Rugs and Failed Projects

hi everybody this is Charles hoskinson broadcasting live from rough and rugged Wyoming always rough always rugged sometimes Wyoming so I hope the audio is a little bit better for everybody I managed to find a microphone I always knew there was one floating off okay so the subject of today's video is ardana and orbis so these two projects I guess they shared leadership were two projects at cardano ecosystem I saw over the last few days some grumblings about the projects having issues and then on Twitter tweet came out saying that they have now discontinued operations or at least they're scaling back to the point where they're no longer going to be able to deliver what they promised they were going to deliver now I was an investor in these projects through the C fund and the C fund invested a lot of things everything from Wing Riders to Sunday amongst many others and it looks it's probably a total loss and what was incredibly distasteful to me was the management of these projects seemed to blame cardano for their failures I will remind everyone that ethereum raised 18 million dollars of which they only got to deploy 9 million because they lost 9 million to Market volatility and they can hedge their Bitcoin properly and they delivered the second most valuable cryptocurrency in the world this was not a funding issue this was not a platform issue looks it was a leadership issue things happen people sometimes don't execute people make mistakes and usually there's something left behind for people to Salvage from these situations good developers good leaders code something My Hope Is as the forensics work their way through that we as an ecosystem can discover what value if any has been produced now my understanding is having talked to the C fund that the first time we were informed that these projects were having trouble was through Twitter at the same time as you guys which is utterly distasteful and it shouldn't have happened and to centralized ecosystem and the frustration here is that you cannot curate these ecosystems as if there's a single entity running everything i o doesn't run the show amergo doesn't run the show the CF doesn't run the show reality is that it's everyone's Collective effort to do better cardano is very strong there are over 1200 projects building over 100 have launched in some way we have this great strength in nfts stable coins are announced and coming dexes are already operational and vasel has been launched and has considerably improved the development experience there's a lot more to do on the plutus side there's a lot more to build the Pluto's team is working hard on that as are many independent developers and a lot of alternative approaches are being taken thanks to the creativity of the many developers trying to build things on cardano like any new platform it does take time and it does take effort but this was the case with ethereum and it didn't seem to stop their growth this was the case with Bitcoin and it didn't seem to stop their growth this was the case with Android and iOS and it didn't seem to stop their growth in that respect languages and people processes and procedures they always find a way if they have a good idea and there are good people working hard what truly bothers me is that the crypto media is going to use this as an opportunity to say that cardano is dead or failing or succumbing to the same forces that killed FTX and it couldn't be further from the truth the reality is that in venture capital and with new projects 80 to 90 percent will fail if 1200 are building 24 months to 36 months 800 900 or more will probably not be here they'll have Consolidated failed or stalled to the point where they're no longer economically viable this is the nature of new endeavors good ideas can be great ideas and still fail great technology could be great technology and still fail you require the right people processes procedures execution strategy and market conditions in order for something to be successful sometimes people get incredibly lucky and they're in the right place in the right time and sometimes people get incredibly unlucky or despite how Innovative they think and how much great work that they've put in they're in the wrong conditions to succeed or in the wrong environment to succeed with the wrong Community to succeed the power and magic of cardano is its resilience and durability and its capacity to adjust grow and change and that's where we're currently at every single day we have demonstrated as an ecosystem that we're strong and capable for example we just had the cardano summit led by the Cardinal foundation and there we saw more than 50 distributed Summits around the world from Vietnam and Korea to the UK to places in South America and the U.