FFS! 😡 Why Does Gab (And Other Projects) Insist On Re-Inventing The Cryptocurrency Wheel???

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Gab link: https://gab.ai
Gab ICO page link: https://www.startengine.com/gab-select
Charting tool: https://www.coinigy.com/?r=16171fe8
Steem Blockchain: https://steem.io

Just to let you know. The contents of today’s episode generates a lot of frustration for me so just be warned about potential emotional outbursts. I’ll do my best to stay cool.

For anyone that doesn’t know, Gab is a rival for Twitter that popped up because Twitter started censoring unpopular opinions.

The problem is they are still a centralised web app with a different free speech policy to Twitter.

But they are still vulnerable to being shut down like any centralised service. Such as when their app was banned from both Google Play and the Apple App Store.

Yes it’s positive that they already have a working product, customers, a brand and a track record… but there is something that is increasingly getting on my nerves which you good viewers first made me aware off.

Many of you in the comments shared your frustrations when a company invests huge resources in re-inventing the wheel by creating their own protocol rather than helping to develop an existing one.

Gab could have chosen any one of the existing, ready made blockchain platforms to achieve their goal. Steem is the one that springs to mind for their use case.

Using Steem would allow them to get up and running soooo much faster.

No matter what their individual argument is as to why they are building their own protocol, there is something more fundamental at work and I think it’s profit.

I think the bottom line is that there is far more profit to be made by building a new platform than there is helping to develop an existing one.

Even if it works out more profitable to build on an existing project, the problem is that building your own network is perceived to be more profitable.

As frustrating as that may be for me, I can’t blame people for it.
The problem does lie with the people it lies with where the incentives are.

If there is perceived to be a bigger incentive to build your own network, more often than not that’s what people will do.

I’d really love to hear your input on this so please let me know in the comments below.

Chart Reading

Bitcoin teetering on $10,000 for the last 3 days if you ignore the range and just focus on the candle body.
We found support at the 38% fib level which was 8880
I was hoping more for a pullback towards $8,000 which we may still see

BCH has pulled back to it’s 61% level at 1250 however it’s forming a nice uptrend of price cyclicity, having just ended the second cycle
We can probably draw a nice trendline on the lows here…

Dash is still hanging on near it’s top, continuing to trade around $750.
Again I was hoping for a huge pullback on Dash after such a big gain
I wanted a pull back so I could buy in but no sign of that yet

Ethereum has given back some of it’s most recent gains to settle around $430, which is still way up from the $300 mark from a couple of weeks ago
And the $300 level it was stuck at for most of September and October

LiteCoin has also rejected $100 and settled at around $85
Most of the major coins are displaying similar price action this week to be honest

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