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2. Intermediate Course

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  1. 1. What is Layer 0 in Blockchain technology?
  2. 2. What is layer 1 in Blockchain?
  3. 3. Second layer (layer 2) - what is it? 
  4. 4. Blockchain and its layers - What is layer three in Blockchain (L3)?
  5. 5. Ethereum 2.0 - What is it? 
  6. 6. Ethereum Proof-of-Stake (PoS) - what should you know?
  7. 7. Ethereum London Hard Fork - what is it ? 
  8. 8. What is the Ethereum Name Service (ENS) and how does it work?
  9. 9. Arbitrum: Ethereum scaling solution - everything you need to know
  10. 10. Polygon 2.0 - the value layer for the Internet
  11. 11. Ethereum ERC-4337 - what is it and how does this standard work?
  12. 12. What is an ERC20 token and how is it created?
  13. 13. The ERC-721X VS ERC-721 Standard – Key Differences!
  14. 14. What is cryptocurrency burning?
  15. 15. Examples of the use of WEB3 on the blockchain
  16. 16. What is Web5? 
  17. 17. Blockchain Oracle - what are oracles? 
  18. 18. Polkadot - Decentralized blockchain and DOT cryptocurrency
  19. 19. Polkadot Parachain - Next-generation blockchain
  20. 20. Interoperability in the world of cryptocurrencies and blockchain
  21. 21. What is Blockchain sharding?
  22. 22. Mainnet versus Testnet on the Blockchain. The complete guide!
  23. 23. MINA Protocol: the lightest blockchain in the world!
  24. 24. Sustainable Blockchain - Proof of Useful Work & Flux
  25. 25. Cosmos SDK: Building the Blockchain Ecosystem
  26. 26. What is cross-chain interoperability in Blockchain technology?
  27. 27. Blockchain trilemma - explanation of the problem. What is the impact on cryptocurrency payments?
  28. 28. Non-fungible tokens and NFT exchanges
  29. 29. How to make money with NFT?
  30. 30. What is the NFT licence fee?
  31. 31. NFT Gas Fee - what is it? How can you reduce your gas fee?
  32. 32. The main differences between static NFT and dynamic NFT
  33. 33. What is minting an NFT?
  34. 34. What are NFT Ordinals? A guide to Bitcoin NFT.
  35. 35. What is KnowOrigin NFT, and how does it work?
  36. 36. ERC-6551 - the new NFT standard. What does it bring to the non-exchangeable token sector?
  37. 37. What is NFT Lending all about? An innovative solution in the world of cryptocurrencies!
  38. 38. The Metaverse – a new virtual world
  39. 39. Metaverse – TOP 15 virtual reality projects
  40. 40. Technical analysis – is it worth using?
  41. 41. Trading order types: stop loss, trailing stop loss, LIMIT
  42. 42. Market Cap versus Fully Diluted Market Cap - the most important differences you should know!
  43. 43. Set up of Stop Loss and Take Profit orders
  44. 44. What are DeFi liquidity pools?
  45. 45. Real Yield in DeFi - what is this trend? What does it consist of?
  46. 46. Vampire Attacks in Decentralized Finance (DeFi): Explanation and Examples
  47. 47. What are wrapped tokens 
  48. 48. What are security tokens?
  49. 49. What are Social Tokens? 
  50. 50. Liquidity Provider Tokens (LPs). What are they, and why are they so important?
  51. 51. What is the Lightning Network, and how does it work?
  52. 52. What is Play-to-Earn (P2E) and how does it work?
  53. 53. Cryptocurrency steps - What is move to earn M2E?
  54. 54. Segregated Witness - what is Segwit Bitcoin all about?
  55. 55. What are Decentralized Cryptocurrency DEX Exchanges?
  56. 56. What is Curve Finance?
  57. 57. What is GameFi and how does it work?
  58. 58. What is Proof of Reserves (PoR)? How does it work?
  59. 59. DAO Investment: A revolution in the world of finance and investment
  60. 60. What is MakerDAO and DAI Stablecoin?
  61. 61. What is the SubDAO protocol, and how does it work?
  62. 62. How to Create Your Own Decentralized Autonomous Organization (DAO)?
  63. 63. Atomic Swap: What is an atomic swap, and how does it work with cryptocurrencies?
  64. 64. What Is Cryptocurrency Vesting? What Are Its Advantages?
  65. 65. What Is the Metaplex Candy Machine Protocol? How Does It Work?
  66. 66. What Is the BNB Greenfield Ecosystem?
  67. 67. What Is Slashing in Cryptocurrencies?
  68. 68. Royalties – What Are They? How Does This Type of Licensing Fee Work?
  69. 69. What is TradFi? The importance for cryptocurrencies!
  70. 70. What is the Real World Asset (RWA) trend in cryptocurrencies? Explanation and examples!
  71. 71. Pyth Network: a powerful oracle harnessing the power of Solana!
  72. 72. What are stables in the world of cryptocurrencies?
  73. 73. What Is Binance Oracle?
  74. 74. Shibarium: A new era in the Shiba Inu ecosystem?
  75. 75. What is an ETF? How will an exchange-traded fund on bitcoin work?
  76. 76. Symmetric and asymmetric encryption - key cryptography techniques!
  77. 77. Hedging in cryptocurrencies - great portfolio protection against risk!
  78. 78. How to create your own cryptocurrency? 
  79. 79. What is a Dusting Attack in cryptocurrencies? How to protect against it?
  80. 80. What is a Black Swan?
Lesson 80 of 80
In Progress

80. What is a Black Swan?

The Black Swan, also known as the Black Swan Theory, is an unpredictable and rare phenomenon in the market that has a major impact and often far-reaching consequences. The name was introduced by the statistics and trading expert Nassim Nicholas Taleb. The concept has its roots in finance and is also used in connection with cryptocurrencies.

Events that are summarised under the term “black swan” are generally difficult to predict. They are extremely rare and have no parallel in history. They highlight weaknesses in current models of market analysis and risk management strategies.

In today’s lesson, we will take a closer look at the “Black Swan” topic and discuss its impact on the cryptocurrency market.

Black Swan event – definition

Simply put, it is a surprising event that has never happened before in history and has a huge impact on the market. According to Taleb, the founder of the theory, events associated with the Black Swan have three basic characteristics:

  • It is an outlier phenomenon. It exceeds expectations and has no history, so it cannot be predicted.
  • It always has an outright extreme impact on the market.
  • However, despite its uniqueness, the Black Swan event has a rational explanation.

Examples of such events include the September 11, 2001 terrorist attack or the 2008 global financial crisis, among others.

Black Swans in crypto markets

In the world of cryptocurrencies, events related to the Black Swan theory can take many different forms. Due to the high volatility and dynamic nature of the cryptocurrency market, unexpected situations can have a significant impact on the market. Examples of black swans are:

Regulation, i.e., decisions by governments, such as unexpected bans on cryptocurrency transactions or liquidations of exchanges. Such decisions can lead to a sharp decline in the value of digital assets.

Security breaches. Server takeovers and attacks that take over exchanges negatively affect cryptocurrencies. An example of such a Black Swan is the attack on Ronin Network in 2022, which took market participants surprised and resulted in large financial losses.

Technology-related problems. Errors in cryptocurrency codes or smart contracts can affect the functioning of the entire ecosystem of a particular cryptocurrency. This, in turn, can have a catastrophic impact on the entire market.

Market manipulation. Actions we are familiar with that are meant to influence prices, such as pump-and-dump operations. They are meant to trigger sudden price fluctuations or even crises, as was the case with the problems with Terra Luna or the collapse of the FTX exchange, which affected the entire digital asset sector.

Global factors such as economic crises. International events such as geopolitical tensions or inflation can have a far-reaching impact on the cryptocurrency markets.

Is it possible to prepare for a Black Swan event?

Despite its unpredictable nature, cryptocurrency users and investors, can prepare for such events in the following ways:

  1. First of all – diversify your portfolio. Spreading your investments across different cryptocurrencies and asset classes, can protect investors from losing all the money they have.
  2. Proper risk management. Every investor, not just cryptocurrency investors, should adopt a strategy that takes into account the dozen or so scenarios that can occur in the market. This will reduce your exposure to risk.
  3. Flexibility, i.e. changing one’s strategy depending on market behaviour. This is important for minimizing losses.
  4. Staying up to date. In investment cryptocurrency, it is crucial to follow events and current news. As a result, we will spot early warning signs.


In the context of the growing and extremely dynamic cryptocurrency market, the concept of the Black Swan is becoming increasingly important and relevant, and not just for inexperienced traders. These unforeseen and rare events can have an unexpected impact on the stability and value of cryptocurrencies, which in turn has a direct impact on investors’ decisions and the general market atmosphere.

In Black Swan, it is necessary to adopt a risk management strategy and be fully prepared to act quickly and effectively in the case of these events.

Complete today’s lesson!

  1. What is a Dusting Attack in cryptocurrencies?
  2. What is a vampire attack in decentralized finance (DeFi)?