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It’s a familiar story, but it still hurts for those who have had the same experience as investor Peter McCormack who lost $1 million in the recent bear market. But he has faith.
McCormack claims that he got himself too “caught up in the hype’ during the buoyant and heady cryptocurrency market in 2017. The ex-London advertising agency manager decided that after losing his job in 2016 he’d try investing GBP 5000 (USD 6,400) in Bitcoin.
By the spring of 2017 his modest BTC investment with some extra purchases swelled to $300,000 and like many other investors at this time decided that he was in for the long ride. What happened next in the market is history, of course.
By the end of the year, his portfolio was worth GBP 1.2 million but crashed in January of 2018 wiping out his investments, having traveled and splurged money on dining out, travel, and extravagant family gifts, meanwhile dipping into his BTC throughout 2017.
“I wish I had taken everything out before the bubble burst, I have earned money in the past through hard work and enjoyed it more,” he reflected, adding “Much of my spending was quite frivolous.”
Today McCormack still podcasts and is surprisingly upbeat about Bitcoin, but warns others to be more careful with their money than he was. To him, cryptocurrency remains a “force for good” despite his up and down relationship with the market, particularly, in some undeveloped or war-torn countries where bitcoin and other digital currencies are empowering communities and minorities, he argues.
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Turbulence in the global markets is nothing new but the cryptocurrency community has faced an unprecedented 18-month period of flux.
The need for a fully decentralised, stable, self-regulated and community-led exchange that can offer investor confidence amidst a chaotic global economy has never been stronger.
Setting the Gold Standard with Crypto’s Founding Principles
With a scalable inter-blockchain and decentralised exchange the GOLD.IO platform is not only self-regulated and led by its stakeholders, but asset linked – offering exchange investors unrivaled portfolio security.
Gold has Always Set the Market Standard and has Benchmarked Traditional Finance for Centuries, So Why Should the Cryptocurrency Market Be Any Different?
As a commodity, it has weathered many a financial storm and continues to do so today. Aside from a little price volatility it has consistently retained its market value, and with an unstable geopolitical, crypto-economic outlook the precious metal can provide a safe port for crypto assets.
In short, a gold-linked and backed exchange offers not only security of your assets but a piece of mind – the world has been through tougher times than we face today, but gold has always survived the course.
GOLD.IO – Providing a Defensive Asset Protection to Your Investments
With a team of over 30 experienced developers, GOLD.IO has simply put a sister chain of the EOS Project which has the mission of creating a Decentralised Exchange (DEX) of smooth inter-block communications that not only eliminates persistent market influences but has the unique benefit of being backed by a commodity asset class.
Combining the proven power of gold as well as a growing community that is not only self-regulated but also stakeholder-led – GOLD.IO is also seeking to develop a fully-fledged Decentralised Autonomous Community (DAC) based on the founding principles of the blockchain. The DAC will serve as regulatory oversight of the exchange with all stakeholders enjoying full voting rights, a say over project development and more importantly the ability to define their profits.
Gold Backed Tokenomics Offers Trading Efficiency & High Liquidity
With global stock volatility at best and a downward trajectory at worse – according to Goldman Sachs the markets are gripped with a fear of what may come in the coming year, a gold-linked exchange, with inherently high liquidity can part-mitigate investor risk.
With no independent or fair exchange yet to provide what GOLD.IO can, the benefits of the platform as a market leader are clear but the real magic comes with the EOISO blockchain system itself – it eliminates third-party manipulation and offers a unique architecture to ensure users remain the custodian of their gold.
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A long-lasting bearish trend that holds its grip over the crypto-market does not seem to scare away the technology major fans. Thus the NYC Economic Development Corp. backed by IBM and Microsoft is opening a new business centre devoted to the blockchain.
Some may say that the time of Bitcoin and other top cryptocurrencies has passed. The crypto-market is shattering under an onslaught of major price swings and ubiquitous capital outflow. Lots of crypto-startups that stemmed from a vivid dream of widespread Bitcoin adoption are forced to shut down their offices and downshift their personnel. The newspapers frequently use a term Crypto Winter to describe a current trend rolling out in the industry.
Nevertheless, while digital assets empowered by the blockchain technology are undergoing hard times, the technology itself is almost at the peak. Blockchain-based systems of a distributed digital ledger are successfully implemented in many first-class companies including American retail giant Walmart Inc. Moreover, the blockchain technology has been a keynote address of large tech companies like Blue Big and Microsoft Corp. that have been exploiting the technology to test numerous user applications.
No wonder that while naysayers get sharp and vocal in their claims of crypto-frenzy, some companies stay loyal to the blockchain technology and consider a nascent decline as an explicit opportunity.
Blockchain Centre
For example, the NYC Economic Development Corp. refuses to drive the last nail in the coffin of cryptos and the blockchain saying that the market plunge is temporary and it is very common for such a robust technology. As a part of a partnership with affiliates of venture-capital fund Future\Perfect Ventures and the Global Blockchain Business Council, the corporation does not think of better time to build a brand-new Blockchain Centre located in downtown Manhattan.
The EDC spokesman commented on the opening saying that the corporation is playing a long game and it is not going to give up on the blockchain. The chief strategy officer at the EDC, Ana Arino was cited as saying: “While we don’t know what the future holds, we want to make sure we have a seat at the table shaping it.”
The location chosen for Blockchain Centre is quite trendy. The Flatiron district hosts many innovative tech companies and it is also called a New York alternative of Silicon Valley.
The 4,000-square-foot centre will offer everything from coding classes to lunch lectures for software developers to the general public. Tenants of the 12-story building include data aggregator Quovo Inc., startup investor Palm Drive Capital LLC and beauty services outfit Glamsquad Inc.
The city of New York is providing the one-time initial investment of $100,000. Further, the operators are expecting to raise funds via membership dues and corporate partnerships. It is worth mentioning that IBM and Microsoft Corp. have reportedly joined a list of the project’s strategic partners as Jalak Jobanputra, managing partner at Future\Perfect Ventures, reveals.
Speaking of the Blockchain Centre Jobanputra said: “This is a neutral spot, there’s no one platform or company that has undue influence over programming. What we want entrepreneurs to have is a choice.”
New York and the Blockchain
Being at the frontier of the financial world, New York is ready to embrace every initiative. The blockchain is no exception. According to Bloomberg, last year New York’s blockchain startups received more than $500 million in venture capital funding that is up 500% compared to the previous year. The same surge was observed at the job market offering more than 2,200 blockchain-related job postings.
Considering the sheer blockchain demand, the State of New York is officially launching a cryptocurrency task force in a genuine attempt to understand cryptocurrency markets and all their underlying blockchain technology.
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A faceless person called Satoshi Nakamoto has bagged a rank among the world’s top 100 global finance leaders, leaving well-known personalities like Mark Zuckerberg, Kristalina Georgieva, and Paul Krugman behind.
Worth.com has named Satoshi Nakamoto the 44th most powerful individual in finance. The pseudonym, who could be a man or a woman, a person or a group of persons, an Earthling or an alien – or just about anything, is the entity behind the creation of Bitcoin, the world’s first peer-to-peer electronic cash payment protocol which has become a multi-billion dollar market containing thousands of financial and technological startups.
A Game Changer
Bitcoin allows people to send and receive payments directly to each other without needing a payment institution. It maintains the record of these transactions on a public ledger called the blockchain – practically doing what a bank does – at a much cheaper and faster rate.
Some of the world’s leading corporations of the likes of IBM, Bank of America, MasterCard, and JP Morgan are patenting solutions based on the bitcoin’s open-source solution, the blockchain. New startups are cloning its characteristics to create their allegedly “improved” user-specific solutions.
Bitcoin is also considered to be a financial weapon against an inflation-friendly fiat system. Nakamoto introduced a 21 million supply cap on the digital currency. The finite supply makes bitcoin more scarce than gold, the reason why speculators purchase and sell the digital currency in open markets like any other financial instrument.
Nakamoto is believed to control 980,000 bitcoins—roughly 5 percent of all of the Bitcoin that can ever be mined—giving him a net worth of $19.4 billion at the currency’s high point. It’s also enough of the cryptocurrency to allow Nakamoto to flood the market and tank Bitcoin’s value if he decides to cash out—either for profit or to prove some kind of the philosophical point—however unlikely that might be.
Blythe Masters Beats Nakamoto
Blythe Masters, the former chief executive officer of Digital Asset Holdings, a New York-based blockchain development firm, came in the 27th position of the same list. Her decade of experience in Wall Street helped Digital Asset land major clients in the banking sector, most notably the Australian Securities Exchange and Google.
Masters left Digital Asset, citing personal reasons, in December 2018.
Another crypto personality, Kelly Loeffler, the CEO of Bakkt, an ICE-backed bitcoin futures platform, also made to the list of global finance leaders, coming 72. From her profile:
If Bakkt succeeds, it will not only boost investor trust and access to Bitcoin as an asset, it will also give ICE a serious edge over the myriad other startups trying to corner this emerging market.
Nobel Prize Nomination
In 2015, UCLA Professor Bhagwan Chowdhry had sought nomination for Nakamoto for the Nobel Prize for Economic Sciences. But the Royal Swedish Academy of Sciences said that it would only nominate an anonymous person if he or she revealed themselves.
The prize, as in this instance, the Sveriges Riksbank Prize in Economic Science in Memory of Alfred Nobel, is never awarded anonymously nor posthumously.
The crypto community had expressed its disappointment over the matter, but they had also speculated on how the government agencies would treat the real Satoshi Nakamoto once his identity is open in public. Queries were also raised about whether Nakamoto should be given the entire credit of creating Bitcoin when he had support from many researchers
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Ethereum continues to see a massive increase in contrast to the stagnant and continuous bearish trend of the crypto market. The recent gains experienced by Ethereum made it the best performing of the top cryptocurrencies in the past 30 days. Ethereum had seen gains as it attempts to recover the huge loss it took when the crypto market took a huge plunge in November.
The plunge that struck the crypto market in November saw the value of ethereum drop from around the mark of $220 to $80 and equally lost its position as the second-rated cryptocurrency to Ripple’s XRP within the same period. However, throughout the past three weeks, it has seen a considerable reversal in value as there has been about 80 percent gain. The gains from the $80 mark to $159 as at report time. Also, on the 2nd of January, the cryptocurrency overtook Ripple’s XRP, taking back its second position among other cryptocurrencies
The Reason For The Drastic Gains of Ethereum
The drastic gains that the cryptocurrency has gained has made crypto enthusiasts to adduce the recent success to the impending hard fork that is already scheduled to take place on January 16.
Alex Krüger, an economist and a cryptocurrency trader, stated through a tweet on the eve of Christmas, 2018 that “Ethereum’s Constantinople fork is coming on block 7080000, around January 16, 2019. Constantinople will reduce the block rewards from 3 to 2, decreasing new ETH supply accordingly. On the long run, this is decidedly bullish.”
The historical record of Ethereum’s hard fork has led to an increase in its value afterward. Ahead of the hard fork, the cryptocurrency has seen a boost because of the possibility of positive gains after the hard fork has taken place.
Can Ethereum Surpass $200 Ahead of its Hard Fork on January 16th
The cryptocurrency increase to the value of $200 will see it near the mark it was in November 2018 before it took the deep plunge with other cryptocurrencies. This will make the cryptocurrency distinctive in the market.
The progress Ethereum has made in the past couple of days and the historical antecedent of increase after a hard fork has taken place has increased the interest of investors in the cryptocurrency ahead of January 16. With the recent move in the past days, reaching the mark of $200 before the set date at this point looks possible.
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The bears ruled the entire cryptocurrency market in the whole of 2018. Analysts and investors believed that things would turn up after every plunge only for them to get worse. However, the rally experienced during the last week of 2018 revived hope of a bullish market in 2019.
Fred Wilson, venture capitalist, blogger and Union Square Ventures co-founder, the company which invested in such brands as Twitter, Tumblr, Foursquare, Zynga, Kickstarter, has published his annual post projecting what will happen in the year ahead.
In the post, he tries to divine the financial worlds and technology. He expects a bumpy ride for investors with shaky equities markets and he believes Trump is a one-term president. Despite all the mishaps expected to happen in 2019 globally with China’s growth rate also slowing down considerably, Wilson remains extensively optimistic.
The technology investor acknowledged that 2018 was a devastating phase for the crypto world with bitcoin shedding over 70% of its value. Many in the crypto space are wondering whether the latest drop is the bottom or if the worst is yet to happen. Although Wilson says that 2019 is going to be rough, he believes that there is some light at the end of the tunnel.
Bulls at the End of the Tunnel
The recent drops are just part of the process of finding the bottom for the large, liquid, and lasting crypto-tokens. But, the process may take much of 2019 to play out perfectly. There might be some bullish runs, followed by significant selling pressures that will push the markets to retest the lows.
After the bottoming out process ends later in 2019, the markets will gradually enter a new bullish era. Wilson expects that the launch of anticipated blockchain-based projects will give the cryptocurrency markets the much-needed momentum. Smart Contracts will also deliver some real progress.
Fred Wilson said:
“I think we will see a number of “next gen” smart contract platforms ship and challenge Ethereum for leadership in this super important area of the crypto sector. I also expect the Ethereum open source community to ship a number of important improvements to its system in 2019 and defend their leadership in the smart contract space.”
However, the success of the markets is also dependent on regulators who may make misguided rules that may harm the budding high-quality projects. More crypto scams and failures are on the horizon as well since the technology is still new and not yet mainstream. Although there are several stumbling blocks in the crypto markets for 2019, Wilson presents a generally positive outlook for the future of crypto.
This message may give a sigh of relief for the undecided investors who are advised to wait out most of 2019 until the bullish phase dominates the markets.
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French tobacco shops are starting to trade two most liquid cryptocurrencies — bitcoin and ether, from January 1, 2019. Local regulators supported the initiative since the people’s interest in digital money is growing, Europe 1 reports.
At the beginning of the new year, up to 4000 stores will join the crypto industry and install the terminals for purchasing digital currencies. Later, 27,000 enterprises throughout France will also receive the software. Tobacco shops will sell small portions of bitcoin and ether, equal to 50, 100 or 250 euros.
To implement this initiative, the local federation of tobacco shops gained the approval of the country's central bank. However, according to Le Monde, this permission was not mandatory, as the stores will only be intermediaries in the cryptocurrency sales. The KeplerK and Bimedia platforms will perform as the dealers of the digital currencies, and will also provide processing services.
The regulator reportedly signed an agreement with the federation to meet the demands of local residents for cryptocurrency. Moreover, there is a political motive in this step — French authorities are going to raise prices for cigarettes, what may hamper the business of tobacco stores. Earlier, shopkeepers threatened to go out on strike because of high taxes on tobacco. Therefore, the support of the cryptocurrency trading will allow the central bank to improve relations with the local businesses.
