The ACTUAL Reason Cardano Will Flip Bitcoin | Charles Hoskinson

The ACTUAL Reason Cardano Will Flip Bitcoin | Charles Hoskinson

why did BlackBerry fail or Yahoo fail or Myspace fail or all these other things because they were inflexible that is what flips Bitcoin last year at rare Evo you said and that is why cardano I feel is probably going to become the biggest cryptocurrency in the world you believe cardano will become the biggest cryptocurrency in the world that inevitably means it’ll flip Bitcoin when do you see that happening if we can do what I’m saying there’s no way to beat Cardon because there’s nothing that can compete with it because at the end of the day it has lived up to what Satoshi started at the end of the day what are we trying to do we’re trying to change the economic political and social systems of the world for everyone everywhere billions of people so if you build a growth engine that doesn’t lose its people and it’s always adding people and you build a growth engine where you can absorb all the technology of your competitors at some point you just outgrow and then you wake up and it’s a multi-trillion dollar ecosystem with trillions of dollars of value moving around around every single day that’s just a fact it’s a competitive reality in fact and it’s not done by any one individual’s actions and behaviors it’s done by the collective H’s self-interest just like a normal economy does it’s almost like GDP okay so some people are in Argentina right now and they’re fighting like hell to get the Argentine government to adopt some things some people are in Ghana right now fighting like hell to get the Gan government to do things there’s some people in Vietnam getting Vietnamese game developers to do something there’s people wanting to be partner chains and once midnight is out and if it’s successful there’ll be hundreds of partner chains coming and people are building and launching there are over 300 daps that are out live and doing interesting things in cardano and every one of them has a team and a CEO and all kinds of people and they’re fighting like hell to get their stuff growing the key is is to enable and Empower these people in the right way that they have the resources and inspiration and tooling necessary to get to the next level then if you’ve designed it right they come together as a community and they do the next step and then the next step that is what flips Bitcoin because Bitcoin stalled the only value proposition it has is it’s big and successful that’s it it it’s not some new technology it’s it’s not some new capability it’s not the fact that it’s super easy to use it to go and do something interesting it’s big and successful that’s what Yahoo’s value proposition was That’s What Microsoft Windows value proposition was that’s what Windows phone’s value proposition was that’s what myspace’s value proposition was and you know so Network effects don’t mean anything in technology uh in economic political and social systems means absolutely nothing you know if you don’t believe me go ahead and pull out your blackberry uh open up Internet Explorer go to uh you know reset your MySpace account so log into your Yahoo email or AOL email and then reset your MySpace account and go ahead and uh and blog about it you know and you create a little little note there so so obviously none of these things are significant but when I was growing up they were the market Standard and viewed as completely unsalable and nobody could touch them and they’ve been completely usurped by new things and we think Google is unsalable look at the growth of perplexity Google’s almost unusable now as a as a product and all these AI search engines are a huge threat to them and within just a few years they could displace it if Google’s not careful I was at Eric Schmidt’s house and in uh 2022 at The milin Institute and he was rambling on and on about how large language models are like the next big thing and he was absolutely right he knew the future yet he was completely convinced that Google was the one to win he’s like we invented the Transformer we have all the talent we have all the data we have all the compute power look at the Google tenser all this type of stuff we’re going to be open AI we’re we’re just going to be the guys and what happened they got out competed by startups and these types of things so Network effects change all the time and the people that you’d expect to win whether they be ethereum or Bitcoin you know here today gone tomorrow you know salana was dead now you know huge amount of growth okay could be dead in 12 months could grow another 5x 10x those are flash in the pan unless you have the right fundamentals though because you have to look at a snapshot of 10 years the only one that’s stayed relevant is Bitcoin and there’s a very particular reason for that because it’s a very simple model but like gold that can’t grow above a certain floor digital gold only has a certain utility and purpose and after you know 500 million billion people own it maybe you’ll have a quar million dollar Bitcoin or half million dollar Bitcoin and that’s it and it’ll kind of reach that cap there and it’s well distributed whereas High utility things that are smart contract systems well what’s the value of being the voting system of every country on the planet what’s the value of being the payment system of the entire world what’s the value being the credit system or the identity system for every country in the planet it’s inal ably higher than Bitcoin in that respect of being the value of gold so what makes you that the only way is embracing decentralization first principles thinking preserving the Integrity of your system and creating the right incentives for millions of people who don’t know each other to come and use that technology in the right way and also the ability to absorb new ideas why did BlackBerry fail or Yahoo fail or Myspace fail or all these other things because they were inflexible to a changing competitive reality and they didn’t understand that their business model was no longer valid and they were on momentum they weren’t actually driving anymore and so ethereum suffered from this they got stuck in a Meer and now they have all these competitors eating away at them and and slowly eating them out from the inside out you know with layer twos grinding them down which by the way can become layer ones at any time especially with partner chains and they don’t have to be Pro ethereum that Network effect can move very quickly yet they’re thinking they’re like Bitcoin and they have this dominating thing yeah they don’t have that same cult so they could get mys spaced very quickly so yeah I do believe we could do this if we get the right thing this is why we’re so focused on the fundamentals like the the first principles thinking the Edinburgh decentralization the measure decentralization the onchain governance these types of things because you can’t stop that once it’s it’s going fast enough and it fixes its own problems and if there’s a mistake in your strategy you’re able to identify that faster than anybody else and absorb that and if there’s a brilliant idea you’re able to take that brilliant idea and bring it into your orbit pivot and uh and make that a significant idea no matter who you are how brilliant you are as a centralized business you can’t do that 247 the only ecosystems that can do that are ecosystems that elevate horizontally the users up to a point where each and every one of them has a say and visibility those are the systems that don’t miss they can’t this because you only need one Smart Cow to open the fence and then the whole herd gets out so you just need one user to have a bright idea and it goes parabolic and everybody’s like yep that’s the model let’s go do that and then do you have a culture that allows you to Pivot fast enough to go and Chase that and get it done that’s what cardano is building that’s the core USP of it you asked me the opening question why cardano well that’s what it is that’s what we seek to do and I have no idea you know how that’s going to translate to coin market cap or when that’s going to translate but directionally it’s right it’s like Don Valentine when he was talking about seoa and they say how are you so successful he said I knew the future he knew that these whole transistors and computer chip things were going to change everything but if you asked him like okay well when exactly is the personal computer and who is it going to bring the personal computer Don couldn’t have for told Steve Jobs and IBM and all this other stuff in the 1960s and 70s it was impossible but he knew directionally this is the technology to bet on this is the approach to bet on because how the hell is the vacuum tube going to compete with that you got one thing that’s static and it can’t get any smaller more energy efficient you got the other thing doing this every 18 months and the speed keeps going up every 18 months you do the graph you do the math at some point it’s taking over the entire world Gordon Morris said the exact same thing so that’s the thing about crypto are you losing your community are you getting more centralized or more decentralized can you absorb your competitor’s technology do you have principles thinking and do you have the right governance system where you don’t fracture apart I’ll close with this when I was the CEO of ethereum many years ago before the Earth cooled and uh was pushed out as many authors like to remind people um the the cryptocurrency project that scared me more than anything else was not Bitcoin or Litecoin or any of these there wasn’t a lot back then but there were a few was NXT and the reason being is that I witnessed in just three months time this thing come out of nowhere built on Java up with this incredibly engaged community and they were adding features like crazy they had user-driven assets they had a decks they were going to add smart contracts through something called automated transactions they written in Java they were already proof of stake and I was like well the proof of stake do work this it doesn’t matter we’ll fix it this community was running and it was going so fast what killed them was two things one their token distribution wasn’t so good but you know you can fix that um but the other thing and this is the more thing is they didn’t have a good governance system so they fractured and they broke into things like crypy and Lisk and eventually skorx which is Alex chiro’s project which became Ergo wave was another they fractured in all these pieces and they couldn’t get it all together had they had the right governance system ethereum wouldn’t exist NXT would be number one because they would have just grown and grown and grown like a weed and they would absorbed everybody and it was a sexy project because it was new and interesting it was first principles code base it had Java and I was like who cares if it worked they will find a way this is what Brendan Nick likes to call the wrong way is the right way when he creates JavaScript in 53 days they had the right growth model behind it and it became a thing so when I looked at it I said look ethereum is going to take 24 months and this was in 2014 to get to a point where it’s hardened enough to do smart contracts if NXT has smart contracts before us because they already have the community infrastructure they’re going to own the entire smart contract space and they’re LeapFrog everybody and so governance matters that much it is really the core differentiator between whether a project is successful or a project will fail and in the long term you can never get around the fact that poor governance will kill a project Microsoft is another great example 1998 Bill Gates went to his research division which at the time largest in the world for technology and he said tell me the future the next 10 years I want to know it and here’s what they told them Bill search mobile Computing and social media that’s going to be it and they wrote down the business model of Google Facebook and the iPhone so a 600 billion dollar company with a hyper Monopoly that owned all technology basically had on their desk a blueprint for the entire future and they lost it they watched Google rise they watched Facebook rise they watched you know the iPhone come out of nothing why because their governance sucked their culture sucked and Sasha Adella wrote about it and refresh when he became CEO he said the only thing I really did was change the culture and the Microsoft did the rest because we had all the brains and all the market stuff and they went from like a 300 billion dollar company three3 trillion doll company under sael and he changed culture he said CEO the c in there is culture so that is the key and so you want to talk about competitive differentiators and all these other things and go beyond it you have to do that that’s really the core of of of who we are what we do and uh you know and that’s what we fight for in the cardano ecosystem the full interview with cardano founder drops very soon so click subscribe and have Bell notifications turned on and my brother and I as well as Charles will be speaking at rare Evo this year you’ll be speaking at rare Evo keynote speaker we will be there this year speaking as well um use code altcoin daily for 5% off everybody down the audience I want to pack the house with the altcoin daily Community grab your tickets with the link down below and like always see you tomorrow

What’s next for Cardano? Today we are joined by Founder of Cardano, Charles Hoskinson, to discuss bitcoin, ADA, cryptocurrency news & MORE! 👍
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TimeStamps:
00:00 Intro
02:24 Cardano Will Flip Bitcoin?
05:22 Why Myspace and Blackberry Failed
08:33 What Scared Me The Most When I Was CEO of Ethereum” 😱
11:59 Full Interview Drops SOON!

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