Crypto in Plain English - by cryptohunt.it

Latest Episodes:

How to start a career in crypto: A brief overview - Crypto in Plain English - Episode 233 - by cryptohunt.it Aug 19, 2022

Show notes

Spoiler: Our FREE Intro to Blockchains course is the best place to start!
How to start a career in crypto: A brief overview

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

Today, let's talk about careers in crypto. This space is new and different, so how do you even get started?

We'll break it down into two basic steps: How to find interesting companies, and how to get ready to WOW them.

There is something distinctly different about crypto projects: They are all experimenting with innovative organizations. Weather that is not having bosses, or no office at all, it can be hard to find where they are, and who to talk to.

A good start is to learn the blockchain basics, and then start exploring projects. There are so many, you should first find out what drives you. Do you want to create a better bank? Help people who are struggling? Save the planet? Your choice will narrow it down.

The next step is to find where they are hanging out. More often than not, they won't have an email or a careers page, but you'll have to join their online hangouts, which are on apps like Discord or Telegram.

Once you've found your dream company, have started chatting with their team online, get ready to apply - but show up prepared. Dive deep into their product, and learn a lot about crypto in general. Figure out what it is that the competition is doing well too.

And this was just a brief overview. To get started, deep dive into projects, and find their (sometimes hidden) Discord and Telegram hangouts, visit us at www.cryptohunt.it - where we have it all in one place, as easy to understand as possible.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

What is a crypto validator? - Crypto in Plain English - Episode 232 - by cryptohunt.it Aug 18, 2022

Show notes

Learn More About Proof of Stake With Our FREE COURSE!
What is a crypto validator?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

We've talked a lot about Ethereum lately, for good reason: It is going through open heart surgery and getting a new method to validate transactions.

So lets dig deeper: What does a validator actually do?

For this, it helps to understand what validation is. It is the process of making sure nobody cheats on a blockchain. Remember, with the invention of blockchains, things became decentralized. This means: No banks, no governments, no powerful individuals. But the problem is: Who is keeping an eye on things for us instead?

Enter our validators. They come together and each look at all the new transactions. Like a team of referees in a sports game, they will talk and come to a conclusion as a team: Do things look correct or is someone trying to sneak in a wrong number?

Of course, they are not actual people, but internet connected computers doing this through code. But the idea is still the same. On less efficient blockchains, like Bitcoin, these computers even have to do extra work, that's why they are called miners. On more modern blockchains, they can focus their computing power on just the validation, hence their name validators.

With Ethereum switching from miners to validators, you'll sure hear the term more often now - and now you can tell your friends what's behind it!

What if the Ethereum Merge goes wrong? - Crypto in Plain English - Episode 231 - by cryptohunt.it Aug 17, 2022

Show notes

What if the Ethereum Merge goes wrong?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

In a previous episode, we discussed the upcoming Ethereum Merge: This is when Ethereum switches to a much more efficient way to validate transactions.

We are very excited about it, because it will reduce Ethereum's energy consumption by over 99.9 percent. Better for the planet? Better for us!

But why did it take Ethereum's team years of planning and building? It all has to do with the big risks that come with the Merge.

Think of it as performing an engine replacement on a running car that is driving down the freeway at high speed. There are over 1 million Ethereum transactions per day. The Ethereum developers have to perform close to a miracle: With the switch of a single button, start processing those on the other engine - without any interruption.

What if this goes wrong? It wouldn't be good. At best, transactions would not process and get queued up, causing Ethereum to grind to a halt for a while. And that would likely have more consequences: A loss of investor confidence, price drops, and possibly developers moving on to other, stable blockchains.

But that being said, we have high confidence in things working out. Not only has this been planned for years by very smart people, but this Merge is actually just the first of three big Ethereum improvements that will happen separately to minimize chances of things failing.

So, keep an eye on it. And now - if someone asks you about the Merge - you have some interesting context to share.

You can learn more about all of this in our Ethereum course on www.cryptohunt.it.

Is Staking worth it? - Crypto in Plain English - Episode 230 - by cryptohunt.it Aug 16, 2022

Show notes

Is Staking worth it?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

You’ve probably heard this question from friends: Should I stake crypto?

We’ve talked about what staking is previously, but just as a reminder: It’s like depositing crypto in a savings account and getting paid interest.

So, your crypto works for you, and you have to do nothing? Sounds great then, right? Well, let’s talk about the risks.

First, you have to understand that you stake crypto. And that’s quite different from putting cash into a savings account. As the crypto market moves up and down, your staked crypto may lose significant value, negating any interest you may earn.

Now, you may say: Why not just stake stablecoins? But even that is risky, because they may not actually be as stable as they promise, and stories of people losing life savings in staked stablecoins that collapsed are cautionary tales you’ll find all over the internet.

And then there is another risk: You deposit your staked crypto with a third party. If they go under, so goes your money. If they get hacked: Poof, the same. And this is not just hypothetical, these stories hit the news almost every day now.

In addition, the interest you earn may not be worth the risk. Compare it to interest on your savings account or government bonds: If the staking interest is very low, it may not offset the risks of owning volatile crypto. If the number is to high, something fishy may be going on.

And lastly, consider that interest is almost never paid in actual cash. Most staking protocols pay you back in crypto, and the crypto you get may become worthless quickly.

There you have it: Staking is riskier than it seems. Is it worth it? You decide – as always – but make sure you do your research thoroughly.

What is the Ethereum Merge and when is it happening? - Crypto in Plain English - Episode 229 - by cryptohunt.it Aug 15, 2022

Show notes

What is the Ethereum Merge and when is it happening?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

The so-called Ethereum Merge has been all over the crypto news lately - but what is that and why are people so excited?

The Merge is the name of a major update to Ethereum, and it looks like that is going to happen around the middle of September.

And this update is a really significant one: It makes Ethereum much more energy efficient, and with that, much better for the environment.

Let's take a step back and see what makes that work: Up until now, Ethereum is using the same method to validate transactions as Bitcoin does, called Proof of Work. This method has major downsides, most importantly that miners have to waste a lot of energy. That's so bad for the planet that even governments have been thinking of banning it.

At the time of the Merge, Ethereum will switch to Proof of Stake. This alternative method to validate transactions is a big deal, because it reduces its energy consumption by over 99.9 percent. And as a nice side effect, things are also going to get much faster.

So, keep an eye on this - with Ethereum being the second largest crypto currency, the Merge is an important event. We are all for making our planet a bit healthier.

What is Decentraland... and what does it have to do with NFTs? - Crypto in Plain English - Episode 228 - by cryptohunt.it Aug 12, 2022

Show notes

What is Decentraland... and what does it have to do with NFTs?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

Ever wondered what people actually refer to, when they talk about interacting with each other in virtual reality?

It takes many forms, and one of them is Decentraland. It's a virtual world that you can log in from your browser. Your can create your own avatar, and walk around, check out the entire world, and interact with other people's avatars.

It's a surprisingly rich experience actually. There are virtual concerts, art shows, and homes you can live in and decorate.

What makes Decentraland special is that it operates on the blockchain. Ownership of items and your avatar is recorded onit. The users own all the things and the world they live in.

And that's where NFTs come in. People want to make their avatars special, and for many that means showing off what items they can afford. An interesting way that Decentraland catered to that was a virtual fashion show, where brands like Dolce Gabbana or Tommy Hilfiger were selling their clothes as NFTs.

Playing it is free though - but you do have to connect through a crypto wallet. Check out course 6 on cryptohunt.it for a detailed tutorial.

We hope you enjoy the experience - VR might be here to stay!

Barbie is now an NFT - Crypto in Plain English - Episode 227 - by cryptohunt.it Aug 11, 2022

Show notes

Barbie is now an NFT

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

Barbie, the iconic plastic doll that lives in hundreds of millions of kids' toy collections is now also an NFT.

What the heck? Has Barbie's maker, Mattel, completely forgotten who their target audience is?

Not so fast! Like any iconic brand and product, Barbie has evolved in the last couple of years to somewhat of a collector's item. Vintage barbies are scoring record prices, and Mattel has tapped into the market by releasing high-end barbie versions in collaboration with fashion brand KITH, which were sold for hundreds of dollars each.

Makes sense now? Every luxury and collectible item brand these days is trying to get into the well-funded crypto space. And so Barbie was reborn as an NFT collection designed by French luxury brand Balmain, who provided the digital clothing which looks like something you'd otherwise only expect at a fashion show.

And of course: People paid tens of thousands for those. We've come far from Barbie just being a normal toy.

How Ray Ban is betting on the Metaverse with virtual sunglasses - Crypto in Plain English - Episode 226 - by cryptohunt.it Aug 10, 2022

Show notes

How Ray Ban is betting on the Metaverse with virtual sunglasses

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

Remember the sunglasses Tom Cruise wears in his role as Maverick in Top Gun or those that President Biden sports when he's out and about?

Those are Ray Ban's famous Aviator model. And now the company has gone digital: Last year they were the first to sell a virtual version of the popular Aviators as an NFT.

Sounds silly? Not so fast, this is part of a larger strategy. Ray Ban, who've also partnered with Facebook, is betting heavily on virtual reality - makes sense if you think about it: If people hang out more in VR, they'll want to show off the brands they wear just as they do in real life. And there are a few things more iconic than those sunglasses.

Certainly a long shot, but we think they are onto something.

What are "NFTiffs", the crypto-related jewelry from Tiffany? - Crypto in Plain English - Episode 225 - by cryptohunt.it Aug 09, 2022

Show notes

What are "NFTiffs", the crypto-related jewelry from Tiffany?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

Luxury jewelry brand Tiffany just released real jewelry that is inspired by Cryptopunks, the famous NFT collection.

You may remember these Cryptopunks: They were the first NFT collection that became popular, because the 10,000 pixelated images resembling punk faces became a cultural phenomenon... and very expensive.

Now Tiffany is making up to 250 jewelry pieces, each looking like its corresponding Cryptopunk. The twist? Only a Cryptopunk's owner can order them.

Why is that? Well, the thing is that those owners technically own the copyright to their punks. So Tiffany can't just sell them to anyone. And priced at $50,000 each, the NFTiffs are definitely not cheap. And as you may have guessed already - they sold out all of them immediatly and made a sweet $12.5M in revenue.

Of course, you've also likely noticed what is really going on here. Tiffany is trying to sell to an audience that has money and is motivated to show it off. It's all just clever marketing.

What are the Nike’s Cryptokick sneakers? - Crypto in Plain English - Episode 224 - by cryptohunt.it Aug 08, 2022

Show notes

What are the Nike’s Cryptokick sneakers?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

This week, we are taking a deeper look at how brands are tapping into crypto culture. First up: Nike and their Cryptokicks.

Cryptokicks were a collection of 20,000 virtual sneakers that Nike sold earlier this year. You heard that right - not actual sneakers you can wear, but digital sneakers.

So why would anyone want those? It helps to understand the collectible sneaker market a little bit. For years, people have been collecting real Nike sneakers - not to wear them, but to own them as collectibles.

As the sneaker market heated up, so did the NFT market. And Nike saw an opportunity to combine the two. After all, why not go all digital if the sneaker wasn't going to be worn anyhow?

And it worked. One of Nike Cryptokicks was sold for $134,000.

That was Cryptokicks! And tomorrow we'll talk about crypto-inspired jewelry that Tiffany recently released.

And if you want to hear all 5 episodes for this week already now: Consider supporting us on Patreon where you get early access - check out patreon.com/cryptoinplainenglish

Our TOPPODCAST Picks

Follow Us

Stay Connected

Crypto in Plain English – by cryptohunt.it

Related Podcasts

Links

Stay Connected