Blockchain and Cryptocurrency: Good Investment? (Bitcoin Anyone?)

Hey, what’s up? John Sonmez here from Today, we’re going to be talking about blockchains. Andrei says, “Blockchain. Is it the next big thing? What are the skillsets needed? Do you recommend studying it?” I’ll briefly talk about the investing side
because I don’t think that—I mean yes, a lot of people have made a lot of money in
investing in cryptocurrencies, which are based in blockchain. I don’t think that it’s a good idea because
it’s not an investment. It’s a speculation. I’m not for investing “speculating” in cryptocurrencies,
even though people have made a lot of money simply because it is a speculation and there’s
no guarantee. I’d like to do things that are guaranteed
that have a high chance of success. I don’t like to make bets on stuff that
maybe will work because even if they do work out, what, don’t you give yourself a pat on
the back and say you picked the right horse? I don’t know. I don’t care to do that. I care to like earn the stuff that I achieve
in life because those things are more rewarding. Let’s talk about blockchain itself and the
technology. That I’m 100% bare-on on the technology itself
because it’s a superior technology. It makes sense. I think that currency is going to go that
direction. I see it as the future. I mean you see all this kind of futuristic
movies or sci-fi novels, then they talk about having credits or cred stick. That hasn’t been possible before because
of the problems with fiat currencies, with monetary systems and with governments controlling
and being able to print up money. Whereas, the cryptocurrencies, the blockchain
technology, not only allows us to limit the supply of the money to be almost like it was
on a gold standard, but it does expand. The monetary system does expand, which is
important. Otherwise, you have a huge, huge deflation
which is not—which you still have in cryptocurrency, by the way. I mean you can see it. That’s why a lot of these coins are going
so far out there. They’re driven by speculation and deflation,
really as the currency is more scarce, it becomes more valuable and more people want
it. What I see is that this is definitely the
future. I mean I would bet on this technology for
sure. I don’t know that cryptocurrencies are going
to go up and I don’t know that something better isn’t going to come along, but it’s
going to be based on blockchain. That’s what I’m saying is that because this
makes so much sense. It makes so much sense that we finally have
the solution where if you think about it, government—we can’t trust any government
in the world because we can’t trust government with monetary supply. Every single government that has ever gotten
their hands on money to create fiat currency has fucked it up. Think about this. Look at all the countries that have had major
ridiculous inflations, even here in the United States. We still have stagflation all the time and
we’re messing with money and we’re having disastrous results. Managing money is something that—especially
as we become more of a world society and needs to be handled in a decentralized type of way,
and blockchain makes sense. Also, if you think about it, blockchain. Just the idea, the concept of having this
peer-to-peer, this validation happening from multiple nodes. Multiple people verify things, I think that
makes sense for contracts. You hear about things like Ethereum which
uses—there’s other cryptocurrencies based off of this that have this contract idea where
you can actually create contracts and enforce contracts and verify them from multiple properties. Think about property ownership and land ownership,
and things like that entitles to things that if we have this blockchain technology, we
can verify very definitely who is the owner of the property and what transactions occurred,
and we can prevent fraud. This stuff all makes sense and is all decentralized. What I recommend is I would recommend that
if you’re interested in this stuff, yes, learn about it in depth. I have a cursory knowledge, but if you’re
interested in it I highly encourage you to learn it, especially a software developer
because I see this is a huge, huge field. There’s going to be—there are so many companies
already now that are investing in the technology and they’re going to have to invest in the
technology in the future. Having this in-depth knowledge is not easy. It’s a complex thing. It really is complex. I tried to go through and understand bitcoin
at one point. I have the gist of it, but I don’t understand
the intricacies of it. I’ll be honest with you because there’s a
lot to it. This is a good thing. I think a good market to move into. I think it’s growing and expanding market
and there’s always going to be jobs here. If you’re interested, take the time, learn
it in depth but don’t play around in the market. Don’t—like that speculation, that’s how
you’re going to lose it. So many people that are liked blockchain geeks
or cryptocurrency, they’re just playing the market just like a stock trader. There’s nothing wrong necessarily with that. I used to trade stocks for a long time, but
what I’m saying is that the real value, the real people that are going to become billionaires,
not just millionaires, billionaires after this technology are not going to be the people
that trade the currency. They’re going to be the people that do something
with the currency, that invent technologies on top of it. Maybe some of the people that create the currencies
to some degree. That’s what it is. It’s the technology itself. It’s not the currency. It’s not the speculation. It’s the investment on this. Can you build a business, for example, on
top of blockchain? Can you build a business on top of cryptocurrency? If you can do that, that’s where you’re going
to see the real value and that’s why I’d highly encourage you to do if you’re interested. All right. Thanks for the question. Good question. If you have a question, you can email me at
[email protected] Make sure you click the Subscribe button. Click the bell below to make sure you don’t
miss any videos, as I do like two to three a day. Yes, I’m not kidding. Click that bell. I’ll talk to you next time. take care.

23 thoughts on “Blockchain and Cryptocurrency: Good Investment? (Bitcoin Anyone?)”

  1. The need for blockchain developers is going to sky rocket and I don't see the skills gap being filled for many years.
    It's an obvious move if you're looking for a niche market to invest your skills in.

  2. The big issue with the current state of building business on top of blockchain is an extremely low barrier to entry, there is no credibility and literally anyone with an 'idea' plus a few bucks can build a website, add a few elements of social proof and start an ICO. Unfortunately the Ethereum platform has made this relatively trivial to complete, there is undoubtedly going to be a higher percentage of blockchain projects that fail then regular business. As there have been many previous occurrences of ICOs that have bought in tens/hundreds of millions in with public investment with no MVP, no community feedback and no performance metrics of how their product interacts with a given blockchain. Thankfully this trend is starting to end and slowly the market is becoming more conservative to these kind of businesses emitting bad signals.

    My suggestion for getting involved with the blockchain industry is to send applications to existing companies that are hiring, aim for jobs in that initially need skills that you provide; web, mobile, backend etc. You don't need 'blockchain' skills to be involved, simply bootstrap and expand your knowledge over time while working with your company. There are very few full stack developers that have a full grasp and understanding of blockchain technology.

  3. For those who want to learn about bitcoin in more depth (which I personally consider a prerequisite to any form of investment or speculation), check out the white paper by Satoshi Nakamoto that bitcoin is based on! This explains exactly what bitcoin is and how (and why) it works. You can find it here:

  4. Thanks for covering this John!
    I also believe that blockchain tech will be implemented in most areas of our infrastructure in the future! I'm currently learning Solidity and working with smart contracts to build a few ideas that I have on top of the Ethereum network.
    I foresee the biggest problem for cryptocurrencys being the mass amount of people throwing money at it without even knowing how the basics of how a blockchain works. You can make money yes! But when something goes wrong, not understanding the consequences or process of rectification is going to create big problems for alot of people.

  5. I put some money in Bitcoin over a month ago and have more than doubled my investment, for now anyway. I understand your concern about it though.

  6. Great video ! Always appreciate your insight! How do feel about the new technology “tangle” which is what the cryptocurrency iota is built on. I believe Microsoft and Samsung just became partners with the company that developed it. According to their videos it’s not blockchain and it’s more efficient. Any comments on this?

  7. Great advice but I’ve made a return of 30% on all my money just yesterday alone and 130% in the past week by investing in bitcoin ..

  8. Andreas Antonopoulos has a great talk about investing in education rather than speculation. People are making lots of money "trading" BTC and ETH, but I think the real wealth is in creating products around the technologies (Blockchain, ETH etc)

  9. Definitely. "Investing" in cryptocurrency is no different than "investing" in any other type of currency. In the end it's just speculative and you might end up with a Zimbabwean dollar. Cryptocurrency makes investing in Tesla post-$300/share a great idea.

  10. Folks, pretend every form of currency is going to simply vanish: Cash. Gold. Crypto currency. Etcetera. Real wealth is what’s left over: Knowledge. Resourcefulness. Skill. Ethics and morality. In other words, whatever you think you would need to rebuild with, after you have lost it all. That’s real wealth that can never be taken away. So, yes, learn crypto technology and development, even if you never use it or even if it goes away. You will take away something much more valuable: THE PROCESS. Once you learn that, then add it to your knowledge, resourcefulness, skill, and ethics and morality, everywhere you stand in life will become a crossroads of endless possibilities.

  11. What about vertical farming? Indoor hydroponics, aquaponics or areoponics etc. Lots of new stuff happening in the agriculture. Would be interesting to hear about your take on working in programming in that field.

  12. This is what I am always talking to people about. They're going nuts about bitcoin and other alt coins, but the blockchain and iota tangle technology is what I'm excited about.

  13. Wouldn't a self balancing blocktree (think avl tree) instead of a blockchain (think linked list) be a better structure to build transactions on?

  14. Hi John.Really get lot of value from videos.Could you make video about a career in blockchain technology?

  15. Dude there is nothing in life guaranteed…. I hope anyone listening to this can hear and make their own decisions, I’m all for everyone sharing their “knowledge” but geeze man. He’s just saying he can’t financially advise you. He’s invested in crypto and the tech of blockchain! Either way good or bad talk about crypto and educate yourself on blockchain!!

Leave a Reply

Your email address will not be published. Required fields are marked *