375: FTX, Fraud, and the Case for Cryptocurrency in 2023

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 18 January 2023

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

Cryptocurrency is dead in the mind of most investors. What started as an awe-inspiring investment reaching massive multiples in just months, quickly became a subject of contention within the investing community. Some moretraditional investors called cryptocurrency an outright fraud, while others claimed it was the final puzzle piece in the battle for a stable fiat currency. Now, with many crypto prices down, is there any reason to invest? For long-time listeners of the BiggerPockets Money Podcast, you’ll know that hosts Scott and Mindy don’t have a terribly favorable view of cryptocurrency. Not because they think it’s illegitimate, but because of its massive volatility that has borderline bankrupted many inexperienced investors. We wanted a deeper insight into why cryptocurrency could be worth investing in, so we brought Laura Shin onto the show. Laura is host of the Unchained podcast, where she updates the crypto community on the latest news stories, price action, and more. Laura is an agnostic crypto investor with a level-headed view of the benefits and risks of investing in this volatile asset. She gives us a masterclass on the current state of cryptocurrency, the history of Bitcoin, why assets like Ethereum may be more valuable, and why exchanges like FTX are not to be trusted. In This Episode We Cover The history of cryptocurrency and how Bitcoin started a worldwide craze Ethereum vs. Bitcoin and why “ultra-sound” money could beat the rest The “crypto winter” and whether or not now is a buying opportunity for investors Money crypto vs. tech crypto and why there may be more than one coin left standing FTX, fraud, and how crypto exchanges can lose your coins, and the best way to protect yourself And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: First Down Market? Here’s How to Stop Stressing Unchained podcast Bitcoin: Investing Fad or Final Bullet to Fiat Currency? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-375 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Poggeds Money Podcast where we interview Laura Shin and talk about cryptocurrency.
0:06.6	Hello, hello, hello, my name is Mindy Denson and with me as always is my coinless co-host, Scott Trench.
0:12.4	I may be coinless but I've never lost my keys. You'll get at that by 8% or no.
0:18.4	Scott and I are here to make financial independence less scary, less just for somebody else.
0:23.4	To introduce you to every money story because we truly believe financial freedom is attainable for
0:28.2	everyone, no matter when or where or what you're investing in.
0:32.0	That's right. Whether you want to retire early and travel the world going to make big-time
0:35.0	investments in assets like real estate, start your own business or understand why people invest
0:41.2	or purchase cryptocurrencies. We'll help you reach your financial goals and get money out of the way
0:45.5	so you can launch yourself towards your dreams. Scott, I am super excited to talk to Laura Shin today.
0:51.2	She is a wealth of information about crypto. I started off the episode, not quite a fan of crypto.
0:59.9	I know that's not a surprise to anybody who has listened to this show before, but I am looking
1:04.6	forward to learning more about it. Yeah, absolutely. Laura's wealth and knowledge, we had a wonderful
1:09.8	conversation and among other takeaways, I just want to leave you with this. I am convinced after
1:15.4	talking with Laura that crypto is worth at least playing around in 10, 20, 30, 40, 50 bucks to understand.
1:23.3	And I hope you walk away with that. Take away today too. I am, whoo, I hate to admit when I'm wrong.
1:29.6	I really, really hate to admit when I'm wrong. I am going to agree with you, Scott, with the caveat,
1:35.7	don't put anything in that you are not willing to lose 100%. Play around with it in very small amounts.
1:44.2	Don't put $10,000 in if you can't afford to lose all $10,000 of those dollars.
1:49.2	But before we bring in Laura, we are going to give you a quick overview of crypto currencies,
1:55.2	what they're about, where they come from, and I think you're going to love it.
2:00.9	Everyone is heard of cryptocurrency by now. You see ads trying to sell you crypto, you have
	...

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