Episode 35

Sean Stein Smith: Unraveling the Truth Behind Cryptocurrency

Since the invention of blockchain, in 2008, there has been a lot of fuss around cryptocurrency and how this could impact the world we live in. It’s a vast domain, that it’s becoming more and more influential with every year that passes.

The average person on the street may have heard about blockchain, and Bitcoin, and other cryptocurrencies, but as far as understanding what they are, how they work, and the application for them, there’s still an educational gap that needs to be filled.

In today’s episode, I want to unravel the truth behind cryptocurrency with Dr. Sean Stein Smith. He explains, in simple words, the terminology around it and he also shares some tips on what to pay attention to, when we turn our heads toward this world.

Sean Stein Smith is a professor at the City University of New York – Lehman College. He also is the chairperson of the NJCPA’s Emerging Technologies Interest Group (#NJCPATech). He serves on the Advisory Board of the Wall Street Blockchain Alliance, where he co-chairs the Accounting Work Group. Sean is on the Advisory Board of Gilded, a TechStars ’19 company. He was also a Visiting Research Fellow at the American Institute of Economic Research. Sean has also been named one of the Top 100 Most Influential People in Accounting by Accounting Today.

So, listen to Episode 35 of Deposit That, to learn cryptocurrency 101 from one of the knowledgeable people in this field.

Questions I ask:

  • What got you into cryptocurrency? And what happened in 2017? (01:02)
  • Where are we at, in the crypto space right now? (06:39)
  • How do you see Ripple impacting the financial sector? (12:03)
  • Do you believe blockchain is built for every single industry? (22:45)
  • What tips would you give to people that are interested in this field and want to learn and maybe invest? What would your advice be, in doing due diligence? (32:05)
  • From a real estate standpoint, do you believe we’re starting to see more people buying and selling real estate with the blockchain and Bitcoin, or no? (37:40)
  • Do you think we’ll come to a point where every single human has its own blockchain profile, like a Facebook profile? (38:43)

In this episode, you will learn:

  • What Ripple and XRP are. (12:07)
  • What a token is. (12:59)
  • The problems that blockchain solves in the world. (20:32)
  • Blockchain and real estate – how these two work together. (23:53)
  • The most commonly used asset for criminal actions. (26:57)
  • Sean’s crypto-related Deposit That advice. (40:13)

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