Hey guys, I’m your host Ayush Sharma and welcome to the kayroz podcast where we talk all about entrepreneurship, business mindsets and work ethics from a college student’s point of view. You can watch us on YouTube or listen to us on Spotify or google podcast or you can even sign up to our newsletter at kayroz.in.
Attention to all our readers out there this is not financial advice please do your own research before investing into any kind of asset.
There’s a surprise at the end of the video where I’ve shared all the resources that I’ve gathered for the research of this very particular podcast as well as the resources that I personally use to research about crypto and altcoins, please make sure to watch the video till the end.
With that said, In today’s episode we are going to talk all about cryptocurrencies and its feature as well as the marketing tactics used by coin research that made it one of the largest cryptocurrencies exchanges out there we have a very special guest with us today Ramalingam Subramaniam. With over 10 years of marketing expertise in creating and scaling his own company Prarambhan, he is currently the marketing head of CoinDCX with a goal to make crypto more accessible to people.
If I missed anything please add on to it Ram,
Yes I take care of marketing efforts here at CoinDCX and yes that’s our goal making crypto accessible to everyone.
Yeah once again thanks for being here on the Kayroz podcast, You know as I learned more about blockchain and crypto, I was very intrigued by this very particular concept right money has been around for several thousands of years in the medieval era it literally held value it was created by precious metal like gold and silver right but it was very inefficient to carry around so we switched to a paper-based economy which was backed up by gold right but right now fiat currencies like us dollar or Indian rupee aren’t backed up by anything but the credibility of the government you can say right, which if you think long enough is just a bunch of people so they control the worth of money indirectly which makes is very centralized but blockchain on the other end is decentralized, Can you please share your views on like what is decentralization and what is blockchain and more importantly how crypto is changing the concept of money?
Sure sure so if yeah fiat is a Latin word it means “by degree or by order” so the value that your paper note gets is because someone has given that as a order so you can see in all our currency notes there is a RBI governor’s line saying that “I promise to pay the better of this note” right what they are trying to build is there is one authority that is saying that this is valued at something okay now that’s a system that has been working for a long time & it works well in various cases works well in various scenarios has certain limitations when we want to expand it further right and that’s where technology comes in right, every technology that has been there has solved a particular problem and we have moved on right to discover new options and opportunities.
Blockchain is a very simple concept, I generally relate it to the ledger or a book, so most of us live in societies nowadays and because of the entire code protocols there is a register at your security office or at the basement or wherever you stay and in those societies there is a watchman or a security guard who makes an entry of whoever is entering or exiting right, the basic rule of that book is you can only make entries into it if you make an edit if you try to change data it is at times considered a legal offense okay right that’s a record of whoever has entered and exited of your system imagine that’s the ledger that is out there now one whenever for example you as a society member wants to go and check who has come in who has come out you have to go back to that security guards book and check that it takes you time & takes you effort you do walk all the way there and you have to trust the security guard to have it having made that entry okay can we imagine a system where we don’t need to trust this person plus you don’t have to spend so much energy to get that data right that’s what was the basis behind blockchain so blockchain helps solve that.
Philosophically I feel blockchain is a technology similar to very much similar to the discovery of fire or the invention of the wheel, the car, airplane right. We are all at that stage right now where we are because of this one particular technology lot of opportunities will open up and a lot of benefits can come in including the biggest application that we’ve seen so far is in finance right but there are multiple more options out there blockchain is very much prevalent in logistics in in multiple different use cases so according to me blockchain is that technological wave it is going to change the way we think, change the way we accept like we accept money to be in a particular format it is helping us rethink that should money be the same way should it be centralized should that can there be a decentralized system do we need to actually and so on and so forth so there are a lot of possibilities that blockchain opens up and my belief is it’s a technology worth trying.
Yeah they were very bold terms that you used like comparing blockchain to the invention of the fire on the invention of the wheel right, I also believe that block blockchain is a revolutionary technology but I don’t completely believe that is all decentralized, not 100 though because not like the founder of bitcoin whose identity is still unknown but let’s say Vitalik the founder of Ethereum you know his beliefs and his passion & driven nature as well as his passion to change the world for good has made the price of Ethereum very high right people believe in him and investors believe in his beliefs right, what do you think what’s gonna happen in the future like these center figures they can influence the market they can control the market or or they are just going to you know set aside and let the financial systems and the cryptocurrencies market have it?
What are used on that sure so before I jump into that I don’t believe that it’s only because of Vitalik’s efforts that the Ethereum price is rising there are multiple more reason the world is building on Ethereum right, The next generation apps or level two or three things are being done there and that is one of the major reasons also Ethereum itself is undergoing a big change from proof of work to proof of stake, a lot of different things are happening in the Ethereum ecosystem, having said that see when you talk about trading right when you talk about volatility when you talk about price rise and price movements it’s it’s similar with any asset class right it’s always the same case where there will be there might be a few people who might influence right we all know what so amazing thing that came up recently was this entire series around the stock market right Harshad Mehta was an influencer, he was a manipulator now he did good he did bad lots of things right the the bad ones are the ones that get caught right
yeah so there are always players who play the market, who manipulate the market and we don’t want them right, how can we avoid all of this and how can we avoid control with a few people is by making it distributed, by making it decentralized and doing our own research right.
Is decentralized always a solution to everything? I wouldn’t say that it has been a solution everywhere right, so when social media came in right something like twitter came out we we all felt news is getting decentralized right now there are questions about twitter and Facebook controlling the narrative not just in India but globally as well so there will always be challenges we’ll have to figure out solutions for it and that’s how we evolve right we grow we find out there are newer problems that come in we solve them go further so is the technology bad? is the concept bad because of a few people? No, the concept is good how we utilize it is all up to us we also should be careful that we don’t get swayed by influencers out there we do our own research and believe me most of the influencers out there right they will always recommend this and even you began this right this is not a financial advice so everyone tells that and everyone wants to ensure that they are providing the right education out there there can be a few players who are trying to do this in the long term this is very common that I have heard this multiple times in the long term is naked right so things come out people understand and people evolve and learn and grow that’s how I would treat it.
Yeah that’s a great explanation you know just like in a video game when a player is at level one he encounters a different set of challenges and he faces them and fights through them you know basically gaining experience points and leveling up evolving through the process right and then he has to adapt to a different surrounding in face a different set of challenges now that’s the goal of learning and you know growing with the knowledge of crypto should be for us right and you know after listening to all those you know intellectual peoples out there you know getting into the depth of what crypto is and and how it is currently changing the world I really understood it very well I had the confidence to invest in the crypto world right and not just accepting the word of an influencer and just going blindly all into one altcoin that’s really shouldn’t be any strategy that we really should all do our research on crypto you know before investing and yeah with that I really want to know about your journey in crypto head when and how did you hear about bitcoin or crypto right and why did you choose to invest in it?
It was around 2010-11 when I got to first know about bitcoin there was a separate project that I was working on it was it was around the AI ML kind of a process I had basically using a decentralized way of creating an Alexa that’s what we were working back then right the way in which we could monetize this was using a system of payments micro payments to people so if you if you train my bot for one hour you get paid say x paisa right that’s the way we were trying to build the model distributing that payment with the existing systems at hand was becoming cumbersome and that’s when my first experience of bitcoin came around where it came gave me a solution to a problem that I was facing, All right, years later a lot of things happened around the bitcoin piece, a lot of things happened in my life, 2019 is when our founder Sumit actually gave me a call explained to me what what his vision and journey is and what he wants to do with the CoinDCX brand and what he wants to do with crypto in India and so on and so forth, the next day I was at CoinDCX spent around four or five hours with a lot of different people and the day after that I was primarily a member of kindly sake so that’s how I entered a lot of questions I entered with a lot of questions, lot of unlearning to do & a lot of learning to do yeah so that’s that’s been my journey I have learned a lot understood the nuances, questioned a few beliefs that I had have evolved myself .
Yeah that’s great your transition to CoinDCX is very good right and you have played an important a major role in the marketing of CoinDCX , by the way congratulations on gaining giving 1.5 million downloads on the DCX Go app right and Can you please share your views on the platform itself you know it’s great I’ve been using it right and firstly the web portal which has so many features for traders like Spot , Margin etc right and secondly the CoinDCX Go app which is for let’s say for the general public right it’s a very safer way to invest for a beginner and what is the 7m rule that is implemented in this?
Sure, okay so CoinDCX is a huge product by now yeah it has a lot of features in it right as you pointed out Staking, Lending, Margin, Futures, Spot in our specific products like Insta For example when we thought of, so let me take you back to supreme court’s verdict in march 2020 and then gave our an entire #TryCrypto movement where we found out there were a couple of things that were missing in the puzzle to develop or draw that kind of Indian acquisition at a large scale. Education was an important aspect so we used we created DCX Learn for education compliance right we see we had this belief that in when 2017 happened right in 2018 the the RBI was forced to take certain actions you read the supreme court verdict they are saying that RBI did did a right thing but they could not prove the extensive damage that was being done. Having said that the point was people entered without a lack of clarity and people entered and got involved tokens that were not very safe right time around when we said like obviously it’s a market there will be a bull cycle and a bear cycle so when there is a bull cycle people will come try to enter into the space and they might enter again in those wrong tokens right,
We said okay let’s do one thing let’s create a compliance framework that creates kind of a safety net for the new people okay and we created this we have a you know CoinDCX is in India but we also have a global presence we are also present in Singapore, what happened is, we do have a global compliance team which created this entire framework called 7M which takes into consideration various factors for a token and we ensure that anything that passes that rule will be available for people who are entering for the first time or the third thing that we wanted to solve was making product very simple before we had the CoinDCX go app we also realized this that CoinDCX product is very complicated for a newbie, someone who comes for the first time will be overwhelmed with the features like Arey yaar, what all is there in this? so we said okay let’s create something simpler for people so that they can enter safely we created a compliance framework, we created an entire new product we actually went back to the drawing board and created a new product all together called CoinDCX Go we launched it in mid January this year and as you mentioned 1.5 million downloads in less than three months which is a good number but it also showcases the amount of interest people have in crypto in India.
Right yeah as you mentioned before the DCX Learn platform right before earning there must be learning of the subject that you are getting into, so you know a lot of youth is intrigued by crypto because all the influencers around the world are talking about right and they want to get in the market and make some money right but learning is a important part before getting into that, so your views on the DCX Learn platform and how can it help a college student like myself get into the crypto market and know more about what’s happening?
Sure so, there are a lot of different courses on DCX Learn, when we envisioned dcx learn we felt that we should provide good quality education we did not just wanted to want to create another blog right like some articles here and there, we wanted to create a proper structure we got experts People who came from the London school of economics, People who have written a thesis on on blockchain and have worked with united nations, people like of that caliber we brought them here to write the courses for us we also got partners so if you see we recently launched the video section on dcx learn, we also have courses right third party courses courses, where we have tied up with blockchain council for example where we have providing certification programs and so on so forth.
There are a lot of different things that we have been doing, DCX Learn is initiative where we are keeping education free so that people can understand blockchain people can understand crypto and with this knowledge when they make informed decisions.
yeah that’s great you know it’s really great to know that CoinDCX has taken an initiative to not just to making people to buy crypto but to making them inform of what crypto really is and how it works and what really holds of the future and if it can treated as a viable asset class or not you know people or people should make it a part of their portfolio or not right and with that said right, Your marketing and brand management campaigns have done really really well, the campaigns like #trycrypto and #BitcoinLiyaKya aren’t just focusing on promoting bitcoin and making people to get into CoinDCX or just portraying it as a way to make money right they are for focusing more on making people learn and understand what crypto really is treating it as a viable asset class like that AD, yeah what are your views on that?
Sure so the try crypto initiative was very simple we were in our offices at that time this pre-pandemic when we are trying to understand what could be that particular term right which basically tells people that this is a good opportunity out there if you are someone who wants to create wealth with strong fundamentals how can I convince that person? and after a lot of deliberation, this small term I could coin up called Trycrypto right which is very simple I’m not asking you to buy and not asking you to trade just asking you to try it once and give it a chance and we were very sure that if someone gives it a try, the concept the fundamentals are so strong that people will stay so that’s the whole idea around that we with the trycrypto we understand a lot of things had to be done DCXLearn compliance and new product all together, lot of efforts within the community to educate so a lot of things were done around that
It comes to BitcoinLiyaKya right so this time around when we came up with this whole thing, part of the trycrypto initiative overall was that there were three major inputs one was we did not want to talk about astronomical gains, it was very far from us that 400 percent 500 percent thousand percent that is something that we don’t want to sell because that’s not what you should be here for there are a lot of fundamentals out there you should be there for.
Second piece we wanted to showcase or we wanted to actually raise a question in everyone’s mind right and normalize bitcoin, there are people think okay there’s technology there is this and there is that so many different things behind it you wanted to normalize it like there is this asset, number two asset, number three, why are you not this number four? but a very simple question a hard hitting question.
Also there were layers to it asking women to ask the guy right so to showcase that it’s not about men, it’s not about someone who’s only successful, it’s all about the average person it’s also about the women who women of the house who actually take strong decisions so we wanted to bring all those layers.
Lastly the third question third point was obviously utilizing humor right finance and really very serious finance is is something that you can imagine a person in finance always suited booted tied yeh voh always up straight right but crypto is not that tense crypto is fun crypto is having all its team tokens and so on and so forth lots of things we wanted to also bring in the idea of humor which which basically helps us make it a option right, which people can accept it normalizes things, it makes it simpler for people, humor helps us do that extensively and primarily that was the entire focus on on the entire campaign of BitcoinLiya Kya and I’m happy it’s it’s seeing good traction.
Right, trading is always seemed as a high input profession like you have to be on the screen 24 7 to make any gains right & it has been portrayed really hard right but with your campaign the ad right, it has been quoted really relaxing to the general public, it’s not like you have to do all those courses and you get to know more about the history and what’s going on in the market every single day every single minute right but just you have to learn about the basics and then you’re good to go right and your campaign has really you know done well in that and
Although people are coming onto your platform via that marketing campaign right but the switch for Indian traders to crypto right is gonna be difficult right and while while 14 % of the U.S. population holds some kind of cryptocurrency right while only less than one percent or around 8 million people in India hold or trade crypto right while with Trycrypto campaign CoinDCX plans to get about 50 million people on to the crypto world right and it’s really quite a big number so how CoinDCX is planning to acquire that goal and what are your steps and lastly what is the deadline that you are seeing?
So deadline is very interesting, I don’t want to make it a target oriented piece because then the intentions might get wavered if I say I want to get 50 million people by the end of this year I can get it that’s not a challenge but I don’t want to get it because there is some target out there right it should be something that not only people want to be associated it also gives some kind of freedom to people, to marketears right to do the right thing because sometimes under pressure you will end up just hit your targets you will end up doing things which may not be the right way to go about it,
Having said that you pointed out there are there are a lot of opportunities out there, one percent so see parallels around four percent insurance around eight percent is mutual funds, I think if I’m not wrong around 20-25 % or perhaps even more is gold so compared to all these asset classes yes there is a huge potential out there and as an industry as a member part of the crypto fraternity and I think we all can work together and we are doing that extensively to ensure that more and more people end up trying crypto right
Yeah they should really take it more seriously right it’s an asset class just like any of the stocks that you could buy like Cipla or Wipro right, you know people should really look more into it and just like just Yesterday the news came out right Goldman Sachs, they are more bullish on Ethereum than ever right they are seeing it as an asset class and saying that people should really look more into it because it’s soon going to surpass bitcoin right, keeping all that and talking more of the investment side of it right,
People should really diversify the portfolio right in while getting into the crypto market they shouldn’t go all in blindfolded not knowing anything about it and so really what is your strategy? how should people diversify their portfolio?
Right so interesting question out there right once you are convinced that crypto is a good aspect class to invest in, the next question obviously comes in how much? right how much should I put in? our general understanding has been and this is something that we have been openly telling people that go between one to five percent of your portfolio into cryptos, don’t go all in obviously, see there are two parts to an asset, an asset has some long-term value but when once that asset is a tradable commodity it will have volatility it will have its ups and downs so with that thing in mind think about investing one to five percent, think about diversifying your portfolio one thing that we have realized on the DCX Go app right is that people are smartly diversifying across a multiple set of tokens out there and you also realize that these people are also investing further and further which which is telling me that once you start investing in a variety of tokens, variety of assets within the crypto sphere itself, once you start diversifying and playing that game you stay you actually are seeing a lot of gains and that’s what I would suggest diversify one to five percent of your portfolio holding and within crypto also diversify between certain large caps and certain small caps here and there
Yeah stability is a necessity right Diversifying your portfolio in a way like keeping the major check in Ethereum or bitcoin to keep it stable and keep it safe but if you’re more growth driven you can always invest a major chunk of it in Alt-Coins but that’s not advisable so yeah and also the entry and exit points of trades are quite important and while you know keeping a chunk of a portfolio where it’s safe is really a wise choice right but for the more growth driven youth who wants to take risks like basically we are talking about College students who are willing to invest about 10 to 15 k in in crypto that should they be only investing in big and proven companies like bitcoin and Ethereum or should they be looking more into the Altcoin side the projects such as Matic, Cardano and Solano?
Sure as as an exchange I should not be advising you right
Yeah this is not a financial advice,
No but it’s against the ethics, I run an exchange I cannot advise one over the other but you know in a general sense there are good projects the name I take and solana and cardano the ones that you named are good projects right study them fundamentally there is a lot happening in altcoin space also, if you choose your projects right you can also definitely look at a growth mindset out there right, growing your entire portfolio be careful when you are investing, study the project understand why there is a price rise? or why there is a drop in price? why is there a rally coming in? the very fundamental stuff that you need to know and if you are good at technical research study the graph, study the charts you’ll get to learn a lot there ideally Altcoins generally raise or rally faster than large caps like a bitcoin generally that’s the pattern, but yeah it also falls at the same rate so you have to be careful how you’re investing, you need to have a strong Risk Appetite and a good strategy out there.
Yeah I also believe in researching about the project before putting any of the hard earned money into it right, reaching out to it’s community and getting to know about their Founder and what is their goal with it is right and basically how do you research about your crypto right what should you what should someone keep in mind before you know before researching about it and they should not go blindly into it?
When you research there are basic two things, fundamental analysis & technical analysis you study about the project, you study about the backers right, one good hack is being part of their communities right where you get to know what’s happening out there you get to speak with like-minded people right networking helps you get that kind of knowledge very quickly. So there are there is pros and cons to being part of communities, being part of the social media space because there is a lot of frauds that can happen right, a lot of negative stuff that can happen so you have to be smart there but you get a lot of information being part of these places,
The other thing you need to understand is what is that the problem that they are solving right and this is something that you would be doing as an as an investor in any asset class, just take example for equities right you look at why would someone invest in a pharma company today? say if they are getting a big vaccine contract yes so they’re doing something good right they’re coming up with the next medicine that probably helps us treat the pandemic or a medicine that is that can be stored at a lower temperature right or a medicine for which the ingredients are locally sourced so on and so forth, there could be hundreds of reasons how you are going to evaluate a company find out that problem that these guys are solving and find out how they are solving it right these are things available on these project sites there are multiple papers that these guys submit you can also read about it like lot of such projects you can read about it on DCXLearn as well but beyond that there are there are publications where you can go and read about it listen to influencers, decide on your own. so listen to influences try to understand what these guys are saying and most of them work really well but take a decision not basis what you have heard but what what you believe in and I feel the this cocktail of advice could be good enough for taking good decisions.
Yeah many people have entered the market because of the FOMO right they are fearing that they are going to miss out on the rally right, I also entered in it that phase right and I entered in the euphoria of the market and from then it’s going down and down right but yeah that’s really great advice that you know to seeing what the product really is and what it is all about right and what is the problem that they are going to solve and especially how they how are they going to solve it right and are they fulfilling or the deadlines that like the project deadlines that they made or are they fulfilling on the promises that they made right as well as being a part of the community right seeing that if it’s active or not these are some great advice on project research right and as you told me in 2017 many of the projects almost 90 percent of the projects were scam right most people lost their money and due to which RBI issued restrict regulation and orders because on crypto right so yeah you know Taking the right entry and exit points are really important as well you know if you are short to medium trader or you know planning to hold crypto for a long time you know apart from the necessary technical analysis that we can do by reading the charts right Do you also plan your entry or exits based on the events of various projects like the there’s the projects Matic coming up with in june and do you plan on taking the trades before or after the event that if you think that events gonna go great? and you know it’s gonna be very helpful for the community of that project itself do you plan on taking the trade before or after that?
Yeah this is an investment strategy I should not be talking about, yeah but I would just say this it’s a common practice, people follow events okay and they take decisions basis those events not just in crypto assets but in various different things right like as I pointed out because there is a lockdown, because there is a pandemic certain stocks right certain stocks fall, same way because of certain events happening out there now this could be events happening within the blockchain itself that there might be certain differences now should I invest before or after is basis of my understanding of that event right
What is Matic trying to do? okay what is what is theta trying to do? what is a pancake swap trying to do? if I can understand that okay and I obviously have to work hard right money doesn’t come we have to work hard study the projects and definitely see interesting part about crypto is or blockchain is transparencies is is very high okay now compared to other asset classes transparency is very high people are out there talking about stuff there are certain cases where people are too much out there you can figure that staying in the circle for a while but you can get all the information that you want and that’s one beauty of this asset class you get the information that you need that you feel is required and all things are out there in the open and on the basis of that you prepare your own strategy.
Yeah you know risk management and emotion management especially a really big part of taking a trade you know and how do you manage your emotions while doing a trade like especially during the recent crash that or you could say it’s a correction how do you control your emotions?
So see I’ll be true right everyone gets worried, everyone gets scared, you put in a lot of funds there was a strategy that you were following and suddenly things start falling apart right, so it’s it’s a worrisome moment but because you are in the space for a while you understand that things like this can happen, any tradable commodity will have these cycles ,will have these connections and because your strategy is not just short term your strategy is also a bit long term that’s how you plan your trades right, so as you pointed out perhaps at this I think a couple of minutes back where you said about putting something in bitcoin putting something in Ethereum and putting something in Alt Coins so you plan your investments in such a way that the impact of the crashes is not too high,
Beyond that you also understand how you are taking those risks right, because everything is going good you don’t need to always go long everywhere right, and you also don’t need to short everywhere because everything is going bad so you need to be present in the moment as I told you right trading is a hard work, trading is is something that you need to give your complete attention to okay you need to work for it plan your trades plan with the thought in mind that there will be corrections and if you’re working with that mindset I think these things will be worrisome but it won’t hurt you that bad
Yeah so china’s recent ban on crypto mining and the transactions by the companies right it has led to the plummeting of the market right so what are your views like if the market is gonna go down a little bit more or or the recent recovery that we have been seeing right that is going to follow that and go a lot up right, what’s your view on the current situation of the crypto market?
Sure so there are there are impacts, global impacts on the markets right that’s also one of the beauties of this crypto space right it’s it’s global there are no geographic boundaries, It’s not that India is independent of everything else.
Yes global events will have impact if I look at short term I always say this like short term trading in general will be very dynamic in any asset class okay, you need to be very very alert and active if you want to do short-term trading but
if you’re a long-term trader if you move towards closer to an investor right from a long term forecast I feel things are going to go always up right so yes there will be Ups there will be downs and there will be flows there will be tides all these things would be there if you are smart enough you can you can capitalize on these make make good wealth but if you’re just here for the long term you will definitely create wealth over a longer period.
Yeah the long-term traders really don’t need to worry about the investments because in the long term the crypto market is really going to go up right because it has the potential to replace our existing financial system like like the DeFi project that Ethereum’s coming out with right, it has the potential to bethe thing that in the future that we are going to use for our day-to-day transactions or everyday payments right so it has a great potential in the long term so just yesterday or some days before the news came up that Instagram is hosting a panel for NFT creators right and you know there are also rumours that it’s going to make a market place for NFT’s. For those who are for those who don’t know about NFT’s right, NFTSs are basically non-fungible-tokens or some kind of information or an artwork or media format that is on the blockchain and can be listed on a marketplace right and its ownership can be transferred from one person to another right basically it’s that and yeah so everyone is talking about NFT’s, I want to know your views on NFT’s and how can people invest in it? and is there something that CoinDCX is doing about it?
see there is a lot of hype around NFT’s okay there is a lot of good possibilities out there. In general coin dcx does not build on hypes that’s something that we have been very clear on we don’t do things because there is hype we do things because we believe that’s what needs to be done.
Having said that Yes, NFT’s are coming up with good solutions, there are certain challenges also with NFT’s once we for ourselves are being able to get a hold of a safer way in which we can take it to the masses we will keep on going back to the drawing board, researching about it, trying to understand stuff and and it’s a welcome move I think the world needs more and more players in crypto right in India we need more and more people exchanges to come up more and more players to come in right and that’s when true adoption will happen we don’t have one stock broker we have thousands of stock brokers out there we need that kind of a movement and more players we would definitely welcome.
With regards to what Instagram is planning I think it’s a good thing if they are able to solve the the challenges within NFTs and make it a more tradable commodity it’s it’s an amazing thing we love to learn from them but yeah it’s a good thing overall it’s very good for the space.
Yeah NFTs are not just art works, there can be other form of NFT’s as well you know many companies are planning on doing so, right now in the medical sector there’s that an individual can you know compile his own data of his medical history and put it on the blockchain and then can sell it on any marketplace for the medical company to purchase that data right, yeah so there are very big positive things that are coming in the NFT world right now it’s a great thing.
So yeah during the last dip most of the exchanges out there they all crashed like CoinDCX , WazirXor even global players like Binance they all crashed right while the DeFi or decentralized crypto exchanges like UniSwap, they had they had a strong so firstly how is CoinDCX planning to improve and are you planning on backup if such scenarios ever occur again and what are your views on decentralized coin exchanges right UniSwap?
Sure so the event that happened last week, it impacted everyone globally we like everyone we also did a post modern trying to understand what was right what was wrong fortunately CoinDCX was largely working fine there was a a crash in the in the overall markets and we decided to do a maintenance activity to understand if things are in order right because we realized the world is crashing and in some way or the other CoinDCX was not so we wanted to understand have we had something gone wrong which we don’t know of right so it more than a reactive maintenance it was a proactive maintenance,
we put things in maintenance during that period to check whether systems were in order fortunately things were in order, unfortunately because of that activity something else happened because there are so many people trying to log in together at the same point in time the OTP service providers that we have we have got three vendors today all three members got choked up okay as soon as the maintenance window opened up and fair enough right everyone wants to enter and they place their own wants to buy the dip so everyone wanted to enter at the same point in time and unfortunately our service providers could not provide OTPs and help us with two-factor authentication which created a slightly longer issue now before we had two vendors now we have got a third vendor also to ensure that the scale is managed,
we’re also improving certain systems out there which we found out can can actually help in such scenarios, we also recommend people to move to more secure systems like multi-factor authentication using a Google Auth or a Microsoft Auth there are multiple such service providers out there so that you get out of this SMS OTP piece right, we recommend that well there are pros and cons to all approaches but 2fa, through multiple other service providers, through other apps can be a good solution to avoid this OTP freeze, so we realize that also so there are things that we can do to improve fortunately for us the exchange’s infrastructure and liquidity were handled so we did not crash.
Internally we are also looking at improving systems so that our dependencies which are there on third parties right that also gets reduced and we have systems which work independent of the third party failing so yeah there are there steps that we are taking there was definitely a lot of different events that led to the entire piece.
I agree decentralized systems help to a certain extent right, they are also a very necessary requirement in the industry but there are also a lot of things that these De-centralized systems may not be able to fulfill I hope they are solving those problems also so at the end of the day there will be a mixture of players like us players like decentralized systems so we were also working on projects on the decentralized side of things as well which we had started way back in 2019 where if I don’t know whether you guys know about it but we had acquired a company in 2019 which was working on the decentralized apps front so 2019 is when we started this entire project we are doing a lot of stuff there, trying to solve the problems of Dexes and we will come up with a solution for that.
Yeah it’s very reliving to know that the main system of CoinDCX did not crash while the third party operators or the service providers of for OTPs did right, so yeah like we really talk a lot about cryptocurrencies and the investment strategies and plans right so let’s switch back to some more personal and mindset based questions right, what is the skill set that you value the most in a person?
So I always value someone who is very sincere right, that’s a quality underrated okay I always want to have people around me who are ready to work hard okay, who are ready to work sincerely, like sincerity is something that comes imbibed in you okay, you work because you believe that you’re making a difference right and that’s a quality I feel people should have the other piece that I always believe is, see generally what happens is people skip a few steps because they feel okay that’s where my next journey is, works out for people at the end of the day everyone learns either through experience or through academics the simpler or the hard way whichever way it is people learn, but I would always value someone who is ready to put in that effort, who also has good knowledge from the academic front it’s underrated, I believe schooling is good, I believe getting those like getting the ABCs right is very importantthan getting a PhD okay that’s how I value it and yeah so these are the two things that I cherish the most in people, the basic skills and sincerity.
Yeah people should value their time more right, Well a lot has been going on during the pandemic right everyone is looking at different investment options, different aspects to life right and that’s really great but they are not sincere about that right for example they download the coin they download any investment ever they learn a few things here and they’re right but eventually they end up you know giving up on that right they think that it’s too tough for them and whatever the reasons may be right but they should really stick to it and be sincere about it. That’s some really great advice, coming on to the next question right what advice would you want to give your younger self in college?
My younger self in college yeah, buy some more bitcoin other than that so honestly the other thing I would say is take more chances that’s the other thing putting it out there, I could have done a lot more stuff like if I had put in more efforts, right it’s not that I’m complaining that I did not put in efforts but I could have put a lot more so that’s that’s the only thing I would advise myself is take more chances.
Yeah there’s some solid advice right there, all college students have his time right and all those risks that we take right now are going to shape us into a better person right it all plays a part in our personality development in our character development right and in the long run it’s going to benefit us a lot right, the ability to take risk is is very much appreciated in the entrepreneurial world right, so with that so I guess we are at the end of a podcast and Is there any advice that you would like to give to the college engineering students like in India our development sector for blockchain isn’t that much tapped in that we haven’t seen that much growth in the sector that we should have right because there are projects like Matic that has been you know at the top of the charts right but as far as for the developer side of blockchain right companies haven’t shown much interest in it and there hasn’t been much exposure about it right, what advice would you like to give to a developer in this blockchain world?
Again I’ll say like put put honest efforts out there, there are a lot of engineers in India there are there are very few good engineers out there so be be part of the good engineer group , take pride in being part of such a group and that’s that’s the only thing, put in that efforts you can put in today you can put it tomorrow you can put it day after but Keep doing that.
So yeah that was a very fun and interesting conversation that we had right now you know we talked all about from cryptocurrencies and its future right from the basics of blockchain and decentralization to the investment strategies like and especially the CoinDCX and its marketing journey, What Trycrypto and BitcoinLiyaKya stands for right and the recent scenario and the crash that has been in the market and the current recovery as well as the long term goals that one can expect and nonetheless we also talked about the upcoming technologies in the blockchain world like the NFTs and are they the thing of the future?
So yeah that’s all for this episode, As for those of you who want to learn more about crypto and start their investment journey in crypto so I will be linking down below the DCXLearn platform as well as the DCX Go app for trading right and as always if you have any questions you can ask them down below regarding crypto or the podcast right https://dcxlearn.com/
so yeah thank you once again for being here on the Kayroz podcast.
Sure thank you so much Ayush for your for your time and all the best for all your podcasts in future.
And do you have any closing thoughts for our listeners and viewers out there?
Simple two words try crypto.
This is where I share all the resources with you, For all those crypto enthusiasts out there who want daily updates on what’s happening in the crypto world what’s happening with bitcoin and Ethereum and especially what’s happening with altcoins there’s a channel called altcoin daily which you can find on YouTube, he posts very short and informative videos daily on what’s happening in the crypto world and what is the news surrounding it. I also personally use it to research about my crypto you should definitely check it out.
https://www.youtube.com/channel/UCbLh…
And as for the two videos that are lined up the first one is the podcast with Vitalik the founder of Ethereum, he has beautifully explained all about blockchain and crypto from the very basics to a decently advanced level, I assure you if you watch that podcast you will be ahead 80 of the crypto enthusiasts I have linked that down below, https://www.youtube.com/watch?v=XW0QZ…
And lastly there’s a banger video by Garyvee who has explained all about NFTs what they are how do they work and what specialties do they have right and what’s happening with them right now in the present and what holds for the future, you should definitely check them out. https://www.youtube.com/watch?v=4se4_…
As well as here are the crypto notes that I made on the extensive research that I did for this very particular podcast you can find them here on kayroz.in/podcast and while you are at it do subscribe to our newsletter and get weekly updates on what sector is blooming and with all that said you have a wonderful day Peace Out.
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