Shownotes
The evolution of financial innovations and the dramatic evolution of digital currencies is transforming the way we use money. Gone are the days of taking out cash from an ATM or shopping in a department store. Now with over 5,000 cryptocurrencies and growing, this podcast of The Diving into Crypto welcomes Markose Chenthitta, podcast and communications lead of xt.com, who discusses the possibilities of crypto replacing the financial machine in future.
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Transcripts
WILL CRYPTO REPLACE THE FINANCIAL MACHINE - MARKOSE
Participants:
JP( Host)
Markose Chenthitta ( Communications and Podcast Lead at xt.com )
00:24
JP
Welcome welcome welcome to this episode of Diving Into crypto, the show where we speak about everything in the Web3 space. I am your host, JP. From AdLunam, Inc. Speaking to you about Web3 on the show. Today, we have a special guest who has a variety of experience, and I'm not going to spoil it for you by telling you everything that our speaker guest speaker today has done. I'm going to allow him the opportunity to share the key points in his vast career of seeing both sides of the fence. Today's show is poised to be something close to a fighting match between the regular financial industry and is the new entrant weighing in at 100,000,000,000,000 pounds, the crypto industry.
01:17
Markose Chenthitta
That's a nice way to put it.
01:21
JP
Yeah, that's exactly what it seems like we're going to be talking about today, Markose. And I know that you're somebody that likes to go with the flow, so let's just put that in that direction.
01:32
Markose Chenthitta
Cool.
01:33
JP
All right, ladies and gentlemen, a warm welcome to our guest speaker today. We have Markose Chenthitta. I hope I'm saying that right. Markose, correct me from wrong.
01:46
Markose Chenthitta
Markose Chenthitta. Apparently the t is silent.
01:52
JP
Okay. So it looks like have a contender in the boxing ring. It sounds like chinhitta. So that's what I'm going to use there. All right. Markose comes from a wide range of experience in the financial industry and now, of course, in the crypto industry as well. Before we begin, ladies and gentlemen, please note that views expressed on this program are for education purposes primarily, and opinions belong to that of the speaker themselves. So without further ado, make some noise from the other ends of your phone, ladies and gentlemen, and welcome to the frame, Mr. Markose Chenthitta.
02:34
Markose Chenthitta
Hey, thank you for having me. This is pretty exciting, and it's great to connect with you again in the audio realm.
02:47
JP
True, I want to share with the audience that the first time that we actually had a face to face meeting was in Dubai at a crypto meetup. And Markose, he blew me away with the gems of wisdom that he had, and I had to have him on the show today. So we're very fortunate for you to be to have you on the show, Markose. Thanks for being here.
03:13
Markose Chenthitta
Yeah, I mean, you caught me at a good time. I had coffee. I had a lot of brown sugar. So I was at the right mind frame at the right time and blabbered something, and you were impressed. So here we are.
03:28
JP
Well, you've tanked up on that, but it seems that you have that natural energy to do so. So let's get this started with our first question. Is Markose, tell us that story again. Tell us how you got into crypto and what was that point in which your switch flipped?
03:51
Markose Chenthitta
Okay. How I got into crypto, it's quite interesting, but let me further say a lot of people kind of heard it through friends and stuff. But how I learned about Bitcoin and later the cryptocurrency space was actually through politics. When I say politics, I would say the US. Politics. So how it happened is that right after high school, just for you guys to know, I was born and brought up in Dubai. I moved from one desert in Dubai to another desert in west Texas, all right. In a town called Plainview, Texas. So the reason I went to the United States was not for education or get a degree. I was trying to pursue my track career. I was trying to be a long distance athlete and hope to be an Olympic 800 meters runner and all that big dreams. But somehow I was also into finance, learning about how money is created.
04:58
Markose Chenthitta
money is created and learned:05:55
Markose Chenthitta
graduated around like, maybe:07:05
Markose Chenthitta
So I'm still trying to understand how the world works and all that stuff. And I guess maybe in heart I'm sort of like an idealist, I guess, trying to be a hero in my own story. So that is kind of what kind of actually got me into the crypto space. Really.
07:29
JP
Wow that certainly that certainly sounds like quite a journey. No doubt. And as you said, right, dipping into the falling down that rabbit hole like Alice in Wonderland. Yeah. Tell us a little about what you saw on the way, because you did have an illustrious career from a range of industries like media, financial services, being an athlete, exports, and now crypto. What's your take on how the older contender of the regular traditional businesses? How do you see it different from the ones in crypto?
08:10
Markose Chenthitta
Yeah, sure. Here in Dubai, my family used to have their own business over here, import, export. And most of the businesses, I guess your territory businesses, they do have a hard time. What I realize is that they have a hard time changing things. It's easier to stick to the old ways while in crypto. And I know most of your audience, they have been in the crypto space for quite some time. So you know very well changes happened all the time, so you learn to be comfortable with change. But I would say the most dramatic experience was when I started working with American Express and I was part of the consumer business side. So basically it's business development. My goal is to reach out to high net worth individuals and try to convince these guys and girls, ladies to spend their money into using nasty visa, Mastercard, hey, use your fancy black Amex card, make them feel good, all that jazz.
09:22
Markose Chenthitta
But I think what was really interesting, the difference is the mindset, the way they run things. I'll give you an example. Like in the traditional space, like if you're in the financial services or some other industry, let's say if you want to do something in Africa, oh, sorry, no, we can't do this. That this regulations. Sorry, we can't do that. It doesn't work that way. It cannot go this way. We can't do this because they have a limited mindset. But when it comes to crypto in the crypto business, the people in the space, they have this abundance mindset. They're like, hey, you know what? I can create an NFT and use this NFT to raise money to plant trees or support farmers. I can do this. Instead of using the traditional banks or unions or whatever, I can use digital payment services. I can use Bitcoin.
10:20
Markose Chenthitta
I can use Monero. I could use Bitcoin cash in the Caribbean to support small businesses so they have an abundance mindset. They are always looking for ways to solve problems in the marketplace, while in the traditional space, they don't really expand. They are content being in this little ecosystem, while in the crypto space, you got to expand. You got to grow. You got to move, you got to go with the flow. So that's the way I see what I've been through for all these different industries.
10:58
JP
That's interesting because that mindset really does lead to a vision. Then that mindset is what will help you with being agile. Paradigm shift when it comes to traditional businesses, right?
11:10
Markose Chenthitta
Yeah. And I guess being in the crypto space, what I learned from some of the people who I learned from the past, I guess for me, I have sort of a libertarian, sort of a free thinking philosophy. I would say I'm more like a narco capitalist kind of guy. We like to question things and try to create a free market for people and stuff.
11:42
Markose Chenthitta
I think one of the qualities is being the crypto space. You're trying to disrupt old industries, change the way we do things, and try to help increase economic and financial abundance for everybody. So I think we got to have that mindset to be in the crypto space. I think that's what kind of attracted a lot of people, I guess, in the first space in the first place, actually.
12:11
JP
Right, yeah. I think you're onto something there in terms of especially yes, attracting people to it. And they're going to be wowed in so many ways by the way the industry works. Right. At the same time, when it comes to adopting something different or adopting a new way, there's always some degree of resistance. Right. Do you see, for example, the crypto industry taking over from where these regulations and of course the financial mechanism comes into play? Or do you feel that crypto at some point of time is going to hit too many roadblocks with all that you have coming up in terms of government regulations, the CBDCs coming up, what's the.
13:05
Markose Chenthitta
I guess it depends. Well, I see two things. Like if you're talking about what's happening in the west, for example, definitely I see them kind of scared about cryptos, kind of scared about blockchain based solutions or how crypto is kind of like slowly eating up the traditional financial space. But if you look at other I mean, there are other countries, too. They have started to become more freer. They sort of become more open to new ideas and try to increase economic growth. I would say a good example is there's a lot of movement that's happening in Southeast Asia. I'm here in Dubai. I think the people I know, they're excited about not just crypto, but just blockchain in general, how it's changing the way we do business or how we use the Internet, even. Also money, too. It's kind of fascinating. There's also a lot of openness, like in the Caribbean, like for example, with Bitcoin cash.
14:17
Markose Chenthitta
I guess some people will definitely know Roger Ver. He's a guy who started Bitcoin.com. He's known as Bitcoin Jesus. He's also a proponent of BCH Bitcoin cash. So lately, a couple of months ago, he has been, what do you say, getting a lot of small businesses to adopt and also talking to regulators, talking to bureaucrats and politicians and just showing them, having discussions, having conversations why adopting crypto and blockchain can, what do you say, increase prosperity. Like in these different Caribbean countries. For example, St. Martin's, one of the congressman or one of the, I guess a senator, I don't know what's the title, he's accepting, he has requested the Ministry of Finance to pay his salary in Bitcoin cash all in crypto. And he's paying his rent in crypto. He's buying his food in crypto, basically Bitcoin cash, of course in the Caribbean or small countries.
15:28
Markose Chenthitta
But again, we are seeing different pockets happening. So I guess what is going to maybe change things is, okay, some places there's a lot of conversation going on, mutual understanding, but also there'll be obviously other places too where some people might go hard on crypto. And I think for me personally that is part and parcel of life and we learn how to adapt and overcome. But if they go too hard with regulations, I think obviously there's going to be a situation where people will eventually move to the black market or the gray markets or the dark market. So you cannot stop human actions. I mean, you can scare them for a little bit, but eventually people will to overcome some of their personal problems. They want to find a way. If the government is not going to help them, they will find somewhere else. To me it's inevitable, but at this time it's sort of a mixed bag for me.
16:27
Markose Chenthitta
But overall I am positive that people, I mean, crypto and blockchain in general can bring more economic prosperity and there'll be more entrepreneurship. So that's what I'm excited about.
16:44
JP
Exactly. And as you point out so far already it is two points for crypto, zero for the contender, which is the financial engine. The question I have to ask you, considering you're in a position to give us a perspective on this, right? You have these champions exactly like the statesman that you were speaking about who's accepting their payments in crypto and you have certain countries which are accepting Bitcoin, for example, as a medium of payment, right? Yeah, this is great one part, but the rest of the world still has to see, and I know that this is something important to you still has to see that grassroots adoption, right? Do you think that will come and what required for that to happen?
17:39
Markose Chenthitta
Yeah, I guess what I've seen when I talk to some of my friends who are living in Mexico or say like Venezuela or certain countries who are going to a lot of economic strife, even also different parts of Africa, too many of them are adopting crypto because their respective national currencies, they're almost inflated to oblivion. So they have to find a better way. And at the moment cryptocurrencies is filling that gap and it's not just from the digital payment side, but also in terms of trying to come up with some sort of a local crypto solution. I think we are going through some interesting times where there's a lot of inflation is happening in different parts of the world. I personally believe, I do believe that there's going to be some sort of transition of wealth taking place. I know some say it's coming from the west or the east, but I'm also seeing some movement from the east to the Middle East.
18:56
Markose Chenthitta
Who knows? Some people I talk to, they are pretty excited about what is happening in Africa because it's not just economic growth, but there's also talent growth as well too. There's a rise of human capital taking place. I think those things are going to help foster crypto adoption and blockchain entrepreneurship. So from me, coming from an exchange side, I'm starting to see more projects, more talented folks coming from India, coming from Africa who are coming up with some interesting projects which are actually solving problems in the marketplace. I think from a local level, people are educating each other, teaching each other, supporting each other. From there, I think the true crypto doctrine is kind of taking place, right? Yeah.
20:00
JP
Okay, but you'd still say that these are early days yet, right?
20:05
Markose Chenthitta
Yeah, absolutely. We are still early. The reason I say we are still early is that correct me wrong, JP, in terms of the crypto adoption, globally we are still below like 5%. To me, it's kind of unbelievable, it's kind of crazy, but it is still an open game for everybody. I think there's incredible opportunities and there's also the technology that we all can have access to. It's amazing. We can do some really great stuff. We can increase our financial confidence, raise our human capital and also bring economic and financial freedom using crypto and blockchain. It's not a zero sum game, it doesn't have to be that way.
21:10
JP
Fair enough, fair enough. Not a zero sum game. Certainly get closer to adoption. Do you see any more roadblocks when it comes to more communities? Or rather, what are some of the roadblocks you see where more communities can start picking up on using crypto as a manner of exchange, for example.
21:34
Markose Chenthitta
Roadblocks.
21:39
JP
Government regulations? Or is it that there's less of an access to technology? Actually thinking about communities from the spaces that you're talking about right? When you're talking about from India, we're talking about from Africa. Oftentimes this generally gets into the way of traditional adoption. And yet at the same time, one of the key mediums of exchange that was found out in the McKinsey report in Africa was the utility where people would exchange money to get talk time on their phone. So they had the ability to share talk time using from a cell phone. Yeah, I found out a very interesting case. So my question is, do you see more innovation coming up? Do you see some of the roadblocks stopping people from more adoption this way? What are your thoughts?
22:34
Markose Chenthitta
I guess the only roadblocks I would see, they're definitely like how governments react to crypto and blockchain and also in terms, I guess another cliche word would be education I guess. Bringing that awareness or trying to get the word out there are alternative solutions. I know it's a little bit of marketing, a little bit of an educational drive to showcase people how we can use crypto and blockchain to, what do you say, to make payments faster, easier and reliable. So I think those are the roadblocks I see that is kind of like stopping. So I guess right now, definitely, I guess from a geocultural level, whether in the US. Or India, also here, I would say there's kind of like a cultural shift taking place too, and also generational shift too, because definitely I see. But I think there'll be a more adoption coming from millennials and Gen Z's too, and later on, Gen Alphas will also kick in as well.
24:02
JP
Right? Sorry, go ahead.
24:05
Markose Chenthitta
No, I was done and I was just saying that's where I see where adoption of growth is going to take place. But the roadblocks at the moment is just trying to just communicate to what do you say, to different politicians or even creating own foundations or associations to have these events, have these summits, to have these conversations and help not just government officials, but also businesses too, to understand this technology. It's a long way to go, but it's worth the fight.
24:50
JP
Well, certainly that's precisely why we do shows like these, so that we can spread more thoughts, more awareness about crypto. And thank you for that, Markose, because I think you've encapsulated it well. I mean, you have government regulation. That's one roadblock. You can have the lack of technology as another impediment in the way. But really, if you consider 5%, and I'm just going by what you've said so far, if you're saying that five of the world's population alone has awareness and utility of crypto, then there's, of course, a lot of ground to cover. I hadn't considered that. The second thing which was a gem that you shared was the fact that the Gen Z population is the one that's born into this digital age, right. And they are the ones that are going to be pushing forward a lot more where it comes to the utility of digital currencies and especially cryptocurrencies as medium that they use the same way that you and I use cash.
26:03
JP
This does put some insight on that. I would think that I want to carry a further discussion on this point in terms of getting Gen Z to be the champions, to take this aspect forward. There's an interesting thought brewing here and I'm going to circle back to that in a minute. Cool. Okay. So, ladies and gentlemen, those of you that are in the house, if you've enjoyed what we've been speaking about so far, give us a reaction. Once again, I'm going to share with you that Twitter Spaces has got now more reactions that you can share, so feel free to explore all of them. Right. There are hearts, there's laughter, there's crying, there's surprise, a wave and a hand raise. And if you do that, at the end of the show, we will take questions from you, which will be answered by our guest speaker today.
26:57
JP
Right? Simple. Okay, so, Markose, I'm looking at the scoreboard, and so far it looks like it's three for crypto. One point going to the financial engine when it comes to mass adoption, because cash wins over cryptocurrency at this point. To shift gears in this game, here's a question for you, right. I understand that you've worked with, and correct me if I'm wrong you've understand that you've worked with trading in commodities, right?
27:35
Markose Chenthitta
Oh, no, I wasn't trading in commodities. Thing is that previously I was in a family business, they were in the import and export of aftermarket auto spare parts. So basically my family would import products from overseas, bring it to Dubai, and then it gets re exported to African countries and the CIS countries.
28:09
JP
Okay, so then I guess I want to flip this question a little to ask you about something that's almost random, right. If you had to do an import and export using Web3 as a system, would you do it all over again? And how.
28:31
Markose Chenthitta
Would I use Web3 for … interesting.
28:39
JP
I don't mean to put you on the spot there, but it just seemed to have evolved from the fact that you've been in the space, so you could offer some insight where this is concerned.
28:54
Markose Chenthitta
If I get into Web3 basically applying crypto on a traditional business, you mean? Actually, the first thing that comes to my mind is actually, what do you say, using gift cards? The only reason I guess I state that is when I was in Texas, being like a student, sometimes we get, what do you say, different gift cards, like, say, like Amazon or something like that. But even also here too, some people also use it too. So maybe use crypto as a way to buy gift cards and then use those gift cards to buy your regular groceries or maybe some electronics or something like that. I think to me, it's more relatable to a wide mass, like a wider audience. So, yeah, I would love to use crypto for gift cards as a way of payments or something like that. So it kind of helps with getting people more closer to the crypto space.
30:32
JP
Okay. Have you ever had this discussion as a crypto evangelist, right? Have you ever had this discussion with family thinking about how you would revolutionize maybe the traditional import export business or any other type of business in the same way using crypto or maybe Web3 solutions. That's where I was going with this.
31:00
Markose Chenthitta
just too this was like, what,:32:29
Markose Chenthitta
I just proven a point that, hey, you know what? Crypto can change lives and can create value in the marketplace. That's something I wish maybe I was a better communicator. I mean, that time I wasn't. I was pretty shy in talking, like, you know, having conversations. But there is this one guy I know. He? He's a Kenyan national. He has a project called Bit Leaper. So basically he uses crypto. He's from the BSV side, the Bitcoin Satoshi vision, which splits from Bitcoin cash. So he is using BSV as a way to, what do you say, help small businesses in Kenya, provide small loans and stuff. I don't really apologize. I'm not able to explain the full mechanism, but I know he gave a speech over here in Dubai. So it was interesting when he shared how he did it and just a mechanism behind it because a lot of these guys do not import.
33:48
Markose Chenthitta
They kind of buy the goods from one place and distribute to another place. So it's just on a sort of a provincial level, but it's no different than a mechanism from, say, from Dubai to Kenya. When I looked at that, I'm like, man, I'm happy they will do that. But also reminded, like, wow, I wish I could convince my dad, my brother, to trust me on the Bitcoin journey, but destiny took me somewhere else.
34:23
JP
in his own home. But I think:35:00
Markose Chenthitta
Absolutely. I do agree. Yeah.
35:03
JP
Okay, Markose, given that, ladies and gentlemen, that takes us to an even score of what was it? Three points to crypto and three points to the financial institution. Remember, please tell everyone in your family about crypto. Get them exposed to it. Let's all start creating some awareness so that there's crypto adoption everywhere, there's empowerment everywhere, and we live a life that is more decentralized. Right?
35:40
Markose Chenthitta
Right.
35:41
JP
Yeah. Fingers crossed. Fingers crossed. Okay, Markose, in this King Kong versus Godzilla story, of course, each of these behemoths are fighting for supremacy. Odds are at this point, world over, skewed in the favor of the regular financial engine, right? Do you see? At some point we will have an in crypto we trust situation happening across the world? And what would that look like according to you?
36:16
Markose Chenthitta
dinner. This was like around:37:38
Markose Chenthitta
So it's no surprise that even Amex has invested in some blockchain startups. I'm pretty sure that they invested in Abraham, which is kind of like a US. Based platform. I mean, you got your Blackrocks, you got your Vanguards, you got your Samsung. They invested in different VC funds like Animonica brands. So eventually there will be a point where people will a lot of people will trust in crypto or the same in crypto we trust. So even right now, it is happening right now, especially a lot of people who are advanced users, they are actually using more of the DEXs than the centralized exchanges. Like, for example, xt.com, we are a centralized exchange, but even in any other centralized exchanges too, we are trying to attract a lot of new users. But we also well aware that the advanced users, the smart users, the most sophisticated users, they are going to be using centralized exchanges, but they will be moving into the DEXs as well.
38:58
Markose Chenthitta
So there are going to be several marketplaces all around the world. They're going to be decentralized. A lot of people. Look, I'm here in Dubai and. I know sometimes in my post I talk about Dubai is going to be the blockchain capital of the world and all that stuff. In a Web2 perspective, yeah, maybe, yeah. But in a Web3, it's decentralized, baby. It's all the way. Personally, for me, a lot of these companies will learn to adapt. I mean, here in Dubai too, our Dubai police, they have an NFT collection. Yeah, they do have but see, look, I was thinking, okay, you buy the NFT collection, boast the utility. I mean, do I get a get out of the jail free card? I mean, if they can do that, hey, that'll be fantastic, man. That'll be hell yeah. But no, they don't have it.
39:56
Markose Chenthitta
Anyways, the point I'm trying to say is that crypto will win. And I will also be bold to state this, that even some like the battle for digital cash, for example, when it comes to Bitcoin, to me Bitcoin is sort of like this store of value, BTC. But the title for digital cash or Peer to Peer electronic cash system is still in the air. I mean, there's a lot of contenders, lot of players involved. And I do see even also the scenario with the tornado cash thing. I do see privacy coins will play a major role. And the reason is that if you look at the history of Bitcoin, one of the best places, if you want to know how Bitcoin has worked, I mean, it has been very popular in the darknet, in the black markets. And that time before the hash walls and stuff, Bitcoin was the primary currency.
41:09
Markose Chenthitta
But now, later on now the use of BTC because of the splits and stuff. And long story short, now the most popular one is the privacy cons, especially Monero. Eventually there's going to be some, I mean, we are seeing some shift taking place. And because of that, there's also going to be a lot of backlash. There's going to be a lot of, what do you say, issues and concerns. But in the long run, I do believe that the people who are building the tech, they are going to be way ahead of the regulators. They're going to be way ahead of other older institutions. So we are right now seeing this evolution, this transition taking place. So we will reach a point, I guess, in our lifetime, I don't know where we will say in crypto, we trust. So, yeah, that's my belief.
42:12
JP
Well, I for one am really looking forward to that day. And ladies and gentlemen, you in the audience, please, if you are looking forward to that day where we say in crypto we trust, give us a reaction on your profiles. Let us know that you believe so as well, and you will do your part to ensure that happens in the future. Okay, I see a few reactions coming up. So thank you. Thank you for that. That also leads us that also Markose, that leads us to the score, where now crypto is one ahead closely.
42:46
Markose Chenthitta
Coming. Damn, man. It's a tough fight, man.
42:55
JP
Imagine, right? It's so close. It's such a close fight. But we will take this discussion to the end and see who emerges the winner. Markose, I have to ask you've shared with us a lot of insight and a lot of gems, a lot of perspective as well, right? Yeah. I have to ask you, okay. What is your personal philosophy in life when it comes to well, I suppose I'm asking you when it comes to just living a life, right. What's your personal philosophy that you would want to share with the audience today?
43:36
Markose Chenthitta
Personal philosophy? Well, I guess I have mentioned earlier, I guess I have my philosophy tends to be sort of like, you know, sort of libertarian, sort of like, you know, live and let live, kind of let live kind of philosophy. So I guess, you know, but I guess for me, like, in terms of, like, life in general, how I deal with people, I do believe in the free markets. I do believe that money should be separated from governments. Same thing as the church, from the state. I guess another principle I would like to mention is the non aggression principle, like live and let live. And maybe other people have different opinions, but doesn't mean that I force my opinions on them. Let them enjoy their life, try to coexist and try to be the best example. And if I do miss do make mistakes or I do hurt somebody, try to correct it and apologize.
45:02
Markose Chenthitta
But, yeah, I think my philosophy tends to be sort of free the money, free the markets, and free the world. That's pretty much my stance in life.
45:18
JP
Thank you for sharing that, Markose. I think, yes, that is something we can all take back as a personal message to live and let live, of course, being primary. Right. I'd like at this point of time to open up some questions from the audience. I see that one has already come in. But those of you in the audience who would like to ask Markose a question, you can either tweet that into us at AdLunam, Inc, you can tweet it to Markose, or you can raise your hand and we'll see if we can get you a chance to answer that question on the show. All right? Okay. I see the first question that's come in. Markose, why is a community in Web3 so important? Right. Of course, both xt.com and AdLunam based their business on making crypto social, but what do you see is the strength of the community for a business?
46:24
Markose Chenthitta
Okay, I guess the question basically why community matters. Because they're the ones who are actually supporting the business with their time and their money and definitely their energy. They're the ones who is basically helping any business in the Web3 space to succeed. And as long as we are like, for example, xt.com, as long as we provide support and what do you say make their experience with crypto fast, easy, and reliable, the community rewards us with business. So I think that's the value of having a community in the Web3 space, especially in the Web3 space, and learning to also connect with them as close as possible.
47:35
JP
Okay, what would some of that the advantages be? Is it is it primarily for feedback? Is it evangelization? What are your thoughts?
47:46
Markose Chenthitta
Yeah, I think trying to get feedback from the community and also try to, what do you say, build relationships with the people as well. I think we have to try our best to be more personable, more reachable than compared to the big companies like in the Web2 space. I hope that answers.
48:34
JP
To be honest, it does scratch the surface of what we have to peep into. So, yes, that's another door that we'll tumble, another rabbit hole, as a matter of fact, that we should tumble down into, right?
48:47
JP
Okay. Thank you, Markose, for that answer. We have, of course, one more. I also find that interesting when you speak about community. Right. I understand that xt.com builds a lot where social capital is concerned, AdLunam does the same with its Proof of Attention allocation mechanism. Right. Because that's how we do. You get allocation based on your attention to the project and we reward that in terms of community and having a strong community. That's, of course, one of the key focuses where I think both businesses that we are part of represent. The next question that I've got coming up over here says there are a lot of scandals this year about CEXs freezing withdrawals. What is one of the best ways to choose the right exchange?
49:52
Markose Chenthitta
Good question. I guess my advice to people when it comes to centralized exchanges generally, whether it's xt.com or bitcoin.com or crypto.com, don't necessarily keep all your cryptos in one centralized place. If you're using a centralized exchange for trading, use it for trading and then practice coin control. Put it in your own wallet. I think that's the first thing to practice because generally, when it comes to being in the crypto space, the idea is to keep the money in your control. Don't put it in a centralized institution. Whether the CEXs or your bank or some other lending platform is just that to make sure that you don't experience any withdrawal issues or say, your celsius, the lending platform has become bankrupt, so you have no access to it. So that's the first thing I'll tell people. You got to keep it in your control. Learn to trust yourself and learn to, you know, like, what do you say?
51:33
Markose Chenthitta
Learn to have learn to practice operational security, OPSEC.
51:40
JP
Okay. So I guess also to dive a little deeper into this, you know, when it comes to just selecting an exchange, what are some of the parameters people should be looking out for? I don't think a lot of people knew that these issues were going to come up, but of course, there's always learning from that adversity, right? And when there's learning from adversity, it always allows you to take a look forward at the next opportunity that you have. So are there some things you'd like to share with us in terms of how do you choose a smarter exchange, a better exchange? What are you talking.
52:22
Markose Chenthitta
Because, honestly, I guess it depends on what's their situation. If they're either, like, a trader or something, then I guess you're looking at the trading volumes and stuff. But to be honest, I don't have a particular checklist for how do you choose, honestly, like, a centralized exchange? I guess it's for if you're sort of like for like a regular Joe and Jane out there. I'll just tell people, look at the top 50 exchanges or whatever, and also try to talk to some people who are in the space and try to get their feedback. But I think in the end, it's up to you, because right now, as a consumer, you got a lot of options. But I just have to stress this that when it comes to any centralized place, there may be situations where either you might have a Mt. Gox experience or you might have a Celsius experience.
53:47
Markose Chenthitta
Unfortunately, some things will happen, but it's always important that you keep in your mind that you have to learn how to protect your private keys and protect your hot wallets or even your cold wallets as well. It is a little bit tedious, but it is worth learning those skill sets, because eventually, in a couple of years, it'll be really useful for you.
54:23
JP
Awesome. Okay. Thank you for that, Markose. And I think that is certainly sound advice. When it comes to being more educated about this industry, these are some of the best practices that everyone should follow to stay safe and continuing to use crypto till that day comes where we can say, in crypto, we drop.
54:44
Markose Chenthitta
Yeah, sounds good. Amen, brother.
54:48
JP
Amen. All right, ladies and gentlemen, thank you so much. That's all the time that we have today on this show. Markose, I want to thank you for spending some time with us and having this conversation, this discussion. Really appreciate it, man.
55:02
Markose Chenthitta
Hey, no, thank you for having me. I really enjoy this conversation and definitely love to Evangelize and spread the word and share the world that crypto and blockchain is going to revolutionize the baby, use the Internet, information, money. So the best is yet to come for all of us, right?
55:29
JP
And so, ladies and gentlemen, till that day, thank you once again for being on the show, Diving Into Crypto, which is on every week at the same time. Please remember also that on Tuesdays, we have another show from AdLunam, Inc. Called The Future of NFTs, where we speak about the innovations in that particular space. Thank you so much, ladies and gentlemen, for joining us today on this discussion of Diving Into Crypto with Markose. And well, the results are in, ladies and gentlemen. We did have crypto as the winner, so yay for crypto. On that note ladies and gentlemen, have a good day. Cheers.