2017: The year my blockchain involvement begins to change
Trading was going well, I was winning some battles and losing some others. I got scammed once and locked away some coins that I cannot touch. It was a hell of a ride. I had turned my initial investment into a nice chunk of crypto change. Now I wanted to do something with it! I wanted to take this “magic internet money” and turn into into something tangible in the real world.
The Donkey Theory: It may not be the most expensive or attractive, but it gets you to your destination!
After my horrific week, I knew I had to get my shit straight, or I’d DEFINITELY lose all my funds by not learning from these stupid rookie mistakes. So I sat down and thought about what had just transpired and how I could AVOID it from ever happening again. It was rough going through it but it made me a better investor in the long run (or so I keep telling myself).
When I came across crypto as an investment, I was interested but did not put too much money in my initial investment (1st mistake). Mind you, it was scary, techy, and something I was not familiar with, but the reason I was attracted to it was because of the potential gains on my investment. But once you’re done freaking yourself out, it really is just a very serious game, in a sense.
As I had mentioned before, this was indeed the Digital Wild Wild West, and I had just fell victim to my first scam! On top of that, I accidentally locked away 46 ether tokens in an account I couldn’t remember the password to… all within 7 days!!! If I had hair, I surely would’ve pulled it out. Let me go back and explain.
Everything was going well with work, a little frustrating and challenging at times, but it was a good frustration. While work was going well, I was getting a little too lax and confident once it came to trading crypto amongst myself. And just like clockwork, there was the universe letting me know it’s still there! Not only did I make one rookie mistake…but two!
As you know, blockchain has the ability to affect pretty much every industry on the planet. Law, of course, is no exception. Smart Contracts are ground breaking, in that they allow technology to execute the terms. Ultimately, this leads to more overall security. Furthermore, blockchain allows clients to set up royalty payments–a system that is currently very outdated. Watch this video about blockchain and law, to learn more!
If you’re interested in reading more about how blockchain affects other industries, head over here!
To the best of my knowledge, The Decentralized Autonomous Organization (The DAO) was a decentralized app (dApp) built on top of the Ethereum Virtual Machine (EVM). The DAO acted as a venture capitalist of sorts, essentially allowing investors who held The DAO tokens to vote on projects. There was no CEO, CTO, or other Chief-XXXXX-Officer. Instead, projects only required 30% of approval with a vote, and it would get rounds of funding.
So, of course, I limped into the EVM world. It was another chance for me to sink my claws into this community and have a say (vote) on what projects I thought we’re interesting and had future potential. Then one day, I was browsing my everyday subreddits and kept seeing posts that The DAO was being siphoned! The DAO had raised more than $140 Million, and been drained to around $50 Million. You can read about it here.
From what I’d read, if you invested in The DAO, you could have your Ethereum (ETH) split. Split? From what? And that’s when I caught wind of Ethereum Classic. Again, you can read about it here.
***This is NOT meant to be financial advice, just my story***
I’m currently sitting here running an Ethereum node on my Mac. There is more than $8,000 accessible in one account, with another $8,000 locked away in an account to which I no longer have access (talk about scream-worthy!). Additionally, I have $4,000 in alt coins on my mobile light client–plus, an ounce of gold. After a year-and-a-half, I’ve come a long way and had a helluva time. Back in January 2016, I had a tablet and mobile, but no laptop. But, by the time February 2016 rolled around, I took $600 dollars, made a plan, and I got a new laptop. My crypto knowledge has truly allowed me to successfully play the (crypto) game!
In this video, we go over the how to store your cryptocurrency, as well as four different types of wallets. If you’re more of the reading type, feel free to read about hardware wallets. We are also aware you might need more info about crypto, so you can read WTF is Cryptocurrency too if you want! We take an in-depth look at all-things-crypto!
Want to learn more about blockchain, but are tired of reading about it? We’ve got the just the thing for you! Our A to Z blockchain video will leave you with tons of awesome information.
Of course, we all know the alphabet. A, B, C, D…so on, and so forth. Think The Alphabet Aerobics by Blackalicious (if you haven’t heard or seen anyone rap it, it’s very impressive. Look it up!), except specifically about blockchain technology. Watch it below! (Or get the letter-by-letter breakdown underneath the video :))
So, you’ve come to Blockchain.WTF to learn, well, WTF is a blockchain? (Or for the less crude, what is a blockchain?) You may also be wondering, how does blockchain affect me? We’ve got you covered. Just watch this video, to get a quick introduction into what blockchain is, and we’ll begin the journey towards helping you navigate the world of blockchain technology!
Watch this video to learn what a blockchain is! If you’re more of a reader, though, and prefer to take in text, read our awesome What the FAQ? Guide!
Are you one of those video junkies? Well, we’ve got you covered. So if you’re interested, check out our awesome collection of videos about blockchain!