How to sell btc to paypal with no extra fees DeFi Exec Believes Crypto Community Mostly “Short-Term Thinkers”
DeFi entrepreneur Alex Mashinsky has slammed crypto’s culture and community for short-term profiteering. Celsius is Mashinsky’s eighth company, with his prior seven ventures including two unicorn start-ups that raised over $1 billion combined. He holds patents for Voice over Internet Protocol from 1994, and he founded a global commodity exchange in 1996. Mashinsky stated that one of his employees showed him the Bitcoin white paper in 2010, noting that he then laughed at it and thought, this will never happen.
I mean, this is the slowest database ever created. It's so inefficient and needs so much electricity — it’s this crazy idea.
He added that his entire career had been about finding better, cheaper and faster solutions, and “here is something that is slower, more expensive and really cumbersome, so it totally did not appeal to me But one moment, in particular, struck a chord with Mashinsky:
Seeing the resiliency of this community — imagine if Nasdaq and the sell bitcoin to credit card disappeared overnight and everybody just kept going as if nothing happened. That is what happened in the crypto community, basically, from 2013 to 2014. I realized that I was missing something very big and had to completely reevaluate my position on crypto assets and decentralization.” And we realized that interest income is disappearing from our planet. It's an extinct feature of the banking system. If we could just bring that back and earn people real yield, we would have billions of customers because 7 billion people need interest.
We have to create something that will bring more utility and create less volatility because otherwise hundreds of millions of people are just not going to join. There are a bunch of us who believe that this is a replacement for doomsday. There’s a bunch of us who believe this is the technical future and a bunch of us who think that decentralization is going to take over the world. But there's not enough of these people. How do you bring in the average Joe who just hates their bank or doesn’t trust their government?