The Value of Communities: A Big Change
(Edited)
We are moving into a different economic structure. Communities are going to be the basis for a great deal.
In this video I discuss how more people are talking about network effects which the underlying core is communities. We are going to see this create more resiliency as compared to what we are presently dealing with.
▶️ 3Speak
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I'm going to start sharing all your videos and the CryptoManiacs podcasts
onto my old social media profile..
It's sad to use a dying relic.. but it's necessary..
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This is a great one, truly inspiring, however I couldn't share this with my no-coiner friends. We are so hermetic here, and this is such complex topic.
I think the communities online also are the one giving the many things value. For example a game is pretty much dead once the game players stop playing or spending.
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Summary:
In this video, Task discusses the concept of network effect, focusing on the importance of communities in building value within the cryptocurrency space. He talks about how traditional centralized systems are being challenged by decentralized communities and the power of blockchain technology in enabling individuals to take control of their economies. Task emphasizes the significance of open-source software, token economies, and the impact of network effects on the future of currencies.
Detailed Analysis:
Task starts by mentioning Raoul Powell's advocacy for Metcalfe's law and Reed’s law, highlighting the relevance of network effects in the valuation of cryptocurrency and crypto networks. He delves into how companies like Apple, Google, and Facebook have leveraged network effects to become valuable. Task then transitions to discussing Hive and its forward-thinking approach towards communities and cryptocurrency economics.
He elaborates on the shift from community-focused models to globalized systems over the past decades and how globalization has impacted economies worldwide, both positively and negatively. Task discusses the significance of communities in the digital era, particularly within the context of Web 3.0. He explains the potential of tokenizing communities to create economies, no matter the size.
Task then critiques the notion of Bitcoin replacing the US dollar as a reserve currency due to its limitations as a currency. He emphasizes the power of communities in decentralized systems, contrasting Bitcoin’s proof-of-work model with other blockchain systems like Steam and EOS. Task champions the resilience of decentralized systems and the ability of individuals to move economies based on open-source software.
The video touches on the importance of community power in decentralized structures, providing examples like the Steam-Hive split. Task argues that entities like Facebook, Twitter, and big banks aren't immune to being challenged by community-driven initiatives. He concludes by pondering the control and benefits associated with blockchain-based communities and hints at diving deeper into these topics in future videos.
Overall, the video explores the growing influence of communities and the decentralized power they wield in shaping the future of economics, influenced by blockchain technology and network effects. Task's analysis provides insights into the dynamics between traditional centralized entities and emerging decentralized communities, painting a picture of a future where control and benefits are distributed among participants.