Scan the headlines and we see the same old stuff: lawsuits against players who made promises and didnt deliver. This is so Wall Street.
In this video we discuss how we need to adopt a completely different mindset. We need to start by avoiding the vultures who enter to take over things. Here it is not only Wall Street but the VCs.
▶️ 3Speak
Also love the point you make about the derivatives of HBD & HIVE. Having pHBD, bHBD, pHIVE, and bHIVE are only going to spur more, as you said. I have been very eagerly awaiting to see integration with THORChain and Cosmos & IBC Chains. THORChain truly changes everything.
I am concerned with DAOs being able to be taken over by a small group of individuals. Having oligarchies control a particular ecosystem is the antithesis of using cryptocurrency.
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I do not know what kind of promises, but if the promises involves money, then breaking such promises is almost like (or literally) a scam. So if the promises involves money, then they deserve the lawsuits. And if they lose those lawsuits, then that is justice. Then maybe they will think twice before making a money related promise that they cannot (or simply do not even want to) deliver.
Voyager Digital, 3 Arrows Capital, Celsius, FTX, they've all been hit. Some false promises have led to billions in lost customer funds.
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I saw it coming too. Back in mid-2017 when I entered the crypto space, I was given 1000 XRP as a gift from a friend. At the time, Bitcoin was the #1 (as it is now) and Ethereum was close behind. Solana didn't exist, Polygon, Polkadot, Terra, none of these existed.
VCs ruined everything. They threw so much money at Ethereum that they pushed gas fees into the triple-digits. In effect, they broke Ethereum, for a time. Obviously it's working now, but, the main Layer-1 chain is slow, expensive, and inefficient to use.
Seeing Wall St pour into DeFi like Aave, MakerDAO, Tornado Cash, Compound. I saw rampant, runaway speculation, I saw low-utilization rates of lending tokens.
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Wall Street is very political, ain't it?
It's not surprising to see the hit articles. After all, the articles all have some type of bias and goal behind them.
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there will always be people who want to take advantage of the opportunity to earn money with the work and sacrifice of others
Summary:
In this video, Task discusses the current state of the cryptocurrency world, drawing parallels between the behavior of Wall Street and what is now happening in the cryptocurrency space. He expresses concerns about the negative impact of big money entering the industry, leading to unsavory actors and a bad reputation. Task emphasizes the need for a different approach to building in the crypto space, advocating for grassroots development, decentralization, and the proliferation of projects like Hive. He touches on the importance of mitigating vulnerabilities and avoiding reliance on traditional financial institutions like Wall Street and venture capitalists. Task also briefly mentions the Ethereum merge and highlights the challenges it may face with token distribution.
Detailed Article:
Task starts by pointing out the resemblance between the current state of the cryptocurrency world and typical Wall Street activities, noting a trend of lawsuits and disputes over promised but unpaid money. He criticizes the involvement of Wall Street figures like Mike Novogratz and venture capitalists, who he believes are primarily interested in profiting rather than the industry's transformative potential.
The speaker reflects on the past excitement over Wall Street entering the crypto space, which has now resulted in what he sees as chaos and unsavory actors. He stresses the need for a different approach, urging for a bottom-up perspective that prioritizes decentralization and community-driven projects. Task highlights the unique technology of Hive and emphasizes the importance of diversifying and decentralizing infrastructure to enhance security and resilience.
Task discusses strategies to mitigate vulnerabilities, such as utilizing different front ends, operating nodes in various locations, and creating different derivatives to spread risk. He contrasts this decentralized approach with the centralized nature of Wall Street and the negative consequences of relying on traditional funding sources.
The speaker mentions the Ethereum merge, acknowledging the potential benefits it may bring in terms of performance but raising concerns about centralized token distribution and its implications for proof of stake consensus mechanisms. Task emphasizes the need for further growth, development, and diversification within the cryptocurrency space, advocating for a shift away from traditional financial influences and towards a more independent and community-driven ecosystem.
In conclusion, Task encourages viewers to adopt a cautious approach, embracing the philosophy of "buyer beware" and focusing on grassroots efforts to drive innovation and adoption in the cryptocurrency space.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.