hey welcome back everybody to altcoin daily the reason why you subscribe to this channel
is because on a daily basis we break down everything going on in cryptocurrency
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in the future let us know in the comments below let's get started with the top story of the day
cryptocurrency has come under direct attack by x web 2 twitter ceo jack dorsey yes it seems
ever since jack dorsey has become the ex-ceo of twitter he's gotten more vocal on twitter
and he's recently gone on a tirade slamming cryptocurrencies and more importantly cryptos
that fall under the blanket of web 3 which so many people are excited about changing the game
specifically one of his biggest critiques is citing vc dominance i'm curious to know what
you think about jack dorsey's specific critiques we'll get to them in just a second but for me
it totally surprised me that jack would just write off all of web 3 in a blanket statement
saying basically it's all bad well first of all let me tell you exactly what he said i don't want
to misrepresent him and again i'm curious to know what you think about his points of view because he
does make some good points the key takeaways are this and you tell me jack dorsey has criticized
web3 again in a series of tweets claiming that it is owned by venture capitalists he's saying
web3 isn't really owned by the user it really doesn't give user any more rights it's owned by
venture capitalists who are pumping it up dorsey made a subtle reference to vc firm andreessen
horowitz a venture capital firm that has backed many crypto and d5 projects while dorsey is
opposed to web3 as our audience knows he has been a long supporter of bitcoin which is really cool
his firm block is set to launch a bitcoin-backed decentralized exchange in the near future
so to sum up jack dorsey's tweet tirade his point of view he says no you don't own web3 the vcs and
their liquidity providers do it will never escape their incentives it's ultimately a centralized
entity with a different label know what you're getting into and this spurred tons of notable
web 3 proponents and crypto people responding to them many disagreeing with him saying you know
you're not really understanding it it's so much more than how you're presenting it and then some
people agreeing with them you know really i think we all agree on the problem web 2 which twitter's
web 2 facebook's web 2 you are the product of web 2. it's free to use you are the product
and we all agree that's the problem now web 3 proponents say that web 3 is a major improvement
but jack dorsey is really saying web3 you are the exit liquidity for the pre mine and he's really
being cynical about it and writing it off i think there's more to the conversation than just this
saying that you don't own web3 because vcs own some of it is like saying you don't control
your bitcoin because vcs also control it you don't own your bitcoin because nation states control it
the fact is with adoption different people are going to own large parts of it especially if
they can afford it and if they want to take the risk now of course jack dorsey is really saying
vcs are there at the very beginning vcs own a disproportional amount of it
but here's the thing to write all of web3 off i think that is a gross mischaracterization i mean
web 3 is no more of a guarantor of decentralization than web 2 as a
guarantor of user participation we'll see a power law distribution of web 3 projects
ranging from some very centralized to some very decentralized assess and debate the nuances of
specific projects not the category there will be a huge spectrum just like the internet companies
the website companies of the 90s there was a huge spectrum they're obviously ones that weren't
really not good at all and then there were ones that were okay lasted you know had dominance for
a decade or two like yahoos and then there's ones that are still going strong today like the googles
and the amazons so it's this huge spectrum and to write web 3 off like this i think is a missed
opportunity it's a gross mischaracterization and just taking a look at web 3 crypto adoption
versus the internet internet versus crypto adoption charts predict 1 billion users by
2027. yes it's amazing how this is lining up with user ship internet user timeline
crypto user timeline the green is the total internet users the blue is the total crypto users
although crypto users currently form only a small percentage of the global population
the rise of web 3 is expected to hasten adoption rates the only question is which web three
projects do you believe have potential which this is my question to you which web three projects do
you think are maybe the not so good ones the pets.com which crypto which web3 projects do
you think have major potential maybe they're the yahoos which crypto web3 projects do you think are
the amazons the googles i think there certainly will be some of those and unlike the dot-com
bubble which was primarily for u.s accredited rich investors cryptocurrency is for everybody
and yes jack is correct by saying that vcs do fund the early stages of these different crypto
projects and protocols and they get really great deals on tokens at an early rate and don't take on
nearly as much risk as some people or they hold large percentages of the token just like amazon
just like google these crypto web 3 projects are more akin to companies than open source
protocols like bitcoin in my opinion but there's still plenty of opportunity
in my opinion i think you know if you think web3 if you think cryptocurrency is going away
you haven't really been tuning into all of this like we do on a daily basis for instance avalanche
all-time high in active wallets all-time high in transactions per day those are two really
big metrics serviced almost 70 of the amount of transactions of ethereum yes ethereum market share
is going away a little bit it's waning a little bit to different ethereum competitors
and interoperators which are a little bit more centralized and like eric for he said you know
let's debate the trade-offs let's do that rather than just writing off everything that's happening
and it's not even just about institutional money anymore yes institutional money is about to pour
into crypto in 2022. i think a lot of people are seeing this but too many are just focused on this
not enough people are focused on nation states vying to be the most crypto amicable jurisdictions
talent flowing in from decaying web to industry i mean jack dorsey of twitter perfect example he's
getting away from twitter and focusing his time on bitcoin defy it's pretty cool and not enough
people are focused on the cultural normalization of crypto yes this cycle is so different in
that this is the first cycle where people truly believe that bitcoin and crypto are here to stay
every other cycle people are looking for oh i i don't want to be the last person to sell
now people are looking at what can i hold on to for a number of years and you know there's
so many different verticals we could focus on i thought this was a huge deal xcad i'm invested in
xcad it is a social token platform i think social tokens are only going to get bigger and you know
they've been releasing partnerships like this for a while with over 6 billion views and 7 million
subs gained in the last 9 months dan rhodes magic i guess he was on britain's got talent
or america's got talent or something apparently he's gaining a lot of momentum he's one of the
fastest growing creators on youtube seven million subs six billion views we're excited to announce
that he will be issuing his own fan token on xcad the biggest creator announcement in x-cad's
history will be on xmas day and if you've been following them like we have they've been releasing
stuff like this for for quite some time so another really cool web 3 type project is
rubik exchange a multi-chain protocol we've been saying it for a long time if you look into it
you will come to the same understanding that i have i think that you realize that the future is
multi-chain i'm betting that the future is going to be multi-chain based on everything we're seeing
and rubik exchange is a multi-chain protocol that allows complete swaps between 10 500 plus tokens
on ethereum bsc polygon avalanche moon river phantom solana in one click so it's super easy
their protocol features 60 plus dexes fiat on-ramps and bridges so you can understand
why this is a big deal they're sponsoring today's video you need to know that staking
starts on december 23rd and they are offering apy of 80 or more this will not last forever
to find out more on staking and to find out more on this click through the link in the
description and begin your research but this is the problem that rubik is solving
transferring assets between different blockchains can take a lot of time and money right you need
to use endless bridges implement numerous swaps and pay multiple fees rubik solves the issues of
multi-chain swaps by including dexes and bridges in one clear one-click interface users can swap
any of the 10 000 plus tokens between six integrated block chains in one click for
example it takes about a minute to exchange link to cake or bnb to joe i'm just you know any asset
you can think of different chains one click they have a working product because rubik is a working
product you can start using it on the 23rd they recently completed a smart contract audit with
certic so they're audited and rbc is the utility token that powers the whole ecosystem the token
is involved with staking to get the 80 apy or more rbc is required to provide liquidity for
multi-chain those features rbc is the governance token help make decisions and then also the token
is required to become a validator let's talk about liquidity providing so the rubik's team actually
keeps a pretty tight lip around the final details of liquidity providing but it's highly possible
that the rbc token will be involved for example to stake ten thousand dollars ten thousand usdt
users will need rbc as well investors who want to take part in staking will get into the white
list and take part in liquidity providing and then the principles of liquidity providing it's pretty
much the same as any dex for example the users invests two assets in unit swap and gets pro rata
rewards to find out more information on this web3 multi-chain exchange rubric exchange click through
the link below and check it out for yourself and then to give us an even further insight into the
future just like bitcoin is tokenized on ethereum with wrapped bitcoin and things like that interlay
has just raised 6.5 million to bring bitcoin d5 to polka dot in chile is hoping to bring tokenized
bitcoin onto polka dot and other networks so perhaps you'll be able to use bitcoin in the polka
dot ecosystem as well and maybe in the future every single coin will work with each other and
you'll just be used you'll just be able to use everything intertwined anyway guys i don't know
i'm not sure like i'm pretty excited getting into 2022 i think things are only going to get bigger
i love the fact it's taken you know i love the fact we didn't have a blow off top this year
because that's just opportunity this bull market is going slowly up and that's a really good
thing especially giving these projects time to implement and integrate and build i don't know how
you couldn't be long-term bullish but you let me know in the comments below i will see you tomorrow