Paul Vigna
speaker
1,291 appearances
13 recordings
1 series
first heard Jul 2017
last heard Apr 2022
Paul Vigna’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Cryptocurrency: Coinbase Offers Interest to Park Cash · 1 Apr 2019
podcast
You are involved in any kind of governance issues.
If anything, you know, if there are software changes that need to be made or, you know, you can reject them, accept them.
But to be part of that network, you have to pay a price.
And the reason that you have to pay a price and the price goes up, the more people that are involved is they want to make it expensive for people to be involved because you want to make it expensive for anybody who would want to come in and attack it.
So what you're basically putting up is a giant wall.
In the case of a lot of these cryptocurrencies, that giant wall is in crypto.
And that's why it's called staking.
What you're doing is you are staking a certain amount of money in order to be a participant.
And I see you furring your brow already, JR.
Yes.
The idea is, you know, if you really believed in a cryptocurrency and you wanted to be involved, you would probably do this anyhow.
But say you were somebody who just wanted to invest.
You weren't really, you know, that high on the hog about being a validator or a miner.
You just want to invest and get some money out of it.
Well, you could download the software yourself and run the software yourself, but that's kind of expensive and cumbersome.
And if, you know, your computer dies or you get hacked or whatever, you know, you lose everything.
Coinbase is basically taking on all that effort on your behalf.
You just give them the money.
They do everything for you and they pay you out money.
Yeah.
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