Why UST/Terra Collapse Is Good For Cryptocurrency
Cryptocurrency is technology. Hence, it comes under the same evolutionary characteristics as all other tech.
In this video I dicuss how we are already seeing the ebenfit of UST collapse. People are starting to question, analyze, and ponder. This is what leads to innovation.
And that is where forward progress comes from.
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If you learn from failures and mistakes, that is why the development of Cryptocurrencies is important for greater innovation and security, preventing market fluctuations from harming us.
That is how innovation happens.
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STOPCheck out the last post from @hivebuzz:
analyze and ponder in crypto ? naaah who's got time for that ? it's all about hype and quick gains :P
LOL. That seems to be the path many take.
Fortunately there are those who do follow what is going on and do think about stuff.
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It is not, The fact they solved the issue with more crypto, and gave an unfair and nonsensical pay for each holder was total nonsense, i say that as a holder XD, i didn't sold all of it on the collapse, just to keep some faith in the team, but god damm they prove me wrong with the airdrop and their nonsense. xD All their focus on quick cash sent the coin to the garbage can, the new one went from 18 to 4 in hours... I guess today it will go to 1$ if things are "in luck". Anyway, this just proved that most crypto projects are bunch of greedy people with no spine, and is not only luna labs.
I am sorry you lost money but to say it is not is misguided. In the overall picture, failure is a good thing. Yes there is a lot of greed, and I agree, not just Luna Labs.
Which obviously did not solve the issue so it is incumbent upon us to find what the solution is.
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I know for a fact that just printing more money ain't the solution to a market crash, so far is good but is a insane solution, if that worked, Venezuela would not be what it is today...
Another 3speak issue as the video is another duplicate of an old video.
I do think the collapse is a good thing for crypto in general. If this happened when LUNA had 1 trillion dollar market cap, it would have caused massive damage. With this collapse, we know what the downfalls are and we can build the projects to avoid this issue.
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Yeah, you have a point if 1 trillion marketvap did exist but the point TM is making is that UST/Terra wasn't decentralized as it claimed.
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UST/Terra was never decentralized. Everyone knew that it was Anchor paying out the high APR and it was taking in VC funding to do so.
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Anyway now hive blockchain has the highest paying APR now.
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It's interesting to really find out how centralize some chains are claiming to be decentralized.
Nevertheless there are still those that behave like they have some control over here. Truth is with a large stake you still can tip thescale in your favour.
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leofianance is better and very very good
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Summary:
In this video, the speaker discusses the uniqueness of Hive in the cryptocurrency space, particularly focusing on its decentralization and distribution model following its fork away from Steem. The speaker highlights that Hive stands out due to the absence of a single individual holding a large amount of stake, leading to greater decentralization. They compare Hive to other cryptocurrencies like Ethereum and Bitcoin, noting the potential drawbacks and advantages of different models. The speaker also mentions the increasing trend of creating layer twos for different blockchains, emphasizing the importance of security and decentralization in cryptocurrency networks. They predict that more chains will emerge in the next few years driven by regulations and urge a cautious approach towards centralized projects in the industry.
Detailed Article:
The video delves into the unique position of Hive in the cryptocurrency realm, attributing its distinctiveness to the decentralized and distributed nature it acquired after steering away from Steem. The speaker references an interview with Charlie Schramm, underlining Hive as one of the rare decentralized chains alongside Bitcoin. They point out that the absence of a single entity holding a substantial stake in Hive contributes to its decentralized structure, setting it apart from various other projects in the crypto space.
The discussion extends to the issues surrounding centralized projects like Ethereum and Bitcoin, emphasizing concerns about stake concentration and the shift to proof of stake models. The speaker identifies Hive as a standout in terms of stake distribution and governance, highlighting its potential for community-driven forking in the future due to its open nature.
Furthermore, the conversation touches upon the concept of layer twos in blockchain networks, drawing parallels between Hive's potential for layer twos and Bitcoin's Lightning Network. The speaker stresses the importance of maintaining Bitcoin's core chain security while exploring advanced financial services on secondary layers to address issues like sluggish transaction speeds.
The narrative also forecasts an upcoming wave of new blockchain projects in response to regulatory changes, cautioning against centralized structures and advocating for decentralized solutions. The speaker anticipates the emergence of innovative approaches akin to Satoshi Nakamoto's anonymity, suggesting a shift towards more discreet and community-driven initiatives in the crypto space.
In conclusion, the video underscores the current uniqueness of Hive within the cryptocurrency landscape but anticipates a shift in the industry dynamics in the coming years. The speaker suggests a more cautious and decentralized approach as the sector evolves, hinting at a future where community-driven, secure, and decentralized projects like Hive may take center stage.
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.