Though Adam Moserri, the design thinker and head of Instagram thinks of tokens as equity or shares, the ideas he shared posted on Ted Talk last month confirm what blockchain and crypto advocates have been saying for years. He talks about cryptocurrency, social tokens, NFTS, DAO, and smart contracts. He describes them as a group of ideas known in the industry as Web 3. He acknowledges that every one of these is built on a foundation called a blockchain. Through this technology, he dreams of a world where the original promise of the Internet is realized and power is pushed away from the establishment to what he describes as "creators," individuals whose personality is their brand. He concluded his talk with this inspiring statement:
We will create a world where anyone with compelling ideas can turn their passion into a living and at the same time, effect possibly the greatest transfer of power from the institutions to individuals in all of history.
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I salute him for recognizing technology and what it can do. I also love that he is aware of the web 3 effect.
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Yes, I am also impressed. It is a misconception on the part of Web 3 people that those in Web 2 are not aware of the power of Web 3.
I think time will come and more will get to know or learn about it.
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Yes, and we will be glad to witness a massive exodus from Web 2 to Web 3 as an outcome of such widespread realization. 🤩
This is certainly the case. People do not realize how big this is going to become. We are looking at quadrillions in value being captured and monetized. That is the key. It is already out there but not monetized.
Cryptocurrency changes that.
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Wow! I could not comprehend such a huge amount of wealth. I wonder how many billionaires and millionaires will be created once all these things started to roll out.
Even more importantly, how many people making a few hundred grand will come from this? That is the key. Uplifting all of humanity. The biggest impact always comes from the bottom.
You are writing about the Eurodollar system. Just consider what is in there. There are trillions of dollars of trilateral loans through Repo. We have no idea of the bilateral but my guess is tens of trillions. And that is just daily activity.
What the total value of that? We know there are at least $750 trillion in derivatives alone. Add in FX reserve, cross border payment liabilities, international debt securities, and OTC FX transmissions and what do you get?
A shit ton of money in all it various forms.
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I seem to take this for granted, but I think you're right. What matters is not the "big thing." For many, just making thousands or hundreds of USD from crypto is already big.
"Tens of trillions," just for daily activity? That's really beyond comprehension for a new reader of the Eurodollar market. However, somehow this gives us a reference for the amount of wealth that can be created in the crypto space.
The Repo market is $3-$4T per day. That is what the custodian (Bank of NY Mellon) and the primary dealers report.
What happens with the bilateral agreements? We honestly can only guess. There is no way to track an overnight agreement between a bank in Cyprus and one in the UAE.
What we do know is there is a collateral shortage and pristine collateral is US Treasuries. There is about $@0 trillion of those out there and there is a shortage.
So how much is being done each day? We can only guess.
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We seriously have to pull the power away from the major technology companies. Facebook and Instagram are poisons in the process.
This is why what we are building on Hive is so vital. We simply need more projects to roll out.
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Just curious. The guy is working for Instagram, but his vision looks like he is in favor of such a power shift from institutions like Facebook and Instagram to individuals.
Yes but he did mentioned how it was going to put them in a stronger position and still be used. He cannot see a day without them.
The part where he talked about people tokenizing their followers and then being able to access them on YouTube or Instagram sounds like he still sees them as a primary part of the future.
That is my read anyway.
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Yes, I remember that part.
Interesting how he feels that the traffic will still be on the Facebook family of apps. An insider bias? Maybe.
We are seeing a lot more options forming. To truly be worthwhile, we need to pull the power away from those entities by diminishing the number of users.
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It is just a matter of time. I think I saw you posting about Facebook's market price suffering a huge decline. A month ago, I saw in the news that they blame TikTok for a similar drop in price. I am tempted to think that perhaps people are beginning to realize the real character of Web 2.0 and are now shifting their interest to anything they heard about Web 3.0 whether for real or not.