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We are Cryptominded, the #1 community for beginners in the Cryptocurrency Industry. AMA (Ask Us Anything)!

Brian Schuster
Oct 11, 2017

Hi Folks! We are the team behind Cryptominded. We are a global network of founders, developers and investors, creating the #1 community for beginners in the cryptocurrency industry. 

We are hosting our first event in San Francisco to bring our community together. We have investors and entrepreneurs from the cryptocurrency industry speaking to our members about how to get involved. The event happens on October 12th at 7pm. You can sign up here.

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Conversation (57)

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Let's get started!

Can I sell CCs?

Oct 10, 10:16PM EDT0

Brian - Yes, but you're a bit more limited in how you can sell.

Moving Cryptocurrency to Cryptocurrency is easy with services like shapeshift.io and Changelly. However, you have to go to an exchange (like Coinbase) to exchange fiat for Cryptocurrency.

If you want to sell on Coinbase for example, you have to:

1) Have an account with them

2) Have a Cryptocurrency that they support (BTC/ETH/LTC at the moment)

3) Have a bank account attached to your Coinbase account

It's a bit tedious and not something you can do easily, but it is possible.

Oct 11, 8:46AM EDT0

What exactly makes Criptominder different from othe CC groups? 

Oct 10, 9:04PM EDT0

Hi Lou! With cryptominded we really try to make a friendly environment for anyone that wants to learn about cryptocurrencies. Meaning, people can ask whatever they want such as where to buy, how to store cryptocurrencies, etc without being laughed at. I personally felt a lot of communities weren't really user friendly with people really pushing new people towards particular coins.

Cryptominded itself won't push an opinion on its community members, but instead faciliates events, such as the Community ICO analysis held every Thursday, to let the community form opinions together on new ICOs, cryptocurrencies, etc.

Thereby we got rid of the slack scammers/phishing by building solutions to keep bad actors out, so that is one big plus!

Last edited @ Oct 11, 9:45AM EDT.
Oct 11, 9:39AM EDT1

About our Team:

Dylan - Dylan Damsma is the founder of Cryptominded, the #1 resource for beginners in the cryptocurrency industry.

Brian - Brian Schuster is an independent software architectect and writer, focused on blockchain technology. You can read more of his work at Hivergent.com.

Barry - Barry Leybovich is an enthusiastic product manager and technology evangelist. He is a Moderator on Cryptominded's slack, and is a crypto-content producer as well. www.barryleybovich.com

Oct 10, 4:35PM EDT2

If I wanted to start today, which cryptocurrency would be the best to buy and why?

Oct 10, 3:57PM EDT0

Hi Lisa, I personally believe most in Ethereum as I see it as an underlying network for value transfer (most ICOs happen on the Ethereum network), I kind of see it as the http protocol but then for value transfer.

However, as beginner, I believe that you need to learn what the tokens itself are about first, as not all are created equal. For example: 100 Lykke coins gives you 1 share in their company, TenX tokens give you dividend of the fees they charge to their end customers, etc.

It is thus important you understand what the underlying value of the token is before you can wisely invest in it. Lot of investing currently happens based on FOMO (fear of missing out) and hype, which in my opinion is not sustainable.

We're actually building a Coin index to help with researching the fundamentals of the currencies.

I would personally stay away from investing too heavily into "altcoins" (which are low market cap coins) as many of them are missing an underlying value and are purely speculative. They are even riskier than say Bitcoin, Ethereum, Monero, etc.

Last edited @ Oct 11, 10:17AM EDT.
Oct 11, 9:43AM EDT1

What problems do you intend to solve with your cryptocurrency?

Oct 10, 9:45AM EDT1

Brian - While we have a lot of tools being built, like the coinwiki, we currently don't have plans to build a cryptocurrency. There has been talk floating around for creating a community token for Cryptominded, but it's in the very early stages of discusson.

Oct 10, 4:25PM EDT0

Hi Karen, Indeed, as Brian mentioned, we're not issuing our own token. We may do in the future for enabling reward mechanisms, however we will definitely not do an ICO :)

Oct 11, 9:47AM EDT0

👋

If you had to start over, what would you do differently?

Thanks.

Oct 10, 9:10AM EDT1

Ben - Mine bitcoin heavily in 2009.

Barry - Buy Ben's Bitcoin in 2009.

Brian - That's one I've been thinking about a lot recently. I feel like I got incredibly lucky with my cryptocurrency investments, so I got to ride some pretty incredibly valuation waves. However, if I had to do one thing better, it would be getting more involved with online projects and networking. Cryptominded is a great place to meet other people today, but even a few years ago there were forums I could have been active on. Just meeting people has opened up so many doors and, personally, has far outweighted any financial wins.

Last edited @ Oct 10, 4:24PM EDT.
Oct 10, 9:53AM EDT1

Buy more BTC/ETH years back when I already learned about it (about 2011 or so)... Hindsight!

With regards to Cryptominded.com itself, I think I wouldn't change anything I've done so far, but I definitely learned from the decisions I've taken along the road. No regrets on any of them though and I would do it similarly again. 

Last edited @ Oct 11, 9:51AM EDT.
Oct 11, 9:50AM EDT1

Can you see people using cryptocurrencies widely in the near future?

Oct 10, 7:18AM EDT0

Yes, I do believe so - look at wechat for example. It's just a matter of making adoption as easy as possible, and we're trying to help with that through Cryptominded.com

Last edited @ Oct 11, 9:55AM EDT.
Oct 11, 9:54AM EDT0

Yes, I do believe so - look at wechat for example. It's just a matter of making adoption as easy as possible, and we're trying to help with that with Cryptominded.com

Oct 11, 9:54AM EDT0

What are the disadvantages about using cryptocurrencies?

Oct 10, 6:38AM EDT0

Ben - Using as a currency - high complexity and barriers to entry, high friction in transactions, high volatility in currency value vs fiat value of real world goods/services.

Brian - You can break this down into two part: short term disadvantages and long term disadvantages.

Short term, the list is quite long. Bitcoin is expensive to use, takes a long time to confirm on the blockchain and has in-fighting that seems very bad. Unfortunately, even if another blockchain becomes popular, it's likely many of these same issues will follow. In addition, security concern and risks in losing your funds (through fraud or mismanagement) are always an issue.

However, many of these issues are currently being worked on by the hundreds of new projects being introduced to the ecosystem. Just like cars really didn't become great tools until paved roads were built, many of the infrastructure pieces that will make cryptocurrency ubiquitious are currently in the works.

Long term, I'm sure we'll find issues with cryptocurrency, just like we found long term issues with the internet (increase in depression with use, less human interaction, etc). The benefits of any emerging technology are not limitless. However, the advantage of cryptocurrency (and blockchain technology) are so immense compared to the current system that it's worth pursuing.

Last edited @ Oct 11, 8:59AM EDT.
Oct 10, 4:31PM EDT0

Perfect answers :)

If I may, indeed I want to mention that, while yes, there are many hurdles at the moment we've to overcome as community and contributors to the cryptocurrency community, I believe they are worth pursuing as they make such a fundamental difference to the monetary system we currently have. There's a good interview with Andreas Antonopoulus which I really recommend watching that addresses this particular topic.

My internet is horrendous at the moment, but it's called "The death of money" and was hosted by London Real. Worth a watch. Edit: here's the link - https://www.youtube.com/watch?v=DuoE5CXlIdY

Last edited @ Oct 11, 10:16AM EDT.
Oct 11, 10:03AM EDT0

How long do you think it will be before we can pay everywhere with CCs?

Oct 10, 4:07AM EDT0

Brian - A long time, I think. There are so many hurdles to getting cryptocurrency off the ground (user adoption, wallet management, payment system integration, etc) that I don't think major retailors will be making it a big part of their businesses in the near term. I think we'll see that change as project like Lightning and Raiden make Cryptocurrency payments effectively free, but that's a few years out.

Ben - There’s already a project to launch a payment card that holds a BTC balance and converts to USD on the fly at transaction time. Not sure if that’s live yet as I can’t remember the name of it, but that’s a relatively easy path to being able to use crypto “everywhere”. Being able to pay natively in a crypto currency will take a few years.

Last edited @ Oct 10, 4:23PM EDT.
Oct 10, 9:55AM EDT1

The project Ben is talking about is called TenX.

Oct 11, 9:41AM EDT1

Is the Crypto market expanding rapidly in your view?

Oct 10, 3:32AM EDT0

Brian - Yes and No. Yes, the market for long-term cryptocurrency users is far from tapped. I speak pretty frequently on this topic and I find that even a majority of tech entrepreneurs are only vaguely aware of the technology. There's a lot of room for growth and adoption.

However, I think we're getting to the end of the 'low hanging fruit' for user acquisition. I've found that it takes people anywhere from 3 months to over a year to really get used to the technology to the point where they want to use it. The people who are now super serious about this technology are evangelizing the potential, but new users still need time to let the message 'click'.  Because of this, I think we'll see user acquisition slow a bit and then re-ignite sometime by the end of the decade.

Oct 10, 10:36AM EDT0

I believe it just went through a rapid expansion in the past 3 months or so, and things are actually slowing down a little.

Oct 11, 10:22AM EDT0

Before investing in crypto currencies what are the key factors to be aware of?

Oct 10, 2:24AM EDT0

Brian - One, by far, is security and wallet management. Unless you're playing with a very small amount of cryptocurrency (less than $500), you're susceptible to being targeted by hackers. The blockchain itself is secure, but wallets are prone to the same attacks as your Facebook account. I personally prefer a hardware wallet as my primary source of holding, as it's the most secure on the market. Other than that, I would just research which tokens you like, which platforms you like and just stick to an investment plan/schedule.

Oct 10, 9:59AM EDT0

How is the value of a cryptocurrency determined and where can I see it?

Oct 10, 1:21AM EDT1

Barry -  Much like any price, the price of cryptocurrency is decided by supply and demand. For most cryptocurrencies, the supply is fixed or only very slowly growing, so the price change is mostly determined by demand. As the currency gets more use, the price goes up. You can check the price of a coin on Cryptominded's coin wiki here.

Last edited @ Oct 11, 8:58AM EDT.
Oct 10, 10:01AM EDT2

What are the most exciting reasons to become involved with digital currencies?

Oct 9, 11:11PM EDT0

Brian - Largely because you get to be a key player in a growing and expanding industry. For me, this is why I'm apart of the industry today despite all the drawbacks of being early.

Oct 10, 4:32PM EDT0

I'm mostly involved with cryptocurrencies because I believe in it's decentralisation of control of the monetary system we have today. For both the political aspect & the financial.

Oct 11, 10:08AM EDT0

What sort of returns can be expected by investing in crypto currencies?

Oct 9, 10:17PM EDT0

Ben - This depends entirely on the duration of investment and on the specific currencies being invested in. With sensible, controlled, self-informed investment, double digit % returns are achievable, but with high downside risk.

Oct 10, 4:22PM EDT0

What are the most important things to do/watch out for if you are just getting started?

Oct 9, 8:12PM EDT0

Ben - Understand the basic security principles of crypto currency wallets, and how to protect yours (e.g. paper or hardware wallets vs online wallets, private key ownership, two factor authentication). Research the fundamentals of anything you invest in, and in particular don’t be lured into ICOs without doing a lot of due diligence first. Watch out for scams which commonly take the form of phishing attacks, where someone will pose as an authority figure and suggest a wallet address to transfer money to, or a website to visit and authenticate with.

Last edited @ Oct 11, 8:57AM EDT.
Oct 10, 4:22PM EDT0

1. Storage of the cryptocurrencies is the most important to get right. Ideally don't leave cryptocurrencies on an exchange, but this means you will have to manage your own wallet, which the risks that come with it, which Brian addressed as well.

2. Research the underlying value / purpose of the token. We build a coin wiki to help you with this.

3. Be mindful of (day)trading, it's easy to make a lot of small mistakes that compound quickly into rather big losses. Unless you truly know what you're doing, I suggest starting with only 5% of your cryptocurrency portfolio for trading purposes.

Last edited @ Oct 11, 10:13AM EDT.
Oct 11, 10:13AM EDT0

What are the best websites for changing USD or EUR to digital currencies like Bitcoin, Ethereum, Litecoin, and Steem?

Oct 9, 7:35PM EDT0

Brian - Bitcoin, Litecoin and Ethereum are relatively straight forward, as they are widely supported by exchanges. Two that come top of mind are Coinbase and Gemini, which support Ethereum and Bitcoin (Coinbase supports Litecoin). You can find a more expansive list of exchanges on Cryptominded here.

However, alt-currencies like Steem are a bit different. Most exchanges usually don't support Cryptocurrency to Fiat for small blockchain assets. Because of this, it's hard to go directly from, say, Monero to EUR. However, if you use a service like Shapeshift.io, you can instantly exchange your Steem for ETH/BTC/LTC and the use a fiat exchange of your choice.

Oct 11, 8:51AM EDT0

What is blockchain and what is all the fuss about it?

Oct 9, 7:02PM EDT0

Barry - A block (in a blockchain) is a complex mathematical problem based on a cryptographic technology (called a “hash”) which computers aim to solve. Once the mathematical problem is solved, the block is ‘complete’. The important property of a block is that if you change any information inside of it – like transaction data – becomes invalid, or broken. The only way to fix it is to replace the incorrect data with the correct, original, data.When a new block is created, it takes data from the previous block, creating a link - hence the term blockchain. In a blockchain, if any data in any block is altered, the entire blockchain from that point onwards is broken. You can think of it like a tower of wooden blocks, if you break one block in the middle of the tower, all the blocks above it topple over. The only way to ‘fix’ the tower is by correcting the data that was tampered with. In fact, blockchains are often measured in terms of ‘height’ which is the total number of blocks in the tower. So, the older the data is, the more secure it becomes. Generally, a block will be considered ‘valid’ once enough additional blocks are added to the chain in order to ensure security. In cryptocurrencies, the blockchain is used to store an immutable transaction ledger for the currency.

All the fuss is that with an immutable ledger, you are far less susceptible to hacks, and can eliminate problems like double spending which make transaction fees expensive!

Oct 11, 8:56AM EDT1

What advantages do Crypto Currencies offer?

Oct 9, 6:15PM EDT0

1. Decentralisation of control - the government does no longer have the option to print cash to address their debt.

2. Almost instantaneous transfer of value without having to worry about borders or high remittance fees. (e.g. I have a hard time paying any business in China from Belgium. With Bitcoin that can be done for a fraction of the normal fees and they'd have the money within minutes of me transferring it).3. A token can represent pretty much anything in terms of value and are super easily tradeable. Think of gold certificates on the blockchain as a token (CC).

Oct 11, 10:27AM EDT0

How can one foresee what changes regulators are likely to make?

Oct 9, 5:15PM EDT0

What do people mean when they talk about 'bitpoint'?

Oct 9, 4:19PM EDT0

When is the best time to invest in your view?

Oct 9, 4:03PM EDT0

Ben - If you are investing with a long term view and you are bullish on the future prospects of a particular currency/project, then the best time to invest is now. Don’t try and time the market.

Barry - Dollar cost averaging!

Last edited @ Oct 11, 8:55AM EDT.
Oct 10, 4:20PM EDT0

Can you explain briefly how cryptocurrencies works for people who know nothing about it?

Oct 9, 1:15PM EDT0

Barry - Cryptocurrencies were developed as an application on top a cryptographic invention known as blockchain, hence the name cryptocurrency.

Cryptocurrencies are distributed digital currencies, much like a form of digital cash. They allow for seamless, direct, and extremely fast transactions between parties. You have full control over your payments and balance, and can spend and earn with ease and transparency.

Oct 11, 8:54AM EDT1

This is great! I know nothing about cryptocurrency. I don't live in San Francisco...will the event be broadcasted?

Oct 9, 12:50PM EDT0

Brian -Yes! There will be a broadcast. We plan on sending out the link when the event is about to start. If you would like to get notified, sign up on the meetup event page, and you'll get all the updates to the live event.

Oct 10, 9:50AM EDT0

What is the future of cryptocurrency in your view? Do you see it being traded at a local grocery in the next five years?

Oct 9, 12:08PM EDT0

Barry - The immediate future will likely have a focus on security and throughput.

Currently, most cryptocurrencies are unable to scale to the 50,000 or more transactions per second that a company like Visa processes. The recent Bitcoin fork and the upcoming ones are perfect examples of the community struggling to keep up with transaction volumes. If transaction throughput can be addressed without impairing security, it will lead to a breakthrough in uptake and will definitely be seen at local grocers and national chains alike.

Oct 10, 4:21PM EDT1
Last edited @ Oct 11, 10:16AM EDT.
Oct 9, 9:42AM EDT0

Link broken :(

Oct 11, 9:39AM EDT0

Fixed!

Oct 11, 10:17AM EDT0
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