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UNDERSTANDING CRYPTOCURRENCY Part 3- Cryptocurrency Language Barrier
In the past two articles, we've discussed how a cryptocurrency is created and how it is used on a network known as a Blockchain. We discussed the advantages of speed, reduced cost, and reduction (if not elimination) of error. And, we discussed the fact that while all cryptocurrencies use a blockchain network, not all blockchains use cryptocurrency. That brings us to the biggest problem I have with cyber money.
Currently, there are over 1600+ DIFFERENT digital currencies in existence. Each has its own Blockchain network and as of today, you can’t use one digital currency on another digital currency’s network. I have come to think of all these electronic currencies as tokens. You can purchase a token to ride the New York transit system, but it won’t work in Philadelphia.
Another way to think of it is by using your credit card. It wasn’t so long ago that many companies accepted a very limited number of credit cards. The reason that has changed is that now we (retailers) all use a clearing house that collects the funds from the various credit card issuers and deposits those funds into our account. As of now, there is no such “clearing house” for cryptocurrencies and their proprietary Blockchains. Obviously, a lot of work is left to be done and this problem raises a very important question. If there are currently over 1600 different cyber currencies out there, why would you invest money in any of them on the bet that their value will rise?
Someone down the road will come up with a solution. Maybe it’s Jeff Garzik. He was part of the team of developers who helped build the Blockchain code for bitcoin and has seen its shortcomings firsthand. So he claims to have developed a better digital currency. He is calling it “metronome,” which will be able to migrate in a limited fashion from one network to the next.
But wait, in the end, Mr. Garzik’s digital currency is short on the broad application and is, at this point just another of the hundreds out there. For me, the jury on digital currencies is still out but I do believe in the value of Blockchain. It’s clear, however, that we’re clearly a long way from having it be a part of our daily lives.
LILLIAN DYER - Jewelry Appraiser
When you think of jewelry you think sparkly. When Lili sees fine jewelry, she sees art. Our in-house appraiser, Lilian Dyer graduated from UTSA with a Fine Art degree and has always loved the art world. It was fate that she walked into Medlars several years ago to sell some jewelry pieces she had made. Her father, a sculptor, inspired her passion for art. And, to Lili, “Jewelry pieces are miniature sculptures.”
Lili started her career at Medlars in customer service. As she learned more about the industry, she became fascinated by the gemstones. Chapman encouraged her to pursue her curiosity, which led her to enroll in G.I.A (Gemological Institute of America) and become a Diamond Graduate, then a Pearl Graduate and soon will become a Graduate Gemologist.
Becoming an appraiser has been an adventure. Starting off Chapman helped her appraise an estate containing hundreds of pieces of jewelry. She got to see and appraise a lifetimes’ collection of vintage Cartier and Vintage Nardi. Nardi was an Italian family of jewelers who made beautiful and unique pieces.
Lili understands that more than anything else, a piece of jewelry carries a memory that can’t be valued or replaced. But it’s important to get your important jewelry appraised because an appraisal is the only way to provide financial protection. Pieces such as wedding rings, diamond jewelry, pearls and rare gemstone pieces are far easier to replace if you have an appraisal to work off.
Bring your important pieces into Medlars and allow Lili to guide you through the steps she takes in preparing a professional appraisal.
Here's an example of the complexity involved with appraising a piece of jewelry.
If you'd like to make an appointment for Lili to appraise your jewelry please call 210-342-5191 and ask for Lili Dyer.
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