Forbes cryptocurrency news
As Jack Dorsey, the co-founder and former CEO of Twitter has tweeted, institutional investors are leading to a turf war for control of the next version of the World Wide Web. The ideals and potential of Web3 risk being supplanted by a centralization of power and narrow commercial interests. For the few, not the many. The crypto industry is approaching a fork in the road. To stay true to its ideals and create a sustainable and profitable future it must focus on two principles.
One, make crypto customers self-custodians of their money — they own it, rather than, say, venture capitalists or traditional financial service providers. Two, create a truly decentralized and easy-to-use service that gives a clear and complete money trail with no secrets. The service will be supported by about half a dozen technologies, including blockchain and various software applications. How can we enshrine these values without curbing innovation, growth, and profits? We can learn from the open-source model in the technology industry.
Open-source software — whose code is freely available and can be shared — is one of the great tech success stories of the last 30 years. It has stayed true to its initial ideals, including decentralization, collaboration and affordability. This concept is proven, especially in crypto. Bitcoin is an open-source project, which is maintained by a small number of core developers.
If the crypto industry relies on taking further stakes in media and perhaps traditional finance companies to further its reach and boost its credentials, customers may vote with their feet — or virtual wallets. That could cause irreversible damage to the reputation of our industry. To avoid this, a consortium of crypto providers must agree to ethical standards, a self-regulation framework, and make our products and services as easy to use as making a contactless payment.
What I fear is that the Binance-Forbes deal will spark a wave of similar investments by crypto companies in established media and finance companies. Nick started investing in cryptocurrencies in , but his crypto career began straight out of high school when he started a custom PC business that built rigs for gaming and Bitcoin mining. Investors have grown skeptical of SPAC deals generally , and media deals i n particular, in recent months amid the broader stock market retrenchment.
The crypto company will also get two directors out of nine total board seats, they said. The move shows the increasing real-world influence of the crypto sector, which has seen surging valuations and minted a new class of billionaires amid global interest in digital assets. While crypto companies have gone public, affixed their names to sports arenas and flooded airwaves with celebrity endorsements, this is the sector's first big investment in a traditional U. Forbes was founded more than a century ago by the grandfather of editor-in-chief and two-time presidential candidate Steve Forbes.
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