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Extractive Systems Are Death: Cryptocurrency Needs To Be Inclusive by taskmaster4450

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hive-181335 · @taskmaster4450 ·
$14.92
Extractive Systems Are Death: Cryptocurrency Needs To Be Inclusive
<center>

[![](https://img.3speakcontent.online/upfvvpyd/post.png)](https://3speak.online/watch?v=taskmaster4450/upfvvpyd)

▶️ [Watch on 3Speak](https://3speak.online/watch?v=taskmaster4450/upfvvpyd)

</center>

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Systems where people just take end up killing economies.  This is true throughout the world.  Even within valued economies such as the US, we see extractive entities such as Visa that basically take a cut off many transactions.

In this video I discuss the idea of how we, collectively, need to contribute as opposed to taking away.  This is how we "invest" in the future of our platforms.

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▶️ [3Speak](https://3speak.online/watch?v=taskmaster4450/upfvvpyd)
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 278 others
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vote details (342)
@ai-summaries · 
**Summary:**
In this video, the speaker discusses the concept of extractive systems in relation to cryptocurrency. Extractive systems are described as systems where individuals or entities take value out without adding much in return, such as middlemen in transactions. The speaker highlights how cryptocurrencies, particularly blockchain technology, aim to address these extractive systems by allowing for more direct and efficient transactions. The conversation also touches on the importance of community participation and contribution in various cryptocurrency projects to foster growth and create value.

**Detailed Article:**
The speaker starts by explaining the concept of extractive systems, where entities extract value without adding much in return. He gives examples of middlemen in transactions, like those seen in blockchain technology, and mentions companies like Walmart and Visa as part of extractive systems along the supply chain. The medical industry in the United States is also identified as having extractors, leading to increased healthcare costs.

Furthermore, the discussion delves into how extractive systems can hinder wealth creation and affect countries and economies. There is a mention of how some countries may be seeing extractive behaviors in Western Europe and the United States, where entities benefit at the expense of others. The speaker emphasizes the negative impact of extractive practices on funding creative endeavors and business growth.

Cryptocurrency is presented as a solution to extractive systems, with blockchain technology providing transparency and efficiency in transactions. The speaker emphasizes the importance of community involvement in various cryptocurrency projects, highlighting platforms like Ethereum, EOS, and Hive as examples. He encourages participation from content creators, developers, investors, and idea contributors to foster growth and value within the cryptocurrency sphere.

Moreover, the speaker stresses the significance of long-term strategies and continuous contribution to cryptocurrency projects. He mentions the diverse opportunities available in the cryptocurrency space, such as content creation on platforms like 3Speak and library, or participating in projects like PublishOX. The overall message is about the need for individuals to contribute positively to the cryptocurrency community to drive growth and create value collectively.

In conclusion, the video reflects on the exponential growth within the technology sector, particularly in the realm of cryptocurrency. The speaker expresses optimism about the potential for innovative projects to succeed and emphasizes the importance of eliminating extractive practices to move forward positively. The video encourages viewers to engage actively in cryptocurrency projects, promoting a collaborative approach to building a stronger and more inclusive cryptocurrency ecosystem.
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@edicted · 
Friction is bad.  The frictionless systems we create around here are profitable because we can own stake in the currency itself.  We no longer have to worry about capturing value from apps... although most devs are programmed to look for ways to do this.  It's going to take a while to get where we need to be.
👍  
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vote details (1)
@taskmaster4450le · 
Great point @edicted.  One of the most overlooked aspects, from an economic perspective, is the velocity of money.  Many want to focus upon other factors but this can override everything.  If an economy has the velocity of money flowing at an incredible rate, its growth will be outstanding.

Friction obviously slows that down.  Extractors tend to get in the way of things.  By removing this, extra economic growth is the natural result since the friction was removed.  This can only do one thing: accelerate the velocity of money.

Posted Using [LeoFinance <sup>Beta</sup>](http://beta.leofinance.io/hive-167922/@taskmaster4450le/re-edicted-b3rbd)
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@holybread ·
Leaderboard Vote
Your current Rank (27) in the battle Arena of Holybread has granted you an Upvote of 20%
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@localgrower · 
I think you hit the nail on the head with regard to the important of crpyto in emerging and challenging economies. Simply by 'gaming' on Hive someone could start to make an income which is really significant for their standard of living. I've been trying to create content which points towards that. Yes, $1000 isn't life changing for someone in LA or London. Yet for some of those in Venezuala where the economy is being inflated to exctinction, crypto is actually being seen as a hedge. I love your thoughts, again. Thanks Taskmaster! Upvoted 100%

Posted Using [LeoFinance](https://leofinance.io/@localgrower/qghqst)
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@pixresteemer · 
<center>![pixresteemer_incognito_angel_mini.png](https://files.peakd.com/file/peakd-hive/pixresteemer/8h7BBw1w-pixresteemer_incognito_angel_mini.png)</center><center>Bang, I did it again... I just rehived your post!</center><center>Week 22 of my [contest](/hive-179017/@pixresteemer/the-re-hive-contest-results-week-21-and-start-week-22) just started...you can now check the winners of the previous week!</center><center><sub>9</sub></center>
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