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miku86

Cryptos: Intro

Hey folks,

I'm into learning a whole new topic in-depth: cryptocurrencies.

In public. #learninpublic

I like to learn, I like to explain.

It helps me to deepen my knowledge.

That's why I share this stuff with you.

Why?

In the last few months, a lot of my friends have been talking about crypto.

But when I ask them questions about it, because I want to learn from them, they literally know nothing, zero, niente about it.


Q: Oh cool, why did you buy this cryptocurrency?
A: A Youtuber talked about it.

Q: Which consensus mechanism does this cryptocurrency use?
A: Eehm, what is a "consensus mechanism"?

Q: What is your investment strategy (1, 2)?
A: I don't have one.


So most of the time I think they just want to ride the hype-train. Some uncle's step-daughter's friend become a millionaire, so maybe there is a lof of fear-of-missing-out involved.

"I have to work 9-5, and this non-intelligent guy made some 10.000 bucks, I don't want to miss this next opportunity!"

Don't get me wrong, this is a normal human emotion, so it is not bad. I just think making bad decisions based on this emotion is not so fruitful.

Actually, I think this is very dangerous. Because this nurtures a very dangerous habit: acting based on bad decision-making patterns.

And I think one of the worst decision-making patterns is: not knowing the fundamentals.

This is why I want to talk about the basics of cryptocurrencies - as a software developer.

Our objectives

  • Which problems do we want to solve with cryptocurrencies?
  • What is a ledger (e.g. a blockchain)?
  • Who decides what the state of the ledger is?
  • What is a wallet?
  • How does a transaction work?
  • What is a cryptocurrency?
  • How do I buy cryptocurrency?
  • ...

One simple disclaimer: Always double-check your informations, also my posts - everything. If you don't understand it, read up about it, ask questions ("What does X mean?"), paraphrase in your own words ("So this means, that ...?"). Don't act like a fool, always understand the underlying fundamentals.