👩🎤 Here is why Kevin O'Leary from Shark Tank is not a real degen!
How is Proof-of-Stake going to impact crypto and Kevin O'Leary on portfolio diversification
GM degens 👀
It is Monday and you are already looking forward for the upcoming weekend. Things have not been that great lately. We need more green in our life. Lot of uncertainty in the markets, interest rate fears, situation with Ukraine, oil prices definitely add more volatility on crypto markets. 👐
There will be a lot more volatility as we move closer to the end of Q2 2022 for Ethereum, which most likely will have an impact in other altcoins as well. Ethereum is changing the way it approves transactions. Until now, the approval of transactions on Ethereum blockchain has been done through mining, which process has this fancy name as Proof of Work (PoW). By the end of Q2 2022, it will switch to Proof of Stake (PoS) which relies on staking as a form of approving transactions. 🤝
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While I am not going to get into details on how this works, one of the major benefits of this switch is that this process won’t require miners to spend on electricity and avoid duplicative processes (where multiple miners trying to solve the same algorithm simultaneously), and as a result of less resources consumed, gas prices (read more about gwei) for transactions will be much cheaper. 🏷️
Both, PoW and PoS have their own advantages and disadvantages. If you want to get more in depth about Proof of Stake, you can read Vitalik’s blog on this topic. If you do not know who Vitalik is, please unsubscribe my newsletter, you NGMI! 🥶
🧑🦲 Kevin O’Leary from Shark Tank and his crypto portfolio
I came across this interview from Kevin O’Leary for Business Insider where he breaks down his current investments in the crypto space as well as his approach towards crypto market which caught my attention and are worth raising for discussion. 👯♀️
First, he talks about diversification (an unknown concept among degens) and how diversification is really important in the crypto space because of the high volatility and uncertainty out there. The reason for diverse investments according to O’Leary is because he sees Bitcoin and overall crypto space as software and not a coin. He also said for Business Insider, "If you believe there's long-term economic value in software, then you can give it a 5% weighting within your operating mandate. My larger positions are ones I think look like a great economic proposition."💆♀️
Regarding his portfolio, O’Leary said that 20% of his portfolio is on the crypto space. He is an investor in FTX itself, BTC, ETH, Solana, Helium, Avalanche etc. One of the companies where O’Leary is an investor owns NFT.COM domain.
Also, if you care on where people like him are investing in equities and stocks, you can checkout his portfolio here.
🧟 Learning Resources for Web 3.0
CryptoZombies is an interactive school that teaches you all things technical about blockchains. Learn to make smart contracts in Solidity by making your own crypto-collectibles game.
👩🏽🎓 Degens Vocabulary
This will be a daily section where we will keep you updated with the web3 space vocabulary (will be using them more often once audience gets more familiar with them).
WAGMI,- We are all gonna make it NGMI, - Not Going To Make It
That’s it. I’ll call it a day.