Resiliency: A Vital Topic Within The World Of Cryptocurrency
(Edited)
How many project teams start out with the question of building something that is resilient? Do you think this is at the top of most lists? Is it something that is an ongoing part of all discussions?
In this video I discuss how it is evident the quick ride of UST/LUNA was due to the fact that nobody gave any consideration to resiliency. We see this throughout crypto. Instead of focusing upon something long standing, the idea is how much money can we make. While there is nothing wrong with making a boatload of money, long term thinking in terms of resiliency should be a part of it.
Unfortunately, it appears the crypto world is not majoring in this. The Terra deal is not going to be the last situation like this.
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great !
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It seems that this was the mistake, we have to make lasting projects and not only concentrate on making money and more money. You always have to think that you can fail and have the ability to get up and come back much stronger than before.
It is quite obvious that the mechanics of the system were extremely flawed, and some smart people with a ton of money took advantage of that. That’s what happens when safety is thought of as less important as the growth… It has happened before and will happen again, sadly
Those are some great points. We have to account for all of these issues and get past them. Otherwise, we will just be on some shaky system. Crypto just needs to learn from these issues and move past them
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Summary:
In this video, the speaker emphasizes the importance of resiliency in the cryptocurrency space, particularly in light of recent events involving Terra, UST, and Luna. He stresses that the ability to withstand attacks and bear markets is crucial for the longevity of cryptocurrencies. The speaker criticizes projects that prioritize quick gains over building resilient systems and warns about the risks of centralization and lack of preparedness for potential threats. He advocates for decentralization, token distribution, and multiple nodes as key elements to enhance resiliency in the crypto ecosystem.
Detailed Article:
The speaker begins the discussion by highlighting the significance of resiliency in the cryptocurrency sector, especially following the events related to Terra, UST, and Luna. He points out that while some sources claim that the cryptocurrency ecosystem is suffering due to recent incidents, he argues that if the industry cannot handle the downfall of projects like UST, it questions the very foundation of cryptocurrencies. The speaker stresses the importance of having the capacity to weather challenges, including market downturns and attacks, to ensure the sustainability of the crypto market.
The speaker criticizes the rapid growth and subsequent downfall of projects like UST and Luna, attributing their failures to centralization and lack of a resilient structure. He points out that the rush for quick profits and immediate success often overlooks the vital aspect of building robust and secure systems from the start. The mention of Justin Sun and his launch of a stable coin without addressing resiliency concerns serves as a cautionary example of prioritizing popularity and profitability over long-term stability.
Furthermore, the speaker emphasizes the need for projects to focus on resiliency from their inception, or at least to be mindful of its importance throughout their development phases. He questions the priorities of many projects, investors, and users who overlook resiliency considerations in favor of financial gains and user acquisition. The speaker warns about potential threats and the defense mechanisms of established financial systems that could pose challenges to the cryptocurrency space.
The discussion delves into the strategies employed by existing financial systems to defend against potential disruptions, often resorting to lobbying for regulations and control. In contrast, the speaker advocates for decentralization, token distribution, and a robust node structure as effective measures to enhance resiliency in the crypto ecosystem. He suggests that a decentralized and distributed system with a diverse node setup can better withstand attacks and ensure continuity even in the face of challenges.
In conclusion, the speaker urges for a more thoughtful and deliberate approach to building resilient systems in the cryptocurrency space. He underscores the importance of spreading out tokens, enhancing decentralization, increasing user participation, and fostering a network of allies to fortify the ecosystem against potential threats. The key takeaway from the video is the necessity for the crypto community to prioritize resiliency over quick gains and to build a strong foundation that can withstand adversities in the evolving crypto landscape.