Ryan: Yeah. So this is a very intimidating subject for a lot of people who maybe they think they don’t deal well with tech, or they don’t understand anything about coding or whatever it may be, it’s new, they’re like isn’t that about the dark internet and terrorists or something, like we still have this stigma. And this is actually I’m used to this I got in Parkour when nobody knew what it was. And I had to like, just be patient, keep explaining it. And this is kind of where we’re at with crypto and block chain too, is we have to be patient, we have to help people understand that this is revolutionary, this can literally change the world for the better in many, many ways. And it’s not as hard as you think. And you don’t even need to know everything, but you need to at least understand like, what is application? Or how can I use this?
Ryan: So a couple people keep asking me because I talk about this online a lot and they probably think I’m crazy or something but I’m pretty passionate because this is such a young technology. I still believe a lot of people are like, oh, I missed out, isn’t this just for like making money like? Speculative bubble? Blah, blah, blah.
Craig: Yeah do we want to unpack the arbitrage concept?
Ryan: Yeah. So there’s a lot to be careful about, of course, but you can learn the basics and start to understand why this is a big deal. And if you want to do that, I would recommend maybe starting by reading the white papers, basically, it’s kind of like a summary or abstract of like, what is Bitcoin? What is Ethereum?
Ryan: So the original white papers of Bitcoin, which is original crypto, that’d be a good place to start. And then I’d say Ethereum because this kind of like the next evolution of Bitcoin, whereas Bitcoin was like one application of the blockchain, as in like using it for money, or a store of value. Ethereum is essentially like the App Store. Now you can build whatever you want on top of it.
Craig: On top of it.
Ryan: And what you’re getting at with smart contracts, this idea that we don’t have to trust the parties or we get to cut out the middleman, we don’t need banks anymore. We might not even need lawyers anymore in some cases.
Craig: We’re complex, we have five people and we all need to do something at the same time. Like it can be complicated interaction that we don’t know how to do that.
Ryan: Yeah, or we don’t need to trust PayPal to not freeze our account. Or we don’t have to trust YouTube or Facebook to not censor like this is a big deal nowadays, I keep hearing about people get their YouTube account canceled because they were controversial or-
Craig: Or they weren’t controversial but somebody’s got to be in their bonnet. And like one of the auditors in the YouTube went the wrong way today and bloop gone, there goes your lifeblood.
Ryan: So one of the most key concepts here is centralization versus decentralization. Centralization is where like one company or party kind of controls everything. So your bank is centralized, YouTube is centralized, a lot of this stuff that we work with in society nowadays is centralized. What happens when we can decentralize it, and we don’t no longer have to trust these other people who can censor us at any time, or Comcast can throttle your websites.
Craig: Or even bigger, information is power. So you probably think about but a lot of people don’t think about all the information that is collected. So we all know, Facebook’s watching, but YouTube is watching too. And anytime you interact with these central brokers, they’re gathering data about you and that data is valuable. So would it be great if you could perform monetary transactions or contractual things, all these things that were covering. If you could perform that without having to also give away data about what you were doing. Of course the government wouldn’t like that, because how are we going to collect taxes if suddenly there’s this -equivalent in their opinion of a barter economy that springs up? And my answer is like, well, maybe you just shouldn’t be collecting taxes, because you’re not providing any services in support of that.
Craig: So we’re going to move on and go around you. I think it’s a very interesting topic. I think there’s also a stack for it, a Stack Exchange. It’s like, crypto.stackexchange.com, which is like a giant Q&A site, which is like a big, loud, noisy room. But there’s a lot of interesting material there if you want to wait around.