Legacy Finance, Big Tech and Government move into Blockchain by Ilias Louis Hatzis. The rise of Tokenized assets – the bridge between the old and the new capital markets Bitcoin and every cryptocurrency has dropped like a sack of potatoes, hitting lows they haven’t seen in over a year. The Bitcoin Cash fork war, the U.S.
Justice Department probe into price manipulation by Tether and the Mt.
Gox trustee that takes a big Bitcoin dump every now and then, are hard to ignore and have been causing tremors.
The market cap of all crypto is just $121.5 billion, and the entire ecosystem is hurting. Ripple overtook Ethereum in the number two spot, as ETH looks like it could drop below $100, something we haven’t in a while. This dip is hurting blockchain startups.
Altcoins have difficulty showing product market fit, that would allow them to build the momentum they need to truly succeed. Depending on the country they operate in, most miners have been drained by the continuous price decline on 2018. With the dropping prices, mining crypto has become an expensive proposition. Has the market bottomed out yet? I have no idea, I am not in the speculation business. Yet, some are even claiming crypto funerals are coming in 2019. Well, that just ain’t true.
In the long-term, Bitcoin’s declining price could actually be a good thing for the market. It could rid us of all the shitcoins that are obsolete and don’t serve a real purpose. The recent price drops have exposed for one more time, the delicate nature of cryptocurrencies and their perceived values. Personally, I think they show a complete lack of investor understanding of what is going on in the market.
Last year we saw an irrational bull market, that’s been followed by this year’s irrational bear. Its crazy, considering all the market developments and positive sentiment in 2018. Amazon sees a lot of opportunity with blockchain technology. Amazon introduced two new blockchain products for its AWS customers.
It will offer Quantum Ledger Database and Amazon Managed Blockchain for developers, using its cloud-computing services. Customers will be able to deploy a blockchain network with a few clicks, that can scale to support thousands of applications running millions of transactions. Switzerland’s national railway completed a proof of concept (PoC) digital identity pilot, to ensure railway construction workers had the appropriate qualifications to work on the railways. A year ago the City of Zug introduced a digital ID, that uses similar technology.
In conjunction with Lucerne University, they used the IDs in a voting test at the end of June. Today, December 2nd, marks the 10th anniversary of Satoshi Nakamoto’s whitepaper, Bitcoin: A Peer-to-Peer Electronic Cash System. This is a unique point in the history of money. Over the last decade. we have build a way where a few people no longer can control the wealth of people. Crypto markets are undeniably down right now, and prices will always go up and down. What is important now, beyond any price, is to lay the foundation for more widespread adoption.
Bitcoin’s original vision is largely dependent upon the integration and adoption of new technologies that are still being built and tested.
Solutions for decentralized exchange protocols, scaling and privacy, as well as better user interfaces, are all critical for overcoming Bitcoin’s current price volatility and gaining mainstream trust. I think its not the time to give up on the market, be scared or let crypto critics that lack any sort of objectivity, influence your decision making. Do your research, understand what crypto is where it going and I think you’ll be able to make the right choices. It might take another decade to get there, but in its first ten years, Bitcoin has become a potential alternative currency, and the game has only just begun.
Ilias Louis Hatzis Ilias Louis Hatzis is the Founder & CEO at Mercato Blockchain Corporation AG. He writes the Blockchain Weekly Front Page each Monday. Finyear & Chaineum Le quotidien Finyear – Sa newsletter quotidienne : Recevez chaque matin par mail la newsletter Finyear, une sélection quotidienne des meilleures infos et expertises en Finance innovation, Finance Digitale, Cryptofinance. Read for free : The daily newspaper Finyear – Its daily newsletter : Receive the Finyear’s newsletter every morning by email, a daily snapshot of the best news and expertise in Finance innovation, Digital Finance, Cryptofinance..
