We see opportunity in failure.
UST made news and many think it is the beginning of the end. In reality, it is only the start of something better.
In this video I discuss how complex systems that operate freely are already working on other solutions as failures are taking place. This is because of the lack of centralized planning. So while many point to the failure of UST, those of us on Hive believe we were already working on the successor in that we have something that is better designed and with more safeguards in place. We will see over time if that view is correct.
▶️ 3Speak
There is a wild price movement in the crypto market. People usually think having Stablecoins are the safest way of holding their value. UST shows that it is not.
People will be more careful to put their money on Stablecoins. Founders and developers of Stablecoins will pay more attention to it so that they can eliminate its flaws. And that's a good thing.
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Maybe for the UST as a stablecoin.
According to a message on CoinMarketCap, "The Terra blockchain has officially halted and UST has remained de-pegged from the US dollar since 9th May 2022".
But there are still people, who support this project, and buying UST/Luna.
TerraUSD (UST) is currently worth $0.1808 USD, and I read that the team behind it "make more actions quickly", and that they are working to rebuild it.
I think UST highlighted a lot of failures that can happen in this space. If the projects don't pay attention and try to solve these issues, then it could also happen to them. In a way, it's paving the way for a stronger stablecoin market as everyone knows about the issue.
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STOPSomehow the fall of UST is a wake up call for the other stablecoins to get checked of their integrity if that's the right term for it, or stability that is.
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Summary:
In this video, Task discusses the failure of UST and why it presents an opportunity for growth and expansion within the cryptocurrency space. He emphasizes the importance of allowing failure in innovation and how this leads to advancements. Task compares UST's failure to historical examples of failures in innovation, highlighting the necessity of learning from mistakes and adapting. He mentions the importance of ongoing innovation, improvements, and security measures in cryptocurrency projects. Task also touches upon the need for freedom in innovation and the risks of centralized control. He concludes by emphasizing the continuous need for innovation in the ever-evolving landscape of technology and finance.
Detailed Article:
Task starts the video by reflecting on UST's recent failure and the opinions surrounding it in the crypto community. He references Hester Pierce's statements about regulations of stable coins needing to accommodate failures, agreeing that failures are essential for progress and innovation. Task delves into the correlation between innovation and political systems, citing examples like North Korea and the Soviet Union to emphasize how heavy-handed government control stifles innovation.
He discusses the necessity of failure as a part of the evolutionary process, pointing out that societies and technologies advance through learning from mistakes and failures. Task brings up the example of UST, which many consider to be highly centralized and flawed in design, leading to its downfall. He contrasts UST's failure with the resilience and progress in other projects like HBD, which he views as a more robust and advanced alternative.
Moreover, Task highlights the risks associated with backing assets with other assets, mentioning UST's use of Bitcoin as a backing agent and the consequent challenges when Bitcoin's value fluctuated. This leads to a discussion on the importance of designing resilient systems that can withstand external pressures and attacks. He also explores the concept of succession in innovation, drawing parallels between the evolution from Blockbuster to Netflix and speculating on what might replace current technologies in the future.
Task underlines the continuous need for improvement, security enhancements, and decentralization in cryptocurrency projects to ensure their longevity and adaptability in a rapidly changing environment. He emphasizes the role of ongoing innovation and the freedom to experiment in driving progress. Task concludes by encouraging viewers to embrace failure as a learning opportunity and to remain committed to continuous innovation and development.
In summary, Task's video provides a thought-provoking analysis of UST's failure in the context of innovation, evolution, and the importance of learning from mistakes in the cryptocurrency space. He advocates for a dynamic approach to development, emphasizing the role of failure in shaping progress and the necessity of ongoing innovation to navigate the complexities of the technological landscape.
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.
I am studying the design of stable coins, and at first glance the old stablecoins like TUSDT Tether look the safest. But HBD as an algorhythmic stable coin seems to have many protections against the type of attack sufffered by UST, so I am confident, but learning more.
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I agree with you 100%:
My dad use to say, run towards the problems not away from them, because thats where the opportunities are to excel and make an impact.
I think this is a very important time for Hive to publicize how HBD is different. I am writing posts and linking them to your posts, because that is called "backlinking" and it is known to increase your SEO rankings. And that increases your Google Traffic to your posts and to Leofinance.
Stablecoins are trending to, so writing posts on them makes your posts rank higher and increases traffic to them.
We must strike while the iron is hot, while this is buig news, before the news cycle moves on to the next big thing!
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