They're Here, They're Ready, and They All Miss a Key Ingredient

While early in its history crypto was ignored, I believe it's been many years now since it's not. More years than most of us can think of.

There is a fundamental difference between people involved in crypto (including many of the crypto businesses) and banks or traditional social media, which we may dream to disrupt.

They generally don't fall prey to FUD and FOMO, they create and use them in their favor.

FUD started to become ineffective in the crypto winters, but don't tell me what Gensler was doing didn't get to you even a little bit! And while you followed the SEC news, did you see Blackrock, Fidelity and Citadel coming? I didn't, although after a while I suspected he might be a Wall Street pawn. I have some comments on the blockchain to proof it, lol.

They will not be the only banks and financial entities to get involved with crypto. Some already did it while others announced they will and the rest of them will follow suite.

Regarding traditional social media, let's not think they will roll over and die while we will take over. They won't.

Remember Meta's Diem, that was planned to be launched in 2020?

From the wiki page we found out that

Morgan Beller started working on cryptocurrency and blockchain at Meta in 2017

Notice the year? One year after the legacy chain of Hive was created. It's true, at the time, this guy was the only one working at the project. But less than 2 years later, they already had 50 engineers.

I don't know if after their Diem project got killed they still pursue this direction actively, or they went full into AI now (going through the metaverse first).

Now we have Elon Musk at Twitter making some bold changes for its business model. His dream is to make Twitter the "biggest financial institution in the world", by adding the financial component to the platform, something that Hive had since inception. But he had the idea, apparently, from the Chinese application WeChat.

One thing neither Twitter nor Facebook are interested in is decentralization.

Source

As issues like the recent protest from Reddit showed, centralized control/decision may not have a future where communities are involved, and social media platforms are such places.

This is where they will likely fail because they can add some sort of currencies on their platforms, but they will not relinquish control and a top-down decision process.

And in the end, if someone has a social media account that can be banned is one thing, but if that is tied to a direct monetary value, it's another.

Hive is a constant reminder that enough decentralization is possible to ensure account ownership (with all associated content and assets), while also having a good and battle-tested method of widely distributing inflation to users. Maybe that's why Hive is always "forgotten" from conversations. Many other blockchains are on route to centralization, so they won't be a problem anymore.

Posted Using LeoFinance Alpha