Price and Roles

hi everyone this is charles hoskinson broadcasting live from warm sunny colorado it's actually cold outside we have several feet of snow floating around and when i was driving home from cheyenne yesterday was a terrible whiteout had to go 30 miles an hour on the highway normally 75 but i couldn't see more than 50 feet in front of me and the roads were just ice skates it's pretty tough so i want to make quick video because there's a few tweets floating around and i see this recurring thread over and over and over again where people do speculative tweets and they say things like well hopefully we can get some better price action hopefully you can release some news that makes the price of ada go up or you're the face of cardano it's your responsibility to make the money go up or you we are your investors we invested in you so let me be blunt and clear about something cardano is not me it's not iog cardado is an open protocol like bitcoin is an open protocol ethereum is an open protocol and other projects like tcpip it's open protocol we are a company in the ecosystem it's our job to wake up every day as there are dozens of other companies job to wake up every day and fight hard at making the technology wonderful competitive bringing use and utility and adoption to the systems now it's an open system there are dozens of other people eventually hundreds who worry about this and now with the dc fund you guys can do exactly that same thing okay and as we grow especially into 2021 we will close out that year with probably 100 companies if not more that have these similar jobs now from a speculative position let's understand the reality of cryptocurrency markets they're manipulated they're thin parts are regulated parts are unregulated there's huge speculative surges and enormous amounts of irrationality and strange retail investor behavior i have no control over any of that nor do i aspire to have any modicum of control over any of that any person in this space who promises you a return or who says that they can double your money tripping your money they're scamming you even if they get you there you got lucky you weren't smart okay we have seen the big connects the one coins we have seen so many projects that have promised to be the leader and make you rich for doing nothing just give them your money and at the end of the day it fails the only way we will ever make change is by building a system with millions to billions of users that is adopted by countries adopted by the fortune 500 adopted by dapp developers and infrastructure developers all around the world and that's what i do i wake up every day seeking that i wake up every day asking what the technology needs to look like for that i got news for you retooling the world economy to go onto a new system is not something that happens tomorrow and if you don't have momentum in progress towards it can measure it with your competitors and market tomorrow doesn't mean you're going to lose that fight talk to myspace in yahoo and netscape and frankly microsoft about how long monopolies last i remember in the 1990s 98 of all desktop applications and users were in the windows ecosystem there are no windows phone devices floating around that mean anything now it's android and ios less than 20 years that monopoly completely evaporated that's the way technology works look at yahoo search dominance look at browser usage internet explorer destroyed netscape and now has yielded to chrome and chrome is starting to show signs of weakness towards brave and other systems the world changes and standards don't set and that's the way it is we're talking about something that's gonna run your identity your money your voting system there's gonna be a hundred standards and they're gonna be very ephemeral and changing all the time so we look to the future twenty fifty twenty one hundred we ask ourselves what does the ecosystem need to look and the technology need to look like to get us there and we work towards that and it's a hard lonely journey because it's not sexy you have to do science you have to do difficult engineering you have to sit in hundreds of meetings again and again and again you have to rewrite software when you discover that you've done something wrong you have to be open enough to realize that even the optimal ideas sometimes have to surrender to emerging standards for example there are perhaps better ways of doing identity management but it looks like our entire industry is pushing towards the dead standard whether i agree with that or not i've had to pivot the entire prison roadmap to adhere to that standard and make sure that we're interoperable with it it's going to be the exact same thing with cross-chain communication some inspiration and innovation and some pragmatism this is a daily battle that transcends to the years transcends the decades that's what i do that's why i'm here it's not my job to look at the charts and if you tweet a chart at me and say well how do i get eight at twenty cents how did i get eight out of thirty cents because what will hold up to the price if we don't have real use and utility and adoption there it's a vanity thing just as easily can go up as it goes down there's a world of difference between bitcoin at 13 000 today and bitcoin at 13 dollars back in joel 2017 there's fundamental differences in terms of adoption use utility and progress regulatory and otherwise and similarly there's a world of difference between where cardinal sits today and where cardano sat when we launched it back in 2017. so the people who hold the ecosystem up and build the ecosystem and build the infrastructure out it's our job to get use and utility that's what we're paid for it's our job to figure out these things and we created the dc fund so that it becomes everybody's job and you can pick and choose the best people long term to get you every five years every 10 years every 15 years where we need to go and i look to the future i ask when i'm an old man how do i make sure cardano's still around and the majority of the world is using software and infrastructure there that's what i care about if you didn't sign up for that you have different expectations then what you either need to do is find somebody in the cardano x ecosystem to worry about those expectations for you and that's why the dc fund exists or go find a different cryptocurrency but i'm never going to change my outlook in the way that i do things in the long-term horizon view of how we build our software to accommodate short-term speculators look at stellar for example they decided to embrace the speculators they burnt huge amounts of their currency destroying a long road map that they could have had for it and there was a short speculative boost and it evaporated all the way as day traders took it and left the ecosystem and now all the resources that could have been deployed years to decades down the road to benefit that ecosystem's growth and development were destroyed in a single event that's what you get when you chase gold without merit avarice will always be an undoing the point of this technology has been and always will be looking to the 21st century how do human beings want to live treat each other and what type of society do we want there is no point in saying well cryptocurrencies go up and down and that's the point and we make some winners and losers here you might as well just go buy tesla stock you might as well go do something else okay you're disconnected from reality then if you're chasing dollars and euros this is a philosophical movement as much as a political movement as much as is a commentary on how the world government should work and how globalization should be effective and how do we deal with the existential problems that are clearly crushing this world each and every one of s these problems faces these problems sees these problems feels them in your bones and for the first time ever as a consequence of the internet advancements of science and the proliferation of computing technology we have a new way of doing things that does not require central authorities it does not require governments we can do things in a very decentralized way where no one is in control and everybody has a seat at the table that's why we create the technology we create that's why we do the science that's why we involve the academy believe me it's a lot easier to just go hire a few engineers write a protocol release it and try to squeeze as much blood out of a stone as you can it's a hell of a lot harder to do things the right way to go to the universities to write papers to go through the peer review process to include everybody the focus group to move iteratively and systematically but the difference between the two is the one that did it that way is going to be here in 50 years and it's going to be better than anything you can imagine and the one that did it the easy way will be a footnote that only people who live during that time will remember just we remember the betamax and just like remember the commodore vic-20 and the amica and all these other things that were fun curiosities for the time and they kind of died away i don't want to waste my life doing things that aren't meaningful and building things that no one's going to use i want to retire and look back at my career and say that the things that i constructed made a difference and that they changed the lives of millions to billions of people that's what i'm here for and i will never be nice regardless of who you are you can be a saint or a sinner if you come to me with a price chart and say make it look better for us and that doesn't mean that i don't think the people bring me perhaps aren't great members of the community in fact the one in particular who did this is a i hear a great state pool operator and has done a lot of not-for-profit stuff and is a great guy but again i'm never going to be nice when people come and ask me about that or you say you're my investor the only people who have invested in me are the people who've invested philosophical thought on me i've never done an ipo and i've never done an ico okay you're not my investors we're philosophically together and yes you may believe in cardano because i happen to be around and fighting for it but that's the wrong way to believe in cardona you have to believe in cardone up because of the foundations that were laid the technology that exists and the use and utility potential that it has and the beliefs that go into it in the way it operates we are committed to decentralization we are committed to good governance we are committed to solving the blockchain governance we're committed to decentralizing the core entities it is my goal to make sure that there are multiple companies floating around that have full nodes is my goal to make sure there are dozens of universities doing the science some that are financed by my company and some that are financed by the treasury some that are financed by other companies these are my goals because i know that no matter what happens to any of us no one is so essential that if they were to be lost for whatever reason the ecosystem would die rather quite the opposite like bitcoin we're strong and resilient and we keep moving forward these are the things that i think about every single day and keep me up at night the decisions we make how do we get the right voting system how do we ask rational ignorance how do we make sure that the resources are in the right hands how do we develop and build up great leaders in the ecosystem and give them platforms how do we make sure that we're not too biased in one place one geography v8 the european union or america how do we make sure we're a truly global system how do we build correct acceptance criteria to verify that the things that we're doing solve real problems for example it's incredibly easy for us to go and build a bunch of vanity dabs and vanity partnerships and bring them in and say look we have all these daps and all this traffic on our system it's a lot harder to wake up and say those 3.