Charles Hoskinson: All that made Shiba Inu and Dogecoin so successful is social media
Charles Hoskinson, CEO of the blockchain technology company, responsible for the development of Cardano (ADA), Input Output Hong Kong (IOHK) speak with its 291,000 YouTube subscribers that the coin meme has reached a market value of several billion dollars despite the lack of benefit for users.
“We have Dogecoin (DOGE), Shiba Inu (SHIB). Technically, they have accumulated tens of billions of dollars in value, but have no real user benefit other than the fact that there is a social network behind them. “
Charles Hoskinson – CEO IOHK
But those who follow this will argue that the social networks themselves have value and therefore all you need is.
Old schoolers like me say you need real fundamentals, real trading, real markets, potential for user benefit, the way to get there, and a view of the world, how these things work in the world, change the world.
Charles Hoskinson says the extremely high returns on some crypto assets have created unrealistic expectations in the industry.
“Thousands of crypto-related projects are born every year regardless of the economic conditions. It also skews our profit expectations. And many regulators have warned people about it.
But it wouldn’t be realistic if it’s 100x or expect something to happen every year. It’s just not possible. ”
According to Hoskinson, unrealistic expectations have fueled impatience in the crypto industry.
“But because of the local profits, people have very unhealthy views about how long things are going to take and where the value is coming from. And more and more people believe in the bigger stupid doctrine of quick entry – quick exit and you will somehow have a better life. ”
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