How These ‘Stupid’ Cats Just Saved Crypto
How These ‘Stupid’ Cats Just Saved Crypto
[youtube https://www.youtube.com/watch?v=hu8X0aZhDpA?rel=0&w=480&h=320]
CryptoKitties – Need I say more? Built on the Ethereum platform, these silly little “crypto kitties” have actually gone for high prices (https://kittysales.herokuapp.com/), but more importantly they have been testing the limits of the Ethereum network. Many people claim this illustrates the weakness of existing decentralized cryptocurrency scalability (particularly Bitcoin & Ethereum) – but I would argue this has been well known.
Instead, I say this application illustrates that scaling is actually a relevant discussion. As stupid as it may seem, this is a great reason for the Ethereum network to slow rather than just another blockbuster ICO that goes nowhere. This is easy to market and if it grows large enough, will make it to many news stations because it’s a simple and fun story to report on. It will result in THOUSANDS of copycat applications, some of which might actually result in success. There is already an article on Medium discussing how to make your own app (https://medium.com/loom-network/how-to-code-your-own-cryptokitties-style-game-on-ethereum-7c8ac86a4eb3).
One of the reasons that it is argued cryptocurrencies are in a bubble is because adoption lags price. With Bitcoin (which I will discuss in future), you could support all transactions for commerce with less than 10% of the existing market cap. Most of the growth in Bitcoin’s has come from changes in future expectations, remittances, and the ‘digital gold’ argument rather than its use as a transaction medium. It is refreshing to see an application (no matter how silly) that seems to be promoting actual adoption, even if it ends up being a fad.
On a side note, I think Ethereum is attractive right now relative to Bitcoin. The whole cryptocurrency market is getting expensive, in my opinion, due to Bitcoin’s incredible run lately. This means the dollar value of all cryptocurrencies might correct soon (not a prediction, just becoming a higher possibility). However, Ethereum is reaching a critical support around 4 million Satoshi which it has bounced off a few times, so should be interesting if it heads lower or if it sustains. I will be taking my chances personally.
I’d love to hear your thoughts as usual. Thanks for watching.
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My Recommended Hardware Wallets:
If you want to store your cryptocurrencies safely, the best way is through a hardware wallet. Seriously – look it up and you’ll find plenty of information supporting this claim. There are alternatives such as paper wallets, but these are convenient and my choice for cold storage (offline):
Ledger Nano S: http://amzn.to/2hZPj0q
Trezor: http://amzn.to/2AxD9TN
Ledger Blue (expensive): http://amzn.to/2hk7xst
I personally prefer the Ledger Nano S, but the Trezor is such a close second that it really doesn’t matter which one you go with. Ledger Blue is premium and convenient, but not necessary.
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My Favorite Book for Investing in Crypto:
Cryptoassets: http://amzn.to/2zKDdCF
This book is, bar none, my favorite book for investing in cryptocurrencies. It doesn’t bog you down with technical jargon, but instead focuses on all the elements you should understand before you invest.
It’s a comprehensive book for both beginners and experts. Beginners will find information about major cryptocurrencies (not just Bitcoin) as well as details on historical market events (that you can draw on for future) and events to watch for moving into the future. Experts will find the chapters on valuation particularly useful. For those of you involved in traditional investing, this book is even more of a godsend as finance info is explored (correlations with other asset classes, ETFs, etc).
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My Recommended Exchanges: Coinbase / GDAX / Bittrex
https://www.coinbase.com/join/5a08b12e305a1401d79d10e0
If you sign up to Coinbase using link above, you and I will both receive $10 each after you buy your first $100 of Bitcoin using Coinbase. Coinbase is much less intimidating for beginners. Once ready, move up to GDAX for cheaper or zero fees. For altcoins, I recommend Bittrex.
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None of what I provide in my videos is investment advice. Please do your own due diligence.
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