First impression — banking the unbanked.
Handy links:
First part of the whitepaper describes the existing challenges of the current banking system. For instance — access to services — if you earn $1 per day it can be prohibitively expensive to afford a bus ride to the nearest town.
Parts of the system
Identity
Letting a user prove they are who they are, and that they did what they say they did.
Secure Storage
Letting a user protect their funds from being easily stolen or devalued.
Money Transfer
Transferring value from one entity to another, quickly and securely.
Marketplaces
Creating venues for users to exchange money for goods, services and capital.
User roles
User: able to access all services available on the Network
Provider: provides access to nancial services on the Network, and is responsible for regulatory requirements
Agent: choose to convert between eFiat and physical cash for a commission
Merchant: other businesses that accept eFiat as a payment method
Community Value Network (CVN) is designed to be self-sustaining and community-owned.
Existing product
This is a typical remark regarding ICO projects — I would love the see existing MVP, proof of concept, technology behind it.
Partners
Marketing strategy
Also thinking about marketing strategy. Uber started in San Francisco. The. Expanded to New York and some other large American cities. Network of payments makes sense if there are people using it.
What is the area where they start the operations
Be careful when investing in crypto
There is no such thing as free money.
I cannot recommend highly enough this list: https://chrisdunn.com/50-crypto-trading-investing-lessons/
Chris Dunn drops nuggets of knowledge, it’s seriously good stuff. Some of my favourite picks:
- The best way to day trade cryptocurrencies is — DON’T!
- You WILL make every mistake in the book. Don’t beat yourself up when you make mistakes, just learn and try not to make the same mistake twice.
I totally admit I made most of the mistakes on the list. Now I’m a little bit wiser and the more I know the more cautious and sceptical I become…
Manage your private keys
Be careful how you keep your private keys and backups. Hardware wallets surely the best.
Quite seriously — you don’t want programs on your computer to have access to your private keys. Keeping private keys on a separate device is by far the best protection against a hack or a virus. Private keys never leave the device, they are used to sign the transaction that is then broadcasted to the network.
Markets are…
Markets can remain irrational a lot longer than you and I can remain solvent. — so you think printing Tether is a scam and crypto bubble will pop?
Ride the wave, trend is your friend.
Personally I don’t have energy for day trading, I just buy and hodl, or earn (directly in crypto) and hodl.
Sure fire research questions
DYOR — do your own research, ask difficult questions. I wish everyone investing was asking these:
How much tokens issued pre-pre-pre-ICO for strategic investors, what is their discount, what is their lock-in period?
Check Bloomberg, Reuters, Fortune logos on the website — anyone can include an image, not everyone can get press coverage.
Check with advisors and partners — are they really committed to the project, did they update their LinkedIn?
DYOR — do your own research, it will save you a lot of stress. To have faith and confidence, to know that you did the work is a great feeling.