Transitioning from Finance Pro to Crypto Bro!
written by Allan, COO of Medallion
The other day, I decided to re-watch a timeless and intriguing show from 2018. No, it wasn’t the reboot of “Charmed”, which I have heard to be good, but I am shocked that the creators grossly neglected to get any input from the previous cast and crew… or so I’ve heard. The show that I actually watched was Netflix’s “Explained: Cryptocurrency”, narrated by 80s movie hunk Christian Slater. This took me back to the beginning of my crypto-learning journey. In a brief 14 minutes, the show was able to ground me on the basics. It built the case for cryptocurrency technology solving for two needs; money and trust. It is a secure virtual currency that can play well with online commerce and protected from government manipulation. In addition, you can use cryptocurrency while being wrapped up in a warm blanket of anonymity.
Cryptocurrencies are based on blockchain technology and while this technology is changing the world, it seems to have some challenges, including the high technology cost associated with mining bitcoin and the low transactions per second when compared to big banks. So how is the industry solving for that? Another area I am curious about is the volatility of cryptocurrencies. I have worked in the investment industry for over 25 years and my trust in our banking system has been severely tested. Remember the subprime mortgage crisis of 2008? I recall feeling the impact of the imploding housing market, neighbors losing their jobs, 401(k)s hemorrhaging value, and the entire world teetering on edge of collapse. Well, everyone except for the top 1% of the 1% (Mr. Robot reference - another connection to Christian Slater… creepy right?!?). But this type of volatility in traditional currencies and the stock market, I mostly understand. I can connect some dots back to monetary policies, trade wars, unemployment, political turmoil, etc. Explaining the volatility of the cryptocurrency market well… that just confounds me. Talk about a wild ride! So understanding crypto-market volatility will be the step in my journey to understand the strange and enticing world. Let me know if you have any suggestions on articles I should read or any Christian Slater related movies I should watch. I’ll get the popcorn ready.
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