Do You Make These 4 Mistakes When Explaining Cryptocurrency to Newcomers? | DASH: Detailed


Well howdy there Internet friend. I’m Amanda B. Johnson. And you’re watching DASH: Detailed. Sometimes when a person is quite knowledgeable about a topic it becomes difficult for them to then explain that to others who don’t know as much or anything about it at all. As you are among the early adopters of what is potentially going to be the future of money, you have the grand opportunity of imparting your not only your enthusiasm but also your understanding to anybody else who asks. And if you haven’t had curious people ask you about your interests yet, you likely will as cryptocurrency becomes more and more discussed on a global scale. With that said, here are four mistakes to avoid. Number one: using the word “cryptocurrency.” Yes I have used it with you now, it’s in the title of this video, but that’s because I know who my audience is. And if you’re talking to someone who isn’t already knowledgeable about these things the word “cryptocurrency” not only gives them nothing that they can work with – crypt? What, like the crypt keeper? Crypt. What’s crypt? But it also just makes it sound foreign and unapproachable. As an example I used this word myself one time with a curious person and then I said, ‘Kind of like digital currency.’ And they said, “Oh, digital currency. I know what both of those words mean. That’s much better.” And it is much better. So, number one, scratch the word “cryptocurrency” and use digital currency or digital money or like in Dash, digital cash. Number two: Avoid using buzzwords like disruptive and trustless and permissionless and these other things which don’t actually give any immediate meaning to your listener but probably just create even more questions for them. For example, back when I was a PR blogger for a day job I had a client who was trying to launch an encrypted cloud service and it was my job to write the text for his website. And because the encryption process made the data being stored, you know, like inaccessible to this guy – to the business owner – I thought, ‘Oh, ok, we can pitch that his service is trustless, right?’ Like no one has to trust that he won’t look at their data. So I wrote these text pieces for his website using the word trustless and he wrote back to me saying that he found that word upsetting because it sounded like it was a service that could not be trusted. It was without trust. And so, just buzzwords in general that are totally up to interpretation and may land with your listener in any sort of random way no. Steer clear. Number three: Define the jargon terms you’re going to use for your listener because newcomers do not know what a blockchain is, what a miner is, what a node is, what, I mean consensus even should be defined, certainly they don’t know what a confirmation is, or a block reward or any of these things. And it can be so tempting to use these terms without defining them because of course, you know what they mean. You have the problem of knowledge. And your crypto compatriots know what they mean. But in my experience, it helps so much to define these terms first because otherwise a person is left feeling like: “Oh, I should know what that means. That because the person describing it to me didn’t define it, I should know what that means. Hence I am hopelessly out of the loop and I ought to just steer clear of this digital currency thing altogether because clearly I’m not hip enough to understand.” As examples: A blockchain can be easily defined as a ledger or a record of ownership. A miner can be defined as a person who’s computer uses math to ensure that the record of ownership is accurate. And from that point a confirmation can then be defined as a periodic time when all miners agree that previous transfers of ownership are accurate. And number four: Mention the reason that Satoshi invented blockchain-based digital currency in the first place. Many, or even most people you talk to will likely be perfectly happy if not content with the way their finances currently run. Their credit card works. Their paper money works. Maybe they use checks – their checks work. And for this reason, there may not be an initial compelling selling point to digital currency. Until you mention that in the first block ever mined in Bitcoin Satoshi embedded a message that said that yet another bank bailout was taking place. And unfortunately more and more people are starting to have the experience of what it is like to have a real bank bailout or bank bailin effect them and their family and their retirement savings and the value of their home and all of these sorts of things. And that is what really strikes at the core of what it is you want to talk to them about in the first place. Which is to say that – as Satoshi mentioned in his white paper – when all transactions are made public, or when there is a publicly-verifiable ledger of ownership – when all transactions are announced – people and institutions cannot be secretly insolvent. In other words, Satoshi saw the cause of banking crises as being secret ledgers of ownership and so he created the first open ledger of ownership. So with these four pointers: Don’t use the word cryptocurrency Don’t use buzzwords Define your jargon before you use it and Talk about Satoshi hello! you are going to find yourself in some excellent conversations I believe and as a final message to you I find the best conversation starters can be visual which is to say swag which is to say t-shirts. Oh wow, it’s Pete! And we have made these Dash digital cash t-shirts and are selling them. And I’m wearing a small. Pete’s wearing a large. We have all the way up to extra large as well, and of course medium. And they say “Dash.org” on the back. And of course they’re like normal t-shirts with sleeves like this, as you can see, I modified with scissors because I like to do that to my t-shirts. And we are selling these t-shirts for two Dash only. Best. Price. Out there. And if you would like one – I want you to have one – send an email to [email protected] with your size – any size from small to extra large – and your shipping address. And I will send you back the payment address and the shipping price. So that and two Dash will get you a neat t-shirt! And this has been DASH: Detailed, thanks for watching. But still, given the benefit of the doubt, let us assume that all miners were major stakeholders, still, how can they know what a majority of coin-holding users thinks is best? In the Dash network cryptography has been used to solve this problem in a way that was just implemented last year with a feature that developer Evan Duffield has called the “Decision-Making Engine.”

55 thoughts on “Do You Make These 4 Mistakes When Explaining Cryptocurrency to Newcomers? | DASH: Detailed

  1. Hey amanda, wish you could get some funding for a lapel mic or a shotgun mic. It would improve the quality of your videos, also a small led lights so that your face could be litten. I understand you are more 'on the field' than in the studio with the green screen but there are some equipment for that and could be pretty portable. Tai Zen actually record while on the road but has a good mic that makes his sound okay.

  2. 5:14 An other reason why digital cash is a good idea is because it's backed by a finite resource. Just like money used to be backed by gold. The system most of us use every day though is not backed by gold. Some people might not even know that yet. A lot of people don't. Now it seems to be just an endless stack of debt stacked on debt. Something which will probably end up needing an even bigger bailout the next round.

  3. Great video! I like how Dash Detailed almost feels like a continuation of the daily decrypt. Talking about how to properly explain cryptocurrency to newcomers is a great topic that can appeal to any and all cryptocurrency compatriots! Big ups to the Dashnation and Dash Detailed for covering these topics! Tip 4 will definitely help me get my point across to my friends.

  4. I think Amanda is a focal point for future digital cash mass adoption. There are plenty of "guys" discussing and designing and implementing great technical features, but Amanda and the Dash team understand the biggest impediment to mainstream adoption is accessibility more than features.

  5. I did the same thing and maybe this is the reason I'm not being selected to Incubators for my startup 🙁 🙁

  6. I think Evan and Amanda and the Dash team are right to focus on vertically optimizing the interaction between humans and a blockchain. Meanwhile Ethereum may have proved itself to be too flexible and too far ahead of its time. Perhaps a horizontal (general-purpose) DAPP capability opens up too many unforeseeable attack vectors, and so as they continue to pick up the pieces from the DAO debacle, SteemIt has exploded in market capitalization with a more vertically-oriented social app that would have been a prime use-case for Ethereum.

    Blockchains are inherently rigid. I think Dash's approach feels right at this point in the history of cryptocurrencies.

  7. Amanda, thank you so much for addressing this topic. As a recent adopter of Dash, I am still learning the basic crypto currency lingo and terminology. I often find myself often in the situation you raised here, trying to describe Dash (and crypto currencies in general) to people who have no knowledge of them, when I'm still learning about them myself. I often speak with analogies, and try to liken Dash with general financial terms and have a hard time doing so. I like your analogies better and will rewatch this video so they sink in.

    Us early adopters have to remember that the ultimate success of Dash and other currencies depends on mass adoption, and the language we use to others (especially to those not in the know) will make a huge difference in whether that friend, or some person you meet at a party, will be intrigued enough to start exploring this new world and maybe even participate in it.

    I would like to see more of these Dash for Newbies videos.

  8. So Amanda moved on from TheDailyDecrypt and is now Dash focused?

    I mean the content is not 100% dash but this is a Dash channel

  9. Actually, I've always described it as "network money" and people seem to get that i.e. it's stored in the cloud and available from everywhere.

  10. I'll tell you what I believe attracts people is the idea of being unbanked, especially when you discuss how corrupt the banks are and what they did in Cyprus. many will still ultimately reject digital money, but many will also be irrevocably hurt in the coming banking collapse. maybe a good slogan would be "are you unbanked?" with a T-shirt to follow.

  11. I agree. Another one which should be forbidden is "decentralized". That means nothing to most people; unless you define it. Perhaps "no single source of control and failure"?

  12. Amanda, consider hosting a debate/discussion with the guy who wrote the article on steemit titled "WARNING: DASH Privacy Is Worse Than Bitcoin"?

  13. I say "bitcoin is like a bank made into a torrent. Instead of sharing movies, you share a giant file that includes every transaction. There´s a lot of different software that use torrent, where bittorrent is only one of them. In Bitcoin is the same, and the most common software are wallets, which allows you to make bitcoin transactions" and then I let them chew that a little. Most dangerous buzzword: "decentralized" (peer to peer is much better)

  14. 1. I love the Betty Page hairstyle on Amanda.
    2. I miss the Daily Decrypt.
    3. I'm glad Amanda is still on Youtube.

  15. I have struggled with this same idea: how to explain cryptocurrency to a newb? You give great advice in this video, which I will be mindful of.

    Cryptocurrency is so "outside the box" and has such enormous implications. It is difficult to narrow it down to a nugget for a newb. …a nugget the newb wants to pursue.

    Being honest, I have to admit that I am slightly "pissed off" about what lead Satoshi Nakamoto to launch cryptocurrency in the first place: as a response to the fraud revealed in 2008. Controlling that anger in the moment a newb shows interest is my greatest challenge.

    So, I would divide newbs broadly: those that are sympathetic in that they are angry too and those that still think 2008 was an "economic downturn". Know your audience, right? Alot of subtlety there, difficult stuff…

    I'm pretty giddy about my Tshirt order. I would love for there to be a place for me/people to post themselves wearing their Tshirts in their locality…you know with something recognizable about their locality as a backdrop…just an idea.

  16. blockchain = blocks chained together, one after another, tied with hashes of the previous block.
    miner = someone's who's trying to be the first to solve a hashing problem related to the last block in the chain, so that they may be first with the new block, thereby earning a monetary reward.

  17. People who aren't even trying, and are content with the status quo, should be left to it. Insolvency, interest, fees, bail outs, inflation… If they're fine with it, let them have it.

  18. thx, advices №1 & №3 is so important! thx u Amanda, now I understand what am I doing wrong, realy it's very helpfulP.S. from Russia with Love & sorry for my english ;¬)

  19. Hi Amanda, Just curious, did you film this in a storage locker or warehouse? I'm looking at the metal in the background, and……. Thanks.

  20. Nice channel. The QR is kind of hard to hit as pausing covers it up – but I was able to tip anyway. Keep it up.

  21. All this BlockHead, Crptocrap mumbo-jumbo is anything but transparent. I know the aim is to eventually replace the failing centralized systems due to their own lack of transparency of dynastic power, control and manipulation of markets worldwide. However, that is a tall order considering who you are dealing with. Why wouldn't they themselves be keenly interested in hijacking one form to create the illusion of a safer and more accountable system, only to stay in control of a corrupt system disguised under another name? Yes, the issue is trust, and I'll wait for the dust to settle.

    Ediot* (pun intended) I may not be an expert or fluid in Blockhead and Cryptocrap, but I understand the basics after spending more days than I should have viewing various videos on the various methods. One question remains. If the system of creating the Blockhead relys on human input, who's to say that it isn't corruptable by inserting corrupt data or code?

  22. All good points, however the term digital money VS  cryto money does have one glaring drawback,  Most traditional money, ie  fiat money issued by governments worldwide is actually in digital form to begin with,  our use of the term digital money  is not technically all that unique enough unless further explanation for the listener is put forth.   That further explanation would have to involve the technology ie  cryptography background.   I have a suggestion,  why not say  ''Internet Money''  (think about it…comments encouraged…)

  23. I have no idea what one coin is ? But i am doing some sort of research i am very curious to knowing this stuff and how it works

  24. Definitions: that's the missing piece in most coms.
    Where is the doc ?
    I mean the real doc, the technical one.
    Nope, not the doctor; the documentation.

  25. No way to pay 2 dashes for a T-shirt, the price is way too high on fev/2018. So that will not be a problem with digital currency ? I mean to charge that way would be insane if the prices go to high or too low, don't you think ?

  26. The last 3 months, I have made over $70,000 from trading bitcoin but my success never started that way as I had made substantial losses before my turning point in the Crypto space. I bought 2Btc last year which quickly rose in the bull run but eventually lost Most of it and sold off what was left. That was the last I would ever have to do with bitcoins until I was introduced to Darren Allan first of, he asked to know my trade experience. He then gave me a quick insight on what to Look out for when choosing a platform and a bunch of other things most experienced traders may never tell you. Most importantly, he introduced me to his specially designed layout and provided me with professional advice and accurate trade signals. With his system,Trading has become easy and profitable and I just want to spread the word and thus help as many that are in my previous unfortunate situation. For all questions, you can reach out for his help on (( [email protected] .com ))

Leave a Reply

Your email address will not be published. Required fields are marked *