The Part Time Economist

The Splinterlands blockchain-based video game has considered introducing solulbound NFT rewards cards in an effort to stop bots from farming the rewards, selling them, and driving down the value that real players earn from interacting with the game. Although the intentions behind the introduction of soulbound NFT rewards in Splinterlands are noble, will it really help? Or, will bots find a way around the proposed changes and continue to extract maximum value from Splinterlands simply by the raw number of matches they play? I'll let you be the judge because in today's video, we are talking all about soulbound rewards in Splinterlands, what they mean for the game, what they mean for bots, and most importantly, what they mean for you the player. #nft #splinterlands #crypto

In the latest cryptocurrency drama, many Apple users woke up to find that they could no longer sell or transfer their NFTs out of their Coinbase wallets. This nasty surprise is all thanks to Apple's policy which requires a 30% cut of all in-app purchase fees. Despite demanding a 30% fee, Apple's in-built payment system simply doesn't work with crypto, and Coinbase was unable to comply with Apple's demands and had to remove the NFT feature to remain listed on the app store. So, what does this mean for the countless users who now have their NFTs stuck in the Coinbase wallet, what does this mean for decentralization, and what's the solution? We're talking all about it in today's video. #coinbase #crypto #nft

In the weeks since the complete implosion of the FTX cryptocurrency exchange, it has become clear that billions of dollars worth of customer funds weren't the only casualty of this disaster. In addition to the massive loss of wealth, the market is flashing big red warning signs that customers' trust in crypto-related institutions has been completely decimated. People are pulling their crypto off exchanges en masse, and both wBTC and Grayscale's Bitcoin Trust are trading at a discount to "real" BTC. These indicators show us that investors realize the difference between owning their crypto and owning a claim on an asset that may or may not be honored. #btc #gbtc #ftx

In a situation that has become far too familiar to cryptocurrency investors, the FTX cryptocurrency exchange recently filed for bankruptcy. As a result, customers have lost around  $8 Billion. Although we have become accustomed to failures of cryptocurrency exchanges, FTX stands out because it was supposed to be the "good guy" of crypto. Celebrities and YouTubers alike eagerly promoted FTX, and many people saw FTX as a safe place to park their cryptocurrency. So, what went wrong, and more importantly, what does the FTX disaster mean for you and the future of crypto? #ftx #ftt #crypto

Contrary to popular belief, having a limited or fixed supply does not make a cryptocurrency or other asset inherently valuable. Rather, price is determined by both supply AND demand, and assets that are produced in small quantities (limited edition NFTs, deflationary cryptos) can still decline in value if there is no demand. In today's post, we will explain that true scarcity in the economic sense depends on both supply and demand. Further, we will analyze why deflationary assets don't always go up in price. As always, this is not financial advice and is simply a best-efforts attempt to explain basic economics. #crypto #defi #nft

Non Fungible Tokens, also known as NFTs, are a fantastic way of representing assets as we move to an increasingly digital world. Because NFTs leverage the power of blockchain technology and cryptocurrency, it's possible to have an immutable public record of who owns what, but it's also possible to sell and trade assets on decentralized marketplaces. But what if there were times when we didn't want people to be able to transfer certain things? What are some examples of why we would want a Non Transferrable Token, and how would they work? That's what we're talking about in today's video.

Stablecoins are one of the most fundamental building blocks of the cryptocurrency ecosystem. Without stablecoins, trading on most crypto exchanges would grind to a halt, and DeFi would be incredibly risky. We know that stablecoins are important, but why would a company want to issue a stablecoin? Join me in today's post where we discuss how stablecoin issuers make money and how much money stablecoins issuers make. We will also discuss the stablecoin business model and some of the possibilities for future improvements. #defi #crypto #usdc

After being hacked for around $570 Million, the Binance Smart Chain did what any other self-respecting, decentralized, permissionless, unstoppable blockchain would do...they coordinated with all validators to collectively freeze transactions and halt the blockchain. To the dedicated crypto fan, this action seems neither decentralized nor irreversible. The Binance hack, and subsequent reaction, highlights a paradox. Many people cheer for the irreversibility and decentralization of cryptocurrencies as a way of escaping the burdensome regulation of the existing financial system. As soon as something goes wrong, however, they want the security, regulation, and insurance of the traditional financial system. In today's post, I'll explain the basics of the Binance hack. I'll use this recent event, and other examples, to describe how many people don't want full decentralization. I'll also discuss how the concept of decentralization should be viewed as more of a spectrum than an absolute quality. #binance #defi #bsc

People often say that Decentralized Finance (DeFi) is like "money legos" and that the composability of cryptocurrency is the key to building a new financial future, but what does this mean? In today's post, I'll explain how different DeFi protocols can seamlessly work together to create synergies. We will also take a look at some non-crypto examples to explain why composability and interoperability are so important to building increasingly advanced systems. #defi #crypto #eth

What if I told you it was possible to guarantee that you would NEVER sell your Bitcoin for less than $100k regardless of the bear market? Or, what if I told you that even during the next bull run, I could guarantee that you wouldn't pay a penny over $500 for ETH? Although that may sound too good to be true, it's possible to lock in a specific price by using advanced order types such as limit and stop loss orders on cryptocurrency exchanges. As with all things that sound too good to be true, there are a few catches and considerations to keep in mind. In today's post, I'll explain the benefits and tradeoffs of using advanced order types on cryptocurrency exchanges. #crypto #btc #eth

With thousands of different cryptocurrencies and hundreds of different blockchains, there are almost limitless ways for crypto investors to put their capital to work earning a return. Unfortunately, not all blockchains have the same level of features, and cryptocurrency users will occasionally want to use a cryptocurrency from one blockchain on a different blockchain to gain access to additional features. For example, many users "wrap" Bitcoin so that it can be used for lending on DeFi protocols on Ethereum. This is made possible through a concept known as bridges. Join me in today's video where we discuss what cryptocurrency bridges are, how cryptocurrency bridges work, and some of the reasons why people use cryptocurrency bridges. #crypto #defi #btc

As the cryptocurrency bear market continues, many crypto influencers continue to sell their audiences Hopium by promising that they will all eventually profit if they simply continue buying into the market no matter how far the price falls or what bad news we receive. Although I do think it is important to be optimistic and support our favorite crypto projects, it is also important to remember that nothing is guaranteed when it comes to investing. Although there is a historic bull and bear cycle for crypto, we can't guarantee that simply holding an asset will lead to an inevitable profit during the "next bull market". First, there is no guarantee of a bull market, and second, the simple fact that there is a general bull market doesn't guarantee that a specific coin/token/project will share in those gains. I want to be clear that I am NOT saying that all is lost for crypto or that crypto has no future. Rather, I want to reiterate that we should always do our best research before investing and not simply sling hard-earned money at projects with the belief that just holding long enough will guarantee a profit. #crypto #eth #eth2.0

Why do some cryptocurrencies charge users high transaction fees to use the blockchain while other cryptocurrencies are "gas-free cryptocurrencies" that don't charge fees for each transaction? Are some cryptocurrencies greedier than others, or could there be a legitimate reason for transaction fees? Join me in today's video as we discuss why transaction fees are necessary and compare and contrast the ways that transaction fees are implemented differently across blockchains. #crypto #btc #waxp

Cryptocurrency exchange Binance recently grabbed the news headlines with the announcement that it will automatically convert users' USDP, USDC, and TUSD stablecoins into Binance's proprietary BUSD stablecoin. Critics alleged that Binance was trying to gain an advantage over its competitors that issued the other stablecoins. However, Binance officially maintains that the move to convert users' stablecoins will increase liquidity and enhance the customer's trading experience. Regardless of who we believe in this situation, we must answer several important questions. What is liquidity, how does liquidity work, and why is liquidity so important for cryptocurrency traders? #crypto #defi #binance

References

https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f

If you're new to cryptocurrency, you may occasionally hear the term "fractional reserve banking" used negatively. Even if you don't understand what fractional reserve baking is, the ominous tone of the podcaster's voice clearly lets you know that crypto is the answer and solution to the dreaded fractional reserve banking. But why is fractional reserve banking so bad? How did fractional reserve baking start, and are there any benefits of fractional reserve baking? Lastly, what makes cryptocurrency lending and DeFi different from fractional reserve baking? That's the subject of today's video. #defi #crypto #banking

Unfortunately, it seems like we are constantly hearing about "pump and dump" scams in cryptocurrency where a project will create a token out of thin air and promise that it will change the world, empower the poor, and bank the unbanked. With no intention of actually delivering on these promises, the founders offload their cryptocurrency to unwary buyers and they enrich themselves while average investors are left holding the bag of a now worthless cryptocurrency. Although the secrecy of many cryptocurrency projects makes preventing such scams virtually impossible, a concept known as a "vesting schedule" aligns founders' interests with that of investors by making it impossible for them to sell their cryptocurrency before a specific time. In theory, this is designed to incentivize the founders to focus on the long-term sustainability of the project because they know their tokens will only be valuable if the project is still viable once their vesting schedule is complete. As always, my videos are not financial advice and should be taken as my best effort to provide crypto education.  #defi #crypto #cryptocurrency

References

https://coinmarketcap.com/alexandria/glossary/vesting-period

https://token.unlocks.app/

Proof of stake cryptocurrencies such as Solana, Cardano, and ETH 2.0 allow a decentralized network of participants to maintain the integrity of the network by verifying that transactions follow the rules of the blockchain. If we already have a way of governing the network through proof of stake, then why do we need governance tokens? In this post, I'll use the WAX blockchain and the Splinterlands governance token (SPS) to explain the differences between proof of stake cryptocurrencies and governance tokens and how they are both essential aspects of cryptocurrency. We will also briefly discuss the similarities and differences between governance voting in crypto vs shareholder voting in the traditional stock market. As with all of my videos, this is not financial advice and any use of a specific project/token/chain is simply to provide a tangible illustration of a broader concept. #crypto #sps #cryptocurrency

References

https://medium.com/compound-finance/compound-governance-5531f524cf68

https://www.investopedia.com/terms/v/votingright.asp

A recent feature update on the Cardano blockchain caused a "catastrophic" failure that wiped out over two years of transaction history. Thankfully, this occurred on a test net and although no real funds were lost, this Cardano example brings up a good point that applies to the broader cryptocurrency world. What is a test net, how do they work, and why are test nets so important to cryptocurrency blockchains? As always, this is not financial advice. Rather it is my best effort attempt to provide general cryptocurrency education. #ada #cardano #vasil

Since DeFi protocols can't perform credit checks or assess the credit worthiness of borrowers using the same tools of traditional finance, they typically rely on loan over-collateralization to ensure that lenders will be able to receive their funds back. When borrowers' outstanding loan balances exceed their loan collateral value, they are "liquidated" by third parties that swoop in, repay the loan, and make a profit. In today's post, I'll explain why overcollateralized loans are essential to DeFi, how over-collateralized loans work, and how liquidations function. #crypto #defi #comp

I recently watched a video where the host suggested that cryptocurrency was a popular investment because Millennials are lazy investors who are unwilling to follow traditional methods of building wealth such as starting their own businesses. As a millennial and a crypto investor, this statement hit me pretty hard and got me thinking. Do Millennials invest in cryptocurrency because they are too lazy to build their own business, or are there other factors that cause Millennials to have a disproportionate interest in crypto? In today's post, I'd like to make the case that Millennials are disproportionately likely to be cryptocurrency investors due to unique circumstances their generation has experienced. Rather than simply being lazy investors, I suggest that Millennials' interest in cryptocurrency stems from a logical desire to improve their situation while minimizing downside risk and a willingness to embrace new concepts as opposed to the traditional institutions that they feel have already let them down. #crypto #doge #btc

References

https://www.cnbc.com/2021/07/06/millennial-dogecoin-millionaire-on-being-paid-in-dogecoin.html

https://www.businessinsider.com/average-american-millennial-net-worth-student-loan-debt-savings-habits-2019-6

https://smallbiztrends.com/2022/01/how-much-does-it-cost-to-start-a-business.html

https://en.wikipedia.org/wiki/Millennials

People who believed that cryptocurrency is more secure, decentralized, and trustworthy than the existing financial system were in for quite a surprise this week when crypto lending platform Celsius announced that it would temporarily block customers from withdrawing their own funds. Wasn't the entire purpose of crypto to make sure that people were protected from financial institutions abusing their funds? In this post, I'll explain that although cryptocurrency itself does have advantages over traditional finance with regards to being permissionless, decentralized, and more secure, many of those advantages are lost when crypto is deposited with a third-party custodian. As always, this is not advice and is not an endorsement or disendorsement of any company. It is merely designed to show how the advantages of crypto are mitigated when it is used as a traditional asset. #crypto #celsius #cryptocurrency 

Note: It is possible that this situation may be resolved by the time you are watching the video. 

References

https://arstechnica.com/tech-policy/2022/06/cryptocurrency-plunges-as-crypto-bank-celsius-suspends-withdrawals/

https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6

After witnessing the complete and total annihilation of the Terra ecosystem over the past few weeks, many people are excited about the possibility of a hard fork breathing new life into the Terra ecosystem, revitalizing the project, and hopefully making good on some of the losses that Luna holders suffered.....but what even is a hard fork in the first place? In today's post, I'll explain what a hard fork is, why they happen, and the implications for crypto holders. We will also take a look at some historically important cryptocurrency hard forks. #crypto #ust #luna

In contrast to other forms of payments, cryptocurrency transactions are not processed sequentially. Rather groups of transactions are bundled into "blocks" that are then processed and added to the blockchain. However, there is a finite limit to how many transactions can fit into each block on the blockchain, and competition to be included in a block leads to high fees and long wait times. Does this mean that simply increasing block size is a wonder cure that leads to lower fees and faster processing times, or are there some drawbacks to be aware of? In this video, I'll explain the basics of how blocksize works and describe why determining the "right" block size isn't an easy question. #crypto #btc #bch

The recent collapse of the Terra ecosystem and the Luna cryptocurrency has left many investors holding worthless bags of a failed crypto, and the collapse of the UST stablecoin has shaken the confidence that many crypto investors had in stablecoins. Although I can't get into any coin specific analysis, I do think the collapse of the Terra cryptocurrency ecosystem presents a valuable teaching point, and I think today is a perfect time to deep dive into stablecoins. In today's post, I'll explain what a stablecoin is, why they are used in cryptocurrency, and compare and contrast the different ways in which stablecoins maintain their value. #ust #terra #luna

What's a cryptocurrency token, what's a coin, and does the difference even matter? In today's post, I'll provide a beginner-level overview of the difference between cryptocurrency coins and crypto tokens. To briefly summarize, a coin is the native asset of a blockchain that is used to fuel the blockchain and carry out transactions whereas a token is an asset that runs on top of the existing chain and requires the "host" chain and the native currency to be used to process its transactions. #crypto #blockchain #eth

https://www.youtube.com/watch?v=nKjti1x_seM

Impermanent loss refers to a situation in which a person can "lose" money lending cryptocurrency on DeFi protocols while simultaneously increasing the value of their holdings. In my opinion, impermanent loss is one of the most difficult crypto concepts to understand which is why I made this beginner-level video that explains what impermanent loss is, how impermanent loss works, and mitigating factors to consider when it comes to impermanent loss. #defi #crypto #uniswap

For those of you who don't have time to watch the whole video, the key points are that 1) Impermanent loss isn't always a loss per se, but rather the lost value compared to simply hodling the assets. 2) Impermanent loss is a function of the way that DeFi protocols automatically rebalance the ratio of their assets via the AMM algorithm. 

Timestamps

00:00 Introduction

02:45 What is Imperrmanent Loss?

04:40 Liquidity Pool Deposits

07:40 Withdrawing From Liquidity Pool 

09:05 Impermanent "Loss" Really Isn't

11:10 Avoiding Impermanent Loss

13:21 Conclusion

It was a big week for cryptocurrency with the announcement that the Central African Republic has become the second country to adopt Bitcoin as a national currency. Although that is certainly a cause for celebration among the Bitcoin community, I think this decision has broader implications not just for crypto but the larger international monetary system. In today's post, I'd like to use this recent news as a tangible illustration of several monetary and international relations theories. #btc #crypto #education 

NFT games are often thought to be a perfect combination of fun as well as earning potential. In theory, blockchain based NFT games are designed to allow players to have a fun, enjoyable gaming experience while also giving players several ways of earning crypto income. In reality, many NFT games lack even the functionality of 80s era games and are mostly point and click games that require significant investments in order to make a decent profit. This isn't to say that all NFT games are terrible, but rather that there is a clear difference between customer expectations for NFT games as opposed to traditional games. Exploring those differences is the subject of this video. #nft #cryptogaming #crypto

For the past two years, my channel has been devoted almost exclusively to crypto content, and I feel that the time has come to return to the roots of the channel by talking about a wide range of topics. Crypto will certainly play a role, but I want to cover more topics as well. In today's post, I'll explain the basics of how to use Google sheets to create a basic crypto portfolio tracker. In future videos, we'll spice the tracker up and pull data directly from web pages and create graphics to represent our crypto holdings, but this first video is definitely intended as a basics class to get newbies up to speed with the fundamentals of Google sheets. #crypto #cryptocurrency

Michael Saylor is one of the most well known cryptocurrency advocates. Thanks to his bold move of investing in BTC, his company earned a hefty reward, and Saylor has been able to use this success to showcase the merits of crypto. Although I tend to agree with most of his comments regarding cryptocurrency, I think that the recent Canadian Trucker Protests should cause us to re-examine one of his conclusions. In this post, I will do my best to make the case that holding crypto with a third party custodian that provides fiat settlement services more or less re-creates the existing financial system under a different name and negates the peer to peer nature of cryptocurrencies in favor of convenience. #bitcion #crypto #cryptocurrency   

  References 

https://bitcoin.org/bitcoin.pdf  https://twitter.com/saylor/status/1313494150554308615  https://twitter.com/APompliano/status/1495038292773019655  https://www.cbc.ca/news/politics/ottawa-protests-frozen-bank-accounts-1.6355396

Although a cryptocurrency whitepaper and a cryptocurrency roadmap are both tools that can be used to learn more about a cryptocurrency and understand its purpose, some people want to dive into the specific details and understand the differences between these two documents. In this post, I'll answer a viewer question and describe what a cryptocurrency whitepaper is, how it works, and most importantly, how reading a whitepaper can help you to better understand a cryptocurrency project and determine whether its a project you're interested in. #crypto #cryptocurrency 

If you're new to cryptocurrency, you might have heard that cryptocurrency is a type of "digital asset" that doesn't exist in physical form and should be stored in a cryptocurrency wallet. However, the term "wallet" can be a bit confusing in that even a cryptocurrency "wallet" doesn't actually store cryptocurrency at all and there is absolutely zero Bitcoin, Ethereum, or any other cryptocurrency actually stored "in" your cryptocurrency wallet. Rather, wallets are a way of storing public and private keys that allow you to access certain funds on the blockchain. If you're a bit confused, then this beginner tutorial is just for you! #crypto #bitcoin #blockchainbasics  As always, nothing is financial advice, all opinions are my own, and thanks for stopping by!

Play to earn, sometimes called P2E is a form of online gaming in which users are rewarded with cryptocurrency (and sometimes nfts) for playing various cryptocurrency games. Although it is certainly possible to monetize traditional gaming by becoming a streamer or getting sponsorships, play to earn gaming is different in that the use of cryptocurrency and blockchain technology allows the reward mechanism to be built into the game itself instead of being dependent on external sources.   In today's post, I'll explain the basics of play to earn gaming, describe how p2e games utilize cryptocurrency, and also share some of the pros and cons of p2e games vs traditional gaming experiences. As always, this should be considered strictly educational content that expresses only my own opinions and is not designed to approve or disapprove of any specific projects.     #gaming #crypto #playtoearn

Rugpulls, pump and dumps, and fake mining websites are all popular cryptocurrency scams that await unwary crypto investors in 2022. In this post, I’ll explain how some of the most popular cryptocurrency scams work, why people fall for them, and how you can protect your cryptocurrency in 2022. #crypto #cryptoscam #bitcoin

After Facebook (Meta) announced its rebranding strategy back in October 2021, the term metaverse exploded in popularity, and many metaverse related cryptocurrencies such as the Sandbox's Sand token and Decentraland's Mana token experienced significant price spikes as the concept of an immersive digital experienced the mainstream consciousness. In today's post, I'll do my best to describe what the metaverse could look like and what role cryptocurrencies and blockchain could play in this future digital reality. #metaverse #sand #cryptocurrency  

References  

https://www.gemini.com/cryptopedia/what-is-metaverse-crypto-nft-game-blockchain

https://about.fb.com/news/2021/10/facebook-company-is-now-meta/  

As always, nothing is financial advice, any mention of specific projects or coins is for educational and illustrative purposes only.

Cryptocurrency can either be stored with a third party custodian for safekeeping or stored in a wallet that you take sole responsibility for. Each method of storing cryptocurrency has its advantages and disadvantages, so in today's post, I'll explain the differences between keeping your cryptocurrency with a third party custodian vs keeping it yourself. As always, nothing is financial advice and the content in this post is solely my own opinion. #crypto #cryptocurrency #btc