Cryptocurrency: We Still Need To Keep Building
It is easy to get caught up in the financial aspect of cryptocurrency. However, this early in the game, it is vital that we all keep building. This is what is going to allow blockchain and cryptocurrency to penetrate mainstream society,
In this video I discuss the tendency to want to proclaim winners and losers while overlooking the long term.
Here is the article mentioned in the video.
▶️ 3Speak
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Summary:
In this video, the speaker discusses a headline article where Charles Hoskinson, the founder of Cardano, critiques Ethereum being crowned the 'big winner' due to network effect. He argues that it is too early to declare a victor in the crypto space and emphasizes the importance of continuous building and development within the industry. He stresses the need for patience, highlighting the slow adoption rate of new technologies like virtual reality and 3D printing. The speaker encourages active participation in blockchain projects, advocating for long-term commitment and consistent effort to drive progress.
Detailed Article:
The video kicks off with the speaker addressing a recent article mentioning Charles Hoskinson's remarks on Ethereum and the concept of network effect in the crypto space. Hoskinson's stance challenges the premature labeling of Ethereum as the ultimate winner due to its perceived network effect. The speaker aligns with Hoskinson's view that proclaiming any project as the champion at this stage is misleading, emphasizing the ongoing nature of blockchain development.
The discussion delves into the impatience prevalent in the crypto industry, with a strong emphasis on the need for continuous building and creation. The speaker recognizes the instant gratification mindset that pervades the world of cryptocurrency, urging stakeholders to focus on constructive efforts over time instead of seeking immediate results.
A comparison is drawn between the evolution of the internet and current blockchain projects, stressing that success requires incremental progress and consistent effort. The speaker underscores the importance of addressing real-world problems through blockchain technology, rather than solely focusing on speculative gains or quick fixes.
Furthermore, the speaker highlights the significance of user adoption and network effect in determining the success of blockchain projects. They suggest that genuine network effects necessitate a significantly larger user base than what is currently observed in the industry.
The discourse shifts towards the necessity of long-term commitments and activities within blockchain communities like Hive and Leo Finance. The speaker emphasizes the value of consistent engagement and participation over extended periods to witness tangible growth and success.
Lastly, the speaker emphasizes the synergies between diverse technological domains like gaming, virtual reality, and blockchain, suggesting that their convergence could lead to substantial growth and adoption in the future.
In conclusion, the video stresses the importance of patience, long-term vision, and continuous effort in driving the blockchain industry forward. It advocates for active participation, consistent building, and a focus on solving real-world issues to propel blockchain projects towards widespread adoption and success.