This is something many of us espoused over the last half decade. Unfortunately, much of cryptocurrency is really nothing more than price go up.
In this video I discuss the idea of not going after the VC and Wall Street money. Instead, we have to build things out ourselves to ensure the same antics arent duplicated.
Article mentioned in the video:
https://bitcoinist.com/vitalik-buterin-believes-crypto-should-big-money/
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That's the biggest problem with crypto right now. The sharks could smell an opportunity, so you had hedge funds and billionaires like Elon Musk with the power to come in and move markets. The biggest issue with cryptocurrency (even the big one Bitcoin) is the market caps are still quite small. When you have such a tiny market cap, it's far too easy for a whale to come in and excite or scare the market.
Did the crypto community actively seek out "big money"? I don't think so. It's just an opportunity that presented itself and that's how things happened. Although, you could argue that blockchain-based startups and projects taking investment from VCs and funds could also be seen as taking big money.
Would Bitcoin be worth as much had large funds and investors not bought in? Who knows. I do know that if traditional investors hadn't bought in, we might have seen Bitcoin hedging itself against inflation a lot better than it currently is.
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The VCs and Wall Street all have their own objectives and it doesn't exactly work out as we want. I am kind of glad that Hive is doing well but I am skeptical when big money gets involved. I know it's a bit unavoidable because money is a part of life though.
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I was just talking to someone about this a couple of days back.
Traditional crypto projects built from ground up. It took longer to build, true. But it was the ideal test. The projects were solid and the holders were ardent believers.
These days, a new project just pops up, gets funded and pivots eventually to something else that is more profit driven. VCs are after their profits $$$
Summary:
In this video, the speaker discusses the involvement of Wall Street and venture capitalists in the cryptocurrency space, particularly focusing on the negative impacts of such involvement on decentralization and innovation. The speaker raises concerns about regulation, pointing out that it often fails to protect consumers and instead benefits the incumbents. They also touch upon Elon Musk's potential integration of cryptocurrency into Twitter and suggest that Vitalik Buterin, the co-founder of Ethereum, should consider forking Ethereum to maintain decentralization and resist Wall Street influence. Additionally, the speaker advocates for building resilient systems off the radar to counter the increasing influence of traditional financial players in the cryptocurrency industry.
Detailed Article:
The video begins with the speaker, presumably an influencer in the cryptocurrency space, discussing Vitalik Buterin's recent discussions on Twitter regarding the influence of Wall Street in the cryptocurrency ecosystem. He points out that while he has previously warned against Wall Street's entanglement with cryptocurrencies, Vitalik is now emphasizing the regulatory challenges faced by the decentralized finance (DeFi) sector. The speaker recalls his concerns from 2017 about welcoming Wall Street into crypto, highlighting the dangers of Wall Street's impact on innovation and decentralization.
The speaker expresses skepticism towards regulation in the financial sector, citing the extensive history of fraud and financial misconduct among major banks on Wall Street. He argues that regulatory efforts are primarily meant to protect the interests of incumbent players rather than safeguard consumers. The discussion extends to the cryptocurrency realm, with the speaker cautioning against inviting traditional financial entities into the crypto space, which could compromise decentralization and integrity.
Regarding Elon Musk's potential integration of cryptocurrency into Twitter, the speaker raises concerns about regulatory responses and the reactions of key figures like Gary Gensler and Elizabeth Warren. He suggests that Musk's ambitious plans for Twitter may draw scrutiny from regulators, potentially altering the dynamics of the platform significantly.
The speaker then shifts focus to Vitalik Buterin and Ethereum, proposing that Buterin should consider forking Ethereum to maintain decentralization and resist Wall Street's influence on the network. By resetting token balances to zero and redesigning governance structures, Buterin could create a more resilient and genuinely decentralized platform. The speaker acknowledges the challenges of forecasting long-term developments in blockchain technology but stresses the importance of proactive measures to preserve decentralization and innovation.
Toward the end of the video, the speaker introduces the concept of the Hive Financial Network and Hive Bonds as alternatives to traditional financial systems and centralized crypto platforms. He underscores the need to build resilient systems that operate independently of conventional financial institutions, emphasizing the importance of innovation and decentralization in the evolving cryptocurrency landscape.
In conclusion, the video conveys a critical perspective on the increasing influence of Wall Street and traditional financial institutions in the cryptocurrency industry. The speaker advocates for maintaining decentralization, resisting regulatory capture, and fostering innovation through proactive measures within the crypto community. The overarching theme revolves around the need to build resilient and decentralized systems that can withstand external pressures and promote genuine innovation in the face of growing centralization and regulatory challenges.
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.