While Jack Dorsey has very recently resigned as CEO of Twitter, I think we are going to see more in the near future follow suit. I think that people such as this are realizing that their reign is coming to an end, as they know it, where being the CEO of these kinds of companies are a limiting factor in what they are looking to do, as they are at the mercy of their board of directors and shareholders, effectively hamstringing them.
Isn't it interesting that the richest people in the world are looking for more freedom?
Fly, birdie fly.
Now, Dorsey also owns 24% of Square, where he is also CEO. If you don't know the company, it is a financial services and digital payments company that supports small and medium businesses to transact. You might also have heard, Jack is also a bit of a Bitcoin enthusiast and Square have purchased two major lots and hodl over 8000 BTC - which has a street value of around 500 million currently.
While this is speculation, I would assume that there are soon going to be some major moves into widening their exposure to crypto (They originally put in 1% of their worth but expanded to about 4%) and adding usecase. They aren't the only company that are heading in this direction of course, there are many.
The future is going to be a battle between the centralized and decentralized worlds, and it is going to get quite ugly. However increasingly, people are going to start making their move and while the earliest of the early adopters were likely struggling in the traditional economy (us on average), now that there is a Proof of Concept, the next phase is likely to be driven by the wealthiest on earth. With growing calls from governments and the moves being made in China, their days of "free reign" are numbered, meaning like always, they are going to do what they are incentivized to do - secure their wealth.
It has become abundantly clear over the last two years to anyone paying even a modicum of attention that the governments do not care about the financial wellbeing of citizens, they just want to maintain control. There is no print rat of fiat too high and no FUD too low to spread to ensure that people tow their line. So, with talk over things like additional "wealth tax" being discussed, the wealthy are looking to settle their traditional debts and make a move.
This isn't a move to run or dodge however, this is a shift of challenge. By increasingly moving their wealth into crypto, they are taking part in a protest against centralization and supporting what can quickly become a shadow economy, legitimizing the very "scam" that the governments have been warning their citizens about - A scam that threatens the US dollar as a reserve currency.
But these moves have another effect, because while organizing a decentralized community is very much like wrangling cats, the people making the moves now are no longer the "basement dwellers" living with their parents playing with fake internet money, they are people who have a proven track record of building and running some of the most successful and popular companies on earth. Again, this legitimizes crypto, not just as currency, but as something that gets increasingly normalized in the public narrative.
Remember when Vitalik Buterin (Ethereum founder) wrote a piece about legitimacy? In that article he even quoted the Hive and Steem fork and also, how Jack Dorsey sold the first Twitter Tweet as an NFT. This is all part of the proof of concept toward the legitimization of crypto. If you haven't read that post from March this year, you really should.
Most people do not understand crypto, because they have never forced themselves to think about the value of anything, they just take what they have been conditioned to understand as gospel. However, once people have real control over their wealth and are able to allocate it as they deem appropriate, the value of goods and services become far more salient and as such, people have to think about what is "worth" getting their funds.
This scares the hell out of centralized organizations like governments because for the most part, many of the places they spend citizen's tax money would not be supported if people actually got to choose for themselves. How many warships get financed? This is a big reason as to why China is shutting down crypto and their wealthy are disappearing, because they want to maintain absolute power. Other countries can't be quite so draconian, but the larger ones are not far behind, however they are still trying to control crypto, something that they are likely to fail at.
They will fail in part due to the fact that the people who are now moving into the cryptosphere are already legitimized and are able to gather resources around them, both people resources and wealth resources. This means that when a Jack Dorsey enters into crypto, he doesn't opt-in alone, he drags others with him and is able to direct them to build products and services suited to the crypto populations.
While Bitcoin and crypto ha been somewhat of an oddity up until now, with 2.5+ trillion bouncing around the blockchains and some of the best coders and security developers plying their trades, it has been legitimized as an adequate pool of wealth that is worth fishing. The businesses are going to increasingly come in looking to cater to the crypto market in an attempt to capture wealth. This generates innovation, fills holes in products and services, spawns hybrid, cross-over and industry specific business, attracts more people to participate and increases overall wealth, legitimizing it further.
At some point, this tiny economy becomes a force and that force is distributed across 100K chains with a lot of interoperability and a couple billion people spread around the world, using, investing and earning on blockchains. This captures an increasing amount of value and as such, it is going to lead to less transactions in the traditional economy to the point where there is a flippening, and the shadow economy overthrows the legacy one it replaces.
This isn't a fast process, nor an easy one, but the disruption is going to be very high to many industries and those in the know, are going to disrupt themselves to make the move into the future, hoping to be earlier than the rest. Unlike the current economy where it is a race to monopolization and strengthening centralization, the value of moving into the decentralized economy is that it returns control back to the people and empowers us to redirect the course of our future.
When we can fly, where shall we go?
Taraz
[ Gen1: Hive ]
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Still can't believe he posted a link to Rothbard. Smart, wealthy, influential people who actually get it are incredibly dangerous to entrenched power structures.
The entire world is shifting on its central axis, yet most people are worried about the ridiculous.
The shift is too foundational. Like moving from iron to steel. They're still metal swords, what's the big deal? Meanwhile, anyone who designs buildings is picturing skyscrapers.
There is definitely some kid of resolution problem, where the nuance of the world has been lost and everything gets painted with a broad brush. As a result, most opportunity gets missed by those who aren't artisans.
Interesting point of view. I've always said Critical thinking should be taught as a course in schools, because so many of us are simply too shallow in our thinking...always failing to see the bigger picture
We have to realize that schools may well be the problem. Now that we have tools like #Hive, paradigms for education may begin to change in ways we never would have imagined.
At least in part, this is true in many places. I do think the education system and "what it means to be educated" is going to be disrupted.
For sure. It has already begun. That's about the only positive thing I see about the Covid thing is so many more people are questioning how to educate. It's good timing because there are so many options now.
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And, there will be both competition and transparency through blockchain education process.
And that may be the best point of all.
I think so. I was having a discussion about something relatedly unrelated today - most people apparently don't have a process of self-reflection. They act on default and even when their outcomes are bad, they go into the next event with the same skills and mindset.
Square itself is a centralised choke-point though.
The big breakthrough in decentralised finance will come when one of the DEXs reaches tipping point in liquidity. The only reason people don't use them at the moment is because they're not liquid and it takes ages for trades to execute.
Yes it is. But this isn't going to stop him from trying :) It is a waypoint toward the future, not the endpoint.
The unexplained spikes of Hive over the past two months, the sudden bottom price floor of $2.00 for Hive, and all the activity this past week. Then the announcement of Dorsey. Maybe Posh has had an effect, and maybe the slow spike buys, and current buys are more than just a lot of people all of a sudden deciding Hive may have a real use case. I know he likely has not invested in Hive, but if he did could bigger numbers for Hive not be far behind?
If he did invest, for sure. Just imagine what a Tweet or two would do for this place :)
I still don't understand the price hike, I am glad for it, and I found it real interesting that for the year when I looked Hive is up over 1600%, I don't think bitcoin is up that much coingecko has bitcoin 1 year up = 227.8%, and Hive 1 year up = 2091.9% that's a lot more than the last time I looked.
Still I and I am sure a hellof a lot of others are happy with the price rise.
This is a bull market, everything is going to have spikes because there are groups of speculators speculating. The real test is what the lows are later.
Didn't hear about the Dorsey thing until now but it's not surprising that he left. He was the CEO but it seems like he was at odds to the direction the company was heading in. After all, the CEO doesn't say much of anything that the investors aren't already aware of. He isn't allowed to say much that they don't approve so he's probably looking, as you say, to move further into Crypto than before.
I think Bitcoin and blockchain were originally going to be a way to track and trace all humanity into oblivion and that's still certainly going to be the case somewhat but it also provides millions of very smart people a way to program things so that there can be freedom, anonymity and other important things that these crazies in power didn't quite factor into their diabolical plans. That's just my hopium, I suppose!
Further into crypto and further out of centralized control. He seems that he has been bitten by the bug and has been moving out for awhile, yet many of his "peers" think he is wrong.
The internet in general has gone a long way to enslaving us culturally, perhaps we will find a way out by rewarding each other, instead of letting them choose.
It sure would be nice to get #Hive in the conversation. We have a lot to offer with fast and free txs. Also, human readable addresses are cool.
add in a growing development fund and some pretty great things could happen here.
Remember also, that only 4% of the world have crypto right now, I don't know if it's an accurate number, but probably close. Imagine, when we reach even just 10 to 15% of the world into crypto; this is going to be a revolution of its own (or the beginning of our enslavment with social credit score).
Yeah, and as more people join, more with current wealth join too. So far, the traditional investors have largely stayed away - that will change. When they decide to put 5% in - it is going to be massive.
oh yes. Complete slavery is 50/50 possibility too! :)
That's right. Most people do not understand what crypto is. They buy/sell it like a stock, only profit important. It is strange that those people never wonder what they are doing, kind of hearsay.
We need to explain them how the future will be shaped with cryptos.
People are no longer suited to nuance - buy/sell is simple enough for people to grasp.
This is the news of the day for me. I am guessing he is into something big that would legitimize crypto further as you mentioned in the post.
I think he is into BTC and will likely make that Lightning network connection with the existing payment system he has with square.
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I assume they are probably prepared to introduce crypto payments, they are just trying to time it. I reckon after his resignation from Twitter is a good time to strike while the hype is hot.
Yeah, something like that. Jack is considered a crypto friend and the crypto community likely welcome his further direct involvement into the crypto realm. Good for him. And, good for the ecosystem I guess.
It's funny what gets taken for granted sometimes. I don't know if anyone can secure anything...but it's a race to relative security. A lot of people are taught to look for it where it's certain they'll get hurt but by the ones they know, they blame for anything, and still look up to when it comes to getting...taken care of.
Meanwhile, that species of birds that you shared a photo of...they fly so beautifully together in huge flocks... I love watching them shift directions in perfect cloud-like patterns.
There is no real security of course, it is all an illusion. but, people try nonetheless.
It always amazes me at how fast they can shift the flock's direction.
DAO's and smart contracts will change the game. People will be able to own and govern a stake in the things that they care about, including the platforms they use. The world is going to change in a big way and CEO 's of companies a thing of the past. A CEO will be like a sure red flag.
I agree. Businesses will still be centralized and managed (like splinterlands), but the structure of what is managed and how much control management has is going to alter a lot.
Money-related stuff is always ugly. And given how fugly everything is right now, what's another one XD
And even the ones that can be (including China itself) will very probably/almost definitely fall apart the more desperately they try to cling to that absoluite power.
Anywhere we like. Hopefully without the massive ego.
Definitely a lot of fugly on the way :)
Many will lead into civil war, or mass exodus of citizens who can get a better offer elsewhere.
I know of a few people who are able planning on running off to various places but then people in some of those places are going elsewhere again so that might get interesting 😅
I'm going to Canada!!
Great read.
There's definitely more than just trading and profit for crypto, and to me, the real game changers here are blockchain, DAOs, and smart contracts.
I see the financial system evolving into a more descentralized model, with banks losing a lot of power, along with governments, with people taking some of the power back.
Plenty of us are slowly realizing that governments are not your friends, and we need some degree of self reliance but also cooperation, if we want to change the current state of things.
The current economy makes disposable tools out of humans, looking to maximize our usefulness while minimizing our wellbeing. We can do better than this.
I think decentralized investment is safer as compared to centralized so decentralization is getting more and more famous and attracting investors. Take example of decentralized cryptocurrencies like Hive, BTC etc. Investment volumes are increasing day by day on these...
They are increasing and as more people come into the sphere, what will be the real test is how far they will decrease. We want to continually raise the participation rate in the bear markets.
This part made me to remember when I wanted to introduce someone to hive and he said he is not interested that anything crypto is not in his schedule that he doesn't want to invest and lose money then I laughed. His mindset his that all crypto blockchain are the same due to the fact they lack how other blockchains operate especially hive where you gain knowledge and also earn as well without losing anything.
Nearly everyone will join crypto eventually - not all will come to Hive though.
I would like to translate this post . Would it be ok?
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I would prefer you didn't.
wont do it , interesting article anyway!
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