This was the topic of guest speaker Dan Schwartz, Chairman and CEO of 3T Network Co Ltd., at the December 3 meeting of the Pattaya City Expats Club (PCEC). Dan has been in the field of Business Development, Sales and Investing for the past 35 years. Prior to the presentation, the MC reminded everyone that the PCEC is a social organization; the speakers are volunteers and the PCEC in no way endorses or recommends the products and services from the speakers.
Dan started by saying that he became involved in crypto currency three and a half years ago and wished he had invested heavily in it then. He said that now all the ‘big money’ had been made in Bitcoin, but added that there is still room for investment in both Bitcoin and other Alternative Coins (AltCoins). He predicts that it will continue to do well, but probably not the huge gains it has made over the past few years. However, Dan warned that it can be a minefield of bad investments if you don’t know what you are doing and he suggested you get knowledgeable advice.
Dan showed a clip from The Graduate movie in which Dustin Hoffman is advised to invest in plastics. In 1967, plastics was the big revolution in industry and in investment. Today it is crypto currencies. He suggested that if you are interested in the subject, you should read the book Blockchain Revolution by Don Tapscott and Alex Tapscott. He said the book explains how the technology behind Bitcoin is changing money, business, and the world.
Further, Blockchain is the future. He showed a video clip by Blythe Masters, available on YouTube. In it, she explains Blockchain as a fancy type of database which enables institutions to organize quicker, reducing errors and to have less vulnerability to cyber-attack. Basically, you cut out the middle man allowing you to trade without having to involve a bank or another institution to do so – breaking the usual chain. However, Bitcoin is not anonymous, you do have a Bitcoin address.
It used to be that paper money was backed by gold. Governments stored the value of its paper money in circulation in gold – no more! He explained that now you have credit cards and crypto currencies.
You can obtain your own Bitcoin wallet, but Dan warned to keep it personally and not with the provider. He also stressed to be certain to keep your twelve word seed phrase and your private key completely secret. Otherwise, just like your bank account or credit card, if someone knows your secret details you are vulnerable. The country you are trading in will have its own rules and limitations regarding Bitcoin. Dan said it is worth doing your homework to check on these.
Throughout the world there are over 3 billion people who do not have access to a bank account. The rise of cryptocurrencies and Blockchain have revolutionized this. As long as there is access to a mobile phone, trades can be made. In Africa, people can now store money on their phones. This means that there is a whole new level of people able to participate and grow their own wealth.
Dan suggested that if you are interested in finding out more, take a look at ‘coins.co.th’. He explained it as a modern gold rush and warned against ‘sure things’. There is risk in any investment and again he stressed the need to do homework before investing; there are scammers out there. Get the tools to help control your money and do not give your security details away, otherwise they will have control of your money.
Following Dan’s very interesting talk he took and answered a myriad of questions from the audience, all very astute. Dan can be contacted at [email protected] and the company website is at www.3tnetworks.com.
After the presentation, MC Roy Albiston brought everyone up to date on upcoming events. This was followed by the “Open Forum” portion of the meeting, where questions are asked and answered and comments made about expat living in Thailand. For more information on the Club and their activities, visit www.pcec.club.