Young and Profiting with Hala Taha - Hala Taha [Part 2] : Internet of Value - The Crypto Landscape | E3

Episode Date: July 10, 2018

Master the crypto market. Part two of the "Internet of Value" provides a broader understanding of the cryptocurrency and blockchain landscape beyond just bitcoin. Did you know there are more than 1600 virtual currencies or alt coins that investors can choose from? And over two dozen of them hold a market cap that's over $1B! After you listen to this episode, you’ll understand how companies and people use crypto, why it’s valuable and key considerations to take when participating in the market. If you haven't checked out the first part of the episode, go back now and take a listen, especially if you're new to cryptocurrency―everything will make a lot more sense! This episode features Phillip Nunn, one of Europe's biggest crypto influencers, as well as severeal industry and research experts.   Young and Profiting podcast is brought to you by audible. Get your FREE audiobook here: www.audibletrial.com/YAP Want to connect with other YAP listeners? Join the YAP Society on Slack: http://bit.ly/yapsociety Follow YAP on IG @youngandprofiting and Twitter @YAP_Podcast Reach out to Hala directly at [e-mail] Follow Hala on Linkedin: www.linkedin.com/in/htaha/ Follow Hala on Instagram: www.instagram.com/yapwithhala Check out our website to meet the team, view show notes and transcripts: www.youngandprofiting.com Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode of YAP is sponsored in part by Shopify. Shopify simplifies selling online and in-person so you can focus on successfully growing your business. Sign up for a $1 per month trial period at Shopify.com slash profiting. You're listening to Part 2 of the Internet of Value on Young & Profiting Podcast. If you haven't checked out the first part of the episode, go back now and take a listen, especially if you're new to cryptocurrency. Everything will make a lot more sense. Part 2 of the Internet of Value gives a broader understanding of

the cryptocurrency and blockchain landscape. Beyond Bitcoin, it explains how companies and people use it, why it's valuable, and the considerations to look for when participating in the market. Part one of this series introduced cryptocurrency with Bitcoin receiving most of the airtime, and with good reason. It was the first tradable cryptocurrency and currently makes up around half of the cryptocurrency market. However, Bitcoin is far from the only digital currency out there. There are more than 1600 other virtual currencies or altcoins that investors can choose from, of which over two doesn't have a market cap that's over $1 billion.

Can you give a summary of the cryptocurrency market? So who are the big players? What are the different altcoins out there? Are there any trends or themes? So an all-quake is anything other than Bitcoin all coin ecosystem tends to break up into almost a taxonomy there are platform plays so for example a theorem is a platform play where people raise money or have smart contracts and where people raise money or have smart contracts. And so Ethereum has been released within the last year and a half, has been second, almost always. And Vitalik Buterin and his team really has built something very dynamic.

And a number of cryptocurrencies also desire to be platforms. So whether it be EOS or whether it be Tron or whether be Cardano, that's almost a taxonomy of coins that desire to be a platform. Group cycle, Ripple aspires to be a type of sediment layer for banks. So we know Ripple, the Ripple actually, it's not exactly a cryptocurrency, so it's like a banking solution. And I think most of people know that because there was a huge You know, Ripple, the Ripple actually, it's not exactly cryptocurrency, so it's like a banking solution. And I think most of the people know that because there was a huge Ripple hype and the Ripple

went to like $3 and you know it right now, it's just running way less. So Ripple is kind of tricky. It has very small, very niche use case. With the Ripple, you can make it so cheap and so fast to send wire transfers, money transfers, but it's not exactly cryptocurrency and traditional understanding. Well, what you'll see in the top 20 market cap, I think 17 of the top 20 companies are all blockchain platforms, if that makes sense. Blockchain is at the heart of most cryptocurrencies, but there are several cryptocurrency projects that don't use blockchain and instead they use some other type of distributed ledger technology.

For example, Iota uses Tangle as a ledger and the new Hedera platform uses Hashgraph, both of which claimed to be faster, secure, and more fair than blockchain. There's other nuances in the crypto market. For example, some cryptocurrencies are not totally decentralized and they're considered semi-centralized with a person or company having some form of control over the ledger. For example, Ripple, Iota, and Litecoin all fall into this bucket. If you look at the number three cryptocurrency,

it's Ripple, right? And Ripple is backed by a commercial company. Litecoin is also associated with a commercial enterprise. So I think the jury is still out. But right now, the number one cryptocurrency is Bitcoin. It's decentralized. There is no business behind it. We have these Litecoin. So Lite coin is basically the same as Bitcoin and the questions will arise. Why you actually have to use light coin? What's the difference? Light coin is very similar and one of the main use cases from what I see it applies some protocol improvements before Bitcoin goes into those

improvements. We have to say something about Bitcoin cash. The Bitcoin cash it's a fork so basically it's a mirror keyer and sit to Bitcoin. And the difference is what's your vision? For Bitcoin, the vision is like store of value and for Bitcoin cash, the vision of a keyer and so you can actually pay for some goods. Can you talk about the Bitcoin scalability problem and why forks needed to arise to help solve for that? Bitcoin is really the first use case that showed that the blockchain can work. However, when it was first put forward, people did not foresee that it would need to support so many transactions.

So, it's not as efficient as traditional financial systems that support thousands of transactions per second. And so, once Bitcoin did hit a critical mass last year of, I believe, over 15 million users, the transactions started taking more and more time, right? So, a block is mined on the Bitcoin network every 10 minutes on average. It just took too long and the mining fees to verify and authenticate transactions began to become too high relative to the transactions. People were paying $30, $40 for a $10 transaction. It just made no sense and so other currencies first like coin a few years ago and most recently in August of

2017 Bitcoin cash proposed increasing the block size or decreasing the time it takes to mine a new block and what they did essentially was to Change or add And what they did essentially was to change or add different protocols to the existing Bitcoin core network and create a new blockchain. I know when it comes to cryptocurrency Bitcoin kind of takes all the shine. It was the first. It's the biggest. How about Ethereum, the lesser known counterpart of Bitcoin? Sure. In 2014, Vitalik Petera and the founder of Ethereum basically came to the Bitcoin community with a very simple and powerful idea. And he basically said, if the blockchain works for Bitcoin as currency, why can't we take the same idea and apply it to pretty much any other centralized method of managing value or even of managing identity.

So real estate, contracts, even digital identity could at an arcade game or a chip in a casino. So you're taking this token and you're using it in a technological ecosystem. Now, presumably, a Vitalik Buterin could have taken this idea to venture capital company and raised money for it. But what he chose to do, because he came from the blockchain community, is crowd sale his idea. Allow me to help you get more familiar to an important player, Vitalik Bhutan, and his

massive contribution to this space with Ethereum. When he was just 19 years old, four years after Satoshi Nakamoto launched Bitcoin, Bhutanian dreamed up of a new platform based off blockchain technology. His goal was to bring the same decentralization from Bitcoin to more than just currency. And he was the first to move beyond the financial use case. In 2013, he released a white paper, a standard practice for launching a new blockchain product.

And this white paper described an alternative blockchain platform called Ethereum, designed for any type of decentralized application or DA. We talk about Ethereum a little bit. So Ethereum is one of the computers of the world. It's a smart contracts-based system where people program on there. So all of the ICOs you see are built on Ethereum smart contracts with the RC-20 tokens.

And that's really sort of the utility token. So if you have an idea you want to put it on the blockchain, it's almost like a white label blockchain. That's what Ethereum is. Ethereum is the second largest cryptocurrency and trades over $500 today. Its appeal is that it's built in a way that enables developers to create smart contracts. Smart contracts are scripts that automatically execute tasks when certain conditions are met. So smart contract is essentially a program, a few lines of code that are built into a token.

In this case, let's talk about ERC20 or Ethereum-based tokens. And so when you run a crowdsale, you raise money. You create this token that has a very specific use case. For example, let's say I raise money for an alternative way to distribute movies. And so filmmakers can now buy this token or acquire this token. And part of the smart contract that's built into this token, distribute the funds between the filmmaker and the distributor. And so this automated distribution of funds within the smart contract that's hard-coded into the

token enables that utilitarian use so that it's not just a security or an asset that people invest in in the hopes of seeing returns down the line, but people actually use this token in order to facilitate specific actions and features in a technological ecosystem. The system that supports this functionality isn't free. The network needs ether, a unique piece of code that can be used to pay for the computational resources needed to run DAPs. By building DAPs

on the Ethereum network, developers can utilize Ethereum's blockchain instead of having to create their own. Additionally, one of the most notable features of DAPs is how their creators are able to raise capital, real money, by selling tokens through an ICO or initial coin offering. Whereas traditional apps have to seek outside investments or IPO, a DAP startup can simply hold an ICO and sell tokens to raise the capital they need to build their company. Ethereum has a blockchain, and within the Ethereum blockchain,

people can write smart contracts and raise money. And so for example, file coin, raise money on the Ethereum blockchain. Telegram, the encrypted network in a messaging system on phones just had an ICO. And I want to say they raised probably the largest ICO ever. Ethereum is this blockchain network, which has the opportunities and the code built into it

with smart contracts to raise money. So like mentioned, Ethereum is a blockchain platform that moves beyond the cryptocurrency use case. It uses smart contract technology to support solutions for things like identity and reputation systems, file storage, banking, and insurance. And here's one concrete example of an Ethereum DAP on the rise called Civic. Civic aims to help protect users identity and provide blockchain-based secure, low-cost, on-demand access to identity verification.

This prevents the need to start from scratch every time someone requests a background verification check for something like opening up a bank account or applying for a job. With an example like this, it's easy to see why Bloomberg News writes Ethereum is the hottest platform in the world of cryptocurrencies and blockchains and companies like JP Morgan Chase

and tell and Microsoft user resources to invest in it. But I'll be honest with you, it wasn't easy for me to find a clear, practical, live and working example of a DAP or cryptocurrency. Can you talk about how companies and industries and people find value in blockchain and the types of services and use cases there are for that technology. Yes, so I think right now a lot of people are liking the blockchain ecosphere and the development around blockchain to the internet, circa 1993, 1992.

And that is that everyone's talking about this vast potential, but if one were to go back in their archives of the Internet of 1992 or 1991, there wasn't a lot of commerce going on. So to liken that to blockchain now, there are a lot of opportunities for applications, but not everyone or all these applications are being enacted. This is a really interesting point. So what you've got to remember at the moment

is that the whole of the cryptocurrency that has a $321 billion market cap today, and that's been as high as three quarters of a trillion dollars in December last year. Everything's really still in beta phase, and by beta phase, I mean, the technology doesn't really work in every day life at the moment. So things are with Bitcoin transaction speeds, And by beta phase, I mean that fundamentally, the technology doesn't really work in everyday life

at the moment. So things I would Bitcoin transaction speeds, the advent of smart contracts and sort of lots of corporations are poking a problem to see how they can work and fundamentally change their businesses. So what we've created here is an industry where I think, by the end of this year, will be over a trillion dollar market cap comfortably.

We've created an industry here that can have almost in this like R&D phase and nothing actually works in the moment. I know there are sort of people that do transact. So I'd like you to, if you talk about the internet and the advent of the internet, we're kind of in the 1980s at the moment and in equivalent. I mean obviously the internet really kicked in in the mid to late 90s. It really blew up. We're in the 80s. We're 10 years behind what we would deem as the start of the internet.

However, because of the speed of which technology moves now, I don't think it'll be a 10-year period. I think over the next three or four years, there's a compression will happen, and the market cap will continue to grow, and this brilliant compression will happen and the market cap will continue to grow and this brilliant innovations will happen in these genius minds who've got access to capital now via initial coin offerings will create some of the most magnificent technologies of the future. So it's a really exciting time. In case of crypto curances, there are only two fun projects and buy a hold.

A lot of people trying to say that crypto is a new way to pay for things. This is a new money. But for me, it's not, we're not there yet. Maybe it decayed from now. Yes. But think about that. We have a huge infrastructure.

We have the USD. We have dollar. And it's so convenient to use. It's so widespread everyone compares the price of some goods into USDs even BDC is threaded to USD and when you look at any crypto chart we can see that it's valued compared to USD so as a store of value Bitcoin and crypto yes yes, they they works, but in other cases, we're not there yet. I think what you really find in the moment is that it's more of a gimmick, so a restaurant will say,

we accept Dash and Monero and Bitcoin, and it's more of a gimmick which can get a bit of press and profile and publicity. So I don't think in terms of main adoption, I think what we're seeing is Bitcoin has a store of value, so people actually buying large amounts of Bitcoin as a long-term hold, as an alternative to stocks and shares and gold. Young and profitors, do you have a brilliant business idea, but you don't know how to move forward with it? Going into debt for a four-year degree isn't the only path to success. Instead, learn everything you need to know about running a business for free by listening to the Millionaire University podcast. The Millionaire University podcast

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Sush Profiting. Again, go to ShopFight.com Sush Profiting, all lowercase to take your business to the next level today. Again, that ShopFight.com Sush Profiting, ShopFight.com Sush Profiting, all lowercase. This is Possibility powered by ShopFight. Here's a fun fact. I happen to be recording this podcast on May 22nd, which is known as Bitcoin Pizza Day. Today, Bitcoiners all over the world will celebrate the anniversary of the first real world transaction of Bitcoin and the most expensive pizzas in history. On May 22nd, 2010, a programmer paid a fellow Bitcoin user 10,000 BTC for two Papa John's pizzas.

Back then, when the technology was just over a year old, that equated to about $25. But that's worth over $5 million by today's exchange rate. At Bitcoin's all-time high, last December, the pizzas would have been worth over $11 million, making them the most expensive pizzas of all time. With growth like that, it's clear to see why nobody wants to buy anything with their cryptocurrency and rather they choose to invest in it as a store of value. But why is cryptocurrency growing so fast? And what makes it so valuable? So as far as cryptocurrency is concerned, how can people trust it to be something of value? Well, the reality is that they do trust it.

Again, they're too fiat currency. Like the dollar since 1971 is a unit of value that has value because the government says it has value. Before 1971, it had value not just because the government said so, but because it was coupled to the value of gold, which people agreed has had value for thousands or years before that. But the reason it has value is because enough people agree that it has value. So that's all you really need.

Enough people need to agree that it has value. And the reason that it really took off over the past couple of years is because it hit critical mass where people are just saying, wow, this is the new thing, the new internet of money, I want to be a part of that as well. It's all about what the society decides, like if it has value or not. And usually it depends on how many people you use, how many people have it, how many people want to have it. So when you have a cryptocurrency, when there's very few outstanding and there's a use case for it, I think it can be very highly valued. And so Bitcoin is predicated on the idea of scarcity. There will only be 21 million Bitcoin ever.

Right now, there have been over 17 million mind. And so over the course of the next 100 years, there will be fewer and fewer coins mind to the point where, at some point, Bitcoin will only be a store of value. This idea of scarcity makes Bitcoin different from a fiat currency like the USD. Bitcoin was originally created to be a store of value similar to gold. The value of the US dollar has eroded over the years because the Federal Reserve is allowed to print money. In order to prevent Bitcoin from operating like fiat, Satoshi Nakamoto included a 21 million

cap on how many Bitcoins could ever exist. This way, no one can simply boost the number of Bitcoins in the same way that the Fed just prints money. The market value of Bitcoin, that is, the money that people are willing to pay for it, follows the same old, supply and demand rule. A high demand increases its price and a low demand decreases it. The demand for big coins is on the rise, yet its supply is limited. So in theory, big coins will become more valuable in the future as scarcity sets in.

Medcalfe's Law. In Medcalfe's Law, people use this for a number of things, including the internet.com bubble of the late 90s. But the MediCaf Law highlights that as you add one user to the network, it increasingly grows in value. So if you have 10 people using a cryptocurrency, then it goes up 10X. But if you have 20 people or 30 people, And right now, it was estimated that there's only about 20 million people in all the world who hold cryptocurrency. But if one were to run a Medcalfe law on that network, whether that be Bitcoin or the whole cryptocurrency,

EcoSphere in general, that's a very valuable network. And it's only really a crumb of a crumb in terms of market cap. I mean, today, I think the whole entire cryptocurrency, eco sphere is under 500 billion. And that's in terms of other asset classes, only a drop in a bucket compared to real estate or the bond market or the S&P 500. Any of the other asset classes, it's such a small asset class. Can you talk about the importance of a cryptocurrency community and why it's important to look at that community when considering investing in the space?

So Bitcoin would not be what it is today if millions of people are not there to buy into it, to spend it, and to develop it. So whoever Satoshi Nakamoto is, who is first few people who put together the system, whoever they are, they are not enough. This is bigger than one person or one group of people. What made Bitcoin so powerful, what launched the blockchain and the Bitcoin blockchain under the scene, was critical mass. So millions of people developing, mining, spending, and talking about this.

What would you say to somebody who said that it's too late to buy Bitcoin. So Bitcoin is a network costs about $350,000 per hour to run. And so that's the electricity, that's the mining. So as a proposition, now in all fairness, the banking system costs, I'm sure, seven times that, I'm sure, maybe a billion dollars an hour to run, right? But I think with the new proof of stake algorithms and the other algorithms that are coming out, that are much more efficient, it's worth looking into how valuable Bitcoin will be. So with that said, specifically to your question, is it too late to buy Bitcoin? I would say it depends. One is what is your stomach for risk? I know many people who bought Bitcoin at $12,000. They were very excited when it ran at $20,000 and cashed out.

And so as a short-term play, it may be smart. In terms of a long-term play, I don't know, first there's many unknowns, right? There's what regulators do. We know what the tax code did, that every cryptocurrency transaction is now a taxable event. So those are really factors that tend to discourage cryptocurrency trading. So in terms of it, is it too late? I tend not to be a Bitcoin maximalist, and I'm certainly not all together in favor of what the D-Cred white paper called the prototype coin, Bitcoin. That was a prototype, and many people, particularly the Bitcoin maximalists, are gathering around the flag, highlighting that Bitcoin will go to a million dollars. I don't know. I'm not convinced

by that argument because I see other algorithms that use a lot less electricity and tend to be fairer. Well, there's a couple of points here. So first, I'll be clear that obviously none of this constitutes a vice. I'm not nor is anybody a cryptocurrency advisor because it's a very unregulated space. But I think there will be cryptocurrency funds this year that people will be able to access via regulatory means, which will be interesting. So, actually, if you look at Bitcoin today, Bitcoin is the sixth largest currency in the world. And when people say Bitcoin is dead and Bitcoin is doomed, a Bitcoin is not here to stay.

Number six in currencies in the world, out of nearly 300 countries. So Bitcoin's doing just okay. Now, there is obviously a possibility that Bitcoin could go to zero. There's a possibility of the Bitcoin here to $250,000 of coin. You know, you can't rule out those possibilities. But actually, there's also

the possibility that the dollar goes to zero, which most people think it already is. Same with the pound, same with the euro, inflation recurrences. So, just like any other currency, the interesting thing about Bitcoin is Bitcoin doesn't act just as a currency. Bitcoin acts as all three. So it kind of acts as a currency, like a dollar, so you can trade it. I can go to a shop, essentially, with a Bitcoin card, and I can pay for my goods. It also acts as a store of value, like a long-term store of value, which is then dictated by the share price going up or down. So the price of Bitcoin, as a currency going up or down, so the price of Bitcoin as a currency going up or down. And also it acts as a commodity, it's a competitor to gold. So basically you have almost like a

three-pronged currency of Bitcoin, it's a very fascinating thing. And as you say, if you actually think about the supply and demand of Bitcoin, all that's got to happen over the next 12 or 18 months with the current circulation of Bitcoin are a few of the largest sovereign wealth funds Or maybe banks and institutions as a defensive strategy. They want Bitcoin in case they get hacked So they'll hold a lot on their accounts for hacking and things like that If they start taking large tranches of Bitcoin out of the market and Removing those from sort of the general People needing to invest with Coinbase that creates a huge supply and demand. So what you would potentially have

is millions and millions of people trying to buy about two or three million Bitcoin, and that creates the supply and demand. So the price predictions, if you look at people like Tindraper, he's saying $250,000 coin by 2022. I wouldn't say that's going to happen. I think we'll have a six figure sum per Bitcoin by then, but it will purely be driven by supply and demand. I recently just read a paper where there's only 23 million Bitcoin wallets throughout the entire world. Well, there are over 7 billion people on the planet. And so if you think about network effects, let's say it were to double or triple or let's say a billion people, one seventh of all people in the world use cryptocurrencies. The network effect and as

result, the wealth generation of that would be exponential. It's the most exciting gaming town because it's the intersection of finance, but more particularly magical math, right, particularly network effect. In terms of investing in other cryptocurrencies, I mean, I would not veer away from anything that's a top 20 market cap. I think what we're doing is we are creating

the next internet, which is the internet of value and the companies that are in the top 10, maybe 50, maybe 20 market cap, are all there because they're the best of what they're doing, that specific industry. So like Iota is internet of things. You've got Monero, which is privacy, you've got Ethereum, Neo, which are the utility, smart contract type scenarios. But actually, what you do always have to bear in mind is that this industry moves so quickly and so fast, there could be a new Ethereum in 12 months' time that takes 2-thirds of Ethereum's market share because it doesn't have scalability issues, it's

quicker, it works better, and it's quite a fickle industry that can move quite quickly, which is kind of where it mirrors the tech bubble. So there are lots of different scenarios that could play out. But actually maybe 60% of the top 20 market capital be gone in two years, maybe. Yeah, bam. If you're ready to take your business to New Heights, break through to the six or seven-figure mark or learn from the world's most successful people. Look no further because the Kelly Roach show has got you covered. Kelly Roach is a best-selling author, a top-ranked podcast host and an extremely talented marketer. She's the owner of Not One, but six thriving companies, and

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Look out for people like Manero, Sabrina and Privacy Coin, Neo, which is the Chinese alternative to Ethereum. I think Ethereum will stay strong. Cryptocurrencies like Dash are very prominent in there. But again, this is very early doors. So, a very high percentage of these businesses will fail because fundamentally they are tech startups. And if you look at a VC model, they expect eight in 10 to fail. It's a high risk, high reward market.

You know, people shouldn't believe that this is a put your life savings in and it's gonna sort of give you 10 fold, return on your retirement part because that's not the way to sort of give you a tenfold return on your retirement pop because that's not the way to do this because you could lose all your money. You have to be very careful. I think when we're investing, and this was always the advice I think that's out there, is only invest the amount that you can reasonably lose. So in regards to red flags when it comes to investing cryptocurrency, what should we look out for?

I like red flags and cryptocurrency has so many red flags. So for example, almost all of these currencies have their own slot channels or telegram channels. And you can get a sense of when people are trying to pump it or dump it. And so a lot of these communities will basically work together to increase the value of the coin with a thought of exiting. And so I think that's a real red flag, the idea that, well, who's going to be around holding the bag? So for example, this summer, there was a coin called dental coin.

It lives on the Ethereum network. And one has to look at the value proposition of, if I have a coin just to spend with dentists, how valuable is that? And I smile because dental coin did really well, but I think people are going to be left holding the bag because all of its founders are likely out of dental coin now So I think in terms of the red flags is One if it's a what they call an ERC 20 token or ERC 320 token Which is a token that just lives on the Ethereum network and is raising capital on the Ethereum network

When I have to look at the long term viabilityability of that. So something that came out about a year ago, maybe 11 months ago, is something called the Bat token, the basic attention token. And they're hoping to be a web browser that you get paid to browse the web through this browser, through what they call the Bat token, the basic attention token. And I'm not sure how viable that is. Just like with file calling or storage, the idea that I'm going to sell some of my computing power through my individual computer, I'm not sure how viable that is. I'm not sure if I want other people's files on my computer. Now, they'll highlight that this is cryptographically encrypted and that I won't have access to it, but I don't mind sure if it's a viable business either. If you're going to raise something on the Ethereum

network and it's going to compete with a legacy business, if you will, with Google Drive or with Amazon Web services or Dropbox, how viable is it? And secondly, how long term is that community? For example, with dental coin, I would think that all of its founders are likely gone. It made me think that how much utility is there in a currency. Why do you think that millennials should pay attention to cryptocurrency? What are the reasons why we might need to pay attention to this, whether it be investing or otherwise? Well, I think, as I said before, that the cryptocurrency

genie is out of the bottle. It's not going away. Maybe Bitcoin will be replaced. Google was not the first search engine, and very few people remember what the major search engine was before Google. So maybe a new cryptocurrency will emerge that will be bigger than Bitcoin. Maybe Bitcoin over time will be marginalized. But the blockchain

and cryptocurrencies are here to stay. And eventually, probably the traditional financial system will find a way to integrate the blockchain and cryptocurrencies into it. And the borders will blur and mesh. So, if you're interested in investing, if you're interested in the new digital money, I think cryptocurrency is going to stay with us for a long time. is going to stay with us for a long time. I think it's just getting started. And I will not make any kind of investment and fights, but I am a firm believer in the potential of the blockchain and in the future of cryptocurrencies as a whole.

And so I don't know which cryptocurrency is going to last for years to come, but I do know that cryptocurrency is not going away. So why should millennials pay attention to cryptocurrency? Look, we have a global debt crisis, trillions and trillions of dollars all over the world, and we have a scenario where the system is broken, huge deficits and pension funds, every single pension fund that's attached to a FUSC-100 company or NASDAQ company or a listed company, they are underfunded, they are billions and trillions in deficit.

We have to provide a future for ourselves. And the way the world works, the way we work at the moment, we go to work, we get a salary, we pay someone to a pension, we save. Millennials are uninterested in that. Millennials need more stimulation in a more immediate way. And people won't save for a 20 to 25 year outcome anymore. So people want more certainty, more security around their future. So what you have is this ridiculously tech savvy group of people,

i.e. millennials and Gen Z, who are intrigued, inquisitive, they want to save, they want to do the right things for the future. And cryptocurrency is absolutely the ticket for these people. So a way of actually saving some money, being in control of your money, away from the distrust of traditional financial institutions and governments and banks, but then actually making money from my own existence and my own data and what I do. So maybe I'll go and buy myself a plane ticket and for that I will learn some tokens because I use Emirates Airlines instead of Singapore Airlines. So this is the future of the world.

So people taking back a bit of control and being in charge of their own destiny and being able to make a freer and fairer sort of future for themselves. Thanks for listening to Yap, Young and Profiting Podcast, where anything goes if it makes you grow. This concludes our internet of value series

and you now know more about cryptocurrency and blockchain The 99% of the people out there, so congratulations But I hope this is just the beginning of your journey and you keep building your knowledge on this topic If you're interested in best practices on how to research by and store cryptocurrency Check out our show notes on young and profiting.com Follow us on Instagram at young and profiting and Twitter at YAP underscore podcast. If you like the show, be sure to review and subscribe. And just remember that YAP is for informational purposes only.

It should not be considered financial advice. Conduct your own due diligence or consult a licensed financial advisor before making your investment decisions. A special thanks to all my guests for lending their wisdom on the show. Philip Nunn, Ed Lainer, Ohat Flinker, Paul Sevecek, and Tim Mullinick, and Kudos to the app team for supporting this episode, our assistant producer Timothy Tan, audio engineer John Sparks, and assistant Daniel McFatter, a music by Harry Fraud. See you next time. This is Hala, signing off.

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