Skip to content

“Bitcoin is basically the gold of my generation, Generation Z”

June 26, 2020

There is a lot of talk within the cryptoactive ecosystem that one of the most interested sectors comes from the millennial generation. We have several prominent young people who have shown technological solutions, for example Vitalik Buterin, who at just 20 years was a co-founder of one of the most important innovations in the blockchain at the moment: Ethereum. Although we know that this generation of young people is very participative and restless, it is not possible to observe the enthusiasm in this sector on all continents, especially in Latin America, where we still have significant gaps, especially in the field of education.

That’s why we interviewed Joaquín Moriningo, a 17-year-old from the crypto community in Asunción, Paraguay, who bought his first cryptocurrency at the age of 12 and has been extremely active in the crypto industry since then. Joaquín shares his experience with the Paraguayan community and how the crypto industry changed his life when he started to understand the financial system and how other financial options with crypto assets could exist.

Eloisa Cadenas (EC): Hi Joaquín, tell me what are you doing?

“Bitcoin is basically the gold of my generation, Generation Z”“Bitcoin is basically the gold of my generation, Generation Z”

Joaquin Morinigo (JM): I am a student and lover of the world of crypto assets. I act actively and also interact with decentralized platforms. I’m studying high school in social sciences because I love history; In addition, the timetable is short and I use all the free time I have to learn about cryptocurrencies and also to make money.

(EC): How did you get into the world of cryptocurrencies?

(JM): I discovered Dash at the age of 12 and after making some money with Dash, I thought there would be other cryptocurrencies, so I joined the Reddit forums. I didn’t know Bitcoin, but one of the forums on this page seemed “funny” to me because maximalists were fighting merchants who had lots of cryptocurrencies and I didn’t understand why they were arguing, so I met Bitcoin there. I didn’t buy Bitcoin at the time, which I regret, but I did buy Bitcoin in 2019. I later discovered other cryptocurrencies like Monero and Ripple, and in the same year I started taking the cryptocurrency issue seriously, researching more projects, and buying more cryptocurrencies. The cryptocurrency that caught my attention the most and which I got to know this year was “Enjin Coin”, a cryptocurrency that creates video games based on their blockchain and is currently working on more than 15 projects. Later, thanks to YouTube, I attended a free cryptocurrency trading course that opened my eyes and said, “From $ 1, I can trade and make money!” There is tons of free information on the Internet. From then on, I became interested in reading more and buying books. I started with “The Intelligent Investor” by Benjamin Graham and “Trading in the Area” by Mark Douglas.

(EC) How did you start investing in cryptocurrencies?

(JM): Dash went from $ 15 to $ 16 and I sold it because I was a “baby”, I had “silver” (money) but no financial education. Over the months, I thought it was time to diversify my portfolio, so after saving, I bought more cryptocurrencies in 2019 to invest my money because I didn’t want my Fiat money to be worth less due to inflation. I currently have an investment portfolio with around 35 cryptocurrencies and always focus on accumulating Bitcoin, Ether, Cardano and a bit of ripple.

(EC): What connects your social science knowledge with crypto assets?

(JM): The history. I am a history lover, after knowing how Bitcoin came into being, I remembered the history of gold a lot and then understood that Bitcoin is basically the gold of my generation, Generation Z, and future generations that use Bitcoin as An oasis of value that they “give” to inflation because they have an emission limit and you cannot print Bitcoin indefinitely, as is the case, for example, in the United States.

(EC): What is the area of ​​crypto assets that you are most passionate about?

(JM): There are three things that fascinate me about the crypto ecosystem:

  1. The practicality that Bitcoin and Blockchain offer. For example, I can send Bitcoin from Paraguay to anyone in Africa who cannot get a loan because it does not meet the minimum requirements that a traditional bank requires of you. The wonderful thing is that Bitcoin does not discriminate; That is, race, skin color, gender, and I can send money with minimal commissions, which banks don’t. In Paraguay, for example, they only charge you a commission for depositing dollars, and that seems criminal to me.
  2. Community. I think the ipto crypto community is beautiful, no matter what crypto you like, they will always welcome you and you will always make friendly bonds and most of all you can learn a lot from the communities.
  3. The financial sector. There are many crypto assets like Ripple that are used to move money. I believe that crypto-assets make life easier in the financial sector, for example systems like IBM’s help the technology to achieve better product traceability. Just go to a store, read a QR code and learn the story of a product, from development to arrival in the store. In general, technology does not ask for permission, but only for progress.

(EC): What is the first reaction when you talk to people about cryptocurrencies?

(JM): My father told me that this was buying weapons or drugs on the deep web, and it makes me laugh because you can do the same with dollars. What I do is send videos and information on the subject so people don’t have that idea. The nice thing is to sow that seed in people and then keep thinking about what Bitcoin is, and in the end most of them are interested in looking for more information. I have no problem if they ask me or even tell me that this is fraud because I like to question everything, otherwise we let others think for us, for example that governments decide for us.

(EC): You mentioned that you make money with crypto assets. How can you make money with it?

(JM): Basically in investment and speculation. My strategy is that with the money I make on crypto assets, I convert a percentage into fiat money for savings, and another percentage that I use to buy Bitcoin, Ethereum, and Cardano, which are my long term projects. I use the Brokefolio application on my phone, I have my entire portfolio there and at least every 10 minutes I go to see it. I also read the Cointelegraph that I love all the time and I am in many telegram groups that give me signals, which also helps me to be informed. All of the information I read helps me anticipate ups and downs. There is no doubt that the ecosystem has helped me grow a lot in many ways. I am currently in 4 projects related to crypto assets and would like to have a project that includes cryptocurrencies with video games. I would also like to teach about blockchain or financial education. When I graduate from high school, I want to study something that is business and technology oriented, for example studying at the University of Nicosia because it is the first university in the world to offer complete courses on blockchain, and then that knowledge in bring my country because paraguay it has a lot of potential, we come from countries where we have very cheap energy, where mining can be done and it can be a place where this can be very profitable.

(EC): What have you learned from trading?

(JM): The main thing I learned is not to invest more money than I can lose, especially in the cryptocurrency market, as it is a fairly speculative market. In addition, the psychological factor strongly influences. I believe that in this market we have to learn to control ourselves and endure the difficult moments, for example in the last Bitcoin fall, in March of this year, many traders have “panicked”, that is, they were afraid down the slope and then they sold. For me there is no such panic sale, or you die or you are as solid as a soldier, because as Warren Buffet says: “If everyone sells, you buy and vice versa.”

(EC): Who are your mentors or characters following?

(JM): Warren Buffet is someone I respect very much because he is smart and knows how to make a name for himself. Michael Burry is my idol because he is a doctor and although he was not in the financial world, he knew how to make a lot of money. There are other not so well known numbers, but they give me a lot, for example on YouTube I follow a channel in Venezuela called “Contando Manzanas” by Rodrigo Albornoz, who teaches me a lot about negotiations in the stock markets and also “Disruptive Investors”, from whom I learn and love a lot. In general, I started reading documentaries and learning about the financial world at a young age. I am currently working in many telegram groups on finance, where I learn something about investment funds, real estate investments, trade, etc I learn everything I can learn, because if you don’t learn, you stay with the conservative mentality.

(EC): How do you think blockchain can help Paraguay?

(JM): Paraguay has a very strong corruption problem since the Alfredo Stroessner dictatorship, which was the largest dictatorship in Latin America, was at the time dominating money laundering and drug trafficking in border towns, and here I see the potential of blockchain because it can be a solution, maybe by you coordinate with technology and prevent it from stealing us. Therefore, there would be no corruption in governments with blockchain. But not only in the government, we could support companies so that they can take full control of their products, for example soybean production, so that small producers can help and reach more places.

(EC): What is the blockchain community like in Paraguay and what can you tell us about the industry in your country?

(JM): We have different groups, for example there is the HashP group and we are one of the most active, we always have different discussions and conflicting opinions that promote knowledge. In the future we have the idea to create a DAO. Young people in Paraguay are quite technological, they love the fintech world and in fact more and more young people are programming with Java. More is known about blockchain, but knowledge about cryptocurrencies is almost nil. I put a lot of emphasis on cryptocurrencies on Twitter and Instagram and try to sow this seed so that more young people my age can join in and learn about crypto.

Regarding the cryptocurrency industry in Paraguay, it is gradually growing, but I would say that we are a maximum of 3,000 people who know and use crypto assets. The good thing is that more and more blockchain projects are emerging in Paraguay, but there are major obstacles. In this sense, one of the major barriers to the Paraguayan ecosystem seems to me to be the bank, as there is a kind of “persecution”. In addition, there is no cryptoactive law in our country that provides it with an adequate support or operational framework, which means that there is no interest in foreign investments in crypto assets, and that is a real shame.

(EC): What do you think of the maximalists and the debate that exists, for example, with ripple and other crypto assets?

(JM): Personally, it seems to me that Ripple doesn’t meet the blockchain standards that characterize cryptocurrencies, such as decentralization. On the other hand, Ripple knew how to position yourself with many banks, for example the International Monetary Fund, which has an agreement with the Brazilian central bank on the transport of money, and I think that these Ripple agreements with banks are what it is dislikes for the community as it is not geared towards the ideal of crypto assets. As for the maximalists, I respect them because most maximalists are in the Bitcoin world from the start. Although I respect her, I do not fully share her idea because there are many interesting projects for me that can be adapted to the needs of each individual. I really like Cardano and Ethereum because they have created an ecosystem within their own ecosystem. That is why I cannot fully share maximalism because I always strive to diversify.

(EC): What do you think should change in the crypto ecosystem?

(JM): The individualism of many maximalists who stop fighting with ripple or another blockchain. In the end, we all add our grain of sand to the ecosystem, and the only way to grow is to unite the ecosystem so everyone knows something about blockchain, that is, from the people who work in a warehouse to to those who are on Wall Street.

(EC): What is the best thing that crypto assets taught you?

(JM): That we cannot trust traditional governments and banks. They taught me that I can’t rely 100% on an outdated and centralized system that has been left behind over time. Through this crypto ecosystem, I learned that there is a world full of opportunities and that everyone can be their own bank and have independence and financial freedom because I believe that decentralization gives people more freedom, especially teaching them how one is free and manages my finances without being dependent on a financial institution.

(EC): Which solutions do you think should be developed to strengthen and improve the cryptoactive sector?

(JM): The solutions that I think are fundamental are: First, that banks don’t have the idea that crypto assets are a competition for them. Second, that governments take a friendlier stance, especially towards industries such as mining pools or mutual funds, and that they can operate as calmly as possible in the country and that at some point they will no longer be afraid of this. Now they can be prisoners. I think the funding options in the future are undoubtedly cryptocurrencies because we have more and more projects that attract more people’s attention and I believe that they will continue in the future because the future does not ask for permission but only goes forward.

(EC): Would you like to comment something else? What are your dreams and what do you want to do in the future?

(JM): My passion is cryptocurrencies. I hope that in the future I can work on more cryptocurrency projects and create job sources for others who are interested in cryptocurrencies. My dream is that Paraguay is a “crypto” reference in the world, and in the future I want to open stores in Paraguay in the “crypto” ecosystem so that I can export them from Paraguay, whether they are mutual funds or not for advice on cryptocurrencies.

And finally I would like to say that I am very happy about this interview for Cointelegraph! I’ve never been in a newspaper and now I am in one of the most influential cryptocurrency media in the world. I am very grateful for this conversation and allow myself to speak about what I love most in the world: cryptocurrencies.