We Need To Build A New Financial System, Not Mirror The Old One
The event with FTX shows how we are simply mirroring the existing financial system.
In this video I discuss how FTX followed a similar path as MF Global. John Corzine did the same thing as SBF. The difference is he was a banker so there was no jail time for him.
If cryptocurrency is going to change things, we truly need to build a new financial system.
▶️ 3Speak
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What are your thoughts on us figuring out how to integrate directly to bank accounts so that we can be our own standalone exchange?
Personally that's the only issue I see is stressing these large exchanges that keeps screwing up when we could have our internal blockchain exchange and not have to worry.
Hopefully that would help us break the dollar peg!
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It's a quote that I heard from a video on Youtube before, but crypto is replaying the entire financial system speeded up. So there are a lot of related issues but I think it's easy for it to move in a different direction from the current one when combined with the blockchain advantages.
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Certain crucial Hive accounts (Hive-Engine, big projects) could really use multisig if they aren't using it already.
Summary:
In this video, Task discusses the importance of building a new financial system rather than replicating the old one in the realm of decentralized finance. He criticizes the current state of the industry, pointing out incidents of centralized control and malpractices resembling traditional finance. The comparison is drawn between SBF (Sam Bankman-Fried) and John Corzine, highlighting similarities in their actions despite different outcomes in terms of legal consequences. Task emphasizes the need for true decentralization in the crypto space, pointing to blockchain projects like Hive that focus on decentralized infrastructure. He stresses the importance of building a financial system that truly operates outside the control of governments and banks, in line with Satoshi Nakamoto's original vision for cryptocurrency.
Detailed Article:
Task's video centers around the discussion of the necessity of developing a new financial system within the decentralized finance (DeFi) space. He starts by highlighting the significance of avoiding replicating the flaws of the existing financial system when building a new one. Task criticizes the current trend in the industry, pointing out instances where what is touted as decentralized finance is actually highly centralized, influenced by venture capital, hedge funds, and big money control. He references the case of FTX to illustrate his point, explaining how actions resembling those in traditional finance can undermine the principles of cryptocurrency.
The comparison between SBF and John Corzine serves as a cautionary tale, showcasing how individuals within the industry can engage in similar questionable practices that harm investors and erode trust. Task demonstrates how both individuals handled client funds in a manner that betrays the principles of decentralized finance. The lack of accountability in the financial sector, especially when it comes to misconduct, is highlighted through these examples.
Task delves deeper into historical cases like MF Global and Long-Term Capital Management (LTCM) to draw parallels with contemporary DeFi issues. These analogies help paint a picture of the repeating patterns of behavior and misconduct in the financial world. The discussion also touches on the influence of major financial institutions like Goldman Sachs and Salomon Brothers on shaping these negative trends within the industry.
Furthermore, Task stresses the importance of true decentralization as envisioned by Satoshi Nakamoto, emphasizing the need to differentiate between simply mimicking the old financial system and actually creating a novel, decentralized financial ecosystem. He acknowledges blockchain projects like Hive as examples of initiatives striving to build decentralized infrastructure and promote a different financial paradigm.
In conclusion, Task underscores the imperative for the industry to refocus on creating a new financial system that truly operates outside the control of traditional power structures. The video serves as a critique of the current trajectory of DeFi and calls for a reevaluation of practices to align with the core principles of decentralization and transparency.
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.