The Crypto Market - Let's Talk About It
THIS IS NOT FINANCIAL ADVICE; THIS IS MY JOURNEY. YOU ARE RESPONSIBLE FOR YOUR MONEY.
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Bitcoin being thrown around for capital flight.
This is why you need to have a passion, not only for the money; you hear shit, and it becomes cliche.
Not going to happen by itself
Data worth more than oil.
Where is the puck going, who is well-positioned?
By learning this, you automatically find out about other chains.
Hard to do an ICO these days. Hard to do what ETH, STEEM, etc. did.
I see people putting in so much work; some forget to come up for air.
What's on fire right now? Go solve that problem.
Crypto
The new digital era will not be free. But there is good news; your attention won't be free either. Everyone will be able to make a net positive gain while paying for their digital space with ease.
Data is now worth more than oil. Data the average person is producing is being monetized in several ways while most people will be subject to advertising, but very few see any of the profit made. Data should be looked at as a property right for us to share in its use and value.
The internet, as we know it today, is not secure. Hackers grow in numbers & savvy each day. The sheer numbers of vulnerable people online are the only thing protecting us. More systems and data will move to decentralized public blockchains, leaving vulnerable those that haven't switched yet.
Blockchain space isn't free, however with it comes tools that allow users to regain control over their data. When users own their data, they can charge for it, and when everyone starts to charge the supply of "free" data dries up, and the demand grows for that data.
WE are at the beginning of what will be the most significant transformation in technology this world has ever seen. The evidence is clear; we are moving more and more to a digital world. Smartphones and the internet play an ever-increasing role in our lives, and with voice command, AR/VR and biometric technology, our digital world is becoming our main world.
All of this, the digital world, how humans interact, it's all data. Data is by far our most precious resource moving forward. The ability to control that data is what makes the top .01% vs. the rest. In the 1980s, over 90% of the media was owned by 50 different corporations. Today, six corporations own over 90% of the media.
Not owning/controlling your data in 2019 is irresponsible and lazy. Businesses that hoard control over user’s data in centralized databases are no better than money grabbers and will become instinct in the next decade.
That is why I believe Steem is so well-positioned moving into the future. Steem is like digital real estate that entrepreneurs can buidl on. Steem is an open-source immutable database which distributes resources in a decentralized way. Once you have a little bit of Steem, it is the same as owning bitcoin; no one can take that from you.
With your Steem resources, you can post content that can never be deleted. On Facebook, they own your data and can ban you anytime. No one can delete your Steem account.
Now, you have control over your data, and you can "sell" it back to businesses on your terms. Right now, people give their data away for free, mostly because the technological tools have not been readily accessible to the masses.
Steem, and public, robust blockchain-based projects that scale, will be sitting right where the puck is going, with a wide-open shot. The more people that switch away from centralized sites that prey on its user's data and sells it to the highest bidder, to decentralized systems that put the value back into the pocket of the users, the more valuable the blockchain networks will become.
There will be a tipping point when more users are leaving the Facebooks of the world, and there is only so much space available on the blockchain. Supply & demand will be flipped, and the price will become a race.
We have seen such bear/bulls happen in the past, and there is a reason we always have boom & bust cycles. The average person lacks the knowledge needed to invest in a new, more risk on type assets, and will pile in when the investment goes from a maybe, to a win, just how big of a win is the focal point at that point.
Everyone I explain Steem to, it makes sense. And if it makes sense, it’ll eventually make dollars. It’s a matter of those that are still standing with their Steem bags full that will reap the potential rewards.
▶️ 3Speak
I think now that great time to get in the market , and wait for 2-3 years
2-3 dose not sound too long for an investment that has this kind of potential....
It isn't, but when you consider that there will likely be another huge bubble 2-3 years down the road it would be financially foolish to not take at least some profit while it's available.
Many important points and several highlights to the digital era, how important is the investment and as you say we are in a world of virtual changes which will be the most surprising. A hug :)
everyday I am gaining a better understanding of how this all works. and of the amazing potential not only for the platforms but for the people too.
I think I should try to get my wife back on steem to and away from FB and Instagram...
Exactly for everyone who understands the concept of Steem it definitely makes sense, and I believe that's the real reason we believe steem is on the right direction which the future will be heading to. In other words, Data is life and life is Data. I hope people can recognise the fact that the little things we offer about us online can become a multi million dollar project really.
In other words people are finding a reason to jump ships these days I mean like you said the scoreboard however irrespective of the means let's take a look at purpose and intent. Steem has got it
Agree
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diehards indeed.
You make an interesting point about the liquid flow of Bitcoin. How will volatility change when there are more off-ramps (retail) to actually spend the currency?
As much as I hate the whole buy-a-cup-of-coffee cliche there are a lot of economic factors happening all at once that are very difficult to parse.
There seems to be a lot of jealousy in the space regarding Bitcoin due to its recent success comparatively to the altcoin market. People need to realize that a win for Bitcoin is a win for everyone in the long run.
I believe in order to be accepted by more merchants, scaling needs to be solved, be it on-chain (doubtful with BTC) or a second layer like LN. Until then, the unpredictable fees and transaction confirmation times make it tough for merchants to accept. Right now, most merchs accept crypto through middleperson companies like bitpay, which just converts the crypto to fiat on the spot.
I agree
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I believe with the way steem is going we are heading to the right track and I believe it will be better than this in the future.
Another great video Dan. I love your optimism. It is so uplifting.
Be careful or you too will be called a "cheerleader" or "fanboy". 😁
I do love that term "opportunity of a lifetime". It is really fitting and, sadly, most will miss it since they do not see what is before their eyes.
I am nearing 50 and the PC/Internet evolution was the opportunity in my lifetime that parallels this. The difference is you had to be in very select company back them to take advantage of it i.e. very intelligent with training at a very expensive school in a field few even understood.
Geeks in the late 80s and early 90s were few and far between from the MITs of the world. Today, they are everywhere.
So much essential information here Dan. I'm with you. Steem seems to work at so much more than any other extant system I've looked at too.
I remember the very first day I lay eyes on the Steem Blockchain. I saw the potential instantly and I never looked back.
3,5 years later and never stopping my efforts, despite more ups and dows on this chain then I am willing to count, I'm now more bullish than I ever was for Steem.
I love to hear that too!
Agree. I am more bullish then ever after 18 months here based on the projects and development plus evolution of the projects admin and community then ever before. The price is oddly mostly irrelevant other then providing an opportunity to accumulate more Steem.
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Let’s build this baby up!! 💪🏼🙌🏼💯
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This is one of the best videos I have heard from you. We are a fucking unicorn! 🦄
Wow! That is really lovely! Thanks for this info.
I don’t get the part about data security on steem. All the info about any user is public on the blockchain.
To be secure, you have to use an account that no one knows is yours. But the point of social media is to have an account where you say who you are.
Facebook, for example, can delete your profile and content with one click. Facebook also tracks every move you make, which profile you look at, what you search for on FB, etc. They track you across pretty much every platform as all the monopolies are in the data share game, and Facebook pretty much owns half of the internet.
You are getting privacy confused with data sovereignty. I wouldn't feel good having 1 million followers on FB, knowing they can delete me anytime, for any reason.
Now, moving into the future, people will build trackers on Steem that people can OPT-IN to, thus selling their data on an auction house style marketplace. The future of data is consent, which is what blockchain provides tools to use.
I get the point that facebook can delete an account click. This is censorship and steem definitely helps with that.
But, about data privacy, how can steem accounts opt in and sell their data if it’s availabe on steemdb all the time.
The data is free, like all transactions are visible on btc blockchain, all upvotes and comments and transfers are visble on the steem blockchain.
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Steemd does not show which profiles I look at or what I search into the Steem search bar. It tracks onchain actions. Most "privacy" is in those off-chain actions. When Steem gets really big, it will become its own search engine with tons of markets built on top. Those markets will want to know your interest, and if you tell them what you like and they pay you, everyone wins.
And to be fair, anyone can already do this with Facebook, if someone wanted to hack all your "private" messages, they can. Yet, Facebook still makes billions each year; it is because businesses don't want to have to dig your data up, for every human alive. They want it to spoon-fed to them as Facebook does. There will be pro data trackers on Steem that aggregates data and sells it to businesses with everyone getting a cut, including the user.
Okay I see. Already extremely bullish on steem, weirdly there is always more...
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Difficult times for most of the people who are in crypto as market is uncertain but this is what makes it special for long term
Thanks Dan!
Very wise words there.
I used to listen to you a lot on Youtube, and have been missing your thoughts.
So, I decided to check out your wise words on 3Speak.
Welcome to the future! YouTube has failed us, it is no longer for the people. If I ever use Youtube again, it will be to promote 3speak until they ban me. Glad to have you here!
BTW, see that dollar sign by your comment? You can earn here without having a Steem account, pretty cool huh?
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Agree. I am more bullish then ever after 18 months here based on the projects and development plus evolution of the projects admin and community then ever before. The price is oddly mostly irrelevant other then providing an opportunity to accumulate more Steem.
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Welcome back. I follow you since 2018. Glad to see that your are still in the game.
Here is a detailed summary article about the key topics discussed in the episode:
The Crypto Market Rollercoaster
The host, TheyCallMeDan, begins by acknowledging the current volatility in the crypto markets, likening it to "floating cats crying" as people obsess over the price movements. He cautions against becoming overly focused on the "scoreboard" - the price charts and market data - at the expense of actually building and working on projects.
The Need to Look Beyond the Price
He argues that getting too caught up in the short-term price fluctuations is a "rookie mistake", similar to an NFL team abandoning their game plan when they fall behind. He emphasizes that Bitcoin is often used as a "scapegoat" when people need to quickly move capital, but that the real issues are the broader global economic and geopolitical turmoil driving this demand for liquidity.
The Role of Bitcoin as a Liquid Exit Ramp
The host explains that Bitcoin's main value proposition in the current environment is as a highly liquid, non-controlled asset that people can use to quickly move capital out of restrictive financial systems. However, this also means that Bitcoin will likely experience significant volatility as people rush to buy and sell it to meet their liquidity needs.
The Importance of Passion and Perseverance Over Price Chasing
He stresses that obsessing over the price is a sign of lacking true passion for the technology and its potential. He shares his own experience of deeply studying the Steem blockchain over many months, even when he initially struggled to understand the concepts. His message is that success comes from relentless dedication, not just watching the price charts.
Identifying Real-World Problems that Blockchain Can Solve
The host argues that the key to identifying valuable blockchain use cases is to first look at the real-world problems that exist today, rather than speculating about hypothetical future applications. He believes that blockchains like Steem are well-positioned to address pressing issues around data security, censorship, and the shortcomings of existing centralized platforms.
The Challenges of Launching New Blockchains Today
He notes that it has become extremely difficult to launch successful new blockchain projects in the current environment, as they face intense scrutiny and regulatory pressure that was not present when earlier projects like Bitcoin and Ethereum were founded. He sees established blockchains like Steem as having a significant advantage in this regard.
Steem's Unique Strengths and Scalability Advantages
The host explains why he is particularly bullish on Steem, highlighting its lack of an ICO, its community-driven development, and its innovative approaches to scalability through features like resource delegation. He contrasts this with the high costs and challenges faced by projects trying to build on other platforms like EOS.
Maintaining Focus and Avoiding Burnout
Finally, Dan emphasizes the importance of maintaining focus and balance, even during difficult market conditions. He advises against overworking to the point of "drowning", and encourages taking breaks for self-care to recharge and maintain a healthy, sustainable pace of work.
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.