#18 Untangling: Crypto

In the latest instalment of Untangling Web3, hosts Alec and Jack dive deep into the buzzing world of crypto. Amidst a world that often associates crypto with dark basements and Ponzi schemes, the hosts shed light on its role as a harbinger of emerging technologies.Together, they untangle the widespread misunderstandings, emphasizing that crypto is not just a currency but a wide-ranging world of blockchain-based token systems. They bust myths about encryption in cryptocurrencies and express concerns about crypto’s volatility, drawing parallels to the historic California Gold Rush.As the episode unfolds, Alec and Jack explore the ripple effects of crypto's boom on industries like Nvidia, spotlighting the GPU shortage in the gaming world due to crypto mining. They discuss the potential lifeline cryptocurrencies offer to individuals in hyperinflation-hit countries, painting a picture of hope amidst the volatility and speculation fears. Despite the hesitancy in adopting crypto for daily transactions, the hosts highlight its potential as a robust investment and wealth preservation tool.Venturing further, the episode navigates through the burgeoning world of Central Bank Digital Currencies (CBDCs) and the critical role of government-backed digital currencies. Alec and Jack note the confusion stirred by the existence of over 8,000 cryptocurrencies, yet they acknowledge the opportunities it presents for genuine innovation alongside the potential scams.They emphasize the indispensable need for adept regulation to steer the crypto ship safely towards mass adoption, ensuring investor protection and stability in the ever-evolving crypto landscape. Wrapping up, the hosts leave the listeners with a balanced view of the crypto world, its exciting potential, and the imperative need for cautious and informed exploration.Untangling Web3 is brought to you by hosts Jack Davies and Alec Burns, produced by Emma Camilleri, and music by Daniel Paigge. Got a question or topic suggestion? Send us an email at theuntanglingweb3podcast@gmail.com. Love what you're hearing? Show your support by becoming a subscriber and don't forget to leave us a stellar review.