What Is Going On With Cryptocurrency?
The short answer is we are seeing a massive explosion in all directions.
Mark Cuban says Bitcoin will replace gold. NFTs are being joined by the WWE, Paris Hilton, as well as the NBA. Venture capital money is flowing in mass quantities.
In this video I discuss how to try and make sense of all this. Basically we are moving, very quickly, from the embryotic state of crypto/digital assets to one that is going to be a young adult soon.
Hester Pierce is right: the only way to stop this is to shut off the Internent.
▶️ 3Speak
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I actually can't believe how quickly things are moving and the shift in forward momentum has only just started. I think we are starting to see us move into the next phase over the remainder of this year on that chart with mass adoption. Possibly we are well into the second phase already coming to think about it .
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yea a lot is happening but i have chosen to commit myself to a few projects and the hive blockchain. am in all these for the long term. Am a nigerian and yes, the government and been against the idea of crypto but the ban of crypto was eventually uplifted recently. blockchain tech is something that i feel will make a postive impact to every part of our lives and community. i see the application of blockchain tech into every sector in various economies
yea a lot is happening but i have chosen to commit myself to a few projects and the hive blockchain. am in all these for the long term. Am a nigerian and yes, the government and been against the idea of crypto but the ban of crypto was eventually uplifted recently. blockchain tech is something that i feel will make a postive impact to every part of our lives and community. i see the application of blockchain tech into every sector in various economies.
your right, a time will come where everyone will be turning to decentralised apps
When you ponder on those things you realize the valuation in dollars of cryptocurrencies, most of the ones having a use case of course, don't matter anymore. Short term they offer a sort of instant gratification, but long term... it's a whole different story. I once had a talk with a neighbor and was explaining to him, using some crypto references of course, that I don't see any utility for gold in ten years from now and I would not invest a dollar in gold at this point. Gold will no longer have any in a few decades from now, not even as a precious metal for creating jewelry. This exponential growth that crypto is blowing into the world will let many mouth open. I am sure of that.
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I think even the people who don't believe in crypto tend to believe in block chain technology. So I fully expect crypto to boon but there will most likely be many tokens who die and others who flourish. As for NFTs, I think it is the natural order for it to happen. The costs are far cheaper and its easy to sell/buy it legally. As for shutting down the internet, I doubt it will happen because people would riot without it.
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What we're seeing now is the result of the last bull cycle in 2017. While bitcoin was going up, it gained mainstream attention. From that point to this, billions of dollars have come from all over the world to build the underlying infrastructure we have today. And now it will happen again. Because of the (in a lot of ways) radical success of defi, a whole new level of mainstream attention is being achieved. Where last time around it was venture capital and some of the tech companies getting involved, this time around it will be banks and Wall Street as well as an explosion of private and public companies. The fruits of this labor, poisoned or not is yet to be determined, will start to show itself in the NEXT bull cycle in my opinion. That's assuming this one actually ends and we see a bear market, which I don't think is nearly the given it seemed 6-9 months ago. At any rate, there is still an awful lot of work and innovation to be done in this space. But, as we continue to see, there is plenty of money out there to provide it. It's a great time to be involved in crypto.
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From embryo to young adult? I guess things are moving fast but I don't know if they are going that fast :)
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Summary:
The video discusses the current state of the cryptocurrency market, focusing on Bitcoin's potential to surpass gold as a digital asset, as suggested by Mark Cuban. The speaker also mentions the growing trend of Non-Fungible Tokens (NFTs) and their increasing popularity among celebrities and sports organizations. Additionally, the video delves into the regulatory challenges governments face in trying to control digital assets like Bitcoin and NFTs due to their decentralized nature. The speaker highlights the rapid growth and evolution of the blockchain and cryptocurrency space, with major corporations and VC funding driving innovation and adoption. The episode concludes with emphasis on the importance of decentralization in building trust in future digital systems.
Detailed Article:
The episode starts with Task addressing the confusion surrounding the cryptocurrency market and the speculation on Bitcoin overtaking gold as the primary digital asset, a sentiment shared by Mark Cuban. Task acknowledges the boldness of such predictions and references Robert Kiyosaki's even higher estimate for Bitcoin's value, which he personally disagrees with due to differing premises.
The discussion then shifts to the rising popularity of NFTs, citing examples like the WWE's release of an Undertaker NFT and endorsements from celebrities like Paris Hilton. Task notes the diverse applications of NFTs in sports and art industries, highlighting the challenge governments face in regulating these digital assets effectively.
Task touches on the efforts of platforms aiming to revolutionize the VC world for increased liquidity in a decentralized fashion, along with the emergence of DAOs as limited liability companies. He emphasizes the complexity of the evolving landscape, with new projects and technologies constantly entering the market.
The episode transitions into the regulatory aspect of cryptocurrencies, with Task mentioning Hester Pearce's perspective on government attempts to shut down Bitcoin, drawing a parallel to past file-sharing controversies. He argues that the decentralized nature of cryptocurrencies makes it challenging for authorities to control them effectively.
Task then discusses the growing involvement of major corporations like Atari and Amazon in the blockchain and cryptocurrency space, signaling a shift towards a more corporate-driven evolution. He highlights the importance of decentralization for building trust in future digital systems, drawing parallels to recent data breaches and emphasizing the necessity of decentralized infrastructure.
In conclusion, Task expresses optimism about the rapid growth and mainstream adoption of blockchain and cryptocurrency, driven by ongoing developments and corporate investments. He foresees a future where decentralized systems become the norm, shaping a new era of digital and economic landscapes.
Overall, the episode serves as a comprehensive overview of the current trends and challenges in the cryptocurrency market, emphasizing the significance of decentralization and corporate involvement in shaping its future trajectory.