Ep. 370 - Managing DeFi Risk with Michael Beck from Union Finance

CRYPTO 101

Bryce Paul & Brendan Viehman

Business, Investing

4.6 • 821 Ratings

🗓️ 21 April 2021

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of CRYPTO 101, brought to you by StopSIMSwaps.com, we learn about DeFi risk from Michael Beck of Union Finance. He gives us a high level overview of how we should think about what a cryptocurrency is at a high level. Money of any type is really just a storage of energy, a unit of how much work went into creation of that money is a solid fundamental peg. Michael gives his thoughts on assessing DeFi risk vs reward, how Smart Contracts are or are not secure, and the pros and cons of interacting on Ethereum instead of a centralized exchange. He mentions the pitfalls that have led to many smart contracts being hacked in the past, or pools being drained. Union helps DeFi be less risky through creating insurance that covers risks like Layer 1 hacks, smart contract hacks, and transaction completion. Union is simply an intermediary, rather than an underwriter. Users on the platform create a peer-to-peer insurance policy network, able to both buy and sell, while gaining UNN tokens for the willingness to take on risk. Our favorite takeaway in this episode is the realization that, “In the past, capital was collecting talent. In the new world, it is the opposite. Talent is leaving and capital is coming to them.” Sponsored link: https://stopsimswaps.com Guest Links: https://twitter.com/unnfinance https://www.unn.finance Show Links: https://CRYPTO101podcast.com Patreon: www.patreon.com/user?u=8429526 Twitter: https://twitter.com/Crypto101Pod https://twitter.com/BrycePaul101 https://twitter.com/PizzaMind https://instagram.com/crypto_101 Facebook: https://www.facebook.com/groups/101Crypto https://www.facebook.com/CRYPTO101Podcast **THIS IS NOT FINANCIAL OR LEGAL ADVICE** © Copyright 2021 Boardwalk Flock, LLC All Rights Reserved ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Fog by DIZARO https://soundcloud.com/dizarofr Creative Commons — Attribution-NoDerivs 3.0 Unported — CC BY-ND 3.0 Free Download / Stream: http://bit.ly/Fog-DIZARO Music promoted by Audio Library https://youtu.be/lAfbjt_rmE8 ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy

Transcript

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0:00.0	All right, everybody, it is time for another episode of the Crypto 101 podcast.
0:06.0	But before we dive in to our awesome, awesome guest and conversation today, I want to remind
0:11.3	you guys of two things. And the first one is that if you go to Crypto101insider.com,
0:17.0	you can join our private community. Here's where we have our model portfolio and all of our top
0:22.6	picks. We also have a Crypto 101 University where we have hours and hours and hours of written
0:28.4	and video content that explains blockchain and explains cryptocurrency in a very bite-sized
0:35.7	and easy to understand way.
0:37.8	And we have a weekly newsletter that goes out in quarterly state of crypto addresses that go
0:43.0	out.
0:43.4	There is just a ton of value packed into this every which way.
0:47.1	So I want you guys first to go to Crypto101insider.com today if you haven't already.
0:54.0	I also want to remind you guys that Pizza Mind and I recently
0:58.2	just finished a book. It took 11 months of our lives to write and we're calling it Crypto
1:04.2	Revolution, your guide to the future of money. We walk you through this fascinating world of
1:10.8	cryptocurrencies and blockchain and it's and blockchain. And it's part
1:13.2	history book. It's part instructional guide. And it's going to really show you guys why cryptocurrencies
1:18.0	are globally disruptive and how they're going to actually change in real life and in real terms
1:23.7	the way that we buy and sell and even live. We include a bunch of how-toes on getting started
1:29.2	with your first exchanges. We give you tips on how to safely buy and sell and store cryptocurrencies,
1:35.9	as well as how do we evaluate potentially good cryptocurrencies and the best part of the books
1:41.1	that we're giving it away for free. All you have to do is pay for shipping and handling.
1:46.1	So go to CryptoRevolution.com and pick up your copy today.
	...

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