Digital Assets: Reframing The Entire Crypto Industry
We call it cryptocurrency which means people want to focus upon the currency aspect of things. Instead, if we terms them digital assets, they take on a whole new meaning.
In this video I discuss how we can look at things differently, which also exposes the issues that the industry seems to be having.
▶️ 3Speak
I like the term digital assets and will be using that more in conversation! I’ve got a lot of normies I work with that don’t know much but getting ahead of the curve on the naming will be cool.
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I like the idea of using digital assets instead. The currency part definitely can mislead people and I think crypto is more like a digital asset compared to a currency.
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Summary:
In this video transcript, Task discusses the distinction between digital assets and cryptocurrencies, emphasizing that most cryptocurrencies are actually digital assets rather than currencies. He explains that digital assets can be fungible or non-fungible and delves into the importance of viewing cryptocurrencies as digital assets. Task highlights the significance of focusing on building value rather than just utility when it comes to projects like Ethereum and Hive. He argues that the value of digital assets is tied to the activity and developments within their respective ecosystems. Task concludes by stressing the necessity of creating value to ensure the long-term success and growth of digital assets like NFTs.
Detailed Article:
Task's video revolves around the concept of digital assets and the distinction between digital assets and cryptocurrencies. He starts by pointing out that the term "cryptocurrency" can be misleading as most cryptocurrencies do not function as traditional currencies but rather as digital assets. Task emphasizes that stablecoins are the closest to functioning like currencies among cryptocurrencies.
He goes on to explain the difference between fungible and non-fungible assets, mentioning NFTs as an example of digital assets. Task argues that the focus should shift towards viewing cryptocurrencies as digital assets, highlighting the importance of considering them as assets that can appreciate in value.
Task then delves into the significance of building value within the crypto space, using projects like Ethereum and Hive as examples. He asserts that the growth in value of assets like Ethereum is tied to the activities and developments within their ecosystems. Task argues that the primary focus should be on creating value rather than simply utility, as utility alone does not guarantee value creation.
Furthermore, Task discusses the limitations of cryptocurrencies like Ethereum and Hive as mediums of exchange due to their volatility. He suggests that stablecoins present a more feasible option for transactions due to their stable value over time. Task stresses that the true value of digital assets lies in the developments and activities within their ecosystems.
In conclusion, Task underlines the importance of creating value tied to digital assets like NFTs to ensure their long-term viability. He suggests that projects should focus on building value rather than just utility, as value creation is essential for the sustained growth and success of digital assets 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.