YOU ARE BEING LIED TO ABOUT CARDANO (CRYPTOCURRENCY MANIPULATION) - YouTube

the uh the setup for cardano and we're achieving  that now because of the architecture but you know  

reddit won't agree telegram won't agree twitter  won't agree guys it's noise and it's fud all right  

welcome back everybody to altcoin daily my name's  austin you are being lied to about cardano and  

i'm not gonna take it you see on this channel  the reason that you subscribe is because we  

drop a video every single day demystifying this  cryptocurrency market so you can make the best  

decision possible for you so in today's video  i want to play you this very important clip  

of charles hoskinson himself clearing up the fud  as well as share the most recent news which you  

should know as a cardano holder like always check  the timestamps down below in the video description  

hit the like button and let's jump in there  is a suspicious amount of new cardano fudd  

in this run run-up to the september 12th  upgrade of smart contracts for cardano you  

probably noticed this if you're on social media  it seems like a lot of low karma profiles have  

all gotten together starting the rumor that dapps  on cardano can only do one operation per block  

that is absolutely not true it's fud and  people should be aware of what's happening  

so these seem to either be bot accounts or a  coordinated effort by other crypto communities  

each of these posts are full of comments like  yeah just tried the test net doesn't work when  

you click their profile it's people who have only  been on reddit for one or two days but for some  

reason still dabble on the cardano test net super  fake anyway regarding the fud it is coordinated  

it is big and it is expensive and nobody does that  without a reason they want your coins for cheap so  

beware and by the way today's video has nothing to  do with price price could do anything cardano is  

up over a thousand percent this year nothing wrong  with taking profits but getting back on point and  

before i play you that clip of charles hoskinson  why are we seeing why now this coordinated fudd  

and let me show you an example just from one day  ago cardano smart contracts unusable for defy  

so apparently early d5 projects running on the  cardano test net are not able to properly operate  

defy transactions due to the limitations that  cardano has which only allow one transaction to  

process per block wow and i can prove to you this  is fud by looking at the account and here it is  

like this right now this is his account we can see  first off his most recent post i guess he's a big  

solana guy he's trying out solana nfts we scroll  down a little and whoa hey wait a minute what  

is this in multiple different subreddits he is  attempting to post positive things about polka dot  

and kusama he's in the polka dot camp and by the  way nothing is wrong with that i like cardano i  

like polka dot but the point is there does seem to  be a clear conflict of interest from these posts  

i mean what do you think give me your  thoughts down below in the comment section  

but moving forward let me play you this 5 minute  clip which is very valuable this is charles  

hoskinson himself addressing fun like this listen  to him explain how different communities in this  

industry dismiss cardano and fud cardano because  it's not their community they cite vanity metrics  

when they should be looking at the underlying  protocol in this five minute clip listen to  

charles talk about the cardano computing layer  the considerations for the design layer and if  

just in general you're asking why cardano charles  explains it's because of the stability of the base  

foundation this is a longer clip but  it's worth it keep listening watch this  

the problem our industry has is they basically  say well if you don't support my thing or i can't  

see a way to make my thing work what you have  constructed is absolutely useless forever useless  

and it's just a toy and then they use vanity  metrics not even understanding what they're saying  

uh you're only at this performance level you  only do well increase the block size oh well  

okay they don't really understand how all these  components are interconnected to each other and  

or operate with each other what they really don't  understand is the single hardest thing to do and  

this is what bitcoin solved and it's why it's  worth a trillion dollars is the establishment  

of a root of trust what cardano has done is be  the largest proof-of-stake system in the world  

with an efficient root of  trust with a beautiful model  

that will make it easy to roll out computation  layers this was the goal that we wrote down  

i actually wrote the paper but you know this right  here why cardano back in 2016. i said we want to  

have this idea of a computation layer we want  to design in layers this is the notion we need  

we need to somehow figure this out and it was a  humongous technical challenge and there were a  

lot of moving pieces to it and what we've done is  we've basically figured that out and now it's just  

a matter of deciding the most efficient connection  protocols implementing things like mithril and now  

because we have stable foundation we can work in  parallel different teams can do things competing  

teams can do things and by the way competing teams  was one of the design principles that we have  

you know a heavy use of interdisciplinary  team and infosec fast iteration  

competing teams these were some of the design  goals that we had uh inside uh inside this uh  

the uh the setup for cardano and we're achieving  that now because of the architecture but you  

know reddit won't agree telegram won't agree  twitter won't agree guys it's noise and it's fud  

it is one of the hardest things in the world  to build a truly scalable distributed system  

that is decentralized and admits byzantine actors  and to make that system programmable it's so hard  

that the bitcoin community for over 12 years  has been trying to figure out how to do that  

in a way that they consider to be safe we as a  project took an enormous amount of inspiration  

from the successes of bitcoin and the successes of  ethereum and a lot of the ideas that have come out  

of the third generation and what we tried to do is  put together a representative sample of the best  

things that we think for example most of  the flaws that we see in d5 and historically  

ethereum smart contracts come in trying to  deal with complicated financial arrangements  

that's why we created a dsl to make those simple  and safe you need to admit that there's a world  

outside of your system so you need the ability to  batch and match and process off chain so we built  

that right into the system and into the language  and we're showing people how to do that with the  

plutus pioneers program and all these applications  are coming up with that we wanted to connect to  

the formal methods and high assurance world so we  chose a functional language as the entry point so  

that there'd be a significantly easier and lower  cost path to do that level of verification because  

there's so many hacks and flaws and other such  things concurrency comes naturally it comes either  

with off chain interactions state channels it  comes with concurrent state machines and there's  

ways to do that they can be brought in it comes  with clever load balancing of different utxos  

you know linking them together with nfts there's  all kinds of design patterns that you can do  

and we spent the money to bring in different  independent development firms to build things  

because those firms are going to solve things  a different way and they make that code  

available to all of you not in six years but  this month and next month and the month after  

and there's a stack exchange card on stack  exchange people can ask questions and if you  

still don't like the model well then just take  the other model that you guys like there you go  

and just live in that model and all that  tooling is reusable but the difference is they  

run on proof of work right now and they're super  expensive and we're going to run on obft right now  

that's kind of like what binance smartchain is  doing it's a lot cheaper okay everybody gets a  

cow everybody gets a chicken chicken in every pot  that's the way we built the damn thing okay and  

what we're shipping on the 12th is a massive  massive upgrade because you can now have full  

programmability you now have spending policy  you now have interoperability we can do stable  

coins you can do marlow these things all will come  naturally and yes dexes will be here yes oracles  

will be here and they'll certainly have all kinds  of cool features and functionality there none of  

this was possible before plutus existed and now  that it does all of these things are possible  

okay you don't throw out all the innovations of  the last 12 years you don't throw out the concept  

of a blockchain and what bitcoin is accomplished  in that methodical pace you don't throw out  

all the security models that have been  painstakingly figured out you don't throw out all  

kinds of stuff just because some junior developer  can't figure out how to do something what you have  

to do is you have to teach them and you have to  show them and you have to build the infrastructure  

you have to build the tools you have to build  the abstractions you have to build the services  

that's the power of cardano i like it give me  your thoughts down below in the comments section  

but i guess my general takeaway is always do  your own research never just trust the headlines  

do some digging also remember that september 12th  smart contracts for cardano that's not the finish  

line in my opinion that is the starting line  that's when we really see when we can really  

see the potential that the cardano ecosystem  could be but also at the same time nothing wrong  

with taking profits cardano is up over a thousand  percent this year like i said you'll never regret  

taking a little profits but that is the video  my name is austin like always see you tomorrow