crypto currency

Chris Marquardt on Photography

Chris Marquardt

Episode 1458

Chris wants to talk about Kodak Coin, a new cryptocurrency created by Kodak to give photographers and other artists a means by which to get paid online for their art. Chris says that Kodak is going to do an initial coin offering, or ICO, that will enable people to buy into Kodak Coin. Leo says that Kodak is just jumping on the Bitcoin bandwagon, and Kodak is just slapping their brand on cryptocurrency. But it could be a benefit to photographers to manage their assets and get paid for it.

Has my Bitcoin wallet been hacked?

Coinbase

Episode 1453

Mike from Bakersfield, CA

Mike's Coinbase Bitcoin wallet has a corrupted IP address to it and he's worried his wallet has been hacked. Leo says he can't have two IP addresses on an account. Leo says that the ISP may be at fault here and Mike should log into his Coinbase wallet and make a screenshot of the error messages. Then he should contact his ISP and show them the evidence. They need to fix it. Leo also says he should change his Coinbase password just in case. It's possible something nefarious is afoot.

What is Bitcoin?

Bitcoin

Episode 1450

George from Santa Monica, CA

George keeps hearing about BitCoin and how much the price keeps going up. What gives it that value? Leo says nothing but sheer belief. BitCoin is crypto currency, which are essentially digital dollars that don't exist outside of a computer. You can't really take it and spend it at the local store unless the store takes it. But even a dollar bill isn't really anything but a fiat currency that the government says it's worth. The value of a dollar, or any other currency, changes all the time. It's fluid. So BitCoin is just an extreme version of that.

What do you think about Crypto Currency?

Bitcoin

Episode 1451

Elia from Santa Monica, CA

Elia wants to know what Leo thinks about online currency, or crypto currency. Leo says to understand crypto currency, you have to understand how monetary systems work. Paper money represents the value it carries, but it isn't gold. It's called a "fiat currency." In the case of our dollar, it's backed by the government. But currencies don't have to be official government currency. "Disney Dollars" are currency at Disneyland.

How can I reset my Bitcoin password?

Bitcoin

Episode 1446

Dale from Rancho Palos Verdes, CA

Dale has invested in BitCoin, but he forgot his password. He requested it from CoinBase, but now Google Authenticator won't work. Coinbase's support is overwhelmed so he can't get in. So what can he do? Leo says that Bitcoin is rampant with fraud and that's why the Google Authenticator is used. But it may be that his account has been hacked. He may just have to be patient in contacting Coinbase to get them to reset it. But he shouldn't have an authenticator to reset a password.

What is Bitcoin?

Bitcoin

Episode 1423

George from Santa Monica, CA

George keeps hearing about BitCoin and how much the price keeps going up. What gives it that value? Leo says nothing but sheer belief. BitCoin is crypto currency, which are essentially digital dollars that don't exist outside of a computer. You can't really take it and spend it at the local store unless the store takes it. But even a dollar bill isn't really anything but a fiat currency that the government says it's worth. The value of a dollar, or any other currency, changes all the time. It's fluid. So BitCoin is just an extreme version of that.

What is Bitcoin?

Episode 1221

Sarah from Los Angeles, CA

Sarah wants to know about Bitcoin. Leo says that Bitcoin is just like paper money, in that it's a "fiat currency." But the danger is that it's not backed by the US government (even though they will take it as payment). The main thing to understand is that a bitcoin wallet is the only place that bitcoin lives and if someone steals that wallet, it's over. So it should be backed it up. It's a challenge to make money with it, and it's wildly speculative. That's why Leo doesn't recommend investing in it. But it's an interesting way to pay people online.

What is Cryptocurrency?

Episode 1046

Carl from Santa Monica, CA

Carl keeps hearing about Cryptocoin. Is it the modern day gold rush or a pyramid scheme? Leo says that it remains to be seen. Value is reliant on the full faith and credit of the US government. All currency is based on that faith. But Toshi Nakamoto created BitCoin, which is a digital currency. There's no government backing it. The benefit, though, is that it's anonymous. But it can also be stolen just as easily, and there is no central bank or authority. If governments start banning it, like China has, it could doom the concept and make BitCoin worthless.