Chaincamp 2021 report: Bitcoin, shitcoins, DeFi, NFT, psychology and security

Chaincamp is an open community conference from the world of blockchain. It is intended for all those interested in the world of blockchain technology, philosophy of decentralized finance (DeFi), fans of bitcoin and other cryptocurrencies, trading, smart contracts, mining, NFT technology, farming and topics such as privacy and security. In 2021, Chaincamp grew to 950 listeners. I was very interested in the organization and the whole course, I was really pleasantly surprised at what size and level the conference grew. The friendly atmosphere inside and outside the hall was also pleasant.

Only the names of speakers and guests such as Jakub Kicom Vejmola, Dominik Stroukal, Michal Hanych, Josef Tětek, Dušan Matuška, KryptoVláďa, Krypto Mates, Jakub Kraľovanský, Radovan Vávra, Alex Pilař, Daniel Steigerwald, Petr Novotný proved that it would be quality lectures and discussion. Special thanks go to the main organizer Martin Kuchař, who breathed life into the whole event.

Although records from the event are available , I recommend going in person next year. You will probably get the best information outside the lecture halls. And then there is a lot of information that you only get between four eyes.

Below I share selected ideas and information that have interested me from lectures, panel discussions and seminars.

Security in the crypt world

As part of the security of holding cryptocurrencies, a hardware wallet ( Vault or Ledger ) is of course recommended . If you are going to write a seed, then it is better to write it with a pencil on paper (not a pen). The pencil does not burn as much as a pen and is really more durable when it comes to keeping a record. Written seed is ideally laminated. Then place in a resealable bag.

A seedplate (metal seed) can also be used. I recommend to go for current reviews, so-called stress tests. Here one quite complex .

Seed as such is not recommended to cut into several parts – this causes problems rather than increased safety. You will increase security by introducing the so-called Shamir backup . For example, 3 parts out of five will suffice to restore the seed.

Seed at least twice and in different geographical locations.

A pin code to the hardware wallet is recommended for 6-8 characters.

Each seed is made up of words from a database of 2000 English words. Just the first four letters of the word and it is already clear what the word is.

Introduce the so-called Passphrase, which will increase security and, among other things, also allow so-called credible denial in the event that you encounter an attacker who will want to seize your seed. If you have no idea for your passphrase, you can use the tool www.eff.org/dice

It is better to have a passphrase in Czech than in English, because Czech is a more exotic language. Not only words but also sentences can be used as a passphrase.

In the Model T Vault, you enter a passphrase on the vault, which is more secure than entering the PC through the keyboard.

Seed is always entered into the device, never on a PC or the web.

When sending cryptocurrencies from address to address – check at least the last 7-8 characters of the address.

If you can do one thing in terms of the security of investing in cryptocurrencies, it is to acquire a hardware wallet and move your cryptocurrencies to a hardware wallet. I recommend Safe , which, although not as much altcoinů, so my exploration safer.

Psychology of trading and possession of cryptocurrencies

Always have a bullish and bearish script. What will I do when it happens…

Having them answered, we then eliminate emotional decisions when that happens. We will have it planned and reduce the turbulence of emotions.

We don’t always have a great super form for investing and betting, just as athletes don’t always have a great super form for a race. It is therefore necessary to be able to give days off or freer days.

Larry Williams and his business plan: he is 30-50% engaged in business, the rest of the money is waiting for more.

Follow the main trend.

If you sold everything the crypto today, would you buy the same amount tomorrow at that price? If not, you probably have a lot. This is a dangerous text, and many crypto investors who have been with Bitcoin or other cryptocurrencies relatively early say that they are failing in this test question. Because their portfolio has grown so much over time, they don’t want to give up.

Kristian Csepcsar from Slush Pool by Braiins was especially surprised. I recommend playing the section from the 30th minute to the 33rd minute in the YouTube recording , where he talks about the so-called turkey mindset. Let’s not be like a turkey. Happy happy and then thanksgiving and goes from 100 to zero in one day. End.

The miners say: we are extremely early, there is still huge room for growth.

DeFi

Ondra Pilný, founder of the BaseRank project, gave an excellent lecture on risks in DeFi (decentralized finance). If you are attracted by farming, storage, participation in liquidity pools, lending cryptocurrencies for interest and the like, I recommend devoting a few hours of good study. This is a comprehensive and relatively complex topic. You must be aware of risks such as front-running, impermanent loss or rug pool.

The tip for monitoring the depth of the cryptocurrency market, for example Coingecko, helped me a lot. The lower the depth, the riskier it is. If 2% of the depth represents the amount the whale would turn, then it is dangerous.

For example, Bitcoin has a 2% market depth in BTC / USDT at $ 23 million.

DeFi project audits can be viewed at www.defisafety.com.

Exit z kryptoměn

How you enter the cryptworld significantly affects how you can exist. So watch out for the inputs.

Many exits will be at the end of the year (due to taxation, especially in the USA).

It is believed that 10-20 bitcoins should provide an individual with sufficient resources for life.

The argument that real estate is the most suitable for diversification may not always be 100%. Real estate is not the ultimate salvation. If the state goes bankrupt, then the property will be draconianly taxed.

Next years of Chaincamp

Chaincamp is a conference that takes place once a year and according to the reactions, everyone is already looking forward to the autumn Chaincamp 2022 after the end of 2021. Thanks are especially to the organizer Martin Kuchař, who managed to make the event incredibly pleasant, educational and at the same time with a lot of fun.

Today, Chaincamp is rated as the largest and best cryptocurrency event for beginners and advanced investors who want to move in trading or crypt holding strategy. If you want topics in the field of liberation, liberalism, anarchcapitalism, hacking, the HackersCongres conference (www.paralelnipolis.cz) will be great for you. Chaincamp themes were closer for investors who want “profit”, wealth and freedom from the saved satoshi.