hi everybody this is Charles hoskinson broadcasting live from rough and rugged Wyoming always rough always rugged sometimes Wyoming so I hope the audio is a little bit better for everybody I managed to find a microphone I always knew there was one floating off okay so uh the subject of today's video is ardana and orbis so these two projects I guess they shared leadership uh were two projects at cardano ecosystem I saw over the last few days some grumblings about the projects uh having issues and then on Twitter tweet came out saying that they have now discontinued operations or at least they're scaling back to the point where they're no longer going to be able to deliver what they promised they were going to deliver now I was an investor in these projects through the C fund and the C fund invested a lot of things everything from Wing Riders to Sunday amongst many others and it looks like it's probably a total loss and what was incredibly distasteful to me uh was the management of these projects seemed to blame cardano for their failures I will remind everyone that ethereum raised 18 million dollars of which they only got to deploy 9 million because they lost 9 million to Market volatility and they can hedge their Bitcoin properly and they delivered the second most valuable cryptocurrency in the world this was not a funding issue this was not a platform issue looks like it was a leadership issue things happen people sometimes don't execute people make mistakes and usually there's something left behind for people to Salvage from these situations good developers good leaders code something My Hope Is as the forensics work their way through that we as an ecosystem can discover what value if any has been produced now my understanding is uh having talked to the C fund that the first time we were informed that these projects were having trouble was through Twitter at the same time as you guys which is utterly distasteful and it shouldn't have happened you know and to centralized ecosystem and the frustration here is that you cannot curate these ecosystems as if there's a single entity running everything i o doesn't run the show amergo doesn't run the show the CF doesn't run the show reality is that it's everyone's Collective effort to do better cardano is very strong there are over 1200 projects building over 100 have launched in some way we have this great strength in nfts stable coins are announced and coming dexes are already operational and vasel has been launched and has considerably improved the development experience there's a lot more to do on the plutus side there's a lot more to build the Pluto's team is working hard on that as are many independent developers and a lot of alternative approaches are being taken thanks to the creativity of the many developers trying to build things on cardano like any new platform it does take time and it does take effort but this was the case with ethereum and it didn't seem to stop their growth this was the case with Bitcoin and it didn't seem to stop their growth uh this was the case with Android and iOS and it didn't seem to stop their growth in that respect languages and people processes and procedures they always find a way if they have a good idea and there are good people working hard what truly bothers me is that the crypto media is going to use this as an opportunity to say that cardano is dead or failing or succumbing to the same forces that killed FTX and it couldn't be further from the truth the reality is that in venture capital and with new projects 80 to 90 percent will fail if 1200 are building 24 months to 36 months 800 900 or more will probably not be here they'll have Consolidated failed or stalled to the point where they're no longer economically viable this is the nature of new endeavors good ideas can be great ideas and still fail great technology could be great technology and still fail you require the right people processes procedures execution strategy and market conditions in order for something to be successful sometimes people get incredibly lucky and they're in the right place in the right time and sometimes people get incredibly unlucky or despite how Innovative they think and how much great work that they've put in they're in the wrong conditions to succeed or in the wrong environment to succeed with the wrong Community to succeed the power and magic of cardano is its resilience and durability and its capacity to adjust grow and change and that's where we're currently at every single day we have demonstrated as an ecosystem that we're strong and capable for example we just had the cardano summit led by the Cardinal foundation and there we saw more than 50 distributed Summits around the world from Vietnam and Korea to the UK to places in South America and the U.S probably more than ten thousand people attended those and more than fifteen hundred I believe attended the in-person summit lausanne myself included I didn't see a weak dying ecosystem there we saw we saw incredibly passionate Evangelistic people sorry seem to be having some more mic problems can everybody hear me okay can everybody hear me now testing yeah there we go we saw incredibly passionate and Evangelistic people uh building great things every day and uh it's all the same thing at Scott Fest uh we saw the same thing with growth overall of the ecosystem but what this does uh highlight is that there is a need for us as a community be better at due diligence and demanding accountability and responsible reporting for the projects who purport to be building on cardano and are in a position of public trust either from receiving funds from Catalyst or ispos Foundation grants or venture capital in our ecosystem they should be more than willing to regularly engage with the community have weekly or monthly updates on development demonstrate good source code including where they're having troubles and problems through stack exchange Discord or other places they also should be more and willing to work with the community to help ameliorate and address problems uh and be intellectually honest about where they're at and where they're going to have delays or troubles if projects are having funding problems they absolutely need to get in front of it and point out that conditions have changed and try to work with the community to resolve those particular problems perhaps projects could merge together perhaps problems uh perhaps projects can find ways to reduce costs in a novel creative effort maybe business ideas were never viable or were only viable during a bull market for things to be legitimate real they have to survive in a bowl in a bear Market so the community has to come together they have to work together and we have to come up with ways as one to be able to ensure that these things as they happen because more will come that's the nature of this game the same happened to ethereum the same happened to bitcoin the same happened everywhere in the world uh that we resolve them one by one now if a project is going to fail it would be nice if you let your investors know prior to going to Twitter and letting the world know again that was my understanding that our first Contact about this came from Twitter uh not uh privately I was deeply disappointed about that and uh any person who was connected to that let that be known for future attempts to raise capital whichever ecosystem they go to wherever they go that's how they behave to the people who have been given who gave them Trust so uh Thanksgiving was yesterday was a good day for a lot of us today is Black Friday and the Caravan can eat moving on we as an ecosystem continue to move on uh and we'll continue building and growing and a lot of great news on the horizon sip 1694 is out there love to get more review on it Constitution is coming MBO is under construction and that's an example of an institution that can be used to improve these things a lot of great enhancements to catalysts to discuss a lot of great technology is being built markets are really tough right now uh you know FTX of course caused a lot of problems in the excesses of 2021 will take time to clear there's a lot of work to do on the regulation side but all things considered were a mature adult ecosystem we have the capability and capacity to be able to do this together and work through it together so I firmly believe that our best days are ahead of us and I firmly believe that these kinds of things are great teachable moments for us to temper enthusiasm and transform it into disciplined methodical work so that we can continue moving forward so I hope you all had a good Thanksgiving I hope you all had a good Black Friday I hope you're with family and friends and uh that he realized that this is just a day like any other we on our side through C fund will of course uh be asking a lot of very difficult questions to understand more of what happened uh and we imagine others will as well and to any other project building on cardano please do make sure that you use this as a teachable moment for more transparency and for more accountability and of course if there are problems let them be known now when there's an opportunity for them to be fixed as opposed to after you fail when there isn't thank you all for your time and sorry about the microphone issues cheers
