraft, digital ownership is already there. It's just not on a blockchain. It's just that it's not called an NFT." In essence, the company is distancing itself from the terminology but not the concept. According to James, game firms like Roblox are actively utilising the terminology to their advantage in a safe decentralised ecosystem. Paul remarks, "NFTs are the future of everything! They will change our world forever." Microsoft's rejection is only one company's decision, not the death of NFTs. [Listen from 6:33]
Key Takeaways:
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 25 Oct 2024 | Rob Dyrdek Reveals The Secrets To Wealth | 00:01:23 | |
In this special replay episode of Business Marriage, we revisit our conversation with Rob Dyrdek, a former professional skateboarder turned investor and vision-board enthusiast. Rob shares his journey of manifesting his dream home—what he refers to as his "forever estate."
This episode offers a deep dive into the principles of visioning and goal-setting that have guided Rob's successful career across various ventures.
What You’ll Learn:
This episode highlights the transformative power of visioning and investing in your dreams. Rob's story is a testament to the impact of dedication, strategic planning, and manifesting in achieving life-altering goals!
Get involved with the show via https://www.businessmarriagepod.com/ or if you think James should retire from podcasting, you can email us at hello@businessmarriagepod.com!
Check out Hayley’s business at https://www.orangelamb.co.uk/ This podcast is produced by Phonic Media https://www.phonic.media Business Marriage is the non-celebrity couple podcast that brings you the real and honest conversations that couples all over the world are having about life, family, work and everything in between. Entrepreneur husband and wife James and Hayley Burtt run their own separate businesses, so each week the pair take the opportunity to sit down and openly (sometimes too openly!) share what it is really like to juggle running a company, raising a family and (trying) to find time to keep your partner happy too! Expect arguments, laughs and even some useful lessons, plus listeners get to join in this interactive show by contributing their ‘partner battles’, 'share the love' mentions and even get to give date-night suggestions!
00:01 The power of Manifesting and goal-setting 04:31 How Rob Dyrdek - entrepreneur, investor, and TV personality - used the power of Manifesting to break ground on his dream house Forever Estates 11:45 Prioritizing balance in life and business for a successful marriage and personal growth 16:48 Tracking and measuring personal growth through consistent self-reflection and intentional actions 23:58 Tracking time and prioritizing family and health 27:41 Prioritizing family and personal time in a changing world 31:49 Prioritizing life balance and harmony through rhythm and flow 39:23 Building a legacy through business and real estate investments 44:49 How Rob Dyrdek views personal growth and self-improvement 49:07 How Rob Drydek uses data to proritize self-care and family time 54:38 Planning for the future and delayed gratification | |||
| 23 Mar 2022 | Layers of the blockchain | 00:28:19 | |
In this episode of Understanding Crypto you will learn about the different layers of the blockchain in simple terms. If you want to build a community on chain you’re going to encounter various technical terms, one of which is layers. The further you go into the layers, the more centralised everything will be especially when you are looking at building a tech stack. There will be a lot of technical terminologies used in this episode, but we try to explain everything in plain English so that both techies and non-techies can understand what was going on. In the show you will learn:
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. | |||
| 28 Aug 2022 | Buying A Football Club with Wagmi United's Hunter Orrell | 00:48:44 | |
In this episode, James Burtt and Paul Abercrombie of Understanding Crypto meet with Mr. Hunter Orrell, a co-owner of Wagmi United, the most recent owners of the Crawley Town Football Club. They discuss the ways in which the organisation’s most recent acquisition combines web3 and web2 business tactics. In Hunter's opinion, NFTs are one of the best resources for fostering both online and offline fan communities within the club. The current web2 commercial structures, in his opinion, will eventually give way to a community-based economy.
We Are All Gonna Make It The name of the online team, Wagmi United, is an acronym for ‘We Are All Gonna Make It’. This echoes the decentralised philosophy of web3. Hunter received an unexpected text message asking if he was interested in buying a team, so he reached out to other football enthusiasts and web3 supporters to complete the transaction. The group's decision to utilise web3-style financing allowed the procedure to be completed in as little as two months. "We're all web3-based people, and if you look at the world around you right now, there are all these different industries. Web3 will come in and disrupt your industry no matter what industry you're in right now," Hunter tells James and Paul.
It is no surprise that one of the group's guiding principles is the progressive incorporation of the web3 business model into the existing Web2 organisation. The club's long-term goal is to get to a point where fans regularly receive information about the club's community and gradually saturate web3 with news of the club's successes. James applauds the Crawley Club's continuous development as well as their commitment to inform fans about web3. [Listen from 1:13]
Building Community Hunter believes that NFTs are the most effective tool for building communities and fans. This conviction has since motivated him to use the technology to create special opportunities for fans to vote on choices involving the club's players. He emphasises the significance of permitting season pass holders to vote as opposed to restricting them because they lacked NFTs. This strategy was effective and they were able to win over the support that the initiative lacked at its inception.
Paul notes that it's common practice in the UK to vilify club owners; Hunter thinks that public perception will change as club owners' demonstrate their commitment to the development of the local economy. Fans being able to witness the club's daily business is invaluable to its growth. James agrees and commends their strategy: "I think you guys have taken the web3 concept of community and you're actually taking it to Crawley and executing it in the real world,” he tells Hunter. Hunter believes that eventually the current Web2 business models will shift. "The community economy is the type of company model I believe we'll see in the future. It will be one where companies that prioritise community development give value to clients.” [Listen from 11:15]
Financing the Purchase Paul and Hunter discuss the financial planning strategies that were used to purchase the football club. When questioned about the group's club selection methods, Hunter acknowledges that Crawley Town didn't have any real management concerns, but that their willingness to use web3 technology was the key deciding factor. He notes that the Crawley team matched his cultural ideals regarding innovation, which made the transition easy. He claims that his decision to leave the corporate sector and fully immerse himself in the realm of web3 is evidence of his commitment to this enterprise and shows his loyalty to cryptocurrency. He accredits his current success to his consistent investments in NFTs, which took him down some interesting avenues, including this current endeavour. "I've owned multiple merch companies, but for me the way it's possible to be a co-owner in a football club was through web3 crypto and NFTs." He believes that NFTs will undergo further transformation as the art world continues to shift its focus to digital art. [Listen from 25: 44]
The Way Forward As long as Crawley FC is committed to fusing the web2 and web3 worlds, Hunter feels optimistic about their future. They will continue developing and promoting infrastructural facilities for NFT and gamification education on the clubs' many platforms. The corporation also prioritises the globalisation of the Crawley Town and Wagmi United brands.
Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram Wagmi United on Twitter | |||
| 08 Sep 2022 | Crypto News: FIFA's attempt to enter Web3, Binance Stablecoin Changes and Decentralisation Issues | 00:34:24 | |
In this episode of Understanding Crypto Paul and James discuss some of the recent breaking news in the world of web 3.0 including FIFA’s attempt to launch digital collectibles, Binance’s changes to Stablecoins and they debate how much decentralisation people really want.
Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life.
In this show, your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more.
Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible.
CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject | |||
| 04 May 2022 | Creator Coins and Social Tokens | 00:31:32 | |
Welcome to episode 12 of Understanding Crypto, the podcast where James Burtt and Paul Abercrombie demystify the world of Web 3.0 and cryptocurrency, as well as what it means for you and your business. In this episode James and Paul explain creator coins and social tokens, including the basics, and how to properly utilize them within your communities. Rare Use Case Social Tokens and DAOs are the hot topics being discussed in the crypto realm at the moment, however proper use case adoption, and successful use cases have yet to be seen. A survey was done in a room of 40 and of those 40 people only two said they use DAOs. The rarity of DAO usage can be attributed to two factors: it's used by community administrators, or a layperson heavily involved in the world of Web 3.0. [Listen from 3:03] Creator Coins and DAOs A creator coin is an individual, group business or entity issuing their own cryptocurrency. They are designed to be specifically used between creator and community, to be used for payment of services between the creator and their community, or to unlock access or benefits. They act almost like a membership card, and a community is built from holders of the same creator coins. The DAO aspect comes into play when creators begin to merge all the technologies together. "The creation of a social token with the creator, or the creator coin giving access to voting rights within the DAO that makes certain decisions within the community," Paul adds. "When you start to overlay all of this stuff, you really start to supercharge an offering and a stack of tools that you can use if you're a creator to really help you drive your community forward," he remarks. [Listen from 5:22] You shouldn't launch a social token or a coin to create a community. Rather, you should build your community and fanbase so that when you create your coin or token, you further ignite your community. It drives engagement and gives people a sense of belonging and identity. People crave tribes, and as that tribe grows, so does the value in your community. Creator coins however, cannot be used as investment mechanisms. The value of a coin depends on the popularity of a community so there is high risk, and constant fluctuation. Creator coins can increase in value if the community is buoyant, but they are not financial instruments. [Listen from 8:55] Incentivize and Strategize Getting people within your community to create something for the community is a good way of incentivizing the community. Creators can do this by positioning coin rewards and what this will inevitably do, is drive the value of the community, thus driving the value of the coin. It's a cyclical reward as these individuals give value to the community, whilst also getting paid for the value they bring, and ultimately driving up the value of the entire initiative. Paul and James' coins aren't released to them all at once, but rather they are vested over time, and what that does is that it keeps them in the game for a long time. It keeps them incentivized to grow their community. "You want to incentivize people to stay in the community… give them a utility map of usage for that coin that allows them to stay in the community because the more people that hold the coin the stronger the coin is going to become," James says. [Listen from 12:02] Minting your own tokens serves no purpose if there is no liquidity pool, and no ecosystem to make it work. It's a full-time job, and the buyers have less protection. You end up going down the road of having a cryptocurrency, and you're going to be treated differently by the regulators. Also, if you take full control and do it on the open exchange and not via a third party, it's going to be very hard to drive traffic because you have no community around your coins. "If you've already got a community it's a good way to monetize and to galvanize the community into all walking forward for a particular benefit or purpose, but you do so with the responsibility of creating an economy that other people have brought into," James says. [Listen from 18:14] Community and Confidence You have to have a purpose for doing creator coins. What are you trying to do, what utility are you trying to drive, and what value are you trying to bring to people? Paul and James stress these points, while expressing their own excitement at what they can do with their own creator coin. They've been building their community for more than 18 months. One of the downsides of creator coins however, is that a creator can simply stop what they're doing and the value of the coin will plummet because people will sell their coins. In this case, there has to be confidence between creator and community. [Listen from 23:07] Key Takeaways
Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram | |||
| 24 Jul 2022 | Why Has Tesla Sold Off Almost A Billion Of Crypto? | 00:21:41 | |
In this episode of Understanding Crypto, Paul Abercrombie and James Burtt discuss the details and effects of Tesla’s Bitcoin liquidation. They both agree that this decision is merely one of Tesla's wealth management techniques for navigating the present economic crisis. James claims that although the market’s volatility places digital currencies in a riskier investment class, Tesla's sell-off is not an attack on the viability of cryptocurrencies.
Cash is King The news reports on Tesla's crypto liquidation have led many to conclude that Elon Musk's decision may be a prelude to a new crypto-crash. Paul disagrees; he explains that though Tesla purchased $1.2 billion Bitcoin at the beginning of 2021, they had sold 10% of it to test the market's liquidity by the end of that year. He believes that Musk's sale of his digital assets should be accredited to the global economic collapse rather than an inherent mistrust of the currency. Paul demonstrates further that Musk's wealth management techniques also saw the withdrawal of his initial Twitter offer. He reminds listeners that during a recession cash is king, as such customers would convert their digital currency to fiat currency. “So what Tesla has done is they've sold Bitcoin to release the best part of a billion dollars of cash which now sits in their cash reserves or on their balance sheet to reinvest into their business.”. During a recession, the risk of keeping the investment as a digital asset is higher than the risk of turning it into fiat currency and may be utilized to offset real-world expenses.Though many observers regard this liquidity as a clear harbinger of doom, both Paul and James agree that Tesla is safeguarding itself in the midst of this present global economic crisis. [Listen from 1:53]
Wealth Management The main lesson to be learned from this scenario, in Paul's opinion, is that investors must conduct their own research on crypto-related news because media releases on both sides of the divide may be skewed. Elon Musk's decision, though wildly exaggerated by mainstream media, is simply a large-scale extension of the risk-averse behavior displayed during the initial crypto crash. James says, “Selling one Bitcoin won't be a problem; you try and sell a billion pounds worth of Bitcoin, you've got very limited market buyers that want to buy that from you.” He thinks that Tesla's sell-off is a risk management strategy to protect the company's investments in a volatile digital market rather than an attack on cryptocurrencies. Paul claims he understands Tesla's decision to liquidate its digital assets because decreased consumer spending during a recession directly impacts Musk's consumer-based company. As such, their current digital liquidation should be seen as merely a coping mechanism for the current financial crisis. Although current market fluctuations place digital currencies in a riskier investment class, Tesla's sell-off is not an attack on the viability of cryptocurrencies. [Listen from 14:52]
KeyTakeaways
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