With some inspiration and words of encouragement yesterday from the lovely @GiftedGaia, co-host and creator of the Steemit Podcast, I decided to try and record my attempt at a "podcast". Now, I know what you're thinking...
What makes recording yourself and posting it on the internet a Podcast? Well the key factor besides the actually recording and uploading, is maintaining continuity in some sort of a series.
I'm not too sure whether or not I'm going to continue uploading new episodes regularly, but I'll see how this one does. Unfortunately as I was listening back to this recording I was horrified. I'm not sure if it's because of the fact that the average human doesn't like the sound of their own voice, or because of my cringe-worthy stuttering and changing my train of thought mid-sentence. So to be considerate of those who are easily "triggered", I also wrote out the transcript.
My dad is visiting me right now so he was my nifty test subject for this experiment. We talk about cryptocurrency, bitcoin and steemit. Disclaimer: My level of knowledge with cryptocurrency is mediocre, at best. We are not at all experts by any means, and these are just some of our opinions. My dad and I have a lot more to learn, but I thought it would be a good first topic to discuss. Let me know what you all think :) Thanks for listening/reading!
-Lauren and Scott
L: Hi there, my name is Lauren and I have a steem account here called MrsLauren. I'm joined here with my dad, say hi dad.
S: Hi dad, this is Scott. I'm part of the baby boomer generation, 64 years old. Here to discuss the crypto currency concept and it's a new one for me to understand, but Lauren's explaining it to me. And here we go!
L: Yeah, I just thought it would be -- we were kinda talking yesterday and I was kind of trying to explain the dynamics of it and we were talking I was thinking -- hey! I'm from a different generation and the conversation that we were having was very interesting and I just kinda wanted to archive it. So I thought hey-- you know what? Maybe we should have a podcast. I wanted to see where your thoughts were on the whole cryptocurrency [front]. I was trying to explain steemit as well. So do you kinda understand what cryptocurrency is? How would you describe cryptocurrency if you were trying to explain it to someone else?
S: Cryptocurency as I'm perceiving it as a valuation unlike the former method or methodology which was a currency that was backed by-- whether it was a silver certificate or a gold bar. But this is more value supported community oriented the cryptocurrency is the Uber-esque of this generation. It's the new concept of how to value uhh trade for goods.
L: Yeah thats exactly it, trades for goods. It's very interesting because like you were saying its not backed by anything other than the fact that the people have given it value. The people are the ones who are giving it value. Because if we didnt trade our "home" currency for, you know, either Bitcoin or Litecoin or Etherum, there's all these other cryptocurrencies now. But it's just very interesting that the world that were in today of 2017, where we are backing all these digital currencies that have no physical form.
S: The physical form of gold and silver standards are of the past, are hollow because obviously the government has abandoned the silver certificate and the federal reserve now is deficient and supportive the dollar relative to gold. So the valuation of cryptocurrency is more altruistic in that in that its supportive by community and the value of goods to be traded. In terms of the context of that, its another delivery device for the benefit of the community and I understand it.
L: That's exactly right. We were talking a little bit about-- I was just trying to explain what exactly Bitcoin was. It was obviously the first cryptocurrency and the government has a negative connotation and there are lots of people out there who don’t believe that it should be something that people should invest in. Have you heard about Ross Ulbricht and Charlie Shrem? I'm not sure if you've ever heard of the Silk Road, but I think [that's] why Bitcoin has gotten such a bad rap. There was this black market called Silk Road and Ross Ulbricht -- I think is how you say his last name-- he created this black market [website] with the intent of not having it be governed and anyone could buy whatever they wanted to on it. But unfortunately people went the illegal route and it mainly turned into a site on the dark net where you could buy illegal drugs.
S: Yes, as I understand his original intention was more altruistic, more to the benefit of the social norm and medium. For the benefit of the community, and for the purpose of anonymity. The dark side of that use became what appears to be that downfall and the negative aspects of silk road and the concept of bitcoin. My feeling is that the concept is a great concept it just got misused. And so doing the Bitcoin valuation has its ups and its downs. Now its starting to stabilize and starting to trend upwards and that is a result of the shakeout -- if you will-- of the misunderstanding of what the original intent was.
L: Right. So because you understand the past, like news and drama has happened with bitcoin--
(Scott takes a sip of coffee)
L: Would it be a conversation that you would start like with a friend or like a co-worker? Would you just like bring up the fact that you know about this Bitcoin thing, or are you more reserved when it comes to this [topic], cause there's a lot more that we dont know?
S: Well I'm certainly all about new ideas and innovation and new pathways and understanding I think the benefits of new pathways. Certainly 10 years ago we didnt realize what the iPhone was going to mean to our society and cryptocurrency is a new concept and the valuation of a trading device. I think thats an exciting idea and I'm certainly open to talking about it with not only my friends but my co-workers about how it can integrate into our business and daily life.
L: So great! So obviously you think it has long-term value?
S: There's no question, it's more of a-- its a concept behind or supported like the dollar was in federal reserve or in the gold standard whether it was a silver certificate. It's intention is the same in that the value of the trading platform of a Bitcoin-- or we've talked about Steem or Steemit. These are all creative new pathways for everything that the dollar can deliver.
L: The only unfortunate aspect of it is it's in the grey area of the law. I think once it-- hopefully -- goes towards the more white area and theres more of a legality towards it then it can be integrated into businesses and used on a daily basis. I mean, there's Bitcoin ATMs in the USA [next to] where you can find Western Union and other things like where you can send money.
S: Yes, as I understand in Japan there are ATM Bitcoin -- um- - exchanges, that to me is a huge step in the direction of acceptance and normalcy. [This] certainly supports a global understanding of where this can go as a trading device or as a currency*in the future. And that is exciting!
*(I think he was referring to how Japan began recognizing bitcoin as a legal method of payment in March of this year )
L: It is very exciting! I'm very excited that I've hopped on this train, you know, its crazy. I have lots of faith that it will be a big aspect of the future. So yeah! Bitcoin is one of the very many cryptocurrencies. I've tried to kinda explain to you what I've been doing here on Steemit. It's the first -- I believe the only-- social media platform that rewards its users and content creators and curators with the cryptocurrency, STEEM. I think it's very important to have a platform like [this], because most social media platforms dont reward the users who spend hours on it. I think it's just wonderful that Ned Scott and Dan Lari-- Larimer --I think his name is-- created this site and were able to bring this [platform] to so many people who are backing the cryptocurrency [movement]. So do you have a facebook, or what social media platforms do you use?
S: I'm a dinosaur (chuckles) and yes I do use facebook. But my understanding is that this currency standard is a community [that's] socially endorsed valuation, which is like dollar, but unlike the dollar. It's not backed by the typical precious metal standards but more by a community supported standard. Which is a wonderful concept for future growth and for I think for society in general. To work together to establish values and tradability for goods and services on a platform that completely a new era. [Steemit] to me is the most exciting part of all of this.
L: Yeah! I think when I first told you about Steemit I think like two weeks-- er-- it was about a week and a half ago-- your first question to me after I told you that you know they pay the people to post. Your first question was, "Can you get the money out? Have you tried getting the money out?" And um and I think I tried to explain to you, yes I can get the money out but I dont want to. Because its still in its early stages and I believe it, [steem] will increase in value overtime and to able to support a platform like this, I think is more rewarding than the monatary value that I would have taken out of it, you know--
S: -- And that--
L: -- so far this past week.
S: That concept is really --is not new in the forms of what we call in the financial markets annuities when you believe in a product, or a service, or a company, or a currency. And you place future value in it you roll into the option of a future strike price or an option which is like what we see in todays market, the concept of STEEM and Steemit, and as I understand it Steem Cash?
L: Yeah, there's the Steem Dollar, there's STEEM which is the actually [token] cryptocurrency and there's Steem Power. Steem Power is what you build your reputation with on Steemit and the higher reputation you have, the more you’re able to give back to the platform through upvotes. Whether it's upvoting your own content or upvoting other's people's content that you have on your feed, youre able to give back more of the power that you've given through your posts.
S: So it's like an endorsement. Like an athlete, youre endorsing the product, the platform [steemit] --
L: Right.
S: --the delivery device, whatever we're going to call it. I get it. I think its exciting and I think it's innovative and it's the future.
L: (Laughs) Well I'm glad youre so enthused, like I am! Cause I also think that is definitely is the future. The only scary aspect of it is there's obviously lots of susceptibility to hacking because [steem] is a cryptocurrency and it's online based. So all of the money and the [Steem] power that you've gained and you've earned, you keep in your wallet on the site. They've done a really good job at making sure everything is secure, but nonetheless it's always -- there's always the probability of something bad happening or the steem monetary value coming crashing down.
S: Well in all markets we have what's called risk and we have what's called reward.
L: That's true.
S: And um -- we understand that it's in the formative stages and the risk and the reward factors are there certainly. But in the end, you look to the future and you look to where markets are evolving and the endorsement concept of the platform, [steemit] and the entire valuation being community based and socially endorsed, which is I think the future. With any new venture, it might have it's pitfalls but here my support is weighing the pitfalls versus the upside and the future values that it can afford. And I can say again, I'm excited about the possibilities.
L: Cool, so then are you thinking about maybe making a Steemit account?
S: Absolutely!
L: (laughing) You wanna hop on the bandwagon?
S: I'm on that bandwagon! I'm with you on that. That is the future, it's the sunset and the sunrise. It's all about understanding and accepting new ways and possibilities and this certainly is at the forefront of it.
L: Yeah.. just talking about it [with you] is getting me so excited and hyped about everything [on this platform]. I just have a good feeling that Steemit is like Facebook back in 2008 or --er-- whenever it was just starting. I feel like I'm apart of this revolution that currently happening [in the digital age]. It's cool, because I've never really been apart of something when it's first in it's start-up stages.
S: Yeah it's a revolution and an evolution all rolled up into one, it's Steem-rolling!
L: (laughs)
S: It's a certainly a concept that back in the days when AOL first introduced it's format and MTV was the first to have a [music] video. People thought that the video would replace the content of the music but that's not at all the case. As with Steemit and Cryptocurrency in general I think the future leg is right there in front of us and we watch it evolve and the acceptabilty factor will further it's value and further its viability for the future.
L: Yeah, most definitely. I think I told you briefly about the [Bitcoin] hardfork that's coming up August 1st. I dont know too much about it, [though I should] I'm going to have to read into it more. So the scariest aspect of this hardfork is it's either going to be good or impact bitcoin['s price] negatively. Obviously no one knows what's going to happen come August 1st but if you owned [some] Bitcoin, and you knew that this date was approaching, what would you do with the cryptocurrency that you had invested? Would you hold onto it and see it out? Cause you've done some investing..
S: Yes, and as we've talked about, markets move on anticipation of events and also with the event itself. The unknown factor is obviously prevalent here. My thinking is that the [hard]fork can only enhance the platforms [to trade Bitcoin] and it's more appealing, kinda social standard [of the general consensus]. So my thinking is optimistic and it's only going to grow the platforms and grow the concept and introduce new ideas and support.
L: Well I love your optimistic view. That makes me feel good. I know that it's obviously going to go down and go up. As long as other people also have an optimistic view and have faith in the fact that [if it goes down] its going to go back up and keep their money in bitcoin then I think -- you know-- that we're going to be able to ride out this [segwit] hardfork. Yeah, like you were saying, the stock market goes up and down in anticipation of events and that's probably because people get scared in the anticipation of the unknown. And as being scared, they would pull out their [shares]. The thing with Bitocin and all these cryptocurrencies is because they aren't backed by anything other that supply and demand [and the value we give them], then the people who do pull out their money in the anticipation of events [like segwit hardfork], then it [will] effect the price of Bitcoin immensely.
S: Yeah, well it's going to move as it has. It's a volatile commodity; it's traded in a wide range and I dont see that changing. That's part of the excitement of it. The obvious is it's trending up and with the event of [hard]fork of August 1st, you might see it go up, you might see it go down. But the [overall] trend for the future is all upward.
L: Mmmhm (in agreeance) Well that's wonderful. Thank you so much for hanging out with me and talking with me on this podcast. Hopefully this will be one of very many conversations that we have here. Because off of the podcast we have so many different incredible conversations about so many different subjects. And--
S: I look forward to it --
L: --And you've have quite an incredible life and I know that there might be some stories that you might want to share.
S: Happy to.
L: I hope you guys enjoyed this podcast. Stay tuned to the next podcast! And if you're not already, make sure you follow me on Steemit. My username is MrsLauren, and we will talk to you guys next time! Thanks again for listening and joining us and we will talk to you later.
S: Ciao for now!!