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The structure of thought, sharp questions, how to retire and come to invest in crypto projects - in a cool interview with Joseph Sanchez.
Tell us a little about yourself so that our reader will know you a little.
I am a retired attorney. Now, I am a bit of a world traveler - which is difficult to do with the pandemic - from my home base in Shanghai, China. I've recently been helping some small factories in China set up online stores on Amazon.com.
What made you interested in cryptocurrency?
My best friend got me interested in bitcoin many years ago - when you could have had a bitcoin for just a few dollars. I bought a few of them for my girlfriend. Keep in mind: many people back then kept saying bitcoin would go to zero. Many people said it wasn't safe to hold it, because every month there would be a major crypto-robbery. Governments were sometimes outlawing bitcoin (including in China). So, we eventually sold the bitcoin. I won't tell you the price we sold it at, because I will be embarrassed. I continue to hold some bitcoin, and I believe everyone should hold some bitcoin. There are only 21 million coins that will ever exist. From bitcoin, I became interested in other crypto projects that I thought had good odds for success. Some were scams and I lost money.
What interested you in our project?
That's easy: Merge Cats was a really great game - I was playing it every day. I thought to myself: these guys have talent, and they are building a great ecosystem. They are very transparent and open about their plans for the currency and their interest in preserving and enhancing the value of SOUL. Finally and most important - the team is approachable, too. I became interested in becoming an investor, and so I reached out to the company and was able to have a Zoom call from China with some of the team behind Cryptosoul. I did my due diligence and became happy to invest.
What is your favorite thing about CryptoSoul?
CryptoSoul is not about one game. It is an ecosystem for many games that the developers will continue to introduce. SOUL is a necessary currency for all of the games. I hope - and expect - that some day Cryptosoul will allow trading of in-game valuables, with Soul as the payment method. For example, this might be possible with certain rare in-game discoveries in the upcoming Royal Soul game.
What did you think when we announced the cancellation of SOUL burning?
I have to wait and see how this will impact the overall ecosystem. As an investor, I know the developers have made gaming their business. They are not looking to unload large amounts of cryptocurrency like "every other" crypto developer. So, I think they will make decisions in the best interests of the Cryptosoul ecosystem.
Tell us about your biggest investment.
Well that is a hard question to answer. Because I invest across many financial assets from real estate, to art, to stocks, to cryptocurrency. My biggest investment in cryptocurrency was perhaps $50,000 USD into bitcoin earlier this year. I sold too quickly. :(
Is there something that our project is missing?
That is a dangerous question for me... ;)
- More exchanges - Mercatox is a bit expensive to trade;
- More awesome games;
- As the business grows, I would like the company to consider putting a small portion of their income from in-game sales to something like an exchange stabilization fund. Which is to say: As an investor and as a gamer, I would really like it if the company said: "We are targeting a 5% (or whatever) increase in SOUL each year, valued on (for example, January 1 of each year at midnight). During the year, as the price of SOUL changes, the company may decide to invest its reserves if the price of SOUL is down - and even to sell SOUL from their fund if the price goes too high, such that people have confidence that they own a token that is increasing in value. It doesn't need to gain 100% every year, but it also shouldn't lose 50% of its value in a year. So, I propose a little of the income set aside to keep SOUL stable in sell-offs or even big jumps in value.
What will you do if the soul price rises to 10 cents?
If the price of Soul rises to 10 cents, this means China has taken over the world and the US Dollar is worth nothing. Just kidding (maybe?) You know, probably most "investors" in SOUL would "love" volatility. If the price of Soul goes up to 10 cents in one day, I would look to sell and then establish a re-entry point at, for example, 8 cents. Essentially, with the ETH I would receive from the sale, I would become a buyer for an even larger quantity at a lower price. I assume this would end up supporting the market from a big dip.
Little blitz, answer shortly :)
The best and worst exchange?
My favorite exchange is Gemini. Worst is Voyager.
Three favorite cryptocurrencies
BTC, ETH, SOUL (really!)
Most overvalued cryptocurrency
Basic Attention Token (BAT) - the Brave browser rewards program has gotten lame.
