Many of us in cryptocurrency are connecting the dots to see where things are going. This is starting to spread as a few outside the crypto-sphere are also getting inclinations that something huge is taking place.
In this video I discuss how we are seeing DeFi, NFTs, and the DAO really start to change things. We are in the early stages of upending most industries and markets. This is going to be a lot bigger tham most people imagine.
▶️ 3Speak
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A new crypto user is a dot that connects us to the future of finance
Its not too late to be early :)
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Summary:
In this video, the speaker discusses how cryptocurrency is revolutionizing the payment system and remittance industry, using examples like Bitcoin becoming legal tender in El Salvador to illustrate the significant impact on traditional financial institutions like Western Union. He also delves into the transformative potential of NFTs, decentralized autonomous organizations (DAOs), and the cryptocurrency market's exponential growth, likening it to the evolution from mail to email in terms of speed and cost efficiency. Furthermore, he emphasizes the decentralized and distributed nature of these technologies and advocates for community-driven funding mechanisms to spur innovation and groundbreaking projects.
Detailed Article:
The video opens with the speaker highlighting how cryptocurrency is fundamentally reshaping the payment system and the remittance industry, with established financial entities like Citibank acknowledging this transformative shift. He points out the jeopardy faced by traditional remittance companies such as Western Union due to the rise of cryptocurrency, citing the example of Bitcoin becoming legal tender in El Salvador, enabling direct transfers without intermediaries. The speaker emphasizes the imminent disruption of asset ownership through NFTs, affecting industries like music, video, art, real estate, gaming, luxury brands, and more.
An intriguing point raised is the significance of DAOs in restructuring business models, foreseeing a shift away from traditional corporate structures towards DAOs representing various interests like real estate. The speaker envisions a future where contracts are tokenized and instantly liquid, accelerating processes akin to the transition from mail to email in terms of speed and efficiency. Moreover, he stresses that cryptocurrencies are essentially data with market value determined by demand, advocating for a broader understanding beyond mere financial considerations.
The speaker critiques Bitcoin maximalists for overlooking the evolving technology landscape and suggests that Bitcoin's design serves a specific purpose but may not dominate all aspects due to scalability limitations. He argues that while Bitcoin excels at security as a proof-of-work chain, it falls short in handling high transaction volumes compared to networks like Visa. The speaker predicts a paradigm shift in various sectors beyond finance, including social media, information processing, decentralized governance, and legal frameworks driven by smart contracts and consensus mechanisms.
Furthermore, the speaker advocates for decentralized and community-driven funding mechanisms, envisioning billion-dollar pools allocated for development, research, and business ventures to empower the broader community rather than centralized entities. He emphasizes the potential for innovative projects and groundbreaking advancements facilitated by decentralized funding, encompassing technological, medical, and biotechnological ventures. The speaker underscores the necessity of disrupting the existing power structures dominated by Wall Street, venture capitalists, and governments, advocating for a more inclusive and impactful funding approach.
In conclusion, the speaker emphasizes the dichotomy between the entrenched status quo upheld by traditional institutions and the disruptive potential of decentralized technologies, signaling a paradigm shift towards community-driven innovation and decentralized governance. He urges viewers to recognize and harness the transformative power of cryptocurrencies, DAOs, smart contracts, and decentralized funding mechanisms to unlock unprecedented possibilities for technological advancement and societal change.