Ep. 370 - Managing DeFi Risk with Michael Beck from Union Finance

In this episode of CRYPTO 101, brought to you by StopSIMSwaps.com, we learn about DeFi risk from Michael Beck of Union Finance. He gives us a high level overview of how we should think about what a cryptocurrency is at a high level. Money of any type is really just a storage of energy, a unit of how much work went into creation of that money is a solid fundamental peg. Michael gives his thoughts on assessing DeFi risk vs reward, how Smart Contracts are or are not secure, and the pros and cons of interacting on Ethereum instead of a centralized exchange. He mentions the pitfalls that have led to many smart contracts being hacked in the past, or pools being drained. Union helps DeFi be less risky through creating insurance that covers risks like Layer 1 hacks, smart contract hacks, and transaction completion. Union is simply an intermediary, rather than an underwriter. Users on the platform create a peer-to-peer insurance policy network, able to both buy and sell, while gaining UNN tokens for the willingness to take on risk. Our favorite takeaway in this episode is the realization that, “In the past, capital was collecting talent. In the new world, it is the opposite. Talent is leaving and capital is coming to them.” Sponsored link: https://stopsimswaps.com Guest Links: https://twitter.com/unnfinance https://www.unn.finance Show Links: https://CRYPTO101podcast.com Patreon: www.patreon.com/user?u=8429526 Twitter: https://twitter.com/Crypto101Pod https://twitter.com/BrycePaul101 https://twitter.com/PizzaMind https://instagram.com/crypto_101 Facebook: https://www.facebook.com/groups/101Crypto https://www.facebook.com/CRYPTO101Podcast **THIS IS NOT FINANCIAL OR LEGAL ADVICE** © Copyright 2021 Boardwalk Flock, LLC All Rights Reserved ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Fog by DIZARO https://soundcloud.com/dizarofr Creative Commons — Attribution-NoDerivs 3.0 Unported — CC BY-ND 3.0 Free Download / Stream: http://bit.ly/Fog-DIZARO Music promoted by Audio Library https://youtu.be/lAfbjt_rmE8 ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Our Sponsors: * Check out Mars Men: https://mengotomars.com * Check out Peace Corps: https://peacecorps.gov/serve * Check out Quince: https://quince.com/crypto101 * Check out Shopify: https://shopify.com/crypto101 Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy