Crypto Market News with Supermoon Camp
This week in Supermoon Camp’s crypto market overview Elena Obukhova covers Elon Musk trying to buy twitter, privacy coins, anonymity on the blockchain, what is a DAO and advice on starting a DAO, and speaks on concerns about this year’s Bitcoin 2022 conference.
Supermoon Camp caught up with CEO Elena Obukhova for a brief recap on Bitcoin 2022 where 30000 people visited and far more joined side events, after parties and East Miami conference. The sheer growth of the blockchain community showed at Bitcoin 2022 when compared to previous industry events worldwide.
In this week’s market overview Elena dived into the popular topic of NFTs with the trade of Jack Dorsey’s tweet NFT and the importance of value be it personal, monetary or false. Jack Dorsey’s tweet NFT is a prime example of false value, with little purpose or advantages to the token holder. Also, by owning this NFT the holder doesn’t own the tweet so where is the value? Potentially the Jack Dorsey news will bring to light the need for education around ownership and value in the space.
It is clear that projects need to provide utility to avoid amounting solely to a hype and succeed in the long-term. NFT technology provides businesses with the opportunity to solve real problems and best serve their target markets. Having recently partook in many panels on market validation, product market field, and understanding which market to enter with your project Elena shared top advice for business owners. Speaking with hope Elena believes projects are now realizing the importance of utility in the NFT market also noting how this feeds NFTs into new markets such as ticketing and music.
The issue of stigma around anonymity in the NFT industry has been topical among crypto enthusiasts of late. There is a huge concern around people’s data privacy whether its being sold, or used for advertising, and social media marketing. Elena clearly an advocate for decentralization mentions it’s not enough to only be concerned about privacy moreover a need to stop trading personal data for convenience such as social networking for business opportunities. On the future of privacy in the space Elena mentions, “until people start caring about data ownership we won’t see any decentralized social media taking off”.
Elon Musk buying Twitter brought about many controversial conversations this week around centralization, decentralization and how blockchain technology serves free speech and social media. Outlined by Elena, Twitter has always censored users and content which was a concern to her, “why try to limit the freedom of speech” with the belief Elon’s purchase won’t change Twitter's culture all that much.
领英推荐
The question at hand is privacy coins’ longevity and whether they are beneficial to the market and its’ users. A common misconception around blockchain technology is that it ensures privacy, however it’s fully transparent for example, connecting bank cards with crypto wallets on centralized platforms traces everything back to one’s name. FAS founder regards privacy and education around it as a must for the future of user’s anonymity in the market.
The right to self-sovereign identities on blockchain has become the norm but will this continue? Anonymity is well in reach on blockchain however this is up to every user to achieve.
Raising the question to Elena regarding mixed reviews of the recent Bitcoin 2022 conference in Miami where she held her latest crypto project Supermoon Camp. While Elena was excited to see how vast the crypto community has grown, she understood people’s disappointment with the shift in the space. For example, while carrying out interviews for her podcast Supermoon Station with the US Binance team, who had only been in the space for six months and shared basic level knowledge. When asked what drew them to the space Elena was met with empty answers and hopes of a quick return rather than true beliefs like transforming faulty financial systems, democracy, and aiding third world countries. It's possible masses of new users who lack the common values among many early adopters could deter from the already amazing blockchain community.
FAS recently launched a DAO coaching session with Elena sharing valuable insight into the advantages DAOs provide such as bias decision making, removing principal agent issue, reduced corruption opportunities due to community based voting. “At the same time we see cons as immutability and transparency, DAOs are based on smart contracts on the predetermined structure that might be immutable which may lead to longevity and growth issues". A major risk in starting a DAO could be the reliance on smart contracts where still human error in creation is a possibility leading to a whole system not functioning.
Elena highlighted her aim to educate people in the crypto space and rebuild financial systems with higher efficiency as traditional systems have advanced very little in the last hundred years. Noting peoples general dismay with hyperinflation and printing Elena had an excellent point “We understand this isn’t how it’s supposed to work but we’re not discussing how it should” while we may not have the answers now having the conversation may result in a solution in time.
Follow our channels below!