We live in a world of instant gratification. Sadly, when building and developing something, it takes time.
In this video I discuss that, if cryptocurrency (DeFi) is going to take over the existing financial system, then we are going to have to be paitent. A lot of infrastructure is required. The existing balance sheet banking system had 70 years to evolve. We are at it like 2 when you consider that DeFi only got started a few years ago.
▶️ 3Speak
the titles is missing a word or something.. it sounds like one of those scam DM's on discord haha :D
Fixed.
Posted Using LeoFinance Beta
Thank you sir!
I think the biggest issue with Defi is that most farm tokens tend to trend downward and that people are chasing prices. So with the way it currently is, I think Defi s going to have a long time to replace the existing financial system and I think it's going to look vastly different from what we see today.
Posted Using LeoFinance Beta
Sure. The existing financial system took decades to built. There is a century (or more) head start.
That said, it was the same with newspapers, retail, and a few other industries that got obliterated.
Posted Using LeoFinance Beta
I think to get mainstream adoption will take a number of years.
Posted Using LeoFinance Beta
A lot of infrastructure needs to go into place. This is where we see how the adoption rate will increase. So we have to keep building and expanding.
Posted Using LeoFinance Beta
We do, they had so many years to let theirs grow up… we need to develop it further, so it can be implemented on a larger level. Build everything that is needed… “to grow up”
Posted Using LeoFinance Beta
It needs to spread quickly but this requires patience.
We have to keep pushing things as hard as we can, doing all we can to help things along.
Posted Using LeoFinance Beta
Most of us are patient if I look at the years they are here and that they are still motivated.
We will and are just doing that 😎
Posted Using LeoFinance Beta
HODLers understand.
Posted Using LeoFinance Beta
Yes 😎
Posted Using LeoFinance Beta
This post has been manually curated by @steemflow from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating to @indiaunited. We share 100 % of the curation rewards with the delegators.
Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.
Read our latest announcement post to get more information.
Please contribute to the community by upvoting this comment and posts made by @indiaunited.
Summary:
In this video transcript, Task discusses the importance of patience in the cryptocurrency space, emphasizing the need for developing infrastructure and evolving the industry for long-term success. He highlights the rapid growth and advancements in the crypto industry over the past few years, shifting focus towards creating wealth and financial opportunities similar to the traditional banking system. Task delves into the concept of decentralization, alluding to the power of decentralized systems like Hive. He also draws parallels with the Eurodollar system and stresses the significance of diversification and resilience in the face of potential challenges. The key message revolves around the need for patience while actively working towards the development and expansion of the crypto ecosystem.
Detailed Article:
Task starts the video by stressing the significance of patience and how it ties into the evolving nature of the cryptocurrency industry. He underscores that despite market fluctuations, progress is constant due to ongoing developments, projects, and expansions within the sector. Task then shifts gears to discuss the formidable task of replacing established financial systems like the international banking network, citing the lengthy timeline it requires to achieve such a transition.
The narrative delves into the historical context of cryptocurrencies, particularly referencing the ICO craze from around five years ago when the industry was still nascent. Task highlights the industry's gradual evolution, mentioning the emergence of concepts like DeFi and NFTs in recent years. He contrasts the early focus on price speculation and token creation with the industry's current shift towards creating genuine value and wealth-building opportunities akin to traditional equity markets.
The discussion takes a deeper dive into how the crypto space is transitioning into a phase of "making money," drawing parallels with the money creation mechanisms of the international banking system. Task emphasizes the democratization of financial opportunities, allowing individuals to leverage their crypto holdings to generate wealth independently, without traditional banking structures.
As the discourse progresses, Task emphasizes the importance of resiliency and proper governance structures in navigating the complexities of the evolving crypto landscape. He touches upon projects like UST and Terra as examples of the industry's evolution, acknowledging that challenges and learning curves are inevitable on the path to financial innovation.
Furthermore, Task discusses the significance of decentralization, particularly highlighting Hive as a prime example of a decentralized blockchain network. He elaborates on how decentralized systems can offer enhanced security and resilience compared to centralized entities, promoting a diversified ecosystem to mitigate potential risks.
The conversation concludes with Task drawing a parallel between the organic growth of decentralized systems and the clandestine nature of the Eurodollar system. He emphasizes the need for widespread token distribution and application development to fortify the industry against external threats, urging viewers to exercise patience while actively contributing to the growth and decentralization of the crypto space.
In summary, Task's discussion underscores the industry's growth, challenges, and future potential, emphasizing the importance of patience, resilience, and active engagement in shaping the future of the cryptocurrency ecosystem.
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.
Very nice to see you. Welcome back.
Posted Using LeoFinance Beta