We hear a lot about rug pulls within the world of DeFi. However, when we think about it, social media platforms do the sme thing to users all the time.
In this video I discuss the future with social media companies and how they do not fit into what is being designed. Hive is the solution to what they are doing.
▶️ 3Speak
Very true, what a crazy good angle you exposed with this video. We can not accept platforms that have the ability to delete people.
Makes me wonder if you're pro or con death penalty as a US citizen.
we had a few rugs like Bellyrub and a gambling app that rugged but I can't remember the name of it. Dmania was corrupt. There's still plenty on Tokens on Hive Engine that rely on trust rather than being trustless and many are not transparent with accounting and/or rely on a centralized person to run operations and disperse funds. Utopis is also currently failing it's holders. Although there's progress, theres a long way to go when it comes to any other tokens outside of $HIVE token itself that run on HIVE.
Totally agree that paying to engage in social media activity is absurd for most people.
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Yet most of them are paying. They are the product. Their data. At least on the traditional social networks. And most of them probably do not even know it.
The rewards earned on this comment will go directly to the people( @johndieo ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
The more time I spend here the more I want to build exclusively here . Hive is KING and its for several reasons. The heard will be late per usual , we will be the pillars this
blockchain deserves.
I agree with you with what you shared on the video. It us absord sometimes when people are deleted on the platform even when paying with their data.
Hive is not only a solution but the evolution of social networks
Definitely, this are fact, social network are to be on a sustainability ratio and not deleting people anyhow, but for me I sincerely think the hive Blockchain as indeed proven to be the best so far
Summary:
In this video, Task discussed the concept of rug pulls in the context of decentralized finance (DeFi) and how it is not a new phenomenon invented by DeFi but has been prevalent in centralized social media platforms for a long time. He highlighted how rug pulls involve draining funds from projects, leading to loss of cryptocurrency for investors. Task emphasized the importance of data control and account ownership in the digital space, especially as social media platforms start integrating cryptocurrencies. He praised the potential of Hyde, a decentralized platform that offers control over data and assets on the blockchain, as a solution to prevent rug pulls of digital lives.
Detailed Article:
Task delved into the concept of rug pulls and its historical presence in centralized social media platforms before DeFi became popular. He defined rug pulls as instances where projects drain funds from investors, leading to loss of cryptocurrency. Task underscored the significance of data control, comparing how social media platforms can restrict access to user data similar to a rug pull in DeFi.
He discussed the importance of maintaining control over digital lives, particularly with the integration of cryptocurrencies into social media platforms. Task expressed optimism in platforms like Hyde that offer decentralized databases for storing data beyond just financial transactions. He explained that Hyde's lack of direct transaction fees makes it advantageous for social media activities without imposing charges on users like traditional blockchain platforms.
Furthermore, Task highlighted the potential challenges of traditional social media platforms adopting cryptocurrencies, stressing the importance of users having ownership and control over their data and assets. He foresees a future where blockchain technology, decentralization, and account ownership are fundamental in ensuring data security and preventing rug pulls of digital lives.
Task emphasized the necessity for digital platforms like Hyde to provide solutions for data control and account ownership to protect users from potential rug pulls in the evolving digital landscape. He cautioned against platforms like meta (Facebook) dominating the metaverse without ensuring user control and ownership, pointing out the risks of losing access to assets and data if accounts are arbitrarily closed.
In conclusion, Task encouraged viewers to consider platforms like Hyde that offer solutions for data control and account ownership to mitigate the risks associated with rug pulls and lack of control over digital lives. He expressed hope for a future where users have sovereignty over their data and assets in the digital realm.
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.