hi everybody this is charles hoskinson broadcasting live from somewhere anyway i just wanted to make a video about some musings of the recent events of the markets and the industry uh you know i've been in this space for almost a decade now and i remember bitcoin before it was a dollar and then going up to 30 then down to four then to 250 then to 80 then to 1200 then down to 250 again then up to 20 000 then down to 4 000 and the 64 000 and now we're in the 30s and i remember all the events the collapse of silk road the collapse of mount cox um all the various interesting ventures throughout the years like mastercoin and color coins and a litany of other things and concerns uh and no matter where i go what i do it's it always amazes me that there's this constant rhyming of the attitude so the old guards nothing phases us anymore you know we've seen everything twice just to make sure we didn't miss anything the new people the minute that something occurs uh like for example the collapse of a stable coin or the collapse of bit connect or these types of things uh then they say oh my god this is the end of crypto everything is over oh and we're all going to die the markets are over the dream is gone you know what's happening right now is there's over 300 trillion dollars of institutional money floating around the world looking for a home the last 20 years in particular there's been a hyper acceleration in the printing of money this is what ron paul was talking about all the austrians were talking about and nobody really listened to them america went from four and a half trillion dollars in a national debt a surplus to over 30 trillion dollars and the prospect of a three percent interest rate meaning it costs you a trillion dollars a year just to service your debt this is not healthy the world economy is not healthy and there's now the biggest division ever between the retail investor and the institutional investor the institutional investor they have basically a mandate to go and push somehow some way with their trillions of dollars under management 10 15 returns now 10 15 returns on top of inflation of 20 percent they're doing all kinds of monkey business and shenanigans why is it your homes are getting so expensive well because the black rocks of the world and the massive private funds of the world are going and buying regular everyday three-bedroom two-bath homes through big aggregators and you wake up and you see a two hundred fifty thousand dollar home become half a million dollars seven hundred fifty thousand dollars can you afford it no because wages don't track with that it's a good investment for them it's good hedge at the moment for inflation but it's not permanent last two years we saw the greatest wealth transfer in human history from the poor to the rich and now the rich are admitting that maybe all the things that they did over the last two years were not necessary but they don't give the money back the property back you see the great reset davos this year i was going to go out of disgust i'm just not going to do it anymore you know because what are they doing they're saying you'll own nothing and be happy all the farmland is going to be owned by the rich people and the big companies multinational companies international funds all of the supply chains run by a small group of hyper-consolidated entities that are transnational don't give a [ __ ] about the little person the retail side people are opting out problem is there's less money on the retail side now than on the institutional side if you look at the selling rates of crypto what's happened over the last six months is institutions have been dumping their crypto some like sailor and others are holding on and doing everything in their power to go team orange but most are looking at it as a high risk high return asset and in times of recession reallocate your portfolio this was always the danger of inviting the wall street types in is that they would just simply treat crypto like any other asset and label it as an exotic high risk one and when the markets go and not the direction they want they dump it the retail people are holding because they are opting out of a global system uh that's unfair a global system that's frankly rigged i've seen it myself i've been in the meetings i've talked to the people everywhere i go they don't give a [ __ ] about sustainability they don't care at all in any way shape or form about whether you live well your standard of living is the same as the standard of living of your parents your grandparents your great-grandparents in fact quite the opposite they're trying to prepare the masses to accept a standard of living significantly less than the one that they inherited the one that they grew up with the one that their parents grew up with this is no way to run the world this is no way to to live well it's because they broke the world money system and the entire point of cryptocurrencies are to restore some trust credibility and stability into the world money system that's the entire point of the labors of this industry the research that we do the reason why we keep picking up shovels and fighting the good fight now there's tons of experiments maybe fractional reserved things are not a good idea go figure we've learned this again and again and again from private monies in the 19th century and again and again and again from our banking system and now the market is again learning the same lessons of before only this time is pushed by the arrogance of youth as opposed by a malicious cabal maybe it's a good idea to follow deflationary monetary policy full or over reserve if one's desire is to create stability now on our part as an ecosystem and as a community of developers a community of people building things we focused on first principles never filed a patent never pursued intellectual property never in any way shape or form restricted the youth of things or asserted that one or a few should have a control over the many these are basic principles that we've kept with us since 2015 when the initial parts of the cardinal project were created and every single day what's so frustrating to me is we get stronger yet the markets because of institutional manipulation amongst other factors grow weaker today right now may 10 2022 there are more people using cardano than ever before there are more transactions on cardinal than ever before more smart contracts on cardano than ever before more nfts on cardano than ever before more daps under construction than ever before next month the fossil heart fork is on schedule which will bring the greatest performance improvement ever in the history of cardone alongside numerous new features for dapp development this is just one of many events that are going to occur over the next 12 months in addition to that things that built entire ecosystems like algorithmically generated stable coins we have jed coming it's already on test net much better design i'd argue than most and it's a testimony to the hybridization of formal methods peer review and good engineering practices and principles again basic principles if you're building something for everyone and you're building something to last build it well even if it takes a little bit more money and a little bit more time again and again i've always said that it's not going to be first to market it's going to be best to market and those who exhibit stability and resilience in the bad times that survive that's why today we're stronger than we've ever been in the history of the project more people than we've ever had in the history of the project yet that will not be reflected in the media the prices or the current atmosphere because it's one of fear greed and it's one that doesn't seem to care about basic principles but here's the thing the fair weather people in all those cycles they get drowned out and the people who stay behind are the people are here for the long term and our community in my view is the best because they get it they've gotten it from the very beginning we have to do better we have to leave behind something to those who come after us which was better than what we found as augustus caesar said he found his city and granite left it marble and we want to do the same so we look to the future consensus is coming we're going to be there the community is going to be there and we're going to show people how strong the ecosystem is we're going to talk about all the things that are not only just coming are already here but are ignored i hear people say oh there's no vcs in cardona well actually we have one of the largest around what is catalyst 700 million dollars ready to go deployed in a responsible manner through funds you control the community and every single time a voting round happens we see more participation we see more voting and many of the great projects from nami on down receive funding from catalyst to get started it's what keeps great companies like dc spark in our ecosystem and gives them the lifeblood that they need for fint and milkomeda and other things and that's just the beginning that's going to grow especially as the voting centers come online participation increases we will see thousands of projects launched in the long term every single year just from that and here's the difference unlike the vcs of silicon valley and elsewhere that are chasing manipulation bad tokenomics insider distributions this is the people's money doesn't need these things so the things that come from it are fair they're not sexy they don't get love in the media because no one gets paid in that respect but in the end they build a decentralized economy that's just one of dozens of innovations we brought the bear the hard four combinator the extended utxo model which by the way continues to be misunderstood purposefully or perhaps just because people don't seem to understand functional programming but frankly is the only way to scale long-term an ecosystem of billions of users global state is a fool's errand to chase you cannot do that don't go build a replicated system even ethereum is starting to admit this as they move from f1 to f2 you see look carefully at what people do at the code that they write the papers that they draft not what they say not what they babble on about and read it in twitter and telegram and other channels but what they actually do what they actually release you see things like decentralization throughput these are deep conversations inclusive accountability these are deep conversations that need to be had because right now decisions are being made in this industry and abroad about whether you're in control or someone else is in control the entire point of the papers we've written the code we've written the ecosystem we built is to preserve the basic principle that you're in control not someone else that's why mithril was created that's why we wrote auroboris the way that we did there's plenty of ways to make things artificially fast as long as you trust a third-party server there's plenty of ways to make things settle as fast as you can imagine look at the conventional banking system or visa or mastercard they certainly run very quickly and they certainly process billions of global transactions but to do this at scale in a completely decentralized ever decentralizing way meaning tomorrow it's more decentralized than today is a hard thing requiring new research and development which is why we invested the time to write the papers that we wrote it's why we invested the time to apply formal methods to those papers it's why we invested the time to measure twice cut once whereas others did not chasing gains for their vc masters this is the difference and it's a time for choosing the institutional people have already chosen their fate they're playing musical chairs with a global economy which will collapse it cannot sustain itself if something like a conflict a war can break the globe if people use the convenient boogie man of the week to excuse inflation or recession when they cannot possibly be intellectually honest that printing trillions of dollars every year out of thin air is not going to have ramifications and consequences if the warfare state needs to increase and continue empire needs to increase and continue for all of our standards to be the same meanwhile our environment is being devastated meanwhile standards of living are going down despite the fact that technology social progress and education are improving never has there been a time in human history where we have gained so much from the laborers of those who came before us yet our systems are so inadequate to harness what we've gained and never has there been a time in human history where we have been so blind to the long-term consequences of what we're doing we're due for a systems change and the institutions aren't going to do that for us they're going to go down with the thinking ship because they simply have no other choice the point of crypto currencies and blockchain technology has always been a different option than the dystopian future that's being offered to us where we own nothing and we'll be happy the point is we get our freedom back our liberty back that is what we are seeking yet people are trained to babble on and on and on about the current state of the markets which are caused by manipulation and outsiders think about it i for one i'm done i know the hills i'm gonna die on i know the places i'm gonna live the things i'm gonna do the caravan moves on we're gonna keep beating the drum every day keep writing the papers keep writing the code keep building and the difference between the days in the past and today is we got an army now there are three and a half million people in this ecosystem and you know what not too distant future we're going to wake up and that's going to be over 10. and not too distant future we're going to wake up and that's going to be over a hundred why not technology will be better we'll be more decentralized many new actors will be in the space and we keep doing more and more and more of the world economy can run on our system it's inevitable in that respect that is where we're going that is what we're doing that's the point of the things if you can't see that then you have to ask yourself what is really important to you what matters to you what's the point of all of this don't you see the train wreck that's coming don't you see where the world is going and shouldn't we do better if we can do better or not maybe not it's ultimately your choice you still get to make one there will come a day if you make no choice that you don't let's pray that that day never comes so i will see everyone at consensus we're going to keep working keep writing the code every day we're still number one for github commits we still have tons of great publications coming out everything is going according to plan and schedule hydra is coming along mithril is coming along the light wallet strategy is coming along catalyst is growing side chains are coming pipelining is basically on the test net ready to go can't wait for fossil june 29th and that'll just be a day and then off to the next day things like input endorsers and many many more things to come that's cardinal that's the ecosystem we're building that's where we come from thank you all for being part of this and thank you all for all your hard labors the good days the hard days and everything in between you all matter you all have a voice and we've seen this grow so far and i can't wait to see us continue to grow cheers everyone
