This episode is brought to you by:

Paxos. Paxos offers your customers crypto buying, selling, transferring, and more with easy-to-integrate APIs. Whether you’re a small fintech or a large financial institution, Paxos takes care of everything in the backend – from licensing and compliance to custody and exchange. You can start offering crypto to your customers within months. To learn more, visit paxos.com/patrick.

Fidelity Investments. Fidelity Investments is constantly researching and experimenting with emerging technologies like crypto assets and blockchain to improve the lives of their customers. Fidelity provides a comprehensive set of products and services to individual investors, employers, and financial advisory firms.

Show Notes:

[00:02:12] – (First Question) – Ponzi scheme vs pyramid scheme vs Nakamoto scheme

[00:05:29] – Why there are regulatory challenges to cryptocurrency

[00:09:59] – Who are the most influential people supporting this and how are they swaying the regulatory minefield on this issue

[00:13:23] – Looking into the idea of a digital asset and the difference between blockchain and the token itself

[00:16:09] – What about the idea that cryptocurrency’s only feature is that it’s censorship-resistant

[00:18:39] – Why cryptocurrencies become less usable the more successful they are

[00:21:04] – Why can’t we rely on off-chain solutions to solve the scaling issue

[00:22:29] – The idea of bubbles and what happens next in this one

[00:25:41] – What are the incentives to build technology to support cryptocurrencies

[00:29:23] – Explaining Ripple

[00:31:21] – What would precipitate a massive reversal in the inflated valuations of cryptocurrencies

[00:34:52] – Understanding reverse network effects

[00:37:45] – The principles behind stablecoins

[00:42:20] – What has been the greatest lesson that Preston has learned about blockchain he wish he knew when he first got started

[00:44:05] – How embedded will blockchain be by 2024/2025

[00:45:12] – ICO’s, why Preston is not a fan and if there are any positives to them

[00:50:20] – What are the conditions under which these things will be viewed legally.

[00:54:00] – Preston’s history owning cryptocurrencies

[00:55:35] – What has Preston most excited in the space

[00:59:02] – Utility settlement coin

[01:00:36] – Why the fascination with marmots

[01:02:10] – What to reference before getting started with cryptocurrencies

[01:04:03] – Understanding supply chains in blockchain

[01:07:14] – Some smart people on blockchain to follow

[01:08:24] – Kindest thing anyone has done for Preston