This is GAME CHANGER for Bitcoin And Crypto! | Lyn Alden Bitcoin (WATCH SEE)
If you do, if you do traditional venture capital and you either start a business or you finance in an early business, you know thats, like a multi year, thats a very long term project. The average life to go public is is like eight years or more. The crypto industry kind of is about short time, preference and kind of just getting to the profit part before they built something and dumping that on retail in a way that is without without proper disclosures, theres utility and then theres speculation right. So when Satoshi published this white paper, he had a clear goal in mind based on all the writings he did, which is essentially that the world has a payments and a savings problem right. So currencies can be diluted, theres 180 currencies in the world uh, I think, of something like 100. Please take moments like this video subscribe to the channel and dont forget to drop your comment and observations in the comments section below thanks and enjoy enjoy. The video 30 of them are like free floating. They all have these little local monopolies. Most of them are not salable outside of their jurisdiction. Only a handful are like the dollar and a few others. Most of them degrade extremely quickly in terms of purchasing power, sometimes with these huge, stepwise devaluations like hyperinflation or nearly so uh, and so, if youre, if youre, just born into a jurisdiction that, for whatever reason, um has a a bad money, its very hard to save Uh so thats number one and the number two theres all sorts of financial censorship um, as is more and more technology, developed its easier for authoritarian governments, to censor payments uh and to uh, infringe on privacy and to control things actually tweet out two things recently.
One is that Nigeria is limiting how much cash you can withdraw from ATMs uh significantly in order to push digital payments and two theres a story about um. You know Iran, potentially uh freezing bank accounts of women that dont wear uh. You know head covering right and so uh. These are examples and obviously Chinas been a long term example of linking a social credit score to payments where, if youre on the wrong side of the CCP, you might not be able to get a train ticket. For example, youre just cut off from all sorts of services, uh and so Satoshi. You know science Fictions been looking at this for a while in general that The Fields been exploring it uh and Satoshi was ahead of it and he provided a technology that can solve this, and I think the Innovation is. He took proof of work combined it with difficulty, adjustments and purposely kept the node small and simple so that people can run it, and you know, naturally, things develop in ways you didnt expect. I mean I dont know if he expected miners to break away from from nodes uh. You know theres, obviously iterations that happen over time, because its not led by Satoshi anymore, but essentially you know the network is, is is fundamentally the way it looked when it was launched, which is about as decentralized as you can get, and it makes a purpose it Makes a lot of sacrifices in order to maintain that decentralization and like any other Financial system, you can build up in layers.
You can add layer, you can add side chains, you can add Channel based things. You can add some custodians on top of it. Theres all sorts of ways to build up a stack and increase throughput or increase code, expressitivity, all sorts of things so that people can kind of choose what layer. The network uh works for them and their goals and, and you know their resources, um and I think thats, the real Innovation – and I think you know the vast majority of what happens elsewhere – is distraction. Malinvestment consumerism basically see it in a digital form. So – and I made some except options, I mean I think stable coins are obviously serving a utility purpose in many parts of the world where they they need dollars, but have trouble accessing dollars. So Ive been Ive been open to that uh. You know, I think, theres opportunities for tokenizing things, uh, basically just better Tech rails, better, better settlement rails, things like that uh they dont necessarily need like a floating token, especially one that that can be completely decoupled from the the fundamental business underlying it uh. And so I think that theyre, you know the way Ive described it is that you know the same technology that allows for peer to peer money has allowed for peer to peer scams right. So so you know you can you can transfer value between each other, but it also has allowed scammers and and its theyre not unique to this industry theres theres scammers throughout history, but this is just a new medium, a new tech rails where people can create something Market to the public hype it up and then get out of their position without ever actually having built something sustainable, something enduring um and that thats just a recurring thing that happens cycle after cycle, and so I think its natural to see a Divergence in the space And for people to say uh, you know Im focusing on utility.
I want to solve real world problems around the world, especially problems outside of the developed world uh, but really the whole world, and there are tools like Bitcoin and stable coins, and things like that. That are useful and then theres this whole offshore Casino. You know regulatory Arbitrage thing thats happening on the side and essentially saying that whatevers going on there thats a different industry, thats thats, a very different thing, and that this is now not really something that has almost anything to do with Bitcoin and a lot of times. Even those companies will rarely talk about Bitcoin. I mean, though you know, I think what was a stat like coinbase went like months and months and months without without mentioning the word Bitcoin in a tweet. A lot of their Executives have dot Ethan theyre in their Twitter. Handles uh, you know. Basically, this the industry has has forked, in some sense its obviously a Venn diagram, a lot of people own both uh. But there are, you know, pretty committed people um that I think focus on bitcoin and say you know a lot of this. A lot of whats Happening else elsewhere is a distraction. Final point Ill make. Is that theres, obviously smart people working in the other? In the other side of the field too, there are people working on on challenging cryptographic, problems, challenging copy computer science problems and no one. No one blames them for that. Its really that the the question of undue senior age, the idea of issuing a token and then dumping that hyping that token up dumping that token on retail uh, whether or not youve actually built something that lasts more than a few years.
If you do, if you do traditional venture capital and you either start a business or you finance in an early business, you know thats, like a multi year, thats a very long term project. The average life to go public is is like eight years or more uh. If you even make it that far, if you dont, you can also get acquired right, so a serious business with with serious people actually analyzes your business and decides to buy it, and so those are ways for founders of interesting things to eventually get exit liquidity from What they built um, whereas the crypto industry kind of, is about short time preference and kind of just getting to the profit part before they built something and dumping that on retail in a way that is without without proper disclosures, just just kind of getting it out. There and then profiting it from it going on to the next hype cycle. Well, what you left, what what you built is just not actually a business, its not actually something sustainable. It doesnt stick around for more than one cycle and I think thats the problem to focus on its, not its, not the technology itself, its its just the the financial Mis incentives that happen throughout the whole Space. You know, I think that anything you can do for the network is good. I mean I, I think I think especially the the points where Bitcoin is currently not the strongest like privacy fungibility.
I I think any work there. Uh is very good for the network um. I think educating and separating the difference uh between Bitcoin. A lot of these. These coins are going to be created out of thin. Air is very important, so I think you know anything you can do to have have the media not lump. Those together is important um. I think having people understand how Bitcoin uses energy and how much it uses relative to total energy produced uh. You know how, specifically you know, just financially seeks out wasted energy uh. As a matter of you know, just just economics um. I think all of those are very helpful and you know one thing Ive the way Corey describes it is that Bitcoin is inevitable and but obviously theres like a hard way or an easy way to get there. I generally phrase a little bit differently but kind of a similar way of thinking, which is essentially that I I prefer not to think of anything as inevitable, because I think that can lead can lead to complacency and instead, its like okay, its just this profoundly good Technology, this profoundly important Network and lets not mess it up. Lets you know, lets put it to the best possible use, decouple it from casinos and and just you know, short time, preference behavior and focus on what really matters, which is payments and savings, and things like that for eight billion people in the world for more daily Dose crypto news check out these two awesome videos on your screen.