Crypto Coffee Break - February 7, 2021

  • S02E18
  • February 7, 2021

Another crypto-focused discussion with Robert Koenig this week. We talk about verifying to exchanges like kraken, and how exchanges hold on to your crypto unless you explicitly move them to another wallet. KYC (Know Your Customer) is a thing. How do precious metals compare with crypto? How to research a cryptocurrency. Peter tries out an alternative voice. Solbu does not trust stocks, shares, or crypto. bp9 is joined by Robert Koenig, Doug Townsend, Peter Lewis and Solbu.

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The Category5 Community Coffee Break is a community discussion featuring members of the community and hosted by community member, bp9. The views, topics and discussions do not necessarily reflect those of The Category5 TV Network or its partners.

Topics Discussed:

- We welcome Robert again for a really good chat about crypto currencies.
- Suggests instead of kracken if you cannot verify to the exchange.
- kracken must go through "KYC" (Know Your Customer) process. For that you must provide passport or driver license and address as well as a photo of yourself.
- Reinforces the case that the technology behind crypto currency will benefit us even more than investing in crypto currency.
- Folks who invest in crypto average age 20-30
- Older folks might trust precious metals (gold, etc.) but younger folks trust crypto currencies.
- To learn more about crypto, monitor twitter and telegram. You are looking for "influencers" to push crypto currencies.
- Understand more about who is pushing a crypto currency, to predict prices.
- Considers the research and investing baby steps to be the first steps
- Advanced steps would include getting a wallet.
- Exchanges like kraken hold your crypto currency in accounts, just like a bank account.
- You do have to make mistakes when you first dip your toes into investing crypto -- that is part of the process!

- bp9s phone is playing up (or internet again :-)
- Does kracken insist on a street address? Yes.
- Notes that Roberts Crypto Corner addresses research, etc., not so much getting a wallet.
- Also notes that if you buy crypto on kraken, then the crypto lives in a wallet that is controlled by kraken, not your wallet!
- One way to test your skills is to make a "Fake" bank account and make your predictions.
- You have the option to buy precious metal such as gold, silver, etc. instead of -- or alongside -- your crypto currency investments!

- kracken does not work in New York State so Robert suggested (for US customers)

- Does not trust crypto, stocks or shares, only hard cash, bank account.
- Relates the story of a fellow who has lottery tickets but won't submit them because it costs money to do that!

- Tries out an alternative voice? Maybe machine generated?
- Otherwise mostly listening.


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